Now that we’ve finally made it through (what always feels like the longest month of the year) January, it’s time to celebrate the groundbreaking deals of 2024 and the exceptional individuals who made them happen. This issue is packed with inspiring stories that not only highlight how the industry is evolving, but also how it's embracing the big ideas that are driving it forward.

Our Power List 2025 cover story is the beating heart of this issue, packed with the most jaw-dropping lending deals from the past year [p48]. These transactions didn’t just break the mould—they obliterated it. Whether it is a sub-£200,000 second-charge bridge backing a freelance photographer’s life-changing Waitrose contract or a £10m mezzanine loan fuelling the transformation of one of Europe’s biggest logistics hubs, each deal has its own tale of triumph and intrigue and are all worthy of making the list.

We also delve into some truly fascinating stories of individuals making waves in the industry. Take Andrew Bloom, who built and sold Masthaven, only to buy it back for a fraction of the price. His journey from fledgling entrepreneur to industry powerhouse is a masterclass in resilience and strategy. He shares the behind-the-scenes details of Masthaven 2.0, the powerhouse team driving its revival, and the invaluable advice he received from Richard Branson along the way [p30].

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Meanwhile, StreamBank, a newcomer with an ambitious agenda, is setting its sights on half-a-billion-pounds in lending, despite only securing its banking licence in 2023. We take you inside its sleek new Cardiff headquarters to uncover how this up-and-coming player plans to shake up the sector and hit its lofty targets [p96].

In Islamic finance, Offa made a bold move by acquiring the Alburaq home finance portfolio from the Bank of Ireland. This acquisition is just one step in Offa’s mission to reshape perceptions of Islamic finance. We sit down with Offa’s key leaders to discuss how its small but mighty team is making big strides [p110].

The challenger banks are also turning tradition on its head. With digital processes and hybrid working models firmly here to stay, challenger banks are reimagining how underwriters interact with clients, bringing them once again into the spotlight and offering more customer-centric approaches to fuel growth and build stronger connections with distributors [p72].

On a more reflective note, we also hear from Martyn Smith, a true pioneer in the bridging sector, who looks back on his 45 years in the business and shares insights on how the market has transformed—and where he believes it’s headed in the next decade [p102].

In this issue, we hope you're not just inspired by the incredible feats of those in the spotlight but also by the vast opportunities that lie ahead for the specialist finance sector. The potential for overseas investment in the UK is growing, with the government’s proactive steps to attract foreign capital, including injecting billions of pounds into The National Wealth Fund. Meanwhile, the UK’s inflationary pressures have started to stabilise and the Bank of England has reduced base rates to 4.5%, creating a more favourable lending environment. The landscape is ripe for investment and, with the right strategies, it’s an exciting time to be part of this evolving industry.