Roma Finance has completed its first commercial mortgage transaction, providing £2.4 million in 15-year funding to Alistructures Limited for Hermitage Works Business Park in Market Harborough. The deal was completed 25 working days after submission.
The facility refinances an existing Roma development finance arrangement and transitions Alistructures onto longer-term funding following the site’s redevelopment. The business park is now generating rental income from tenants.
The loan carries a five-year fixed rate of 8.52% and was provided at 63% loan-to-value against a market valuation of £4.2 million. The completion follows Roma’s commercial mortgage product launch in the previous month and comes after the lender announced a forward-flow funding agreement with J.P. Morgan in June.
Site details and occupancy
Hermitage Works Business Park, located on Desborough Road outside Market Harborough, comprises several office units and a new commercial building. Current occupancy stands at 80%, with tenants including a Trackman golf simulator, East Midlands Martial Arts, and a Transform Hub gym. Three units remain available, marketed through BTG Eddisons, with negotiations underway with prospective tenants.
Alistructures Limited, which operates in the construction and rental of commercial buildings, initially approached Roma in 2024 for development finance to convert the site from a semi-derelict former farmyard. The company has now moved to longer-term financing as the redevelopment phase concluded.
Roma’s commercial mortgage range provides funding of up to £2 million at up to 70% LTV, with fixed-rate and longer-term options available. The lender has been expanding its product range following its funding agreement with J.P. Morgan, similar to how landlords have been exploring alternative financing structures in the rental market.
Michael Allison, commercial director at Roma Finance, said the transaction was significant as the company’s first commercial mortgage completion. He noted the deal demonstrated the lender’s ability to support customers across different stages of property development.
Seymour Guinness, director of Alistructures Limited, said working with the same lender for both development and commercial mortgage finance simplified the process and provided certainty for the investment’s next stage.
Market context
The completion comes as the commercial property finance market continues to adapt to higher interest rates and changing occupier demand. The 25-working-day completion timeline represents a relatively swift turnaround for commercial mortgage transactions, which typically involve more extensive due diligence than residential lending.
The commercial property sector has seen varied performance across different asset classes, with industrial and logistics properties maintaining stronger occupancy rates than some office segments. Business parks offering flexible commercial space have attracted tenant interest from fitness, leisure, and service-based businesses, as evidenced by the Market Harborough site’s tenant mix.
