CapitalRise provides £1.9m development loan for Chelsea apartment
CapitalRise, the specialist lender for prime residential developers, announces that it has extended a bespoke financing package totalling £1.9 million for the acquisition and renovation of a 1,300 sq ft luxury apartment in a period redbrick mansion block located in the heart of London’s Chelsea.
The developer has a strong track record in the local area, having successfully completed and sold multiple luxury residential properties across the Royal Borough of Kensington & Chelsea over the last 10 years. In recognition of the developer’s impressive past performance and the potential of this specific project, CapitalRise arranged an innovative funding solution which included a second charge security over another property.
CapitalRise’s financial package provides funds for acquiring and modernising the property to a typically high specification for the developer. The living space will be optimised, making the most of generous floor plates and high ceilings. Once complete, the property will comprise three bedrooms, two bathrooms and benefit from an improved kitchen and living area.
In the last three years, CapitalRise has lent against over £300 million of prime property assets in locations such as Mayfair, Knightsbridge, Holland Park, Belgravia and the Home Counties. Demand for finance remains robust with c. £1.6 billion of loan applications received in the past six months.
Uma Rajah, pictured, Co-founder and CEO at CapitalRise, comments:
“CapitalRise is the ideal lending partner for prime developers undertaking unique residential projects in prime locations across London and the Home Counties. Our track record of delivering flexible finance for this specialist market, quickly and reliably, speaks for itself. This latest loan demonstrates our team’s willingness to think creatively and build bespoke financing solutions that enable developers to deliver complex business plans.”
James Lloyd, Co-founder of Porthminster Group, comments:
“The prime market presents unique dynamics that only an expert in this space can truly understand. CapitalRise worked closely with us from the outset and was attentive to our requirements meaning they were able to quickly deliver a flexible security package, enabling us to begin work on this exciting project. The ease of the whole process is testament to the team’s expertise and we look forward to working with them again in the future.”