CapitalRise lends against the development of Oxford townhouses
CapitalRise, the specialist lender for prime residential developers, announces that it has extended the first phase of a bespoke £1.7 million financing package for the development of three new townhouses in the heart of the city of Oxford.
The origins of the development site can be traced all the way back to the English Civil War and the scheme will see a period wall incorporated into the new build for aesthetics, and posterity. Located just across the road from the world renowned Christ Church College and Cathedral, a short stroll from the River Thames and a fifteen-minute walk to Oxford the railway station with direct routes to London Paddington in under an hour, the new three and four storey homes will appeal to local professionals as well as the commuter demographic.
Each property will comprise three bedrooms, two bathrooms and comfortable living spaces, all finished to the highest standard. The work will be carried out by Govericks Developments whose director, Richard Croxson, has lived and worked in the Oxford area for much of his life, enjoying a 25-year career in property and construction. The completed development, which represents CapitalRise’s first project in the historic city, has been independently valued by surveyors Strutt & Parker with an estimated Market Value of £2.6 million upon completion.
In the last three years, CapitalRise has lent against over £330 million of prime property assets in some of the most desirable locations in London and the South East such as Mayfair, Knightsbridge, Surrey and Hertfordshire. Demand for finance remains robust with c. £1.9 billion of loan applications received in the past six months.
Uma Rajah, pictured, Co-founder and CEO at CapitalRise, comments:
“We’re proud of our reputation as a go-to lender for unique developments in some of the most desirable locations in the UK. Oxford is a world-renowned city, bursting with history and stunning architecture, and this fantastic development project falls perfectly within our sweet spot.
“Our skilled lending team works with borrowers on an individual basis to create efficient, tailored funding solutions with the agility and prime expertise that only a specialist lender such as us can provide.”
Richard Croxson, Director at Govericks Developments Ltd, comments:
“We are delighted to be working with CapitalRise as our lending partner on this project. This development really does require the flexibility and expertise of an innovative lender like CapitalRise, who were able to create a tailored lending solution that met our needs.”