GMAC Commercial Mortgage Europe has launched an assault on the UK buy-to-let market with the opening of a new office in London's West End.
GMACCM Europe offers a range of services for the European commercial real estate industry including lending, equity co-investment and servicing.
James Dalton, president of GMACCM Europe, says: “Our current pipeline is very strong and we are optimistic about 2003. Our London location will provide commercial real estate clients throughout the UK as well as continental Europe with an alternative source of financing and equity capital. Our talented staff have more than 50 years of combined experience in property finance and investment.”
Stephen Johnson, sales director at Brentwood-based Commercial First, says: “We were aware that it was about to enter the market. I believe it is taking a specialist approach and concentrating on buy-to-let lending, but it will be interesting to see what its strategy is. This shows that there is a strong commercial market at the start of 2003, and the more lenders that are attracted by this market, the better. This gives us further confidence that the opportunities we have seen are there and are supported by others.”
GMAC Commercial Mortgage Europe is a wholly-owned subsidiary of GMAC Commercial Mortgage Holding Corporation, a US financial services resource for the global commercial real estate industry. The company first set up a UK office in January 2002.