CapitalRise, a leading prime property finance firm, recently announced the completion of three loans totaling £20 million within nine days in June. This marks a record for the company in such a short period. Raf Chowdhury, Associate Director, led the origination of these loans, with support from Analyst Max Brady.
The first loan was a Senior Development Loan of £4.59 million for a project in South Ascot, Berkshire. This development, located in the Prime Home Counties, highlights the firm’s expanding prime property loan portfolio outside London.
The second loan was a £4.8 million Senior Development Loan for a conversion scheme in Ealing, a desirable residential area. The final loan was a £10.4 million Senior Development Loan for a new luxury apartment project in Chelsea.
CapitalRise attributes its success to the diligence of its Origination and Credit teams, increased demand from prime property borrowers, expanded lending capacity, and new talent acquisitions. A recent £250 million bank funding line has also bolstered its lending capabilities.
The South Ascot project involves demolishing the existing structure and developing a three-story building with six flats. Located near Ascot Racecourse and Swinley Forest Golf Club, the project underscores the growing prominence of the Prime Home Counties market.
In Ealing, the £4.8 million loan will finance the conversion of a detached property into eight residential flats and the redevelopment of a stable block into a three-bedroom house. The site’s existing public house will be retained and transformed into a high-end restaurant.
The Chelsea project, located at Cheyne Place, involves a £10.4 million loan to refinance existing debt and fund the construction of five luxury apartments. The current building will be demolished and replaced with a modern six-story residential structure, including a basement. The loan was completed just one week after formal credit committee approval, showcasing CapitalRise’s efficiency.
This deal was introduced by Rickesh Patel, Director at Mantra Commercial, a real estate finance brokerage. It marks the first collaboration between CapitalRise and Mantra.
Since its inception in 2016, CapitalRise has originated over £345 million in loans against prime property assets, with a collective gross development value of £896 million. CEO and Co-Founder Uma Rajah praised Raf Chowdhury for his achievement, noting his prior experience at NatWest and Coutts. Raf Chowdhury emphasized the importance of agility and determination in the prime property sector and credited the success to the expertise of the credit committee and the firm’s efficient operations.
Rickesh Patel of Mantra Commercial highlighted the importance of working with a lender that understands prime real estate and can act quickly. He praised the collaboration with Raf Chowdhury and the professional team at CapitalRise for their clear communication and swift execution.
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By Proptechbuzz
By Ravi Kumar