CapitalRise, continuing its impressive growth trajectory, today announces the origination of three loans within a nine-day period. These loans total £20m in value, a record for the firm within this timespan. All of the new deals were originated by Raf Chowdhury, Associate Director (pictured) who was assisted by Analyst, Max Brady.
The first deal completion was a Senior Development Loan valued at £4.59m for a project in South Ascot, Berkshire. The development is situated in the Prime Home Counties reflecting the rapid growth in the firm’s prime property loan book outside of the capital.
The second deal completion was a Senior Development Loan valued at £4.8m for a conversion scheme in the highly desirable residential area of Ealing. The third and final deal completion was a Senior Development Loan valued at £10.4m for a new build luxury apartment scheme in Chelsea.
The firm’s success is owed to the tireless diligence of its Origination and Credit teams, a rising appetite from prime property borrowers, the dramatic increase in the firm’s lending capacity – including securing a new £250m bank funding line – and recent hires of bright talent from across the sector.
South Ascot, Berkshire
Located in the sought-after and attractive area near to the Ascot Racecourse and the Swinley Forest Golf Club, this development project reflects the increased prominence of the Prime Home Counties market. The project will entail the demolition of the existing structure, which will be redeveloped into a three-storey building comprised of six flats.
CGI of the South Ascot scheme, for which the borrower will submit planning permission
Ealing
CapitalRise provided a £4.8m senior development loan to a seasoned residential developer in the highly desirable and well-connected area of Ealing, London. The project will involve the conversion of a large and attractive detached property into eight residential flats, and a stable block will be redeveloped as a three-bedroom house. In addition, the site’s existing public house will be retained and re-positioned as a high-end restaurant.
Designer’s impression of the completed Ealing scheme
Cheyne Place, Chelsea
CapitalRise is delighted to close a £10.4m facility for a scheme at Cheyne Place, Chelsea. An exciting project located in the heart of Prime Central London. The loan is intended to refinance existing debt and fund the construction of five luxury apartments in this sought-after location. The current building will be demolished, and the site will be rebuilt as a modern residential six-storey building, including a basement. The origination team at CapitalRise impressively achieved a completion just one week after formal credit committee approval was obtained.
The deal was introduced via Rickesh Patel, Director at Mantra Commercial, a real estate commercial finance brokerage. This was the first deal completion by CapitalRise that was introduced by Mantra.
CGI of the approved Cheyne Place scheme
Following the completion of these loans, CapitalRise has now originated over £345 million in loans against prime property assets with a collective gross development value of £896 million, since its inception in 2016.
Uma Rajah, CEO and Co-Founder, CapitalRise, said: “At CapitalRise, we are committed to celebrating our team’s successes, and so it is a privilege to recognise Raf for his record-breaking achievement. Before joining us in 2022, Raf worked for NatWest and Coutts, building up a wealth of expertise in high-level commercial real estate transactions. It was Raf’s genuine passion for the Prime Property Market and tireless work ethic that led him to CapitalRise, and we have no doubt that he will continue to go from strength to strength.”
Raf Chowdhury, Associate Director, CapitalRise, commented: “In the Prime Property sector and amongst a challenging macroeconomic environment, agility and determination are essential qualities for delivering a successful loan completion. At CapitalRise, we are given the latitude to pursue excellence, and our recent success is a testament to both the resolute expertise of our credit committee, and our ability to operate efficiently and take a commercial approach where required. It is hugely satisfying being able to deliver tailored finance solutions for exceptional developments in the country’s most exclusive and valuable postcodes.
It was a pleasure working with the team at Mantra Commercial, and particularly Rickesh Patel who was diligent and committed to ensuring the transaction progressed at speed for the benefit of the borrower. The team’s experience and breadth of knowledge in understanding this sector helped overcome challenges that arose along the way. CapitalRise and Mantra clearly share the same values of integrity, pragmatism and providing a quality service.”
Rickesh Patel, Director, Mantra Commercial, added: “When our client approached us to fund this project, we needed to work with a lender who could mobilise quickly and who understood prime real estate. Pricing and leverage are always important, but delivery is crucial. CapitalRise is well versed in the Prime Central London market and demonstrated this throughout the process by taking a sensible and pragmatic approach where necessary.
It was a pleasure working with Raf Chowdhury on this deal. As a debt advisory firm, one of the most important things when working with lenders is clear communication and a collective desire to get things done. Raf, along with the wider professional team, all worked collaboratively, professionally and quickly which allowed this completion to take place within the desired timescales.”
