Private debt bridges the gap between equity and bank financing and has established itself as an attractive alternative to equity investments for institutional investors.
The BF. Private Debt Market Sentiment Index stands at 59.7 points in the second half of 2026, well above the neutral mark. Financing conditions are developing in favour of lenders, fundraising and LP commitments remain robust. Growth and acquisitions characterise the transactions.
Despite an increase in new business and a reduction in non-performing loans, sentiment among real estate financiers remains subdued in the first quarter of 2026. The new BF. Quarterly barometer value of -9.74 points reflects the cautious willingness to finance, influenced by the Iran conflict.
Sentiment among real estate financing experts improved at the end of 2025, with the German Real Estate Financing Index (Difi) rising to 0.7 points. In particular, the current situation on the financing market is assessed more positively.
Loan-to-values (LTVs) in commercial real estate financing have fallen by around ten percentage points over the past ten years. This was the result of a special evaluation by the BF. Quarterly Barometer. The loan-to-value ratio sets the loan amount in relation to the market value.
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