"That's what a relationship built over several deals gives you, and it matters more to borrowers than any rate card."
- Leo del Rosso - MERA
MERA Investment Management has closed a £1,627,500 development exit facility to support a design-led developer in refinancing a newly built, three-bedroom house and an adjoining commercial unit in Dalston, East London.
Associate director of MERA Leo del Rosso led the transaction, moving quickly to help the borrower avoid a significant fee that would otherwise have been triggered by their outgoing lender. The loan was taken from instruction to completion in four weeks.
The funding was structured separately against each asset, with 75% LTV on the residential element and 70% LTV on the commercial unit.
Both properties are already being marketed individually and have attracted strong early interest, with the six-month term designed to give the borrower sufficient time to complete a sale and repay the loan in full.
MERA was supported by David Merson at Gunnercooke for legal advice and Matthew Duncombe at Cushman & Wakefield for the valuation. Their input helped the deal complete ahead of the deadline set by the borrower's outgoing lender.
"Having worked with this borrower several times before, I already knew what mattered to them, and exactly how quickly we needed to move once their outgoing lender's deadline became clear," Leo del Rosso said. "That's what a relationship built over several deals gives you, and it matters more to borrowers than any rate card.
"Our flexibility means that we could assess both aspects of the property separately, arriving at a tailored solution that maximised the LTV."
If you’re exploring bridging or development finance, get in touch and we can connect you with the right lender.
