Marking My Own Book: A Private Credit Lender’s Mid-Year Review
An honest mid-year stocktake from a London private credit lender: what worked, what didn’t, and what thirty-six newsletter issues have taught.
Who Is Funding UK Residential Development Now?
The banks left development finance in 2008. The capital returning to UK residential looks nothing like the capital that left, and the old lessons still apply.
The 2026 Vintage: Why Today’s Development Loans May Be the Best of the Cycle
Reading every lending cycle through the Fed Funds rate: why development loans written in 2026 may prove to be among the best vintages of the cycle.
Our Lending Playbook: Seven Rules for Property Development Finance
Seven lessons from a development loan workout, written down as the rules we lend by. A practical playbook for property development finance.
Case Study: Recovering a Defaulted Development Loan Without a Write-Down
How a contractor insolvency, borrower default and winding-up petition on a 100-unit scheme were resolved at a positive return, without a write-down.
Private Credit Valuations: Are the Marks Real?
Private credit is having its first uncomfortable year. A London private credit lender asks honestly whether loan marks reflect reality.
The Empty Room: On Building a Business and Letting Go
A reflective letter from Paul Oberschneider on building companies, letting go, and what you make of the uncertain space in between.
The Last Arbitrage: Why Speed Is the Edge in Real Estate Credit
Why speed of execution may become the only lasting edge in operator-led real estate credit as the traditional arbitrage disappears.
The Missing Layer: The Real Estate Ecosystem Europe Needs
Why nobody has yet built the integrated real estate ecosystem Europe actually needs, and what that missing layer would look like.
Why Institutional Capital Is Exiting UK Rental Housing
The rising cost of owning is pushing institutional capital out of UK rental stock. What fills the gap, and where the opportunity lies.