Nationwide seeks to grow £2bn NW property book
NATIONWIDE Building Society has declared itself “open for business” to commercial property lending in the North West.
The mutual, which has just appointed Stephen Luty as its Manchester-based regional director, to head its £2bn commercial property lending portfolio, has worked with private developers such as Nikal and Merepark, and is one of the biggest funders of the Building Schools for the Future PFI initiative in the country.
The event at the City of Manchester Stadium last night attracted around 200 leading professionals.
It marked the return to the region of popular banker Bryce Glover, who after 20 years in Manchester with the Co-operative Bank and latterly Alliance & Leicester Commercial Bank, joined Nationwide last year as divisional director heading its £22bn commercial lending operation.
Mr Glover, pictured, said: “The commercial property market has been extremely tough – there are some scars around. The depth and pace of the falls in value of property and significant tenant failures has made it tough for us all.
“There are some positive signs emerging that the market is finding some stability. I was delighted to bring Steve Luty in – he launched the business centres for me at Alliance & Leicester and I want him to build a portfolio here in the North West.”
Mr Luty described Nationwide’s commercial lending operations as a “well kept secret” and said the building society was keen to grow.
“We are very much open for business and we have an appetite to lend in retail, office, industrial and distribution. Our minimum loan is £1m and we’d look for a loan to value of 65% and are seeking prime secondary assets.”
