More banks willing to lend to commercial property investors
Tuesday 6th October 2009Increasing numbers of banks willing to lend sums of more than £20 million to commercial property investors, a new study has revealed.
According to a report by Savills, the stabilisation of the commercial property market is due to the volatility seen in the financial markets during the last two years easing.
The cost of bank funding has also dropped due to a narrowing of the gap between the London interbank offered rate (LIBOR) and the base rate to 20 points.
William Newsom, Savills UK head of valuation, said: "In March when we conducted our last survey, we weren't aware of any banks prepared to lend above £100 million on their own, but today perhaps half a dozen are prepared to do so."
He added: "For the first time in years I am not aware of any significant new lenders looking at coming into the market despite these favourable conditions."
The survey identified 23 banks in the £20 million and over lending category.
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