The rate of change in the short-term lending market since March has been immense, but one of the great things about our sector is that it is possibly the most resilient and adaptable area secured lending.
Lenders have been incredibly quick to respond to the changing environment and evolve their processes accordingly and while some lenders have pulled back from the market, many have continued to lend throughout lockdown, using technology and remote valuations to continue to operate effectively. They are, rightly, taking appropriate precautions to mitigate risk, and we have seen a tightening of some criteria, such as limiting LTVs, reduced appetite for larger loan sizes and taking a more cautious approach to ground-up developments.
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