Another 10 years of gloom
Some 76% of respondents said that they did not think that the government was doing enough to help free up credit to the property market and only 13% thought that the government was doing enough.
Christian Faes, managing director of Montello, said: “The research revealed a lot of things about the property finance market that we already knew.
“We are well aware that it is very difficult to obtain funding in the current market. What was surprising however, was how bad respondent said it was in the current market.
“Most are seeing opportunities that they want to capitalise on, but are simply struggling to obtain funding.
“The Property Week/Montello report shows that there is a very important role for alternative lenders such as Montello, to play in this market. There is a huge gap left from the dearth of bank lending, which to some extent will be filled by alternative lenders.”
Most respondents said that they thought that it had actually become harder in the last 12 months to obtain property related finance (for both property investment and for development).
Whilst 73% of respondents thought that the current market is providing property investors with good opportunities, over 84% of respondents said that they did not think that banks had increased their appetite for property lending in the last 12 months.
Unsurprisingly eight out of 10 respondents said that their confidence in the ‘traditional banking model’ had been diminished as a result of the credit crisis.