{"id":44543,"date":"2024-02-11T19:11:26","date_gmt":"2025-11-22T18:46:41","guid":{"rendered":"https:\/\/finbird.de\/?page_id=44543"},"modified":"2026-05-04T13:07:03","modified_gmt":"2026-05-04T12:07:03","slug":"refinancing-and-restructuring","status":"publish","type":"page","link":"https:\/\/finbird.de\/en\/unternehmenskunden\/refinanzierung-und-restrukturierung\/","title":{"rendered":"Refinancing and Restructuring"},"content":{"rendered":"<div data-elementor-type=\"wp-page\" data-elementor-id=\"44543\" class=\"elementor elementor-44543\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7440d61 e-con-full e-flex e-con e-parent\" data-id=\"7440d61\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4546391 elementor-widget elementor-widget-jet-engine-component-45627\" data-id=\"4546391\" data-element_type=\"widget\" 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.elementor-motion-effects-layer{background-image:url(\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/reflection-old-brick-house-modern-office.jpg\");}}@media(max-width:767px){.jet-component-instance-5304.jet-listing-grid--45627 .elementor-element.elementor-element-40206c8:not(.elementor-motion-effects-element-type-background), .jet-component-instance-5304.jet-listing-grid--45627 .elementor-element.elementor-element-40206c8 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/reflection-old-brick-house-modern-office.jpg\");}}<\/style>\t\t<div data-elementor-type=\"jet-engine-component\" data-elementor-id=\"45627\" class=\"elementor elementor-45627 jet-listing-grid--45627 jet-component-instance-5304\" data-elementor-post-type=\"jet-engine\" style=\"\">\n\t\t\t\t<div class=\"elementor-element elementor-element-40206c8 e-flex e-con-boxed e-con e-parent\" data-id=\"40206c8\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-28642bd e-con-full e-flex e-con e-child\" data-id=\"28642bd\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8cb7e1b elementor-widget elementor-widget-heading\" data-id=\"8cb7e1b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Refinancing and Restructuring<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2eed972 elementor-widget elementor-widget-heading\" data-id=\"2eed972\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<span class=\"elementor-heading-title elementor-size-default\"><p>finbird advises on refinancing and structural optimisation of commercial real estate portfolios and businesses loans.<\/p><\/span>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-be9e6c4 elementor-widget elementor-widget-spacer\" data-id=\"be9e6c4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e9cd174 elementor-align-left elementor-widget elementor-widget-button\" data-id=\"e9cd174\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm elementor-animation-shrink\" href=\"https:\/\/qf-en.finbird.digital\/?source=\/en\/corporate-finance\/refinancing-and-restructuring\/\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Contact An Advisor<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-095c9a4 elementor-widget elementor-widget-spacer\" data-id=\"095c9a4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ecc6afa elementor-icon-list--layout-inline elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"ecc6afa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items elementor-inline-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-right\" viewbox=\"0 0 320 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M285.476 272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-right\" viewbox=\"0 0 320 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M285.476 272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-right\" viewbox=\"0 0 320 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M285.476 272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-66a93c0 e-flex e-con-boxed e-con e-parent\" data-id=\"66a93c0\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-19a5bb4 elementor-widget elementor-widget-heading\" data-id=\"19a5bb4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Refinancing and Restructuring<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9dfdd4b elementor-widget elementor-widget-text-editor\" data-id=\"9dfdd4b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"824\" data-end=\"1220\">We structure refinancings and restructurings for commercial properties, portfolios and asset-heavy business models where existing financings no longer fit the market, cash flows or strategy as well as they could. Rising interest rates, adjusted lending values, upcoming maturities and updated covenant frameworks are typical reasons to further develop existing structures in an orderly way. The focus is on robust capital structures that provide financing certainty, keep covenants manageable and preserve room for investments, portfolio optimisation or disposals. We support primarily forward-looking refinancings and structural adjustments \u2013 explicitly excluding distressed, insolvency-related or crisis-driven situations.