That theme runs through this year’s Power List, which turns its attention to underwriting. Thirty leading underwriters feature for being the individuals brokers rely on when certainty matters and complexity is the norm. In a market that increasingly rewards disciplined flexibility, these are the people who can balance risk with realism and keep deals moving when others stall. Competition to make the list was intense, and rightly so.

The renewed focus on judgement is also evident in the lenders entering the market. New arrivals are coming with confidence rather than caution. We speak to the team behind Pallas Capital, which launched in the UK in January backed by the wider Pallas Group’s £1.8bn loan book. Founded in Sydney, the group’s expansion into our borders signals continued overseas appetite for specialist real estate lending. We also meet Kozo, another new bridging and development lender whose proposition is rooted in mindset, aiming to address what borrowers and brokers feel the market has been missing.

As competition increases, language in lending matters more than ever. Few words are used more loosely than “USP”. Morpheus Lending founder Matt Mawdesley cuts through the noise to examine what genuinely differentiates a high-quality specialist lender, arguing that execution and consistency trump headline claims every time.

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The same tension between systems and judgement is explored by Allica Bank’s Mahesh Vekaria. He examines how underwriters can help close the SME lending gap by placing human judgement alongside data. As automation accelerates, his case for decision-making confidence as a growth enabler is both timely and compelling.

When judgement is removed from the process, deals often fall out of the mainstream altogether. Together’s Dan Narwal looks at what happens when traditional lenders step back from large or complex loans, and outlines how brokers can continue to deliver outcomes when conventional routes are no longer available.

Despite these pressures, growth remains firmly on the agenda within the market. Octane Capital outlines plans to double its loan book to £1bn this year while expanding its team, reflecting a broader theme of selective but confident expansion across the sector.

People, ultimately, remain the constant. Our magazine manager Dhuha hosts a broker roundtable on how new entrants can succeed in specialist finance, offering candid insight into the realities of building a career in brokering. In our backstory, Mia House, recently appointed originations director at Maslow Capital, shares her perspective on leadership, energy, and the influences that shape her approach.

To help readers navigate what lies ahead, we’ve also included our 2026 events guide: a practical, rip-out-and-pin-up overview of upcoming dates shaping the year.

Taken together, this issue reflects a market that is maturing rather than retreating. With international capital still engaged, new lenders entering with intent, and smart underwriting at the centre of decision-making, the conditions for sustainable lending remain firmly in place.