London period property

CapitalRise lends £2.54m for prime Chelsea development

CapitalRise has advanced a £2.54m senior loan for the acquisition and development of a property within a period Chelsea townhouse.

The loan will allow the refurbishment and extension of the ground and lower-ground floor of a property on Elm Park Road.

Planning permission has already been secured to extend the property to the rear and construct a new garden room for use as an office or gym in the 69 ft, south-facing garden.

It is being developed by Wilben Developments, an experienced central-London developer, which has delivered around £170m of prime residential schemes to date.

The lender was able to move quickly to conduct its due diligence and fund the loan, with a total time to completion from commitment to funding in 21 business days.

CapitalRise has now lent over £10m for five multi-million-pound prime property developments during lockdown.

Uma Rajah, CEO and co-founder of CapitalRise, commented: “…As an agile, tech-enabled business, we have navigated these changing times seamlessly and continue to fund high-quality developments cautiously yet confidently. 

“This deal was executed quickly thanks to the expertise and experience of our credit team and the efficiency of our processes.” 

Nick Oakley, head of lending at CapitalRise, said:  "As specialists in bespoke prime property finance, [we are] delighted to be working with Wilben Developments.

“The acquisition and redevelopment of such a prime asset in Chelsea, is right in the heart of our market niche."

Benjamin Samuels, co-founder and director at Wilben Developments, added: “Having used a number of development finance companies in the past, CapitalRise were by far the most straightforward and a pleasure to work with.

“We’re looking forward to working with them on future developments.”

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