CapitalRise provides £6.4m bridging loan for Belgravia property purchase

CapitalRise has completed a £6.4m bridging loan at 40% LTCMV for the acquisition of a luxury residential freehold property in Wilton Place, Belgravia, London.

The client, Old House Group, used the funds to purchase the Grade II-listed townhouse with plans to convert the existing lower ground and ground-floor dental surgery and upper-floors into a single residential property, which will include five bedrooms, a gym, and a study.

The developer is also seeking revised planning approval to include an atrium and a larger basement area.

Lyndon Miles, lending director at CapitalRise, said: “By adopting an innovative and solution-oriented approach, we were able to provide this additional leverage via additional first-charge security over property owned within the borrower’s group.

“The borrower has existing planning approval to improve the property and increase its value by over 60%, according to the valuation report provided by Savills. 

“It will seek enhanced planning approval to further increase value during the term of CapitalRise’s loan.”

Nasser Alanizy, founder and director at Old House Group, commented: "Working with CapitalRise on our latest acquisition at Wilton Place was a pleasure. 

“We understood that for our Belgravia property, we needed a lender that had the understanding of and expertise in the prime property market, and was willing to work with us to create a bespoke solution that met our particular funding needs.

“Thanks to Lyndon and his team, CapitalRise’s innovative approach has delivered as required.”

CapitalRise has continued to see significant growth following a successful financial year in 2020, when the company screened over £5.4bn of loan applications and funded multi-million-pound loans for prime property assets worth almost £120m GDV.

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