The lending market in Europe has grown substantially in the past two years, with the number of active lenders up 47 percent since first quarter 2012, according to Cushman & Wakefield. The firm notes in its latest European Real Estate Lending Update that €27.3 billion ($36.6 billion) in loans was originated in Europe in the first half of 2014.

In addition, alternative lenders — insurance companies, property companies, and private equity and debt funds — now represent 40 percent of the lending total, up from 16 percent in first quarter 2012.

While the majority of lending — 60 percent of European loans in the first half of 2014 — are concentrated in the core markets of France, Germany and the United Kingdom, interest in peripheral European markets such as Italy, Portugal and Spain is growing, Cushman & Wakefield reports.

While new lending is on an