The loan will be used to support the development of five pre-let retail units in the Faverdale area of the town.

This site already hosts tenants such as Costa Coffee, Greggs, Indigo Sun and Harrison Vets.

Developer Almscliffe Dhesi is the borrower and has a track record of delivering commercial projects in Yorkshire and the North East.

This deal was introduced to HTB by John Carling, owner of broker Solutions Northern, and is the first completed under the lender’s updated commercial development criteria.

This change saw the firm’s maximum loan-to-GDV ratio increase to 65% and therefore widen the range of commercial projects eligible for funding.

•   The Finance Professional Show 2023: The Video
•   HTB completes £12.8m bespoke refinancing deal
•   HTB funds central London redevelopment with £7.24m

“Pre-let commercial cases like this are a little unusual, but that’s where HTB excels,” commented HTB managing director of development finance Neil Leitch.
 
“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.”

Solution Northern’s John added: “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.”