CFI: News review
It’s getting better but it will take time by
Rob Lankey, head of lending, Aldermore Commercial Mortgages
You don’t have to be an eco- nomic expert to realise that both the uK and europe face real economic challenges. unfortunately, the uK economy has got a bad dose of the jitters at the moment, an affliction which seems to be spreading around the world fuelled by fears of a double- dip recession. World stock markets have been bouncing up and down like yo-yo’s. However, stock markets are funny things and can react
negatively to what rational people perceive to be good news. So how are we meant to make sense out of the statistics and political comments being bandied about at the moment? as always, it’s largely down
to common sense. the cur- rency crisis in the eurozone has involved most countries breaching their own self- imposed rules. greece and italy both have debts which are 115% of their gdP, with germany’s figure standing at 73%, Portugal at 76%, France at 77% and Britain at 68%. these countries represent some of our most important markets and they’re going to have to tighten their belts sig- nificantly, if they are going to
Lowry Capital
successfully address their fis- cal problems. common sense says that,
against a backdrop of such se- rious economic difficulties, it’s probably fair to assume that we’re not going to see a sud- den upturn in fortunes any time soon. Likewise, if the gov- ernment is going to cut public sector spending which will mean job losses, then it stands to reason that the economy will suffer in the short-term. But neither does that mean
we’re all doomed. the econ- omy is going to remain sub- dued but that doesn’t mean it has closed down altogether. Far from it. there are always sectors of the economy that fair better than others and the
good news for commercial mortgage brokers is that small and medium sized businesses are usually amongst the first to feel the positive effects of recovery. Being small means they are usually fleet of foot and able to capitalise quickly on those opportunities which do present themselves and i have no doubt that most bro- kers can give examples of cli- ent’s whose businesses are prospering, despite the gen- eral economic woes. the challenge, therefore, is
to focus your efforts on those sectors which hare showing signs of life, but to also ac- knowledge that other sectors may struggle for some time to come.
TM Bridging Finance
mortgage introducer JULY 2010 45
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