CapitalRise provides bespoke £1.8m development finance package
CapitalRise, the specialist lender for prime residential developers, announces that it has extended a bespoke financing package totaling £1.8 million for the development of a 3,250 sq ft four-storey detached house in the heart of Wimbledon Village, in SW19.
SW19 Homes Limited, a local prime property developer with more than 25 years’ experience, already owns the land and has secured full planning permission for the project. Construction has commenced and the high-specification four-bedroom property is expected to complete in March 2020. CapitalRise’s innovative funding solution includes an option for the borrower to fund the acquisition of a neighbouring property for development when the current project nears completion.
The property itself will have off street parking for three cars, a walk through ‘inside – outside’ space fit for entertaining and an internal passenger lift that makes it suitable for a wider range of potential buyers, especially those looking to downsize. Located in Wimbledon Village, the thriving high street’s abundance of bars, restaurants and shops are all within a short walk from the property as is Wimbledon Common; while access to central London is easy via Wimbledon station and the District Line or mainline trains into London Waterloo.
Uma Rajah, Co-founder and CEO at CapitalRise, comments:
“CapitalRise continues to deliver bespoke financing packages to experienced developers that are undertaking exciting prime property projects in London and the Home Counties. Faced with an acute lack of funding options, borrowers have been impressed with our expert team’s ability to consider the merits and complexities of their individual projects on a case-by-case basis, and provide quick and effective solutions that meet the requirements of the prime market we specialise in.”
Rick Bakhshi, Director at SW19 Homes Limited, comments:
“The expertise of CapitalRise’s team is exemplified by this custom financial package they have created to meet our precise requirements for this project. Their in-depth and first-hand knowledge of the prime property space really sets them apart from other lenders and meant they were able to successfully navigate the process and deliver this in a positive and supportive manner.”
In the last three years, CapitalRise has lent against over £315 million of prime property assets in locations such as Mayfair, Knightsbridge, Holland Park, Belgravia and the Home Counties, while demand for finance remains robust with c. £1.9 billion of loan applications received in the past six months.