FR: Please can you provide a brief summary of your background and your role at District & County Investments?
I have more than 19 years’ experience in banking and finance, with a background in senior leadership roles across the specialist property finance sector, including at Hodge and at commercial director level within short-term and development finance.
My experience covers the development and delivery of strategic growth plans, aligning products, teams and processes with commercial objectives, and implementing product, operational and pricing improvements to support sustainable profit growth.
At District & County Investments, my role focuses on commercial strategy, credit appetite and proposition development. This includes building clear underwriting frameworks, supporting consistent decision-making, and helping to scale origination across bridging, refurbishment, commercial and development lending.
FR: How have you found demand for auction and land bridging finance so far in 2026 and what do you expect for the rest of the year?
Demand for auction and land bridging finance has been solid so far in 2026, particularly where speed and certainty of execution are critical. Auctions, land transactions and time-sensitive acquisitions continue to play to the core strengths of bridging finance.
What has been more notable is the shift in borrower behaviour. Developers and investors are being more selective, but they are also more reliant on short-term finance to secure opportunities where traditional lenders cannot move quickly enough. We are also seeing bridging used more strategically, not simply as a stopgap, but as a way to unlock value ahead of refinance or development.
Looking ahead, demand is likely to remain somewhat uncertain given the wider macroeconomic backdrop. However, that uncertainty can also create opportunities for bridging lenders, as borrowers often value flexibility, speed of execution and tailored structuring in more constrained market conditions.
For lenders, the emphasis will be on execution which includes moving quickly, pricing risk appropriately and delivering certainty. The fundamentals of the bridging market remain strong, but it is a less forgiving environment, so quality of underwriting and clarity of proposition matter more than ever.
FR: District & County Investments use a net lending model to fund developments, what does that mean, how does it work and why is it important?
At District & County Investments, our development facilities are structured on a net lending basis. In practice, this means we focus the facility around the capital that is actually deployed into the project such as land, build costs and professional fees, rather than inflating the loan with retained or rolled-up interest.
That is important because more of the debt is doing real work from day one. The capital is directed into the asset itself, which improves efficiency and reduces unnecessary headroom within the facility.
It also gives a cleaner view of leverage. Because the debt reflects actual deployment, metrics such as loan-to-cost and loan-to-GDV are easier for developers, brokers and equity partners to assess.
Our interest model follows the same principle. Interest is uncapitalised and accrues only on drawn funds, rather than being rolled up from day one. This helps protect developer profit by avoiding unnecessary compounding and keeping the cost of debt aligned with how the facility is actually used.
The result is a simpler, more transparent capital structure with less drag. Developers can see exactly what they are paying for, and more of the capital is working within the scheme. For SME developers in particular, that can support better capital velocity and stronger IRR outcomes, which becomes increasingly important as they scale and look to recycle equity across multiple projects.
FR: What are developers saying to you regarding their outlook for the next few years and what are you as a lender doing to help them take advantage of opportunities when they arise?
The conversations we're having with developers are becoming increasingly nuanced. There's certainly caution in the market, but it's not the pessimism we saw during the interest rate shock of 2022-2023. Most experienced developers accept that higher borrowing costs and increased regulation are now part of the landscape. Their focus has shifted from 'when will things return to normal?' to 'how do we operate profitably in the new normal?
There are four themes we see when speaking to developers:
1. Planning and delivery risk is now a bigger concern than funding costs
Developers increasingly cite planning delays, discharge of conditions, utility connections, Biodiversity Net Gain requirements and Building Safety Regulator processes as having a greater impact on project viability than finance costs alone. Delays can add months to a programme, increasing holding costs and creating uncertainty around delivery.
2. Landowners are adjusting more slowly than developers
Many developers believe opportunities are emerging because land values have not fully adjusted to reflect the higher cost of capital and slower sales environment. As more realistic pricing expectations emerge, developers expect to see stronger acquisition opportunities over the next 12-24 months.
3. Demand remains, but sales rates are less predictable
Most developers remain confident in the underlying demand for quality housing, particularly in areas with structural undersupply. However, they are underwriting more conservatively, assuming slower absorption rates and longer sales periods than they would have done three or four years ago.
4. Experience is becoming a greater competitive advantage
Developers with strong balance sheets, established contractor relationships and proven delivery records believe they will gain market share as weaker operators struggle with funding, cashflow and regulatory requirements.
The developers who are likely to perform best over the next few years are those with patience, discipline and access to reliable funding. While market conditions remain challenging, periods of disruption often create the best opportunities. Our role is to ensure that when those opportunities arise, experienced developers have the capital and support required to act decisively.
FR: What can we expect to see from District & County Investments in 2026?
Our focus is on building a scalable, resilient platform rather than simply chasing volume.
That starts with clarity of proposition. We will continue to lean into our core principles of net lending, simple interest and an asset-agnostic approach, so brokers and borrowers understand exactly how we lend and where we can add value.
Alongside that, we are investing in the front end of the business by strengthening broker relationships, expanding distribution through experienced BDMs, and maintaining a consistent presence in the market. That is key to building a strong, high-quality pipeline.
Execution will also remain a major priority. As the market grows, the ability to deliver quickly and reliably is no longer just a point of difference, it is a baseline expectation.
We will continue refining our credit process, streamlining legals and valuations, and ensuring we can move at the pace borrowers expect without compromising underwriting standards.
Finally, we remain focused on funding and capital efficiency. As we scale, improving our cost of funds and optimising how capital is deployed will be critical to staying competitive while protecting returns.
For us, growth is not just about doing more deals. It is about doing the right deals, consistently, and building a platform that can perform through different market conditions.
