The turmoil following the global financial crisis and the fear of damage caused by too much debt or having the wrong lender at the wrong time have largely receded. A new equilibrium seems to have settled in the European property finance markets. In the United Kingdom, commercial property lending has moved from bank domination through dislocation to a redefined landscape where a broad pool of capital provides debt liquidity to the real estate sector. Bank finance has by no means gone away. Clearing banks in the United Kingdom have a strong appetite to lend once again, less weighed down by new regulation and cost of capital than they were three years ago.

New financiers most welcome

New forms of debt finance have been welcomed both by financial regulators (keen to see less risk concentration in property lending among systemically important financial institutions) and by the property market in general. UK real estate investors have also been very open to