Excess Spread — Green in the red, IB muscles, victims of success

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Excess Spread — Green in the red, IB muscles, victims of success

Owen Sanderson's avatar
  1. Owen Sanderson
13 min read

From Green to the red

What are your options if you’re a specialist lender and need some cash? How far would you go to raise £25m?

We’ve talked extensively about the troubles of the sector over the past year, most recently last week following the DealCatalyst conference. Swap rates have risen faster than mortgage rates; there’s been a race to balance origination, hedging and financing in an ever-shifting environment. Stop writing loans and you lose broker relationships and market trust; keep writing them without the right financing structure and you lose money on the loans.

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