CapitalRise lends £1.37m for Chelsea property purchase

CapitalRise has completed a £1.37m bridging loan for the acquisition of a two-bedroom house in Chelsea, west London.

The lender provided the facility — agreed at 75% LTV on a nine-month term — within a three-week period from issuing terms to completion and funding.

Following the purchase, the client — Wilben Developments — intends to apply for planning permission to demolish the property and build a 2,100 sq ft luxury three-storey, three/four-bedroom house.

This is the third Wilben Development project funded by CapitalRise — the specialist lender previously provided loans for the development of a luxury maisonette and the redevelopment of a period property, both located in Chelsea.

Benjamin Samuels, director at Wilben Developments, said: “This is our third deal with CapitalRise in the last 20 months, and yet again, it has been an absolute pleasure working with it. 

“It is an extremely professional and pragmatic team; from the point of accepting its terms, it took three weeks to close the deal, the fastest finance transaction we have completed. 

“We are looking forward to seeing this development through with CapitalRise and many more in the future.”

Lisa Singh, associate director at CapitalRise, commented: “We are delighted to be supporting Wilben Developments, an existing borrower of ours with an exemplary track record, on its latest scheme in Chelsea. 

“Thanks to our deep expertise in prime London property and strong support from all parties involved, we were able to complete this deal within a very short timeframe.”

Uma Rajah, co-founder and CEO at CapitalRise, added: “Property development is a complicated and multifaceted task.

“When Wilben Developments approached us to assist with short-term finance, we initially sat down with it to understand its exact requirements in order for it to acquire the property it had successfully secured against a backdrop of very strong competition. 

“Working with a developer such as Wilben Developments, which has a strong track record of transforming properties that go on to outperform the market, is nothing out of the ordinary for CapitalRise, and we are delighted to be working with and funding another successful developer.”

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