Katy Katani

CapitalRise funds £22m super prime development in Notting Hill



CapitalRise has provided a £7m senior loan for the refurbishment of a property in Notting Hill, London.

The 32% LTGDV loan will fund the development of a four-storey, semi-detached house into a luxury high-end home with a GDV of £22m.

The property has a private garden and direct views over Ladbroke Gardens.

The prime property specialist lender worked closely with Dan Cefai at Axian Capital Management to fund the 17-month multi-million-pound deal, alongside contractor Seacon.

Katy Katani, associate director at CapitalRise (pictured above), commented: “This ultra-exclusive, historic location has been in high demand for decades and is exactly the type of property that the CapitalRise expertise is suited to.

“We worked closely with Axian Capital Management to construct a bespoke package and will continue to follow the progress of this impressive development."
 
Dan Cefai at Axian Capital Management, added: “This was a time-sensitive transaction and required a lender that could step in to a development project mid-way through the refurbishment works, after the previous funder had funding lines cut due to the coronavirus pandemic and could no longer fund the project. 

“CapitalRise, with their in-house expertise of the prime central London market and extensive residential development knowledge made light work of the construction element and closed the deal within seven weeks from the point we decided to proceed with them to the first drawdown.
 
“Katy and the team were professional to deal with every step of the way and acted with diligence and efficiency.”  

This is the second transaction Axian Capital Management has placed with CapitalRise. 

This latest deal completes CapitalRise’s record-breaking year of lending against over £115m of prime property assets in 2020.

To date, CapitalRise has lent against assets worth over £456m in prime locations such as Belgravia, Chelsea, Knightsbridge, Mayfair, Notting Hill, Oxford and Wimbledon.
 
CapitalRise CEO and co-founder, Uma Rajah, said: “We have continued our commitment to lend in challenging circumstances without sacrificing extensive due diligence. 

“This Notting Hill scheme is an outstanding example of our commitment to serving the prime property development sector, which is renowned for its resilience.”



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