CapitalRise declares October a record month for loan completions
Property lender CapitalRise has announced that October was a record month for loan completions.
The firm surpassed various credit records in October, including processing deals that equated to more than £50m in a single week.
The business also achieved a record-breaking week for completions in October, with three completions in a week, totalling £21.5m of loan origination.
CapitalRise’s credit committee was deployed every day in a single week for the first time in the firm’s history to respond to the demand.
The firm attributed the deal flow to its prudent lending approach and rigorous due diligence, alongside the resilience of the prime central London, prime outer London, and prime home counties markets.
Read more: CapitalRise makes four senior hires
The news follows the announcement in mid-October that CapitalRise had originated more than £200m worth of loans, funding developments across London and the home counties to the value of over £640m.
The firm lent just under half (£99m) of this milestone figure in the twelve months to the end of June 2022, equating to a 252 per cent increase on the value of loans originated in the previous year.
CapitalRise has significantly expanded its team recently to support the business as it continues to see growth in its loan book.
In early November four new team members were announced: associate director Raf Chowdhury, lending director Ryan Parrett, credit manager Tony Humphreys, and head of product Julia Sinclair.
The firm has also bolstered the team more recently with the addition of head of marketing Philip Whiting and marketing manager Flora Snape.
Read more: CapitalRise hits £200m origination milestone
“As a challenger lender, we understand the need to be responsive. As such, our credit committee works closely with our lending team to ensure we can meet the high demand we’re currently experiencing”, said CapitalRise chief executive and co-founder Uma Rajah (pictured).
“Our credit committee, which usually sits twice a week and can be called on-demand by our lending team, had to increase to daily credit meetings on occasion in October to support our borrowers – and enable them to take advantage of the opportunities they are seeing in the market.”
Read more: CapitalRise secures funding line with Downing