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-68dce83 elementor-align-left elementor-widget elementor-widget-button\" data-id=\"68dce83\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm elementor-animation-shrink\" href=\"https:\/\/qf-en.finbird.digital\/?source=\/en\/corporate-finance\/refinancing-and-restructuring\/\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Contact An Advisor<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b56e12f e-flex e-con-boxed e-con e-parent\" data-id=\"b56e12f\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0f187fe elementor-widget elementor-widget-heading\" data-id=\"0f187fe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Refinancing and Debt-Restructuring<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-33d7191 elementor-widget elementor-widget-text-editor\" data-id=\"33d7191\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"1639\" data-end=\"2073\">Borrowers face the task of transitioning financings agreed in a low interest-rate phase into a new interest-rate regime. Banks are acting more selectively, reviewing leverage levels and placing greater emphasis on cash flow quality, asset fundamentals and ESG perspectives. For commercial real estate and asset-heavy corporates, this means that existing structures should be reviewed regularly and adjusted where necessary.<\/p><p data-start=\"2075\" data-end=\"2533\">Refinancing is therefore less a last-minute exercise shortly before maturity and more an ongoing element of portfolio and capital-structure management. Borrowers who plan their maturities in advance, run scenarios and engage with lenders early can shape terms, maturities and structures in line with their own strategy \u2013 regardless of whether banks intend to continue or gradually reduce their exposure.<\/p><p><strong>What is Meant by Refinancing and Restructuring<\/strong><\/p><p data-start=\"2599\" data-end=\"2861\">Refinancing covers the replacement, extension or reconfiguration of existing financings. This ranges from the adjustment of individual loans on updated terms to a comprehensive rearrangement of a multi-bank loan portfolio.<\/p><p data-start=\"2863\" data-end=\"3316\">Restructuring refers to the overall set-up of the capital stack. This can involve rebalancing senior facilities, streamlining the lender base, bringing in alternative lenders, harmonising covenants or recalibrating tenors, amortisation profiles and security packages. The objective is not to manage a crisis, but to optimise the financing structure within a planned, controllable process.<\/p><p><strong>Refinancing Commercial Real Estate and Portfolios<\/strong><\/p><p data-start=\"3380\" data-end=\"3650\">In the commercial real estate space, the focus is often on refinancing individual assets or larger portfolios. After changes in valuation approaches or lending levels, previous loan amounts cannot always be rolled over on the same basis.<\/p><p data-start=\"3652\" data-end=\"4048\">A professional refinancing starts with segmenting the portfolio: which assets are closer to core, which lean more towards value add, where are cash flows particularly stable and where is additional asset management or capex required. Based on this, target corridors for loan-to-value, amortisation and fixed-interest periods are defined and matched with lender expectations.<\/p><p data-start=\"4050\" data-end=\"4455\">Depending on the starting point, it may be appropriate to re-bundle assets, separate individual financings, combine bank facilities with alternative lenders or integrate dedicated investment budgets into the structure. The new set-up should cover both ongoing debt service and planned measures such as refurbishment, ESG investments or potential disposals.<\/p><p><strong>Restructuring Capital Structures and Covenants<\/strong><\/p><p data-start=\"4514\" data-end=\"5009\">As market conditions, portfolio composition or business models evolve, many capital structures reach natural limits long before any true crisis emerges. The need for adjustment may arise because metrics no longer sit comfortably within existing covenant ranges, investment programmes require additional funding flexibility, or credit lines with very different terms have built up over time.<\/p><p data-start=\"5011\" data-end=\"5463\">In this context, restructuring means calibrating covenants, maturities, amortisation and security in a way that fits the current situation and medium-term planning. Often, covenant ranges are moderately adjusted, information and reporting duties are clarified and amortisation profiles are aligned with cash flows and maturity ladders. The aim is a reliable, predictable structure \u2013 not the management of an acute special situation.<\/p><p data-start=\"4263\" data-end=\"4308\"><strong>Refinanzierung und Restrukturierung im Unternehmenskontext<\/strong><\/p><p data-start=\"5528\" data-end=\"5875\">Asset-heavy companies with their own properties, production plants or infrastructure use refinancing and restructuring to modernise their funding base. Typical objectives include reducing the number of relationship banks, harmonising covenants, extending tenors and creating additional headroom for investment.