Eurohypo will make up to 10 redundancies as its streamlines its team to cope with the challenging market.

It is merging its European structured finance team into its UK debt division.

As a result, Max Sinclair and Ahsan Ellahi will co-head the London office with Ellahi also joining Michael Acratopulo as co-head of UK origination.

Sinclair said: ‘We have worked hard to build the leading property finance team in the UK, so we are naturally sorry to lose some colleagues. That said, our focus remains on providing ongoing financing to our clients in to the long term and the changes we have made will allow us to do just that.

‘Ahsan has a huge amount of experience, both of the UK property industry and delivering finance at all points in the cycle.

'Our combined UK operations will now focus on delivering the debt products our clients require and these changes will improve our ability to serve our clients in the best way.'

Philip Ward remains head of advisory and Caroline Philips as head of securitisation Europe.