From start-up to £100m target: Inside Inhale Capital’s next phase

There is no time to pause for breath at Altrincham-based lender Inhale Capital ahead of a potentially transformative next 12 months.

Inhale Capital, launched in September 2024 by former chartered surveyor and industry veteran Rob Goodall, is aiming to build on an already successful first 18 months with its first ever institutional funding line, an expanded team, potential changes to its rates and fees and a continued focus on its unique in-house valuation service.

Oh, and it expects to hit its £100 million a year lending target at least two years ahead of schedule given continued demand for its niche commercial lending focus and overall continued demand for bridging lending.

Those 2026 changes are set to begin in the next few weeks when Inhale signs terms with its first institutional funding line.

“We are still relatively early in our journey and have spent the past 18 months building our brand, so it’s very flattering to have a funding line approach us at this stage of our development.

They’ve clearly recognised the quality of our work, the redemptions we’re achieving, and what we see as our valuation-led USP,” said Goodall.

That refers to its immediate, fee-free, in-house valuations for clients across its key commercial, semi-commercial and residential sectors.

“We’ve found it to be an interesting marketplace. There are new lenders cropping up every week and you need to have a USP to stand out to brokers and borrowers. It isn’t good enough to say that differentiator is speed,” Goodall explained.

“Deals can fail when there is an undervaluation because it is often at the back end of the process and borrowers have to rush around trying to find extra cash or security to make it work.

With our in-house valuations we can provide immediate certainty over the valuation. It may not always be the answer the borrower wants but often a quick no is a good no.”

Goodall is so wedded to his valuation niche that he is willing to forego funding if it means changing.

“Other institutional lenders wanted us to rely on Red-Book Valuations, desktop valuations or AVM’s to meet their eligibility criteria, but that would have made us no different from everyone else,” he said.

“We don’t have any funding constraints, so there’s little benefit in taking on facilities that restrict how we operate.

We’re very fortunate to have this new relationship with partners who genuinely understand and value what we do.

Ultimately, it’s my responsibility. I never approve lending unless I’m fully confident it’s appropriate. I firmly believe our valuation approach is as robust as any desktop alternative, and I stand by that completely.”

When the company launched Goodall told Bridging Loan Directory that he had aspirations to be lending £100 million a year in the next five years across mainland UK. Now he expects to reach that goal by the end of 2027.

“We have set a high bar for ourselves, but it is our plan. It can be done and we are making progress,” Goodall said.

It is not just at Inhale Capital; Goodall believes bridging remains in a strong place in the UK. “It remains a key funding solution for property investors, whether they are purchasing, refinancing, or raising capital for business purposes,” he said.

“Banks are still cautious following the 2008 financial crisis and often hesitant to underpin their balance sheets with property exposure. However, property has consistently proven to be a stable asset class with strong liquidity, and I believe the sector still has significant long-term potential.”

Despite that the sector did receive a knock at the tail-end of 2025 given the uncertainty around the November Budget and tax hikes on second home and investment properties.

“We still have some uncertainty around the government’s plans for the economy, but since the start of 2026, we’ve seen a significant increase in enquiries and deal flow,” said Goodall.

“Some lenders, particularly in central London, have taken a hit on high-value residential property over the past couple of years.

Those lending at 75% on a £3 million property, for example, may be finding it harder to recover their capital. With limited capital growth and longer exit timelines, the market has become more challenging in that segment.”

In contrast he said Inhale Capital lends across the UK, has an average loan size of £265,000 and as a new lender does not have a legacy back book of deals. “

“Investors are increasingly viewing commercial property as an attractive asset class for achieving stronger returns.

While it has historically been seen as less liquid, we’re certainly seeing a rise in enquiry levels across the commercial sector – an area where our expertise is particularly strong. We understand the market well,” he said.

The fundamentals of commercial and semi-commercial property, he added, remain robust. He is seeing industrial buildings being subdivided into smaller units to attract tenants, and office buildings being converted into serviced office space as hybrid working becomes more established.

The continued growth of e-commerce is also driving demand for warehousing and distribution space, supporting both capital and rental growth.

“On the high street, investors are acquiring vacant semi-commercial units, typically retaining commercial space on the ground floor while developing residential flats above.

There’s also a noticeable increase in niche local retailers entering the market — well beyond the usual vape shops and barbers. Overall, I don’t see commercial property carrying any greater risk than residential,” Goodall said.

The bridging market, he added, will be even more competitive over the next 12 to 18 months as falling interest rates encourage lenders to cut rates.

“I would like to think that over the course of the year we will be able to review our rates accordingly in line with a drop in interest rates. But we should always have a bit of a premium because of the valuation service we offer.”

Another key challenge for Inhale is recruitment.

“I make no apologies for having a 5 day a week in the office structure,” he said. “We are a new business with good people eager to learn. The best way to do that is to listen to office conversations and digest everything that is going on. But I find increasingly that a lot of people on both ends of the spectrum – from entrants to experienced workers – don’t want to be in an office all week.

It is up there with my biggest challenges as I grow the business.”

Inhale has 8 members of staff at present and is aiming to be 12 strong by the end of 2026. “My main focus is to hire another expert in our valuation team,” he said.  “We need to build on what we do best. We’re also looking to add to our sales team this year.”

But plans can change, especially at a fast-growing business. The hiring of Finance Director Rebecca Neves last October came “six to nine months earlier than expected” given that interest from institutional investors.

“Having someone at that level put faith in you means we are no longer the little new lender on the market anymore,” he said. “It elevates us in terms of profile and we will be future proofed for the next few years. We’re ready to move to the next level.”

FOLLOW ON GOOGLE NEWS