<\/p><p data-start=\"5877\" data-end=\"6399\">In many cases, existing facilities are consolidated, new loan pools with harmonised terms are established or private debt and alternative lenders are integrated alongside the banks. Complementary instruments such as subordinated capital can help finance growth and capex without pushing senior leverage beyond the desired level. The critical point is that financing, business model, investment plan and exit perspective are brought together in one coherent overall picture.<\/p><p data-start=\"5877\" data-end=\"6399\"><strong>Forward Planning Instead of Ad-Hoc Solutions<\/strong><\/p><p data-start=\"6451\" data-end=\"6773\">Refinancing and restructuring deliver the most value when they are planned well in advance. Borrowers who keep maturities, covenants and investment plans in view over several years can engage in lender discussions on an equal footing and actively shape the competitiveness, flexibility and risk profile of their capital structure.<\/p><p data-start=\"6775\" data-end=\"7282\">Forward planning includes the regular review of interest and value developments, prioritisation of assets and projects, preparation of bankable documentation and timely dialogue with existing and potential lenders. This leads to solutions that are not driven by time pressure, but consciously used to prepare the next financing phase \u2013 regardless of whether a bank intends to extend or phase out its exposure.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5cb78bf elementor-widget elementor-widget-image\" data-id=\"5cb78bf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/logos\/finbird\/finbird-logo-watermark-300x300.png\" class=\"attachment-medium size-medium wp-image-2262\" alt=\"Watermark version of the finbird logo in transparent or light display\" srcset=\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/logos\/finbird\/finbird-logo-watermark-300x300.png 300w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/logos\/finbird\/finbird-logo-watermark-150x150.png 150w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/logos\/finbird\/finbird-logo-watermark-768x768.png 768w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/logos\/finbird\/finbird-logo-watermark-12x12.png 12w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/logos\/finbird\/finbird-logo-watermark.svg 886w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-40f6d72 e-flex e-con-boxed e-con e-parent\" data-id=\"40f6d72\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c4251af elementor-widget elementor-widget-heading\" data-id=\"c4251af\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Reference Cases<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ad9ef0f elementor-testimonial--align-left elementor-testimonial--skin-default elementor-testimonial--layout-image_inline elementor-arrows-yes elementor-pagination-type-bullets elementor-widget elementor-widget-testimonial-carousel\" data-id=\"ad9ef0f\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;autoplay_speed&quot;:12000,&quot;lazyload&quot;:&quot;yes&quot;,&quot;space_between&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;space_between_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:0,&quot;sizes&quot;:[]},&quot;show_arrows&quot;:&quot;yes&quot;,&quot;pagination&quot;:&quot;bullets&quot;,&quot;speed&quot;:500,&quot;autoplay&quot;:&quot;yes&quot;,&quot;loop&quot;:&quot;yes&quot;,&quot;pause_on_hover&quot;:&quot;yes&quot;,&quot;pause_on_interaction&quot;:&quot;yes&quot;,&quot;space_between_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:10,&quot;sizes&quot;:[]}}\" data-widget_type=\"testimonial-carousel.default\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-main-swiper swiper\" role=\"region\" aria-roledescription=\"carousel\" aria-label=\"Slider\">\n\t\t\t\t<div class=\"swiper-wrapper\">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"swiper-slide\" role=\"group\" aria-roledescription=\"slide\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-testimonial\">\n\t\t\t\t\t\t\t<div class=\"elementor-testimonial__content\">\n\t\t\t\t\t<div class=\"elementor-testimonial__text\">\n\t\t\t\t\t\tAn investor held a residential portfolio in Hamburg with financings maturing in several tranches over the coming years. The structure had grown historically, with a broad lender base and heterogeneous terms and covenants. After analysing the portfolio, the assets were segmented by location, quality and cash flow profile. On that basis, a target structure was defined in which selected assets were bundled and refinanced with a unified senior facility. In parallel, individual exposures were repaid in an orderly way and the lender base was focused. The result was a smaller number of loan agreements, more consistent covenants and clearer refinancing windows for future adjustments.\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"elementor-testimonial__footer\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-testimonial__image\">\n\t\t\t\t\t\t<img class=\"swiper-lazy\" data-src=\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/modern-apartment-berlin-residential-district-300x200.jpg\" alt=\"Kapitalstruktur. Moderne Wohngeb\u00e4ude in einem Berliner Wohnviertel unter klarem Himmel.