Roma Finance has funded £3.35m for the first phase of a 23-unit Class E industrial development in Colchester, helping Baahn Ltd progress after earlier funding issues.
The site was bought in 2021 for £320,000 and is now valued at £980,000 with planning permission for all 23 units.
Roma’s loan will deliver the first 14 units, with a projected gross development value of £5.34m.
A second phase is planned for 2027 to build the remaining nine units.
Each unit will have solar panels, air source heat pumps and EV charging.
The project targets Energy Performance Certificate (EPC) Band A, with double-glazed aluminium windows, LED lights and heat recovery ventilation.
A cycle shelter and new bus stop will also be provided in line with Section 106 requirements.
Units will be two-storey, high-spec offices ranging from 955 to 1,992 square feet, for individual sale.
Claudine Reynolds, relationship manager at Roma Finance, said: “This project’s scale, design, and sustainable features make it a standout development for Colchester and one we are proud to be involved in.
“Collaborating with the borrower, and Daniel Dawson at Cator Wells enabled us to deliver a seamless result when it was most needed.”
Simon Lucking of Baahn Ltd said: “Having tried to fund the construction of our office development with numerous lenders who all eventually let us down; it was refreshing to finally meet a lender that had the foresight and integrity to match ours.
“At every turn the Roma team were professional, realistic and honest, and the speed with which they achieved completing the facility was amazing.
“We are excited to see where the continued relationship takes us and having Roma at the forefront of our professional team can only make us stronger, I cannot recommend them highly enough.”
Daniel Dawson, broker at Cator Wells, said: “Following the launch of Roma’s new commercial product, it was great to work with a lender that approached a commercial project with such a practical and forward-thinking mindset.
“Despite the challenges of a site yet to break ground and with no pre-sales or pre-lets in place, the Roma team recognised the potential and strong demand for this type of commercial development and made it happen.
“It was a genuine pleasure to work with Claudine and Shane, their proactive approach, regular communication and commitment were a real breath of fresh air in getting the loan completed and the client on site.”
The full scheme is expected to be completed by Q4 2026.
