Figure 2-4 Availability of capital for real estate by type of lender in 2026
due to history, regulation and capital market depth. In the US, alternative lenders have long complemented banks, supported by deep capital markets and a mature fund ecosystem. Asia Pacific remains more securitised, with property funds. Europe historically sat between these financial crisis (GFC). Before 2009, European real estate lending was bank-dominated. As today's market. Limited partners increasingly banks retrenched post-GFC, Europe adopted prefer fewer, broader relationships, enabling cross-sell products across their networks. Large dedicated real estate debt funds emerged, initially acquiring non-performing loans. This was making them particularly attractive for sizable, specialised by geography or asset class. cross-border transactions. Meanwhile, early- amid a challenging fundraising environment, fertile ground for debt funds, and the European market is maturing further. While banks typically due to regulatory requirements, debt funds have moved into the 65-85 percent range, competing than price. One European banker sees the higher-risk financings for yield, traditional banks Back leverage, for example, layers fund- or