\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"swiper-lazy-preloader\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<cite class=\"elementor-testimonial__cite\"><span class=\"elementor-testimonial__name\">Refinancing a Residential Portfolio and Streamlining the Lender Base<\/span><span class=\"elementor-testimonial__title\">Hamburg<\/span><\/cite>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"swiper-slide\" role=\"group\" aria-roledescription=\"slide\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-testimonial\">\n\t\t\t\t\t\t\t<div class=\"elementor-testimonial__content\">\n\t\t\t\t\t<div class=\"elementor-testimonial__text\">\n\t\t\t\t\t\tA developer realised a mixed-use quarter with residential and commercial components in North Rhine-Westphalia. During the project, construction and marketing timelines shifted and the interest-rate environment moved away from initial assumptions. Rather than letting the project drift towards a tight situation, the parties initiated an early review of the capital structure. The senior facility was adjusted in terms of tenor and amortisation, reserves and milestones were recalibrated and information undertakings were sharpened. An additional, clearly defined buffer for potential cost overruns was agreed.\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"elementor-testimonial__footer\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-testimonial__image\">\n\t\t\t\t\t\t<img class=\"swiper-lazy\" data-src=\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/urban-green-space-aerial-view-300x185.jpg\" alt=\"Whole Loan. Luftbild einer urbanen gr\u00fcnen Oase mit modernen Geb\u00e4uden und gestalteten Parkanlagen.\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"swiper-lazy-preloader\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<cite class=\"elementor-testimonial__cite\"><span class=\"elementor-testimonial__name\">Adjusted Project Financing for a Mixed-Use Quarter<\/span><span class=\"elementor-testimonial__title\">North Rhine-Westphalia<\/span><\/cite>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"swiper-slide\" role=\"group\" aria-roledescription=\"slide\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-testimonial\">\n\t\t\t\t\t\t\t<div class=\"elementor-testimonial__content\">\n\t\t\t\t\t<div class=\"elementor-testimonial__text\">\n\t\t\t\t\t\tA mid-market industrial company near Frankfurt owned several operating properties and extensive technical equipment, financed via multiple facilities with several banks. Different maturities, interest rates and covenants made planning more difficult. In a structured refinancing, existing exposures were analysed, security was reorganised and a target picture with a focused core lender group was developed. Based on this, legacy loans were consolidated into a combined structure consisting of a long-term senior facility and a flexible working capital line. The new set-up reduced complexity, increased transparency and created additional capacity for future investments.\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"elementor-testimonial__footer\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-testimonial__image\">\n\t\t\t\t\t\t<img class=\"swiper-lazy\" data-src=\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/wind-turbine-logistics-centers-300x186.jpg\" alt=\"Windturbine mit Propeller \u00fcber Logistikzentrum mit Solarpanelen im Hintergrund.\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"swiper-lazy-preloader\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<cite class=\"elementor-testimonial__cite\"><span class=\"elementor-testimonial__name\">Refinancing and Consolidating Facilities for an Industrial Company<\/span><span class=\"elementor-testimonial__title\">Frankfurt<\/span><\/cite>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-swiper-button elementor-swiper-button-prev\" role=\"button\" tabindex=\"0\" aria-label=\"Voriger\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-eicon-chevron-left\" viewbox=\"0 0 1000 1000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M646 125C629 125 613 133 604 142L308 442C296 454 292 471 292 487 292 504 296 521 308 533L604 854C617 867 629 875 646 875 663 875 679 871 692 858 704 846 713 829 713 812 713 796 708 779 692 767L438 487 692 225C700 217 708 204 708 187 708 171 704 154 692 142 675 129 663 125 646 125Z\"><\/path><\/svg>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"elementor-swiper-button elementor-swiper-button-next\" role=\"button\" tabindex=\"0\" aria-label=\"N\u00e4chster\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-eicon-chevron-right\" viewbox=\"0 0 1000 1000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M696 533C708 521 713 504 713 487 713 471 708 454 696 446L400 146C388 133 375 125 354 125 338 125 325 129 313 142 300 154 292 171 292 187 292 204 296 221 308 233L563 492 304 771C292 783 288 800 288 817 288 833 296 850 308 863 321 871 338 875 354 875 371 875 388 867 400 854L696 533Z\"><\/path><\/svg>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"swiper-pagination\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-368ed38 