Its new institutional partner will fund loans alongside the lender’s existing funding sources and will facilitate its ability to underwrite additional loans.
The new facility enables the continued acceleration of the company’s loan book growth.
CapitalRise stated that the value of assets it has lent against has surpassed £450m, with zero capital losses.
Since the beginning of lockdown, CapitalRise has seen a 90% increase in funding requests from borrowers.
Despite the ongoing pandemic, it has continued to serve the prime market, and has funded assets worth more than £120m since the start of this year.
- Brickflow aims to improve development lenders' conversion rates and make marginal sites profitable
- CapitalRise expands team with five new hires
- CapitalRise raises £2.2m on Seedrs to access Future Fund
CapitalRise CEO and co-founder, Uma Rajah (pictured above), said: “We are thrilled to have secured this funding line, which we expect to enable us to serve more prime property developers.
“In the last 12 months alone, we have received loan applications worth over £5.5bn.
“This partnership gives us the ability to provide a broader offering and develop a stronger presence in the market.
“It has been a fantastic year for CapitalRise, and we are incredibly proud of our achievements.
“We are extremely excited about what we will be able to accomplish in 2021 with this additional funding capability.”
CapitalRise lending director, Lyndon Miles, added: “From humble beginnings, we are now a recognised, go-to lender for funding prime properties in prime locations in the UK.
“Our combined long experience of this niche asset class gives us a unique set of tools, enabling us to deliver leading funding solutions.
“It is a privilege to have the opportunity to work with a partner that has multi-jurisdictional experience, flexibility and a solution-orientated approach.”