MERA provides £1.25m for Hertfordshire site acquisition
The loan was secured at 70% loan-to-value (LTV) over a 24-month term.
MERA has provided a £1,249,500 facility to fund the acquisition of a £1.8m mixed-use site near Hitchin, Hertfordshire.
The loan was secured at 70% loan-to-value (LTV) over a 24-month term.
The 50-acre former commercial glasshouse site was bought with vacant possession.
It includes two bungalows, five acres of glasshouses and about 40 acres of farmland.
The site also includes commercial outbuildings and has previously been used for farming.
The borrower plans to let the glasshouses, refurbish and let the two bungalows, and divide the outbuildings into smaller commercial units.
Longer-term plans include seeking permission for more commercial space and the possible redevelopment of part of the glasshouse site.
Leo del Rosso (pictured), associate director at MERA, said: “Sites that combine residential, commercial and agricultural uses under one roof don’t fit a standard lending box.
“As our first deal with this client, getting comfortable with the opportunity quickly took proper diligence rather than a rate-card approach.
“James Wyllie at Montpelier Private Finance was a great partner in bringing the deal to us, and it’s exactly the kind of regional, multi-faceted transaction we want MERA to be known for.”
del Rosso added: “We’re looking forward to supporting the borrower as their letting and development plans for the site progress.”
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