elementor-align-left elementor-widget elementor-widget-button\" data-id=\"368ed38\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm elementor-animation-shrink\" href=\"https:\/\/qf-en.finbird.digital\/?source=\/en\/corporate-finance\/refinancing-and-restructuring\/\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Contact An Advisor<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a167e35 e-flex e-con-boxed e-con e-parent\" data-id=\"a167e35\" data-element_type=\"container\" data-e-type=\"container\" id=\"faq\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d781811 elementor-widget elementor-widget-heading\" data-id=\"d781811\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">FAQs<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6cf0343 elementor-widget elementor-widget-n-accordion\" data-id=\"6cf0343\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;max_items_expended&quot;:&quot;multiple&quot;,&quot;default_state&quot;:&quot;expanded&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:400,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1140\" class=\"e-n-accordion-item\" open>\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"true\" aria-controls=\"e-n-accordion-item-1140\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> What Is Meant by Refinancing? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xmlns:sketch=\"http:\/\/www.bohemiancoding.com\/sketch\/ns\" width=\"800px\" height=\"800px\" viewbox=\"0 0 32 32\" fill=\"#000000\"><g id=\"SVGRepo_bgCarrier\" stroke-width=\"0\"><\/g><g id=\"SVGRepo_tracerCarrier\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/g><g id=\"SVGRepo_iconCarrier\"><title>minus-circle<\/title><desc>Created with Sketch Beta.<\/desc><defs> <\/defs><g id=\"Page-1\" stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\" sketch:type=\"MSPage\"><g id=\"Icon-Set-Filled\" sketch:type=\"MSLayerGroup\" transform=\"translate(-518.000000, -1089.000000)\" fill=\"#27223E\"><path d=\"M540,1106 L528,1106 C527.447,1106 527,1105.55 527,1105 C527,1104.45 527.447,1104 528,1104 L540,1104 C540.553,1104 541,1104.45 541,1105 C541,1105.55 540.553,1106 540,1106 L540,1106 Z M534,1089 C525.163,1089 518,1096.16 518,1105 C518,1113.84 525.163,1121 534,1121 C542.837,1121 550,1113.84 550,1105 C550,1096.16 542.837,1089 534,1089 L534,1089 Z\" id=\"minus-circle\" sketch:type=\"MSShapeGroup\"> <\/path><\/g><\/g><\/g><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xmlns:sketch=\"http:\/\/www.bohemiancoding.com\/sketch\/ns\" width=\"800px\" height=\"800px\" viewbox=\"0 0 32 32\" fill=\"#000000\"><g id=\"SVGRepo_bgCarrier\" stroke-width=\"0\"><\/g><g id=\"SVGRepo_tracerCarrier\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/g><g id=\"SVGRepo_iconCarrier\"><title>plus-circle<\/title><desc>Created with Sketch Beta.<\/desc><defs> <\/defs><g id=\"Page-1\" stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\" sketch:type=\"MSPage\"><g id=\"Icon-Set\" sketch:type=\"MSLayerGroup\" transform=\"translate(-464.000000, -1087.000000)\" fill=\"#27223E\"><path d=\"M480,1117 C472.268,1117 466,1110.73 466,1103 C466,1095.27 472.268,1089 480,1089 C487.732,1089 494,1095.27 494,1103 C494,1110.73 487.732,1117 480,1117 L480,1117 Z M480,1087 C471.163,1087 464,1094.16 464,1103 C464,1111.84 471.163,1119 480,1119 C488.837,1119 496,1111.84 496,1103 C496,1094.16 488.837,1087 480,1087 L480,1087 Z M486,1102 L481,1102 L481,1097 C481,1096.45 480.553,1096 480,1096 C479.447,1096 479,1096.45 479,1097 L479,1102 L474,1102 C473.447,1102 473,1102.45 473,1103 C473,1103.55 473.447,1104 474,1104 L479,1104 L479,1109 C479,1109.55 479.447,1110 480,1110 C480.553,1110 481,1109.55 481,1109 L481,1104 L486,1104 C486.553,1104 487,1103.55 487,1103 C487,1102.45 486.553,1102 486,1102 L486,1102 Z\" id=\"plus-circle\" sketch:type=\"MSShapeGroup\"> <\/path><\/g><\/g><\/g><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1140\" class=\"elementor-element elementor-element-e96096a e-con-full e-flex e-con e-child\" data-id=\"e96096a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-144a392 elementor-widget elementor-widget-text-editor\" data-id=\"144a392\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p data-pm-slice=\"1 1 []\">Refinancing refers to the replacement, extension or rearrangement of existing financings. This can range from adjusting individual loan agreements to redesigning an entire loan portfolio with several lenders. The objective is to align terms, maturities, amortisation profiles and security with the current market environment and the borrower\u2019s strategy.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1141\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"2\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1141\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> How Does Refinancing Differ From Restructuring? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xmlns:sketch=\"http:\/\/www.bohemiancoding.com\/sketch\/ns\" width=\"800px\" height=\"800px\" viewbox=\"0 0 32 32\" fill=\"#000000\"><g id=\"SVGRepo_bgCarrier\" stroke-width=\"0\"><\/g><g id=\"SVGRepo_tracerCarrier\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/g><g id=\"SVGRepo_iconCarrier\"><title>minus-circle<\/title><desc>Created with Sketch Beta.