Five key trends driving change in private real estate credit
With $1.8trn of ZIRP-era loans now maturing, the market is shifting from extend-and-pretend to disciplined resolution, and abundant capital is bifurcating sharply between prime assets and distressed pockets.
DOWNLOAD THE MAGAZINE
ANALYSIS
PREVIOUS COVERAGE
Real estate lenders tighten focus as refinancing crunch hits
Five factors that are shaping lending strategies in a resurgent but fragmented market.
Debt advisers guide 2025
Welcome to Real Estate Capital Europe’s guide to the real estate debt advisers active in Europe today.
First Growth on firefighting to financing in real estate debt
European real estate lenders are shifting gears as origination returns, but financing remains selective, argues First Growth’s Francesca Galante.
Trimont on grappling with global uncertainty
Trade tensions and shifting geopolitics are reshaping the risk landscape for European CRE, driving heightened scrutiny, slower dealflow and a renewed focus on asset quality, warns Rebecca Percossi, Trimont’s head of international.
How advisers became essential guides to real estate debt
In a market shaped by shifting dynamics, debt advisers have become critical partners for sponsors seeking execution certainty, better terms and creative solutions.
How debt advisers can make the pieces fit
Debt advisers are playing an increasingly vital role in helping to restructure stressed capital situations.
With the eurozone’s economy expected to expand and refinancing activity on the increase, debt advisers and loan servicers have reason to be hopeful.
Download REC Europe’s Debt Advisers & Loan Servicers report
Inside: Real Estate Capital Europe’s annual guide to the leading firms advising the market; Signs of an uplift? – why this downturn is not a repeat of the global financial crisis; Expert comment from industry leaders; Plus much more…
Trimont: Non-bank lenders gain ground amid tight scrutiny
Alternative lenders are thriving in mid-to-large loans while banks dominate larger deals, says Trimont’s Dean Harris.
First Growth: Private credit helps bridge financing gap
Cautious senior and junior lenders are carefully selecting when to extend maturities, while sponsors are being equally careful in selecting when best to inject equity into deals, to avoid throwing good money after bad, says First Growth’s Francesca Galante.
Solutus on Europe’s uneven CRE lending recovery
While the region is in a more stable economic place today, the uptick in transaction activity isn’t happening uniformly across all regions, says Gareck Wilson, managing director at Solutus.
CBRE: Debt funds fuel growth for pan-European advisers
As alternative lenders expand their market share across Europe, debt advisory is gaining prominence, CBRE’s Chris Gow and Clarence Dixon argue.
Three Stars: Performance of luxury hotels shines brightly
Three Stars Capital Partners’ Mauro Savoia highlights the resurgence of hotel opportunities for investors and debt providers following the covid crisis.
Mount Street sees new lease of life for loan servicers
Today’s real estate market is transforming the role of loan servicers, says Mount Street’s Serenity Morley.
Defaults aplenty but little distress, say loan servicers
European loan servicers are working to bring borrowers and lenders together to find solutions which avoid enforcement, writes Mark Cooper.
Debt advisers see signs of a market uplift
After a tricky 2023, debt advisers are more active and optimistic about the future, but need to be on their toes in an increasingly complex market, writes Mark Cooper.
Debt advisers and loan servicers are rolling with the punches
With the Eurozone's economy expected to expand and refinancing activity on the increase, debt advisers and loan servicers have reason to be hopeful.
Do lenders finally have cause for optimism?
Greater supply of debt and more flexible lending structures are starting to help unlock development activity, says Lisa Attenborough, Knight Frank’s head of debt advisory.
Debt advisers guide 2024
Welcome to Real Estate Capital Europe’s guide to the real estate debt advisers active in Europe today.
In uncertain times, experienced debt advisers and loan servicers can help bridge the gap between borrowers and financial firms. Demand for their skills is growing, so Real Estate Capital Europe created this guide to help you find a way through the twists and turns of sourcing capital to get transactions across the finish line.
Debt advisers and loan servicers plot a path for lenders and borrowers
Their intervention could be vital for the post-pandemic European real estate and debt capital markets, who now face the ninth consecutive interest rate hike in the eurozone.
Solutus: European lending is down but not out
Real estate lending across Europe is in a period of adjustment and activity could recover quickly over the next 12 months, says Gareck Wilson.
Trimont on lenders becoming more cautious in uncertain times
Continued signs of stress are still being seen in the CRE finance market, says Trimont’s Dean Harris.
Three Stars Capital Partners on guiding clients in an era of higher rates
Mauro Savoia discusses the challenges facing borrowers and the options available in the current economic environment.
First Growth Real Estate & Finance believes technology will propel debt financing into uncharted territory
Loan restructurings are anticipated to increase in the second half of 2023, says Cyril de Romance, founding partner at First Growth Real Estate & Finance.
CG Capital Europe: Iberia finds its place in the sun
The region may have been a banking market, but attitudes are changing and economic recovery looks promising, says Javier Beltrán.
