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Loan distress is brewing, banks are playing it safe and alternative lenders are aiming to make gains in the market.
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Although many lenders have scaled back their activities considerably, some see property credit as an enticing opportunity in a dislocated market.
The investment manager said long leases on the office building and supermarket which secure the loan were among its reasons for agreeing to the transaction.
The US real estate big hitter has struck a deal to take on Swiss manager GAM’s European property debt business.
The London-based manager, which has begun investing its sixth and seventh credit vehicles, says covid-19 has forced sponsors to adapt their strategies.
Europe’s real estate debt providers have become more selective about what they are prepared to lend against.
The report, authored by the business school formerly known as Cass, reveals new UK lending dropped 34% to £15.5bn in H1 2020.
Speaking ahead of the publication of its H1 2020 report, Nicole Lux of The Business School at City, University of London says lenders have focused on the residential sector.
Following the €435m first close of its latest credit vehicle, the manager’s debt experts discuss fundraising in the time of covid-19.