Lending amid an outbreak
The outbreak of Covid-19 caused significant operational problems for all lenders, though none more so than the high street lenders, as they grappled with the shutdown of international-based call centres and an influx of calls from customers seeking mortgage holidays.
Written by Rachel Barnett
1 minute to read
The private banks were more able to adapt, and we saw that most in the rural market. Private banks have gained a huge appetite to be working in the rural field, and their pricing is reflective of that.
We anticipate rising levels of distressed debt in rural businesses as the effects of the virus bite. The quality of a business plan can make all the difference between an application for funds being declined or accepted, so it’s wise to talk to your broker before proceeding.
Rates are among the lowest they’ve ever been, with ten year fixed money at 2.6%. Get in touch with Knight Frank Finance to see what’s possible.
Rachel Barnett, Knight Frank Finance