The changing role of loan servicers
Debt servicing is transforming from a purely administrative role to a more proactive, value-add support function for lenders.
Long-term rates remain high – but is there a light at the end of the tunnel?
Lenders and borrowers will adjust to the new normal of higher long-term rates, says Knight Frank’s head of debt advisory Lisa Attenborough.
Six of the best financing deals this year
We look at just some of the most noteworthy deals from H1 2023.
Debt advisers guide 2023
Welcome to Real Estate Capital Europe’s guide to the real estate debt advisers active in Europe today.
Europe’s debt advisory opportunity
Large real estate consultancies have been developing debt advisory services in response to decreasing transaction volumes and increasing demand, writes Beth Ure.
The inflationary storm continues, pushing up the cost of debt and, in so doing, raising the stakes for borrowers and investors. It is for this reason that the expertise of advisory firms – 24 of which are profiled in Real Estate Capital Europe’s second Debt Advisers Report – is being sought more urgently than ever before.
Three big ideas: Debt advisers can provide a plan for navigating changing conditions
The cost of debt has risen sharply this year, and market appreciation for the value that debt advisers bring to the table has risen with it.
First Growth Real Estate & Finance: Finding a way through the debt landscape
Navigating the current debt landscape requires a blend of debt sourcing and restructuring expertise, experience and a deep network in the real estate industry, says Cyril de Romance.
Debt advisers navigate the high-rates environment
As inflation soars, so too does the cost of debt. The relationship between European debt advisers and their clients is now more important than ever, reports Ellie Duncan.
FAP Group: Alternatives filling the financing gap
The aversion to risk among traditional lenders is creating notable opportunities for alternative debt financing instruments.
Three Stars Capital Partners: Sensing opportunity as rates rise
Investors are increasingly cautious, but Three Stars Capital Partners’ CEO Mauro Savoia says there are still plenty of good deals to be done.
Advisers: Paving the way for Europe’s alternatives boom
Educating lenders about emerging strategies, such as student accommodation, data centres and life sciences, has been the key to unlocking liquidity in nascent markets.
Debt Advisers Guide 2022
Welcome to Real Estate Capital’s guide to the real estate debt advisers active in Europe today.
Amid uncertain conditions in the European real estate finance market, debt advisers are playing a valuable role connecting borrowers and lenders and helping to get deals done. Real Estate Capital’s first Debt Advisers Report explores how property finance intermediaries view the market and provides an exclusive rundown of the advisory businesses active in the sector today
FAP Finance: ‘Germany faces a wall of debt capital’
Pfandbrief banks lead on senior lending, but demand for mezzanine, whole and bridge loans means opportunity for new entrants, say Curth-C. Flatow and Kim Jana Hesse of German debt brokerage firm FAP Finance.
First Growth Real Estate: Plugging the gap in Europe
First Growth co-founder Cyril de Romance identifies gaps in Europe’s property lending market – and tells Real Estate Capital how the advisory firm is uniquely positioned to help clients fill them.
Knight Frank: ‘The UK debt market is robust’
Despite covid, the UK debt market is well-capitalised, says Lisa Attenborough, head of debt advisory at Knight Frank.
Three Stars Capital Partners: The return of Italy’s debt play
Deals are picking up steam in an Italian debt market with its own idiosyncrasies, says Mauro Savoia, Three Stars Capital Partners’ chairman and CEO.
How advisers are helping clients transform their assets
As building owners ready their properties for the real estate recovery, debt advisers are helping to source finance for their business plans.
Intermediaries eye opportunities as the recovery begins
Covid has added complexity because of the changes in lender appetite but the sector is bouncing back after a three-month hold.
Debt advisers see a growing role for ESG
Property finance intermediaries tell Real Estate Capital that sustainability is becoming a crucial factor when sourcing loans.
Debt Advisers Guide 2021
Welcome to Real Estate Capital’s guide to the real estate debt advisers active in Europe today.
The information contained in the 17-page directory below was provided by the companies featured. The directory includes information on 42 organisations, including specialist property debt advisory firms and the European real estate debt advisory units of larger companies. Collectively, they report advising on a total of €109.7 billion of debt in European markets in 2019.
In an increasingly complex financing market, it serves as an essential tool for borrowers and lenders.
Q&A: Curth-C. Flatow of FAP Finance
FAP’s founder on how covid-19 is affecting the German lending landscape
Q&A: Francesca Galante of First Growth Real Estate
First Growth’s co-founder on navigating Europe’s real estate debt markets during the covid-19 pandemic.
Real Estate Capital Debt Advisors Directory 2020
Our first directory of real estate debt advisors active in Europe includes information on specialist property debt advisory firms and the European real estate debt advisory units of larger companies.
What borrowers and lenders think of debt advisors
Intermediaries have become part of the European property lending landscape. But how do the users and originators of debt view their role in the sector?
SEE MORE
Click here to access our in-depth research of the real estate finance market