A MULTIMILLION pound project to build a luxury six-bedroom house in the Hampshire countryside will go ahead after it was backed by a property finance company.
A £3.9m loan for the development of the house in Steep has been approved by CapitalRise.
The property, which has stunning views across the South Downs, is currently under development by an unnamed borrower.
Once completed the two-storey detached barn style dwelling will feature six bedrooms, 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.
The borrower has been self-funding the build so far and CapitalRise has stepped in to provide the remaining development funding and a sales period contingency.
The deal follows a record-breaking year for CapitalRise in terms of the amount of loans originated. The company experienced significant growth in 2021 and has had a strong start to 2022, as it continues to enable prime developers to facilitate the growth in demand for luxury developments. Recent loans have been provided in some of the most desirable postcodes in the Prime Home Counties and Prime Central London.
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Katy Katani, associate director, CapitalRise said: “It is great to be working with such a successful developer who 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. 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, Enness said: “When the previous lender had pandemic related issues Enness were 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 they didn’t disappoint. They 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 they made the process very simple."
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