April 22, 2020
Stamford Snapshot: 4th edition
Following on and an update from last Wednesday.
Our key observations over the last week:
- We are seeing and doing genuine post COVID deals now, giving us and our clients the benefit of real time risk and pricing benchmarks.
- The bias here being reduced risk/gearing with increased pricing, happy to take calls to talk about particular situations with clients/capital partners, the response here will be bespoke.
- Such deal flow includes a number of new transactions with the major banks, they do remain open for high quality sponsors and projects.
- Some occasional non-bank lenders/institutions have retreated to core business and have closed lending platforms. The converse applies for the established/dedicated shops that are gearing to participate through cycle.
- We are seeing private lenders use internal valuation underwrite, in part as they traditionally didn’t get benefit of reliance on a valuers report/PI but also for ease and speed of dealing.
Wishing you all well
Your certainty in commercial property capital