The borrower originally acquired the property with plans to modernise a single unit. However, following a successful planning application, consent was granted to construct an additional new-build home alongside the refurbishment of the existing property: an unmodernised Grade II-listed, five-storey house.

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Partnering with a “key institutional funding partner,” CapitalRise has refinanced the client’s previous facility and structured a 25-month development loan to deliver both residences, which together have a GDV of £14.75m.

The facility, which represents 65% gross leverage, was originated by Lee Francis, head of origination at CapitalRise, with support from credit analyst Aadam Samiullah.

“We’re proud to support the borrower on this ambitious scheme, which will deliver two outstanding homes in one of London’s most desirable locations,” said Lee.

“This transaction reflects our ability to provide bespoke funding solutions for complex projects and our commitment to backing experienced developers in the prime market.”