Pallas Capital completes development loan for £11m GDV apartment project in Northampton

08 September 2026

Pallas Capital has completed a £6.1 million development loan to fund the ground-up construction of a project in Northampton comprising 60 residential flats and two commercial units at ground floor level.

The 24-month facility was structured at 57% LTGDV. The borrower, an experienced developer with a strong track record of delivering apartment schemes, will retain the finished development as a long-term investment, refinancing onto a buy-to-let upon completion.

Northampton is a strategic growth centre with strong demand and good connectivity, creating an excellent level of demand for new homes and built-to-rent developments. Pallas Capital’s team has significant experience and local expertise in this region and is actively supporting projects that form part of wider investment into the area.

Senior Originator Mark Witherington and Underwriter Jamie Peacham led the transaction for Pallas Capital, introduced by long-standing broker Matt Usher of Usher Commercial Solutions. The transaction involved a number of legal and technical complexities, including party wall awards, right of light considerations and a series of vendor-related requirements. Matt Usher worked closely with Pallas Capital's team throughout, helping to resolve each of these issues and keep the transaction on track to completion.

Mark Witherington, Senior Originator at Pallas Capital, commented:

"I've spent the last 28 years lending in and around Northampton, and while the town has changed hugely in that time, I've backed a good number of genuine new-build schemes around the town centre over the years, most of them delivered through the redevelopment of brownfield sites. We’re proud to be backing the delivery of new homes and supporting developers in the area, showing true understanding of the regional metrics and understanding its potential.”

The transaction also involved a number of professional advisers, including Neil Allison (Valuer), Samier Alnaggar of TSA Riley (Monitoring Surveyor), and Juliet Baboolal of gunnercooke (Legals), whose work supported the deal through to completion.