The lender has partnered with Nicholas King Homes for the scheme in Cranleigh, where construction commenced in April.

Under the JV, MERA will provide preferred equity alongside Nicholas King Homes with senior debt from Paragon Development Finance.

Half of the units on the site have already been sold to an affordable housing provider.

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“Working with a trusted, experienced partner like Nicholas King Homes — with a strong track record in the South East — allows us to invest with confidence in high-quality schemes that meet real local demand,” said Edward Matthews, CEO at MERA Investment Management.

This scheme, which has a GDV of £55m, marks the first JV for Nicholas King Homes.

Nicholas King, founder and chair of Nicholas King Homes, added: “Partnering with MERA enables us to unlock the capital needed to accelerate delivery of this scheme.

“Their experience in flexible financing, combined with our expertise in the local housing market, allows us to move at pace and deliver high-quality homes that meet real community need.”