The Intermediary – August 2026 - Flipbook - Page 60
BRIDGING
Opinion
O
ne of the most
interesting
developments
in financial
services over the
past decade has
been the evolution of private credit.
What began as an alternative source
of funding has steadily become an
established asset class.
Along the way it has become larger,
more sophisticated, and inevitably,
more demanding. Investors have
become more discerning, governance
has strengthened and success has
58
The Intermediary | August 2026
increasingly depended on expertise
rather than enthusiasm.
The specialist bridging market is
beginning to follow a remarkably
similar path. There was a period,
particularly through 2024 and into the
first part of 2025, when the market
felt relatively uncomplicated. Activity
was strong, brokers had plenty
of choice, and many transactions
fied familiar paerns. Speed and
pricing understandably dominated
conversations, because there was no
shortage of straightforward deals, but
that market has evolved.
The transactions arri
arriving
toda are
on brokers’ desks today
more nuanced.
Rebridging has become increasingly
stra
common. Exit strategies
require
prof
greater thought, and professional
portf
landlords are restructuring portfolios
in
as smaller investors
leave the market.
Developers are w
working through
f
more complex funding
arrangements
while navigating
naviga
planning, build costs
en
and refinancing in an environment
caref judgement
that demands careful
t
rather than
optimistic assumptions.
o
Some observers
see this as evidence
