UK’s prime property finance platform CapitalRise has advanced a £2.5 million loan to fund a new development based in southwest London, according to a recent blog post by CapitalRise.
The company – which has revealed that it had lent over £100 million to luxury property developers since being established by Finchatton’s Alex Michelin and Andrew Dunn with ex- Wonga chief Uma Rajah (in 2016) – stated that the loan will be used to fund the acquisition and development of two new-build semi-detached luxury houses located in West Wimbledon.
The developer, Fulham-based Bluecrest, has a track record in offering “boutique” resi schemes on the outskirts of the capital, in areas such as Putney, Epsom, West Drayton, and Bracknell. A statement noted that the end products will have “exceptional south-facing views, and a high-quality finish,” and will also appeal to local and international buyers who are interested in gaining easy or convenient access to green space.
The overall demand from prime property developers continues to grow steadily, according to CapitalRise, after reporting an “outstanding” 2020 with 10 multi-million-pound loans finalized, funding assets valued at nearly £120 million (GDV). Initiatives supported or backed to date included PCL schemes on Grosvenor Square, Eaton Square and Knightsbridge, and others including Beaconsfield, Radlett, and Oxford.
CapitalRise CEO and Co-Founder, Uma Rajah, remarked:
“Having recently hit the milestone of £100 million of loans originated since inception, we are delighted to continue originating loans in some of the most exciting areas of Prime London, this time in West Wimbledon. We are proud to be maintaining our support to prime developments with the exceptional quality of service and thorough due diligence processes that we value highly. This is another example of a fantastic development we are excited to be funding.”
CapitalRise Associate Director, Katy Katani, stated:
“We are very excited to be working on this scheme with such high caliber entrepreneurial developers. We are highly selective of the deals we fund and this project is a prime example of the type of high-quality scheme and location that we like to support and we look forward to seeing the development progress.”
Bluecrest Co-Founder, Robert Du Toit, noted:
“We’re excited to have secured another site in West Wimbledon where we will leverage our past success in creating two luxury family homes. Working towards a tight exchange deadline over the festive period, we found the availability and speed of CapitalRise exceptional. It gives us confidence knowing we have their support and it’s been a pleasure working with Katy and her team who have a very collaborative mindset in their approach.”