Mera Investment Management lends against £6m prime London residential property

By Bridging Loan Directory 20th May 2024

The £3.5m refurbishment facility is secured against the listed property in South Kensington.

The private real estate finance and investment firm worked closely with advisory firm Domus Nova Finance to deliver the £3.5m loan within just four weeks.

Located in South Kensington, central London, the residential building currently comprises a nursery over ground and lower ground floors.

The international, first-time developer plans to convert it into a single three-bedroom flat.

The 18-month, 65% LTV senior debt facility will be used to acquire the property and then carry out the refurbishment works.

Kristian Hoy, head of finance at Domus Nova Finance, said:

“From the moment the Mera team stepped into the drab old school building in South Kensington, they understood the potential of the project and shared the vision of the developer and their designers.

Challenges notwithstanding, the Mera team showed true professionalism and over delivered on all aspects.

Having a genuine understanding of the Prime Central London asset class and HNW buyer profile for the completed project was a real benefit.

Continuous communication with the client, lawyers, and professional advisors, often out of office hours, meant that we could meet the critical completion deadline.

We look forward to working with Mera to deliver this completed project and on future opportunities.”

Edward Matthews, Mera CEO, commented:

“We are pleased to have completed on this deal within a relatively short timeframe, enabling the developer to make the purchase and carry out their conversion plans.

Supported by Domus Nova, we successfully navigated a unique borrowing structure, and challenges related to planning consent for this listed building.

Prime London lending is a part of the market we feel very comfortable operating in, and it’s exciting to play a key role in bringing forward borrowers’ property ambitions through our funding.”