Hardman & Co Research on Real Estate Credit Investments (RECI):

Double tangible security

Our recent notes, in the main, have focused on why RECI should prove resilient in uncertain times, given its credit processes, high-quality security, low exposure to high-risk sectors, diversity and management of problem accounts. Market turbulence has reduced competition, and there is distinct upside, particularly in moderate-risk development loan positions. In this note, our property analyst considers the underlying real estate security, and concludes that i) potentially more difficult asset-classes are well underpinned by appropriate loan-to-value (LTV) ratios, ii) the geography and asset-class profile is good, and iii) there is strong evidence of RECI’s value-add, for example, but not exclusively, with its developer loans.

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About Hardman & Co: Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Attention is drawn to the important disclaimers at the end of the report.