Mera Investment Management has completed an £18 million residential refurbishment facility for a one-of-a-kind penthouse in the heart of the capital.

The funding refinances an existing private banking loan and will support completion of high-specification works to the property.

The borrower has an established track record in the sector, having previously exited a prime central London development for more than £60 million.

The lender said the latest transaction reflects its ongoing confidence in the capital’s ultra-prime neighbourhoods, which continue to draw interest from American and other international buyers seeking long-term value and prestige.

Recent sales to high-profile US purchasers have highlighted the sustained demand for central London trophy assets, a trend that has persisted despite tighter lending conditions elsewhere in the market.

STRONG DEMAND FROM US BUYERS

James Fenwick (pictured), senior structured finance analyst at Mera Investment Management, said: “This is a truly exceptional asset — completely unique within the current market and an absolute showstopper.

“Prime central London continues to demonstrate remarkable resilience, with American buyers in particular showing sustained appetite for ultra-prime residential properties.

“In today’s market, where traditional lenders are tightening credit standards, private capital providers like Mera are stepping up to deliver the speed, flexibility, and appetite that high street banks increasingly cannot match.”

MERA TARGETS FURTHER GROWTH

The deal follows Mera’s recent £15 million facility for a 42,000 sq ft luxury self-storage scheme in Mayfair, reported in The Times. Combined, these commitments take its loan book beyond the £100 million mark.

Over the past year, the business has doubled its assets under management and increased its average loan size to £9 million. The firm is aiming to reach £200 million of assets under management by the end of 2026.