CapitalRise is reporting that it has closed on an £8.22 million senior development loan in Wimbledon. The real estate investment platform says this most recent facility follows a robust summer that generated record activity on the property finance platform.
As for the Wimbledon project, the financing is for a luxury housing project to replace existing debt held by the current property and fund the development of two luxury detached, six-bedroom houses. The Wimbeldon area is a highly desirable location for residential property in the London region.
This is the second Wimbledon loan in the last year facilitated by CapitalRise. Previously, a £5.27 million bridge loan was funded for another property in the area.
CapitalRise says that closing this loan furthers its position as a top financier in the prime property market. This follows a record-breaking July in which the company closed £49.4 million in loans across nine deals—the highest monthly total in the company’s history. The previous record for monthly lending value was £31 million, set in December 2021.
Raf Chowdhury, Associate Director at CapitalRise, who originated the loan, said they completed the deal within four weeks after receiving the initial enquiry. The funding was provided in just five working days after the project gained credit approval.
Gabriel Lau, Managing Director at Golden Earth Developments, mentioned the speed of approval and funding for the facility.
CapitalRise is a specialist prime property finance company specializing in developments in London and the Home Counties. Individual investors may participate on the platform. Current returns are averaging 8.4%. CapitalRise has reported zero losses on its loans since its inception.
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