CapitalRise completes deal for prime development in Surrey

CapitalRise has closed a £6.6m facility to fund a land acquisition and development of a prime residential project on Icklingham Road in Cobham, Surrey.

A solution was structured which included a £2.3m bridging loan for the site purchase, and plans to fund the development once the land was purchased.

The scheme will include two 8,500 sq ft houses.

The deal was completed through broker John Crabtree at Direct 2 Lender, who commented: “The site was on a private estate, incorporating challenges also relating to planning. 

“Even with the current climate and challenges, where many lenders have withdrawn from the market, or changed their appetite for lending, CapitalRise remained consistent and committed.
“Complex cases will always bring forth challenges and finding solutions and a way through is important.”

CapitalRise reported that it had seen a 90% increase in funding requests from developers since UK lockdown began.

Lyndon Miles, lending director at CapitalRise, said that prime locations like Icklingham Road were its  primary focus.

He added that the developer had lots of experience of crafting bespoke, superior homes and had worked with the borrower previously. 

“This deal confirms the strong appetite across prime property for financing developments, in prime locations outside London.
“There is still hunger for funding across the developer community, and we are proud to still be lending."

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