MERA Investment Management completes £3m facility to support office-to-resi conversion
11 March 2026
MERA closes 55% LTV bridging loan for the acquisition of an asset near Old Street, expanding its footprint in London’s ‘Tech City’ corridor.
LONDON, UK – MERA Investment Management has completed a £3,000,000 facility to support the acquisition and planned conversion of an office with two ground-floor retail units into 21 flats.
Associate Director Leo del Rosso led the transaction for MERA, which highlights the lender’s appetite for and experience in funding office acquisitions and complex conversion projects.
The 18-month facility was secured at a 55% LTV. This provided the borrower, a prominent UK-based property family, the capital required to secure the asset while awaiting Prior Approval for residential conversion.
Given the borrower’s profile and relatively low leverage required, we were able to waive our usual PG requirement—enabling the case to proceed efficiently.
This project aligns with a growing strategic shift across the capital. According to research from BusinessLDN and CBRE, repurposing just 10% of London’s 30 million square metres of office space could potentially deliver approximately 40,000 much-needed new homes. By supporting this conversion, MERA is helping to unlock the latent value of underutilised assets, contributing to the vitality of the local high street while addressing the city's housing demand.
MERA intends to provide further funding for development costs once plans are finalised.
Key transaction metrics:
- Total Facility: £3,000,000
- LTV: 55%
- Loan Term: 18 months
- Asset Type: Office/Retail-to-Residential (Permitted Development)
- Location: City Road, London
Leo del Rosso, Associate Director of MERA Investment Management, commented:
"This completion is really about the value of long-term professional relationships. I’ve known the principals of this family for many years, which allowed us to move with the certainty a case like this requires.
"This asset is perfectly positioned to capitalise on the intensifying trend across London for converting secondary office and retail space into high-value housing. We are seeing a clear trend of experienced investors unlocking value through Permitted Development. In addition to providing the acquisition funding, we are positioning ourselves as long-term partners, ready to fund the construction phase as the project evolves."
MERA would like to thank Ollie Hallet at Colliers for the valuation and Brad Upton and Darran Smith at Glovers for their legal expertise.
With a loan book now over the £100m milestone, MERA continues to grow its position as a preferred lender for borrowers and investors seeking institutional-quality finance with the flexibility and speed of a privately-backed platform.
