Peter Cummings and his corporate lending team at HBOS have been described as every property entrepreneur’s dream, backing the industry’s grand plans with debt and equity, and helping ensure huge profits for all involved in the bull run up to 2007.

At the end of this run, the bank woke to the fact it had become one of the largest owners in a property market set to go through its worst period on record, as well as its one of its biggest lenders.