CapitalRise has passed the £100m lending milestone with the completion of a multi-million-pound deal in London’s Chelsea.
The prime property lender announced that it has advanced a senior loan for the acquisition and redevelopment of a multi-million-pound residential property in Chelsea, which is being undertaken by the prime property developer Wilben Developments.
In 2020, CapitalRise facilitated 10 multi-million-pound loans, funding assets worth almost £120m in gross development value across prime locations across England.
As of December, the prime property lender had lent £92m. CapitalRise’s financial results have showed that during the 2020 financial year, it achieved year-on-year income growth of 41 per cent with no increase in costs.
“This is a superb example of the quality of developments that London and the South East has to offer, in one of the most desirable locations in London which is internationally renowned as an area of affluence,” said Uma Rajah, co-founder and chief executive of CapitalRise.
“We are immensely proud of every project that we fund, and this project heralds a major milestone for us as it takes us over £100m of loan origination since our inception.”
“This is our second project with the Wilben Group and we are delighted to be working with a developer of such a high calibre,” said Nick Oakley, head of lending at CapitalRise.
“Their brand and end finish are truly aligned with that of CapitalRise and we look forward to a continued and successful partnership. The acquisition and development of such prime assets, is right in the heart of our market niche.”
“Once again it has been an absolute pleasure working with CapitalRise on securing funding on this next development of ours and it’s an even greater feeling to be the ones to hit this significant milestone with them,” said Benjamin Samuels, director of Wilben Developments.
“The process was seamless from start to finish and we look forward to working with CapitalRise on many more deals in the future.”