Relationships, regional insight and the long view on development finance
When brokers and borrowers talk about “experience” in development finance, they often mean transactions closed or volume written. In Mark Witherington’s case, experience runs deeper than deal flow. It stretches back nearly four decades in banking, and almost 30 years specifically in property finance–forged through boom, bust, credit crunch and recovery.
Today, as Senior Originator at Pallas Capital UK, Mark brings that long-view perspective to a new lender that aligns with his belief that development finance is fundamentally a relationship business.
From Lloyds apprentice to property specialist
Mark’s career began in 1986 on a banking apprenticeship scheme with Lloyds. He progressed the traditional way – from cashiering to personal banking and on into business and corporate roles. It was there, under the guidance of a mentor who took him out to client meetings and involved him in credit reporting and structuring, that he learned how commercial lending really works. Property finance, however, would become his specialism.
A move to Birmingham Midshires, later absorbed into HBOS, marked his entry into development finance. Over the following years, through roles at Bank of Ireland, Barclays, Paragon and Hampshire Trust Bank, he built a reputation as a trusted regional relationship director.
The “secret sauce”: listening, structuring and showing up
Ask Mark what makes him effective, and the answer is disarmingly straightforward: he listens.
Rather than approaching deals as binary “yes or no” decisions, he prefers to restructure propositions that do not initially fit appetite. If the structure is wrong, he works with the broker or developer to find one that works for both sides.
Equally important is physical presence. For Mark, development finance is not managed solely from a desk. It happens on site – in hard hats, in portacabins, and occasionally in less-than-polished conditions. That willingness to show up consistently matters. Developers remember who walked their site, who shared in the good news when schemes won awards, and who helped find solutions when things went wrong.
He has seen almost every conceivable complication: stalled schemes, viability squeezes, planning setbacks and even extreme site incidents. But those experiences have reinforced rather than dulled his enthusiasm. Complexity is part of the job – and relationships are what get projects through it.
It is also why he chose to leave roles where relationship management became secondary to pure origination. Removing that customer continuity, in his view, damages both borrower experience and repeat business.
A regional specialist in a London-centric market
Mark’s patch is broadly “Midlands and north”, but in practice it stretches from Leicester – where he was born and raised – across the East and West Midlands and, where required, further north.
His insights into these regions are nuanced. Nottingham, Derby and Leicester, despite their proximity, operate very differently. Birmingham’s core contrasts sharply with its fringes. Lincolnshire blends agricultural strength and coastal influences. Each micro-market carries distinct buyer demand, build cost sensitivities and price ceilings.
That local knowledge is increasingly important.
In recent years, build costs have risen sharply, regulatory requirements have tightened and sales values in many areas have plateaued. The result: squeezed margins and fragile viability. Mark is currently seeing experienced developers walk away from multiple sites simply because the land price does not reflect modern build realities.
Where London-based schemes may centre around large single assets, many Midlands developers operate at smaller lot sizes – requiring more granular analysis but offering strong, diversified opportunities for lenders who understand the ground.
The opportunity, he argues, lies in being embedded in those markets, not assessing them remotely.
Adapting to new strategies: from churn to long-term hold
As margins tighten, developers are changing strategy. Some are blending build-to-sell with long-term retention: selling enough units to repay senior debt while refinancing and retaining a proportion on buy-to-let terms. Others are actively building rental portfolios as pension strategies.
Mark has seen first-hand how developers can transition from pure churn models to substantial retained property portfolios over time. With the right advice and funding, those shifts can de-risk long-term business plans.
That adaptability is where lenders with multiple tools – development, bridging and developer exit – can support borrowers effectively.
Why Pallas, and why now?
Mark had options. One offer in particular represented what he describes as a “comfortable pair of slippers” – a role that could have carried him quietly to retirement
Instead, he chose Pallas Capital.
The reason was twofold: secure backing and cultural alignment. The support of the Australian parent provided confidence in long-term stability, while early conversations with leadership confirmed a shared commitment to relationship-led development lending
He sees Pallas today as reminiscent of some of the most successful growth phases he has previously experienced – agile, ambitious and still close enough to its clients to remain personable.
The addition of bridging capability, alongside development and developer exit lending, also enhances flexibility. Whether funding land purchases ahead of planning, refinancing maturing facilities ahead of development drawdown, or providing exit solutions to unlock capital, that toolkit enables joined-up funding strategies rather than fragmented borrowing journeys
Investing in the next generation
This may well be one of Mark’s most impactful chapters.
Beyond originating deals, he is motivated by legacy: mentoring younger colleagues and developing the next generation of relationship directors. Having benefited from senior mentorship early in his own career, he is keen to replicate that model within Pallas – combining technical credit rigour with real-world site experience
For brokers and borrowers, that continuity matters. Development finance is not transactional; it is cyclical and long-term. The projects may change, but trusted relationships endure.
In a market that is competitive, margin-sensitive and increasingly complex, Mark offers something that cannot be manufactured quickly: perspective.
