CapitalRise has completed a £3.9m loan for the development of a luxury six-bedroom property in Steep, Hampshire.
The 12-month term facility, agreed at 62.5% LTGDV, will help the borrower — who had partly funded the scheme — to complete the development, as well as offer a sales period contingency.
The property under development is a two-storey detached barn-style dwelling with six bedrooms and a heated swimming pool, along with a separate two-bedroom annex providing two ensuite bedrooms, gym, games room, office, sauna, massage room, pool changing room and storeroom.
The property will also benefit from sustainable energy measures.
Katy Katani, associate director at CapitalRise, said: “It is great to be working with such a successful developer that has extensive experience in the building of large country houses in the South East.
“We are very pleased to be able to step in to provide the developer with the finance they need to continue this project, and we look forward to seeing the property when it is completed.
“We continue to structure innovative, bespoke financing to meet demand from prime property developers looking for value-added funding solutions for developments, and this project is another example of the high-quality property schemes we are providing finance for in the Home Counties.”
Chris Whitney, head of specialist lending at Enness, who helped arrange the deal, commented:
“When the previous lender had pandemic-related issues, Enness was asked to find a replacement in a very short space of time.
“We felt that the property and location were ideally suited to CapitalRise’s area of expertise and it didn’t disappoint; it quickly got to grips with what was needed and met the client on site to understand his exact requirements.
“Stepping in to a development that has already started is never straightforward, but CapitalRise made the process very simple.
“Katy provided an excellent service from outset and made sure the firm’s professional team worked in a timely manner to ensure the tight timescales with the contractor were met and the build program didn’t fall behind or indeed the contractor walking off site completely.”