Prime property funding platform CapitalRise has introduced a £250m funding line, which it says will allow it to launch a brand new fastened pricing possibility for UK restricted firm debtors.
The brand new funding line, agreed with an unnamed financial institution, is the fifth and largest secured by the agency up to now.
“A various vary of funding strains assist the expansion of the enterprise and supply us with a resilient and various capital base,” mentioned Uma Rajah, chief govt and co-founder of CapitalRise.
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“We proceed to develop the group too, bringing new expertise into almost each division of the enterprise. Combining this new funding line with elevated capability throughout the group allows us to turbo-charge our development and serve rising numbers of debtors.”
CapitalRise mentioned that fastened pricing will supply its prospects larger price certainty towards the present backdrop of rate of interest volatility. It mentioned it can announce extra about this new providing within the coming months.
It’ll additionally proceed providing variable pricing choices.
“This new facility will allow CapitalRise to proceed responding to demand and supply larger volumes of funding for tasks in one of the best areas,” mentioned Lee Francis (pictured), head of origination at CapitalRise.
“This extra lending capability and the introduction of fastened pricing additionally offers price certainty for debtors throughout instances of risky rates of interest, and additional solidifies our place because the lender of selection for prime property finance within the UK.”
The announcement follows CapitalRise’s newest annual outcomes, which revealed that the agency narrowed its losses in its final monetary 12 months.
It additionally reported a 70 per cent improve in its stay gross mortgage guide to £160m within the 12 months ended 31 July 2023.