European real estate finance is undergoing a monumental structural shift, creating a significant funding gap for mid-market sponsors as traditional banks retreat from their historical dominance. This changing landscape presents both a challenge and a lucrative opportunity for agile alternative lenders.

This episode of The Havenstone Stack delves into the forces driving this structural change, how to successfully underwrite risk in volatile markets across different geographies, and the immense potential within the underserved €10-100 million mid-market segment. We also explore the importance of capital protection, a disciplined approach, and a strong reputation for execution certainty.

Our guest is Itamar Volkov, Founder and Managing Partner of Frux Capital, a platform that has been structuring complex financing solutions and shaping the next generation of alternative lending across Western Europe.

THINGS WE SPOKE ABOUT

Structural change driving lending growth
Risk differences: Spain versus Germany
Underwriting must prioritise capital protection
Underserved €10-100m mid-market
Career advice: You must own it

GUEST DETAILS

Itamar Volkov is the Founder and Managing Partner of Frux Capital. Since establishing the firm in 2015, he has been instrumental in shaping the landscape of non-bank real estate finance in Iberia, positioning Frux as a reference point for sponsors seeking speed, structuring expertise, and certainty of execution. He oversees the firm’s investment strategy, underwriting philosophy, and geographic expansion across Europe.

Itamar’s Public Contact Details:
Company Website: https://www.fruxcapital.com/
Linkedin Profile:https://www.linkedin.com/in/itamar-volkov-069221/

QUOTES

Our principle is always about capital protection first. - Itamar Volkov

Don't ever believe that you can underwrite all the risk. - Itamar Volkov

The biggest gap is with the mid market. And mid market today for us is anywhere from 10 to 100 million euros. - Itamar Volkov

KEYWORDS

#EuropeanPrivateCredit #RealEstateLending #FruxCapital #MidMarketFinance #DealUnderwriting

MORE INFORMATION

Havenstone Capital is a Real Estate Investment and Asset Management firm with a pan-European focus. Leveraging on the team’s extensive experience on both the Equity and Debt markets, Havenstone Capital is dedicated to managing investments across the entire investment cycle in the real estate market by managing and funding real estate projects in various asset classes.

Visit our website; havenstonecapital.com

This podcast was produced by dustpod.io