"The funding of this acquisition and subsequent development also demonstrates our wider appetite to lend within the prime property market, and we are proud to be expanding our portfolio in prime locations across London and the South East"
- Lee Francis - CapitalRise
Prime property finance firm CapitalRise has announced that it has completed a £4.9m development loan for an exclusive Chelsea property that it closed in under a month.
CapitalRise received the initial inquiry on 2nd February and issued terms the next working day. The firm’s recently expanded credit team worked quickly to gain initial backing and secured final approval on 27th February.
The loan, agreed in collaboration with London-based debt advisor Panthera Finance, will fund the acquisition and development of a three-storey, semi-detached house on Cadogan Street, a sought-after Prime Central London location. The completed property will consist of five bedrooms with a private garden.
Full planning permission has been approved for the residential redevelopment of the existing building and a basement to be constructed under the footprint of the house. The completed scheme will be set over c.2,700 sqft consisting of basement, ground, first, and second floors.
The loan closely follows the announcement of a new £250m bank funding line, which forms part of CapitalRise’s strategy to diversify and strengthen the resilience of its capital sources in order to facilitate further lending growth.
Lee Francis, (pictured) Head of Origination at CapitalRise, said: “The quick turnaround of this facility is a testament to the hard work of the CapitalRise team as well as Panthera and our professional advisors, who all played an integral role in the process of moving the deal along with such efficiency. As a business, we are committed to providing specialist, fast and flexible finance for quality borrowers in desirable postcodes – as shown by this loan.
“The funding of this acquisition and subsequent development also demonstrates our wider appetite to lend within the prime property market, and we are proud to be expanding our portfolio in prime locations across London and the South East.”
Jason Caprioli, Lending Director at Panthera Finance, said: “Our role as a high-net-worth finance broker is of course to always introduce the right lender to the right deal. Whilst a focus on rates and costs is always at the front of our minds, clients at a certain level of wealth and sophistication also highly value speed.
“As part of the Panthera Multi-Family Office team, we regularly deal with this type of client and are expected to deliver quickly but it takes working with a special kind of lender like CapitalRise to make that happen.”
