The 21-month facility will support the conversion of the terraced townhouse — arranged over seven floors with a basement and a mansard roof — into 23 self-contained apartments with an improved mansard and lift, for which the client already secured planning permission.

The borrower is an active ultra-high-net-worth investor and developer with a significant portfolio of UK assets, including hotels, serviced offices and apartments, and has a track record both in the UK and internationally.

•   Property investors face 'huge risk' of stranded assets if they fail to decarbonise
•   CapitalRise funds mezzanine loan for £9.45m GDV property in central London
•   CapitalRise advances £2.5m loan for luxury development in West Wimbledon

Katy Katani, associate director at CapitalRise, said: “We are extremely proud to be working on this exclusive property with an exceptional high-calibre borrower. 

“We worked very closely with Five Fields Finance brokerage to construct a tailored package for the client and look forward to overseeing this development progress. 

“As we move into the new year after a record-breaking 2021, we are proud to continue to serve experienced prime property developers with bespoke, flexible, and cost-effective funding.”

David Tearne, associate director at Five Fields Finance, commented: “Having worked on our client’s original acquisition of this property in 2017, our team was thrilled to be asked to assist with the funding of the development of this fantastic property. 

“Working with Katy and CapitalRise was an absolute pleasure, and the lender’s experience in the London prime central real estate development market was clear to everyone involved. 

“This understanding allowed it to efficiently craft a bespoke product to suit the various requirements of the borrower.”

The deal follows a record-breaking year for CapitalRise, which saw it raise over £32m in funding for prime development loans during December alone.