£3.93m development finance loan for new retail park in Darlington

• We provided a £3.93m development loan for five pre-let retail units in Faverdale, Darlington, featuring tenants like Costa Coffee and Greggs.
• This project is the first under our updated criteria, allowing a maximum loan-to-GDV ratio of 65%, aimed at supporting more commercial pre-let projects.

We’ve just completed a £3.93m development finance loan to help create five pre-let retail units in Faverdale, Darlington.

The site will feature popular tenants like Costa Coffee, Greggs, Indigo Sun, Harrison Vets, and Fastned. Plus, McDonald’s is building its own unit at the entrance.

The borrower for this project is Almscliffe Dhesi, a developer from Yorkshire and the North East with a track record in commercial projects.

The deal was introduced to us by John Carling, owner of Broker Solutions Northern.

This is the first project completed under our updated commercial development criteria, which now allows a maximum loan-to-GDV ratio of 65%.

These changes were made to support a wider range of commercial projects.

Neil Leitch, Managing Director, Development Finance, said:

Pre-let commercial cases like this are a little unusual, but that’s where we excel. We pride ourselves on our flexibility, working closely with borrowers and brokers to deliver tailored funding solutions that meet the unique needs of their projects. In this case, the developer’s strong track record and the high-quality tenant line-up stood out, making it clear this was a project worth backing. The increase to our maximum loan-to-GDV reflects our commitment to adapting our criteria to open up opportunities for developers, whether in residential or commercial spaces.

 

Neil Creeney, Director, Almscliffe Dhesi, added:

This was an unusual case, but HTB’s hands-on approach and flexibility made a huge difference. Their willingness to work closely with us throughout the process has been invaluable. It’s rare to find a lender so willing to understand and accommodate the unique needs of developers.

 

John Carling, Owner, Solutions Northern, commented:

HTB is doing an outstanding job in development finance, providing funding that genuinely supports both residential and commercial projects. I knew they’d be the right partner for this deal, and they’ve delivered excellent service every step of the way. This level of support is exactly what developers need to bring ambitious projects like this to life.

Read the original story here.