Private capital chasing higher yields in the booming property market has fuelled an explosion of new non-bank lenders offering construction and investment loans this year, according to one of the country’s leading commercial mortgage brokers, Stamford Capital.
“[Lending] has come back like a boomerang. There was a huge dip [last year during the pandemic] but then the market has swung back even harder compared to where it was 12 months ago,” Stamford Capital joint managing director Michael Hynes said.
“There’s more money, it’s cheaper and non-bank lenders are being materially more aggressive in chasing deals,” Mr Hynes said.
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