CRE debt repricing accelerates as leverage shifts lower

Senior loan spreads in European commercial real estate have nearly tripled since the start of 2024, rising from 1.1% to 3.2% over EURIBOR. That is not a cyclical wobble. It is a structural repricing of debt — and new data published in mid-May suggests the shift is accelerating.

The figures come from CREMI, the Commercial Real Estate Mortgage Index, launched by Swiss lending platform FinLoop in collaboration with Dr. Nicole Lux, lead author of the long-running Bayes UK CRE Lending Report. Unlike existing European benchmarks built from lender disclosures, CREMI draws on borrower-side data, capturing the price borrowers actually agreed across the market rather than what lenders chose to report. This allows private debt mortgage spreads to be aligned with CMBS and public bond markets, enabling cross-market comparison that European investors have not previously had. The inaugural Q1 2026 reading covers €24bn of European loans.