<\/desc><defs> <\/defs><g id=\"Page-1\" stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\" sketch:type=\"MSPage\"><g id=\"Icon-Set-Filled\" sketch:type=\"MSLayerGroup\" transform=\"translate(-518.000000, -1089.000000)\" fill=\"#27223E\"><path d=\"M540,1106 L528,1106 C527.447,1106 527,1105.55 527,1105 C527,1104.45 527.447,1104 528,1104 L540,1104 C540.553,1104 541,1104.45 541,1105 C541,1105.55 540.553,1106 540,1106 L540,1106 Z M534,1089 C525.163,1089 518,1096.16 518,1105 C518,1113.84 525.163,1121 534,1121 C542.837,1121 550,1113.84 550,1105 C550,1096.16 542.837,1089 534,1089 L534,1089 Z\" id=\"minus-circle\" sketch:type=\"MSShapeGroup\"> <\/path><\/g><\/g><\/g><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xmlns:sketch=\"http:\/\/www.bohemiancoding.com\/sketch\/ns\" width=\"800px\" height=\"800px\" viewbox=\"0 0 32 32\" fill=\"#000000\"><g id=\"SVGRepo_bgCarrier\" stroke-width=\"0\"><\/g><g id=\"SVGRepo_tracerCarrier\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/g><g id=\"SVGRepo_iconCarrier\"><title>plus-circle<\/title><desc>Created with Sketch Beta.<\/desc><defs> <\/defs><g id=\"Page-1\" stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\" sketch:type=\"MSPage\"><g id=\"Icon-Set\" sketch:type=\"MSLayerGroup\" transform=\"translate(-464.000000, -1087.000000)\" fill=\"#27223E\"><path d=\"M480,1117 C472.268,1117 466,1110.73 466,1103 C466,1095.27 472.268,1089 480,1089 C487.732,1089 494,1095.27 494,1103 C494,1110.73 487.732,1117 480,1117 L480,1117 Z M480,1087 C471.163,1087 464,1094.16 464,1103 C464,1111.84 471.163,1119 480,1119 C488.837,1119 496,1111.84 496,1103 C496,1094.16 488.837,1087 480,1087 L480,1087 Z M486,1102 L481,1102 L481,1097 C481,1096.45 480.553,1096 480,1096 C479.447,1096 479,1096.45 479,1097 L479,1102 L474,1102 C473.447,1102 473,1102.45 473,1103 C473,1103.55 473.447,1104 474,1104 L479,1104 L479,1109 C479,1109.55 479.447,1110 480,1110 C480.553,1110 481,1109.55 481,1109 L481,1104 L486,1104 C486.553,1104 487,1103.55 487,1103 C487,1102.45 486.553,1102 486,1102 L486,1102 Z\" id=\"plus-circle\" sketch:type=\"MSShapeGroup\"> <\/path><\/g><\/g><\/g><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1141\" class=\"elementor-element elementor-element-ae6174a e-con-full e-flex e-con e-child\" data-id=\"ae6174a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b3f0ec1 elementor-widget elementor-widget-text-editor\" data-id=\"b3f0ec1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p data-pm-slice=\"1 1 []\">Refinancing focuses primarily on individual loans or facilities. Restructuring looks at the overall debt and equity structure. It may include harmonising covenants, reshaping the lender base, involving alternative lenders or adjusting the balance between senior and junior capital. The key difference is that restructuring addresses the architecture of the capital stack as a whole.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1142\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"3\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1142\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> When Is the Right Time to Start Planning a Refinancing? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xmlns:sketch=\"http:\/\/www.bohemiancoding.com\/sketch\/ns\" width=\"800px\" height=\"800px\" viewbox=\"0 0 32 32\" fill=\"#000000\"><g id=\"SVGRepo_bgCarrier\" stroke-width=\"0\"><\/g><g id=\"SVGRepo_tracerCarrier\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/g><g id=\"SVGRepo_iconCarrier\"><title>minus-circle<\/title><desc>Created with Sketch Beta.<\/desc><defs> <\/defs><g id=\"Page-1\" stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\" sketch:type=\"MSPage\"><g id=\"Icon-Set-Filled\" sketch:type=\"MSLayerGroup\" transform=\"translate(-518.000000, -1089.000000)\" fill=\"#27223E\"><path d=\"M540,1106 L528,1106 C527.447,1106 527,1105.55 527,1105 C527,1104.45 527.447,1104 528,1104 L540,1104 C540.553,1104 541,1104.45 541,1105 C541,1105.55 540.553,1106 540,1106 L540,1106 Z M534,1089 C525.163,1089 518,1096.16 518,1105 C518,1113.84 525.163,1121 534,1121 C542.837,1121 550,1113.84 550,1105 C550,1096.16 542.837,1089 534,1089 L534,1089 Z\" id=\"minus-circle\" sketch:type=\"MSShapeGroup\"> <\/path><\/g><\/g><\/g><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xmlns:sketch=\"http:\/\/www.bohemiancoding.com\/sketch\/ns\" width=\"800px\" height=\"800px\" viewbox=\"0 0 32 32\" fill=\"#000000\"><g id=\"SVGRepo_bgCarrier\" stroke-width=\"0\"><\/g><g id=\"SVGRepo_tracerCarrier\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/g><g id=\"SVGRepo_iconCarrier\"><title>plus-circle<\/title><desc>Created with Sketch Beta.