The lender has increased refurb-to-let LTVs to 70% for rolled-up interest and 75% for serviced options.

Limited turnkey stock, rising demand for energy-efficient upgrades and the long-term investment potential of refurbishments are driving a surge in interest.

The property had an expected finished value of £4.25m.

Mera’s loan book has now passed £100 million following recent transactions.

In July this year, Ortus Secured Finance supported the refinance and redevelopment of Dumbleton Hall Hotel, a Grade II listed country house in the Cotswolds.

Maximum works cost for the new product is £500,000.

The 65% LTV funding was based on the market value subject to tenancies.

So far this year, HREF has backed property developments across 10+ UK and Ireland locations.

The estimated cost of a 12-month refurbishment loan fell from £12,834 in 2024 to £12,612 in 2025.

The acquired portfolio includes over 40 residential and commercial properties.