The Future of Bridging Finance – A Private Real Estate Finance Roundtable
James Caan CBE, widely recognised for his role on the BBC’s Dragons’ Den and Founder & CEO of Hamilton Bradshaw, recently co-hosted an exclusive real estate finance roundtable alongside Alastair Carmichael, Head of Real Estate Lending.
Hamilton Bradshaw is Caan’s London-based private equity firm, investing in and scaling service-led businesses across the UK and internationally. Its Real Estate Lending platform provides £2m–£10m bridging and structured finance secured against prime residential and commercial assets across the UK and selected European markets, with a focus on disciplined underwriting, direct decision-making and certainty of execution.
Held on 19 February 2026 at The Wolseley, the breakfast brought together senior representatives from across the intermediary, advisory and capital markets landscape, including participants from Knight Frank Finance, Enness Global, GRE Finance, Phinom, Proxima Capital, Kaizen Consulting and Fladgate. The discussion reflected the realities facing professionals active in complex UK and European transactions.
This was not a fundamentals session. The room understands bridging mechanics. The focus was on what is shifting — and where structured, reliable capital is creating competitive advantage.
1. The Market Has Reset — Expectations Haven’t
Valuation realism dominated the discussion.
James addressed it directly:
“Accept the market for what it is today. Forget the 90s. Forget 2022. The market is the market. Your model must work now. Some borrowers are still living in 2022 — but the data tells us we are not going back there. Holding onto it doesn’t make it move.”
Participants agreed that expectation management is now central to deal completion.
One adviser reflected:
“In the early 2000s, bridging was often a last resort. Today it’s normalised. We’re seeing more refinancing and capital release activity — and significantly more lenders.”
Another added:
“There are huge portfolios that need to be broken up. A lot of legacy land and assets are being reassessed.”
The message was clear: exit clarity and valuation realism are now foundational, not optional.
2. Execution Beats Pricing
While pricing remains relevant, execution is increasingly determining mandates.
One participant observed:
“Fixed rates in parts of Europe remain materially lower than UK retail levels. Buyers are back. Lenders are keen to lend.”
But the broader sentiment was:
“It’s not always the driver for the client. It’s who they deal with and how pragmatically you structure it.”
James reinforced the discipline required:
“Only issue a term sheet if you can deliver. We don’t take fees if we don’t deliver. Too many lenders set expectations after a short conversation.”
In a competitive £2m–£10m market where margins are compressing, reliability and credibility are becoming decisive.
3. Europe: Complexity as Competitive Edge
Across Spain, Portugal, Ireland, Poland, Monaco and Switzerland, cross-border structuring remains active — particularly among multi-jurisdiction HNWIs and private clients.
One adviser noted:
“Many lenders say they’ll look at Europe. Most of the time it’s not price-sensitive — it’s about structure, safety and exit strategy. France remains a hard jurisdiction.”
Another highlighted increasing activity in 2026:
“We’ve never been so busy in January. It’s becoming increasingly attractive.”
From a private debt perspective, the structuring challenge was clear:
“Clients want speed and pricing on paper — but to release capital effectively, it has to be structured correctly. You can’t simply walk into a bank and ask for a complex multi-jurisdiction solution.”
Structuring capability, legal depth and jurisdictional fluency are becoming true differentiators.
4. Competition Has Increased — Gaps Remain
The lending landscape is more competitive than at any point in the past decade.
As one broker reflected:
“Compared to 2012, when there were only a handful of lenders, the space is now highly competitive. We focus on where the market is underserved.”
Another added:
“Margins are coming down in the £250k–£5m space. The financing landscape has changed significantly over the past 12 months.”
Yet structural gaps persist:
“Commercial banks remain slow. Clients are willing to pay more for speed and certainty.”
Access to committed capital and direct credit sign-off continue to matter.
5. Relationship Lending Is Back
The shift from volume-driven deployment to scrutiny-driven underwriting was evident throughout the discussion.
Participants emphasised:
- High-quality legal representation in each jurisdiction
- Open communication between adviser and lender
- Realistic leverage assumptions
- Early dialogue to mitigate risk
James summarised:
“Capital is abundant. Trust is scarce.”
Repeatable execution and integrity now define long-term relationships in the market.
What Will Define the Winners
The discussion concluded around four consistent themes:
- Underwriting discipline
- Speed of execution
- Access to committed capital
- Integrity
James concluded:
“Short-term capital should solve problems, not postpone them.”
Find Out More
Hamilton Bradshaw Real Estate Lending continues to work closely with professional intermediaries and capital partners across the UK and Europe, supporting well-structured transactions requiring speed, certainty and pragmatic underwriting.
For further information about the platform, please contact:
Alastair Carmichael
Head of Real Estate Lending
ac@hbpe.com
+44 7989 923826
