• Capstone completed due diligence around a proposed investment in a United Kingdom-based specialty mortgage bank.


  • We reviewed current and proposed legislation, consultations, comment letters, and academic research.
  • We engaged in conversations with more than a dozen stakeholders, including senior officials within:
    • Financial Conduct Authority (FCA)
    • British Bankers Association (BBA)
    • Council of Mortgage Lenders (CML)
    • Other industry trade associations.


  • We concluded the company‚Äôs buy-to-let (BTL) business faced several meaningful policy risks in the coming months and years. On balance, we believed those policy dynamics were likely to slow the growth of the U.K. BTL market from the strong rates experienced.
- Capstone LLC -

Washington DC

-Capstone Research Limited-