Insights Centre

Perspective on capital.

Considered commentary from the advisory desk — written for business owners, investors and developers rather than for search engines.

Commercial Finance
July 2026 · 6 min read
Pricing risk in a normalised rate environment
Credit committees have recalibrated. What that means for businesses refinancing facilities agreed in a different cycle.
Facilities agreed during the low-rate period were underwritten against assumptions that no longer hold. As those agreements reach maturity, the question is rarely whether capital is available, but on what terms and against what security.
Lenders are pricing genuine credit risk again rather than competing purely on rate. Businesses that present clean, current management information and a coherent explanation of performance consistently secure better outcomes than those relying on historic accounts alone.
Property
June 2026 · 5 min read
Where development margin is returning
Build cost inflation has settled in several regions. We examine the schemes now clearing viability.
Cost inflation has moderated unevenly. In several regional markets, tender prices have stabilised sufficiently for small and mid-sized residential schemes to clear viability again.
Senior debt appetite has followed, though leverage remains disciplined. Where gearing requirements exceed conventional senior appetite, structured mezzanine continues to bridge the gap at a rational cost.
Advisory
May 2026 · 7 min read
Structuring capital ahead of a sale process
The twelve months before a transaction determine the multiple. Debt structure is rarely neutral.
Acquirers price certainty. A balance sheet carrying short-dated, personally guaranteed or covenant-heavy debt introduces friction into diligence at precisely the moment friction is most expensive.
Refinancing into longer-dated, appropriately covenanted facilities twelve months ahead of a process routinely pays for itself in negotiation.
Market Commentary
April 2026 · 5 min read
Private credit and the mid-market business
Non-bank capital has matured into a genuine alternative for founders unwilling to dilute.
Private credit is no longer the lender of last resort. For founders unwilling to release equity, structured debt from non-bank providers now offers speed and flexibility that clearing banks rarely match.
The trade-off remains cost and covenant. Assessed properly against the price of dilution, it is frequently the cheaper option.
Guides
March 2026 · 8 min read
What lenders actually read in your accounts
A practical guide to the handful of figures credit teams examine first, and how to present them well.
Credit analysts work quickly. Serviceability, trend, and the quality of earnings are examined before anything else, and inconsistency between management figures and filed accounts raises questions early.
Presenting adjusted EBITDA with a clear, evidenced bridge to statutory profit is the single most effective preparation a business can make.
Property
February 2026 · 6 min read
Portfolio landlords and the refinancing window
Stress testing has tightened. How experienced landlords are restructuring across portfolios rather than property by property.
Property-by-property refinancing exposes weaker assets to individual stress tests. Portfolio facilities allow stronger cover elsewhere to carry the whole.
The structural trade-off is cross-collateralisation, which requires careful thought about exit and future disposal plans.

Perspective on capital.

Pricing risk in a normalised rate environment

Where development margin is returning

Structuring capital ahead of a sale process

Private credit and the mid-market business

What lenders actually read in your accounts

Portfolio landlords and the refinancing window