<\/desc><defs> <\/defs><g id=\"Page-1\" stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\" sketch:type=\"MSPage\"><g id=\"Icon-Set\" sketch:type=\"MSLayerGroup\" transform=\"translate(-464.000000, -1087.000000)\" fill=\"#27223E\"><path d=\"M480,1117 C472.268,1117 466,1110.73 466,1103 C466,1095.27 472.268,1089 480,1089 C487.732,1089 494,1095.27 494,1103 C494,1110.73 487.732,1117 480,1117 L480,1117 Z M480,1087 C471.163,1087 464,1094.16 464,1103 C464,1111.84 471.163,1119 480,1119 C488.837,1119 496,1111.84 496,1103 C496,1094.16 488.837,1087 480,1087 L480,1087 Z M486,1102 L481,1102 L481,1097 C481,1096.45 480.553,1096 480,1096 C479.447,1096 479,1096.45 479,1097 L479,1102 L474,1102 C473.447,1102 473,1102.45 473,1103 C473,1103.55 473.447,1104 474,1104 L479,1104 L479,1109 C479,1109.55 479.447,1110 480,1110 C480.553,1110 481,1109.55 481,1109 L481,1104 L486,1104 C486.553,1104 487,1103.55 487,1103 C487,1102.45 486.553,1102 486,1102 L486,1102 Z\" id=\"plus-circle\" sketch:type=\"MSShapeGroup\"> <\/path><\/g><\/g><\/g><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1142\" class=\"elementor-element elementor-element-5a2a868 e-con-full e-flex e-con e-child\" data-id=\"5a2a868\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-61747b1 elementor-widget elementor-widget-text-editor\" data-id=\"61747b1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p data-pm-slice=\"1 1 []\">In practice, it is advisable to start planning material refinancings with a clear lead time, often twelve to twenty-four months before major maturities. This leaves sufficient time for analysis, structural proposals, discussions with existing and new lenders and, where necessary, internal measures on the borrower\u2019s side.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1143\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"4\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1143\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> What Role Do Covenants Play in Refinancing and Restructuring? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xmlns:sketch=\"http:\/\/www.bohemiancoding.com\/sketch\/ns\" width=\"800px\" height=\"800px\" viewbox=\"0 0 32 32\" fill=\"#000000\"><g id=\"SVGRepo_bgCarrier\" stroke-width=\"0\"><\/g><g id=\"SVGRepo_tracerCarrier\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/g><g id=\"SVGRepo_iconCarrier\"><title>minus-circle<\/title><desc>Created with Sketch Beta.<\/desc><defs> <\/defs><g id=\"Page-1\" stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\" sketch:type=\"MSPage\"><g id=\"Icon-Set-Filled\" sketch:type=\"MSLayerGroup\" transform=\"translate(-518.000000, -1089.000000)\" fill=\"#27223E\"><path d=\"M540,1106 L528,1106 C527.447,1106 527,1105.55 527,1105 C527,1104.45 527.447,1104 528,1104 L540,1104 C540.553,1104 541,1104.45 541,1105 C541,1105.55 540.553,1106 540,1106 L540,1106 Z M534,1089 C525.163,1089 518,1096.16 518,1105 C518,1113.84 525.163,1121 534,1121 C542.837,1121 550,1113.84 550,1105 C550,1096.16 542.837,1089 534,1089 L534,1089 Z\" id=\"minus-circle\" sketch:type=\"MSShapeGroup\"> <\/path><\/g><\/g><\/g><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xmlns:sketch=\"http:\/\/www.bohemiancoding.com\/sketch\/ns\" width=\"800px\" height=\"800px\" viewbox=\"0 0 32 32\" fill=\"#000000\"><g id=\"SVGRepo_bgCarrier\" stroke-width=\"0\"><\/g><g id=\"SVGRepo_tracerCarrier\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/g><g id=\"SVGRepo_iconCarrier\"><title>plus-circle<\/title><desc>Created with Sketch Beta.<\/desc><defs> <\/defs><g id=\"Page-1\" stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\" sketch:type=\"MSPage\"><g id=\"Icon-Set\" sketch:type=\"MSLayerGroup\" transform=\"translate(-464.000000, -1087.000000)\" fill=\"#27223E\"><path d=\"M480,1117 C472.268,1117 466,1110.73 466,1103 C466,1095.27 472.268,1089 480,1089 C487.732,1089 494,1095.27 494,1103 C494,1110.73 487.732,1117 480,1117 L480,1117 Z M480,1087 C471.163,1087 464,1094.16 464,1103 C464,1111.84 471.163,1119 480,1119 C488.837,1119 496,1111.84 496,1103 C496,1094.16 488.837,1087 480,1087 L480,1087 Z M486,1102 L481,1102 L481,1097 C481,1096.45 480.553,1096 480,1096 C479.447,1096 479,1096.45 479,1097 L479,1102 L474,1102 C473.447,1102 473,1102.45 473,1103 C473,1103.55 473.447,1104 474,1104 L479,1104 L479,1109 C479,1109.55 479.447,1110 480,1110 C480.553,1110 481,1109.55 481,1109 L481,1104 L486,1104 C486.553,1104 487,1103.55 487,1103 C487,1102.45 486.553,1102 486,1102 L486,1102 Z\" id=\"plus-circle\" sketch:type=\"MSShapeGroup\"> <\/path><\/g><\/g><\/g><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1143\" class=\"elementor-element elementor-element-6a0850a e-con-full e-flex e-con e-child\" data-id=\"6a0850a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-18ab342 elementor-widget elementor-widget-text-editor\" data-id=\"18ab342\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p data-pm-slice=\"1 1 []\">Covenants define the operating and financial framework of a financing and are therefore a central lever in any renegotiation. As part of refinancings and restructurings, covenant packages are often reviewed, simplified or adjusted to new conditions. The aim is to ensure that key ratios remain understandable, measurable and manageable for both sides over the long term.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1144\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"5\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1144\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> How Does the Interest-Rate Environment Affect Refinancings? