For a friend who is a lady, she's currently on a 54cm road frame which I think is a little too big for her. Budget not huge

I think she should look at either of these if nothing found second-hand.

- Bordman ADV
- Alpkit Sonder Camino

Just asking if anyone has other options in their garage

Does it have to be a gravel bike?
Ladies specific Trek road bike is what I have* - will get 28 mm tyres in there
Certainly meets the cheap part of your equation

* yes if you are reading I know its yours - you know who you are

Actually I’m just about to list my Camino if they are still looking. It’s a small/52, a bit of a mongrel though, I built it up from a frame set.
I can send some pictures over if needed, just send me the email address.

She bought a Bargain Liv Devote off eBay in the end