CapitalRise has closed a £8.22 million senior development loan for a residential project in Wimbledon.

Led by its associate director, Raf Chowdhury, the firm completed the deal within five working days of receiving credit approval.

The loan will be used to refinance the existing debt against the current property and fund the development of two luxury detached, six-bedroom houses. Each property will feature off-street parking at the front and private gardens to the side and rear.

CapitalRise had a record-breaking July in which it closed £49.4 million in loans across nine deals – the highest monthly total in the company’s history. The previous record for monthly lending value was £31 million, set in December 2021.

This loan is the second that CapitalRise has closed in Wimbledon within the last year, previously securing a £5.27 million bridging loan to fund the refinancing and refurbishment of another property in the area.

Chowdhury said: “We are thrilled to have been able to close this deal so swiftly – completing the deal within four weeks after receiving the initial enquiry, and funding just five working days after the project gained credit approval. The speed at which we were able to execute this loan demonstrates CapitalRise’s agility and commitment to delivering tailored financial solutions for our clients.

“Wimbledon continues to be a highly desirable area for prime residential developments, and we are keen to support more quality developers in this area, and across the wider South East.”

Gabriel Lau, managing director at Golden Earth Developments, added: “Golden Earth Developments are delighted to secure yet another prime residential opportunity in a fantastic location in Wimbledon, and it was a pleasure working hand in hand with Raf and the team at CapitalRise to close the funding required within such a swift timeframe.

“Our proactive approach to development combined with CapitalRise’s expertise in funding high-end residential schemes helped facilitate a seamless transaction. Wimbledon remains in incredibly high demand for families, and we look forward to delivering two more outstanding new build houses into this sought-after market.”