'Capital is abundant. Trust is scarce’: Insights from Hamilton Bradshaw’s bridging roundtable

James Caan CBE, founder and CEO of Hamilton Bradshaw and known for his role as an investor on the BBC’s ‘Dragons’ Den’, stated that the market has materially shifted over the past 12–24 months, with valuation realism and delivery credibility now central to deal completion.

The closed-door breakfast, held at The Wolseley on 19th February, was co-hosted by James and Alastair Carmichael, head of Hamilton Bradshaw Real Estate Lending.

Senior representatives from Knight Frank Finance, Enness Global, GRE Finance, PHINOM, Proxima Capital, Kaizen Consulting and Fladgate attended.

The session focused on what is changing across the £2m–10m bridging and structured finance market — and what is likely to differentiate leading lenders in 2026.

Valuation recalibration dominated discussion, with participants agreeing that exit clarity and realistic leverage assumptions are now crucial.

Roundtable participants concluded that factors such as underwriting discipline, speed of execution, access to discretionary capital and integrity will make successful lenders stand out.

James summed up by saying: “Capital is abundant. Trust is scarce. Short-term capital should solve problems, not postpone them.”

Several attendees spoke of increased refinancing and capital release activity, as well as noting portfolio breakups and asset reassessments.

Participants also claimed that deals are progressing only where expectations align with current market conditions.

Tom Athersych, managing director at Promixa Capital, suggested: “There are two types of borrowers. Those trying to rectify legacy problems, and those operating in the new market reality.”

Josh David, associate, head of partnerships at Knight Frank, commented: “Lenders are keen to lend and buyers are back in the market. We’re expecting a buoyant year.”

While pricing remains competitive, the attendees reported that borrowers are increasingly prioritising certainty, structure and speed over marginal rate differentials.

Tamara Crowson, head of Scotland at Enness Global, noted: “Pricing is not always the driver. It’s who you deal with and how pragmatically you structure it.”

Commercial banks were described as being slow in complex or time-sensitive transactions, creating opportunity for lenders able to combine rigorous underwriting with direct credit sign-off.

Jo Iles, head of operations at PHINOM, commented: “You can’t just walk into a bank and ask for a complex structure. That’s where private debt wins.”