Real estate debt funds have cemented their position as the fastest-growing lender group in the UK commercial real estate market, according to the full‑year 2025 Commercial Real Estate Lending Report from London’s Bayes Business School.
The report, which is based on a survey of 73 lenders with a combined UK commercial real estate loan book of £174 billion (€200 billion), shows that debt funds dramatically expanded their footprint across the origination market, including large-ticket lending.