Alternative lenders

A reduced appetite for risk among banks is further opening Europe’s real estate financing market for alternative lenders.

Europe looks on as challenging conditions cause debt problems for one of the industry's biggest names.

Signs of easing inflation are giving some lenders more confidence to underwrite loans.

The Swiss asset manager is aiming to tap a broader investor base than for its first fund, which was mainly limited to German investors.

Users of loan-on-loan financing may want to provide their lenders additional protections in this period of uncertainty, say Richard Hanson and Julius Maximilian Rogenhofer of law firm Morgan Lewis.

The UK manager is aiming to raise capital for a dedicated continental European vehicle with the aim of beginning lending this year.

The firm is looking to raise €300m from institutional investors for the residential-focused vehicle.

The firm, which launched the predecessor Generali Real Estate Debt Investment Fund in 2019, is targeting a €1bn raise.

In an update to its refinancing shortfall analysis, the manager warns the potential gap is far larger than originally anticipated.

Trimont’s Michael Delaney says lenders should focus on loan events, cashflow and covenants to mitigate current risks.