CRE structured.credit collects short, practice-oriented notes on the structured-credit toolkit that sits between the traditional senior bank loan and pure private credit in European commercial real-estate finance — CMBS, synthetic securitisation and the pursuit of Significant Risk Transfer (SRT), fund finance (including NAV lines and CFOs), back leverage, and other bespoke structures. They are written as a personal working document — a way of mapping a moving target in a form that is useful for quick reference as the Basel 3.1 / CRR3 re-plumbing of European CRE lending plays out through 2025–2027.
The author
Editorial approach
Each product page follows a consistent pattern: a short framing at the top, a market snapshot with the most recent 2025/26 data, the regulatory framework, and the principal legal issues for practitioners. The aim is to be precise without being exhaustive — CRR3, the Securitisation Regulation, EBA Guidelines, the PRA and ECB supervisory pronouncements remain the authoritative sources.
Where there is a live policy debate — for example on the GRT tests applied to CRE reference pools in synthetic securitisations seeking SRT recognition, the circularity between back leverage and junior-tranche investors in such transactions, or the appropriate treatment of rated-note feeders and CFO securities under the Securitisation Regulation — these notes try to flag the state of play rather than to predict its outcome.
The site intentionally does not cover specific transaction advice. It is a notes site. Short definitions of the technical terms used throughout the site are collected in the Glossary.
Companion sites
CRE structured.credit is a companion to two other personal-notes sites by the same author:
• absdata.de — Notes on EU Securitisation Law. The EU securitisation framework itself, with a focus on the Securitisation Regulation, STS criteria, transparency and due-diligence obligations, risk retention, and their interaction with CRR3. The original home of the April 2026 briefing dossier republished here.
• railreg.de — Notes on Rolling Stock Financing in Germany. Rolling-stock financing, the 28 SPNV Aufgabenträger, Regulation (EC) 1370/2007, Directive 2012/34/EU and ERegG, vehicle authorisation / TSI and ECM.
Contact
For corrections, substantive feedback or questions about a specific note, please write to admin@cre-structured-credit.com.