Two Nationwide bankers and a valuation director from CB Richard Ellis have formed GDP Funding LLP, a new finance broker based in Manchester.
Paul Wilcox and Darren Switzer have over 20 years' experience in banking and property lending with Nationwide in Manchester. They are joined by Gareth Rees, former head of North West valuation at CB Richard Ellis.
Wilcox said GDP aimed to occupy a niche identifying and managing banking relationships for established property investors and developers.
He said: "GDP is independent, so is free to find the most appropriate lender for each transaction. Many property investors and developers find themselves managing their bank relationships instead of their portfolios or become vulnerable to one particular lender, which is particularly risky in the current climate.
"The credit crunch has created higher pricing and reduced risk appetite from lenders and there is also a noticeably reduced availability of funds to complete larger transactions.
"Many lenders are battling with liquidity issues and borrowers are seeing banks seeking to renegotiate terms and in some cases remove previously agreed funding altogether. This is in total contrast to the market only six months ago where finding funds to purchase or develop property was relatively straightforward in a highly competitive sector with over 70 active lenders in the UK."
Based at Barton Arcade, Manchester, GDP says it is already acting for a number of developers and investors across the North West.