The site has planning permission for a residential scheme comprising 74 apartments and parking.

Secured against a vacant nine-unit residential block, the facility will refinance the existing lender.

Exit will be achieved through a buy-to-let mortgage.

The £1.2 million bridging loan helped to support the fast purchase of a property by its existing tenant.

With two new funding lines announced in November, Mera Investment Management expects to deploy £100m within the next 12 months.

The €11.1m loan was completed six weeks from signing and was priced at 1% PCM.

Rates have been reduced across the lender's complex buy-to-let, bridging and Bridge Fusion ranges.

The announcement of the new product follows last week's launch of the lender's 2025 rate card.

The bridging lender has released its 2025 Rate Card showing reductions of up to 80bps for all new applications and a higher maximum loan size of £15m net. 

The move will enable intermediaries from PRIMIS to access bridging loans and buy-to-let mortgage products from Market Financial Solutions.