CapitalRise has closed a £8.22m senior development loan for a residential project in Wimbledon, led by associate director, Raf Chowdhury.
The loan will be used to refinance the existing debt against the current property and fund the development of two luxury detached six-bedroom houses.
Each property will span from lower ground to second floors, and will feature off-street parking at the front and private gardens to the side and rear.
The properties’ living spaces have been curated by Gunter & Co, and contractor Golden Earth Developments has worked on three other properties in Wimbledon.
Raf Chowdhury said: “We are thrilled to have been able to close this deal so swiftly – completing the deal within four weeks after receiving the initial enquiry, and funding just five working days after the project gained credit approval.
“The speed at which we were able to execute this loan demonstrates CapitalRise’s agility and commitment to delivering tailored financial solutions for our clients.
“Wimbledon continues to be a highly desirable area for prime residential developments, and we are keen to support more quality developers in this area, and across the wider South East.”
Gabriel Lau, managing director at Golden Earth Developments, added: “Golden Earth Developments are delighted to secure yet another prime residential opportunity in a fantastic location in Wimbledon, and it was a pleasure working hand in hand with Raf and the team at CapitalRise to close the funding required within such a swift timeframe.
“Our proactive approach to development combined with CapitalRise’s expertise in funding high-end residential schemes helped facilitate a seamless transaction.
“Wimbledon remains in incredibly high demand for families, and we look forward to delivering two more outstanding new build houses into this sought-after market.”
