Execution over promises: What one year in the market has taught me

By

Michael Clifford

This month marks one year since the launch of Liberty Funding, a milestone that offers a useful opportunity to reflect not just on the business itself, but on the wider direction of the lending market.

The past twelve months have been anything but straightforward. Lenders have come under pressure, some have withdrawn from the market entirely, and an increasing gap has emerged between terms offered and transactions that actually complete.

Against that backdrop, one theme has become increasingly clear:

Execution matters more than ever

At Liberty Funding, my focus from day one has been simple. Deliver funding that works in practice, not just on paper. That means understanding the asset, the borrower and, critically, the exit.

In a market where timelines are tightening and complexity is increasing, borrowers are placing greater value on certainty. A term sheet has little value if it cannot be delivered. As a result, I am seeing a clear shift towards lenders and advisers who can move decisively and follow through.

Patience, perseverance and understanding have been critical throughout the past year. As one lender remarked to me recently, on the cusp of completing a transaction, “you have been brilliant to deal with – understanding the process and not approaching matters like some brokers who simply apply pressure without regard to the due diligence required.”

Over the past year, I have supported clients across a broad range of transactions, often involving layered complexity. These include second charge positions, time-sensitive completions and situations where conventional lending appetite has reduced.

What sits behind those transactions is not just access to capital, but a disciplined approach to structuring. Each deal is considered on its own merits, with a clear view on enforceability, downside protection and realistic exits. That approach has proven increasingly important in the current environment.

I am also seeing a more informed borrower base. Clients are asking sharper questions, challenging assumptions and focusing less on headline pricing and more on delivery risk. This is a healthy shift for the market and one that will continue.

Looking ahead, my expectation is that this trend will accelerate. Liquidity remains available, but it is becoming more selective. Lenders are prioritising quality, clarity and situations where they can underwrite with confidence.

For me, the focus remains unchanged. Continue to build relationships, continue to deliver, and continue to operate with a clear understanding of what it takes to complete transactions in the real world.

The first year has been a strong foundation. The next phase will be defined by consistency.

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