MERA has completed a £1,627,500 development exit facility secured against a newly built house and adjoining commercial unit in Dalston, east London.
The lender provided the loan to refinance a three-bedroom house and commercial property developed by an existing borrower.
Leo del Rosso, associate director at MERA, led the transaction, which completed within four weeks. The refinancing allowed the borrower to avoid a significant fee that would have been charged by the outgoing lender.
The facility was structured separately against the two assets, at 75% loan-to-value on the residential property and 70% on the commercial unit.
Both properties are being marketed separately and have attracted early interest. The six-month term is intended to provide enough time for the borrower to sell the assets and repay the loan.
Del Rosso says: “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. 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.”
David Merson at Gunnercooke provided legal advice, while Matthew Duncombe at Cushman & Wakefield carried out the valuation.
