“We are now very much focused on new lending, so that’s really where our energies are now consumed,” recently said Llodys (LYG) corporate real estate chief John Feeney. Lloyds isn't the only one. Broker DTZ notes projects shunned by one year ago are now receiving multiple bids from lenders.
Competition is not just coming from European banks, but from Asia was well, where borrowers from there are borrowing from lenders in their own countries. “The pricing is consistent with the Asian market as opposed to the local market, and I find that a fairly strange phenomenon,” said Feeney. “It would be a fairly odd thing for Lloyds to follow a core U.K. client to Singapore and undercut the local market.”