ABSTRACT
In the aftermath of the 1990-93 property crash, finance for speculative development became virtually unavailable. Even by the latter part of 1995, development finance — if available at all — would normally be provided only against pre-let projects. The pattern of lending we describe here is therefore the pattern that applies in more “normal” times, and applied particularly in the late 1980s. Whether the pattern will resume in its previous form when widescale development activity finally resurfaces after the slump remains to be seen.
