What does ‘specialist’ really mean?

The term specialist lending gets thrown around a lot. But if you ask ten people in the industry what it actually means, you’ll likely get ten different answers.

For some, it’s about high LTVs. For others, it’s about speed. Many assume it’s just the go-to label for cases that fall outside the mainstream, often the ones that several lenders have already turned down.

But there’s a disconnect here. Because specialist lending isn’t about saying yes to risk for the sake of it. And it’s certainly not just about being the fallback when all else fails.

Flexibility isn’t a free pass

One of the most common misconceptions is around the idea of flexibility. It’s often interpreted as, “You’ll lend where others won’t.” But real flexibility isn’t about taking a punt, it’s about applying experience and judgement to the deal in front of you.

In practice, that might mean working through a layered ownership structure, dealing with complex title issues, tailoring fees and drawdowns to the needs of the client, or considering bespoke security. It’s not about bending criteria, it’s about being able to think beyond them when the circumstances allow.

There is a fine line between being flexible and being reckless, and that line really matters.

When the headline figure clouds the bigger picture

It’s also clear that brokers are under pressure. Clients want maximum leverage and lowest cost, and they want it yesterday. That pressure often leads to decisions being driven purely by headline numbers, day one advance, rate, fee structure, without enough attention to how realistic or deliverable the deal is.

Cases fall through when this happens. And increasingly, brokers are circling back after deals collapse elsewhere, having initially gone with the cheapest or highest bid. It’s not a blame game. Clients will often gravitate towards a better number on paper. But when that number doesn’t deliver, the damage is already done.

Relationship first sourcing

It’s worth asking what kind of lender and broker relationship actually works best. The scattergun approach, flicking an enquiry to five or six lenders and comparing term sheets, is common. But it doesn’t always bring the best result.

What tends to work better is knowing who you’re sending a deal to and why. That means understanding where a lender adds value, what kind of deals they can genuinely support, and how they operate behind the scenes. It’s also about advising properly, not just attaching a PDF with minimal context.

This isn’t a call for brokers to be loyal for loyalty’s sake. It’s a call for more considered matchmaking.

Why now?

There’s a reason this conversation feels timely. Summer holidays are looming, more brokers are revisiting previously parked enquiries, and there is a general sense of recalibration across the market. This presents a chance to reset, to think more carefully about how we work together and what specialist really means in 2025.

Because if everything is being treated as a numbers game, we risk missing the point.

At Inspired Lending, we’ve always believed that being a specialist isn’t about being a last resort. It’s about having the right team and the right processes to make cases work, responsibly, reliably and with a bit of common sense.

Final thought

It’s worth returning to the basics. What defines specialist lending?

It’s not a rate. It’s not a product name. It’s not an LTV threshold.

It’s the ability to handle complexity without overpromising. To problem solve. And to build relationships that go beyond one deal.

It’s not flashy. But it works.

Ultimately, it all comes down to one word: deliverability.