London residential development lender secures £72m funding line
A specialist lender for residential developers has secured multi-million pound funding from a ‘major’ financial institution.
CapitalRise has secured a £72m institutional funding line in order to support its plans for growth.
The new facility will enable the continued acceleration of the company’s loan book growth. CapitalRise’s new institutional partner will fund loans alongside the company’s existing funding sources and facilitate its ability to underwrite additional loans.
CapitalRise CEO and co-founder, Uma Rajah, commented: “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.”
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