National Australia Bank (NAB) the parent of Clydesdale and Yorkshire Bank have already shed £1.2 Billion in the last 10 months leaving a legacy portfolio of £4.4 Billion
Whilst it is sad to see competitive commercial mortgage lenders leave the UK arena Enable Finance have been growing their commercial mortgage offering over the past 12 months and are perfectly placed to help existing Yorkshire & Clydesdale Bank customers who are worried about their commercial property loans.
NAB’s decision to exit property lending almost 18 months ago was part of a wider strategic review to reduce it UK risk appetite, driven by rising bank funding costs and the then “double-dip” return to capital depreciation in UK property markets.
In its half year results to the end of March, published 9 May, NAB published a £185 million B&DD (bad and doubtful debts) charge reflecting “the on-going stress in the commercial real estate market in the UK”, compared to an equivalent B&DD charge of £249 million for the six months to September 2012.
If you hold a Clydesdale or Yorkshire Bank commercial mortgage and are concerned about how this could effect you, please do feel free to call Phillip Evans on 0114 2945 046.