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With real bank credit remaining well below Q4 2009 levels in all developed markets bar France and Japan, according to the BIS, demand for alternative sources of funding is rising – particularly in Europe.
The funding gap between European maturing commercial property debt and the amount banks were prepared to refinance hit €42 billion last year, according to advisory firm Navigant.
Direct lenders focus on mid-market, secured debt financing transactions that are too small for traditional debt capital markets but require more leverage than banks are willing to provide, usually in the €25 million to €200 million range.
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