CapitalRise fund new SW London project
This article was originally published by PrimeResi on 12.04.21.
Prime property finance platform CapitalRise has advanced a £2.5m loan to fund a new development in south west London.
The firm – which recently announced it had lent more than £100m to luxury property developers since being launched by Finchatton’s Alex Michelin and Andrew Dunn with former Wonga chief Uma Rajah, back in 2016 – said the loan would fund the acquisition and development of two new build semi-detached luxury houses in West Wimbledon.
The developer, Fulham-based Bluecrest, has a track record in delivering boutique resi schemes on the outskirts of the capital, in areas including Putney, Epsom, West Drayton and Bracknell. A statement said the end products will have “exceptional south-facing views, and a high-quality finish”, and appeal to domestic and international buyers looking for easy access to green space.
Demand from prime property developers is continuing to grow, said CapitalRise, after reporting an “outstanding” 2020 with ten multi-million-pound loans closed, funding assets worth almost £120m (GDV). Projects backed to date included PCL schemes on Grosvenor Square, Eaton Square and Knightsbridge, and others as far afield as Beaconsfield, Radlett and Oxford.
CapitalRise CEO and Co-Founder, Uma Rajah, said, “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, said, “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, said, “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”.