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xmlns:sketch=\"http:\/\/www.bohemiancoding.com\/sketch\/ns\" width=\"800px\" height=\"800px\" viewbox=\"0 0 32 32\" fill=\"#000000\"><g id=\"SVGRepo_bgCarrier\" stroke-width=\"0\"><\/g><g id=\"SVGRepo_tracerCarrier\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/g><g id=\"SVGRepo_iconCarrier\"><title>minus-circle<\/title><desc>Created with Sketch Beta.<\/desc><defs> <\/defs><g id=\"Page-1\" stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\" sketch:type=\"MSPage\"><g id=\"Icon-Set-Filled\" sketch:type=\"MSLayerGroup\" transform=\"translate(-518.000000, -1089.000000)\" fill=\"#27223E\"><path d=\"M540,1106 L528,1106 C527.447,1106 527,1105.55 527,1105 C527,1104.45 527.447,1104 528,1104 L540,1104 C540.553,1104 541,1104.45 541,1105 C541,1105.55 540.553,1106 540,1106 L540,1106 Z M534,1089 C525.163,1089 518,1096.16 518,1105 C518,1113.84 525.163,1121 534,1121 C542.837,1121 550,1113.84 550,1105 C550,1096.16 542.837,1089 534,1089 L534,1089 Z\" id=\"minus-circle\" sketch:type=\"MSShapeGroup\"> <\/path><\/g><\/g><\/g><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xmlns:sketch=\"http:\/\/www.bohemiancoding.com\/sketch\/ns\" width=\"800px\" height=\"800px\" viewbox=\"0 0 32 32\" fill=\"#000000\"><g id=\"SVGRepo_bgCarrier\" stroke-width=\"0\"><\/g><g id=\"SVGRepo_tracerCarrier\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/g><g id=\"SVGRepo_iconCarrier\"><title>plus-circle<\/title><desc>Created with Sketch Beta.<\/desc><defs> <\/defs><g id=\"Page-1\" stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\" sketch:type=\"MSPage\"><g id=\"Icon-Set\" sketch:type=\"MSLayerGroup\" transform=\"translate(-464.000000, -1087.000000)\" fill=\"#27223E\"><path d=\"M480,1117 C472.268,1117 466,1110.73 466,1103 C466,1095.27 472.268,1089 480,1089 C487.732,1089 494,1095.27 494,1103 C494,1110.73 487.732,1117 480,1117 L480,1117 Z M480,1087 C471.163,1087 464,1094.16 464,1103 C464,1111.84 471.163,1119 480,1119 C488.837,1119 496,1111.84 496,1103 C496,1094.16 488.837,1087 480,1087 L480,1087 Z M486,1102 L481,1102 L481,1097 C481,1096.45 480.553,1096 480,1096 C479.447,1096 479,1096.45 479,1097 L479,1102 L474,1102 C473.447,1102 473,1102.45 473,1103 C473,1103.55 473.447,1104 474,1104 L479,1104 L479,1109 C479,1109.55 479.447,1110 480,1110 C480.553,1110 481,1109.55 481,1109 L481,1104 L486,1104 C486.553,1104 487,1103.55 487,1103 C487,1102.45 486.553,1102 486,1102 L486,1102 Z\" id=\"plus-circle\" sketch:type=\"MSShapeGroup\"> <\/path><\/g><\/g><\/g><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1144\" class=\"elementor-element elementor-element-d4c4254 e-con-full e-flex e-con e-child\" data-id=\"d4c4254\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-46580b1 elementor-widget elementor-widget-text-editor\" data-id=\"46580b1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p data-pm-slice=\"1 1 []\">Changes in interest rates can significantly increase future debt service compared with legacy financings. At the same time, lenders pay more attention to leverage, cash-flow stability and asset quality. This raises the importance of careful planning, appropriate equity contributions and a clear, well-structured capital set-up.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1145\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"6\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1145\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Can Alternative Lenders Be Included in a Refinancing? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xmlns:sketch=\"http:\/\/www.bohemiancoding.com\/sketch\/ns\" width=\"800px\" height=\"800px\" viewbox=\"0 0 32 32\" fill=\"#000000\"><g id=\"SVGRepo_bgCarrier\" stroke-width=\"0\"><\/g><g id=\"SVGRepo_tracerCarrier\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/g><g id=\"SVGRepo_iconCarrier\"><title>minus-circle<\/title><desc>Created with Sketch Beta.<\/desc><defs> <\/defs><g id=\"Page-1\" stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\" sketch:type=\"MSPage\"><g id=\"Icon-Set-Filled\" sketch:type=\"MSLayerGroup\" transform=\"translate(-518.000000, -1089.000000)\" fill=\"#27223E\"><path d=\"M540,1106 L528,1106 C527.447,1106 527,1105.55 527,1105 C527,1104.45 527.447,1104 528,1104 L540,1104 C540.553,1104 541,1104.45 541,1105 C541,1105.55 540.553,1106 540,1106 L540,1106 Z M534,1089 C525.163,1089 518,1096.16 518,1105 C518,1113.84 525.163,1121 534,1121 C542.837,1121 550,1113.84 550,1105 C550,1096.16 542.837,1089 534,1089 L534,1089 Z\" id=\"minus-circle\" sketch:type=\"MSShapeGroup\"> <\/path><\/g><\/g><\/g><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xmlns:sketch=\"http:\/\/www.bohemiancoding.com\/sketch\/ns\" width=\"800px\" height=\"800px\" viewbox=\"0 0 32 32\" fill=\"#000000\"><g id=\"SVGRepo_bgCarrier\" stroke-width=\"0\"><\/g><g id=\"SVGRepo_tracerCarrier\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/g><g id=\"SVGRepo_iconCarrier\"><title>plus-circle<\/title><desc>Created with Sketch Beta.<\/desc><defs> <\/defs><g id=\"Page-1\" stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\" sketch:type=\"MSPage\"><g id=\"Icon-Set\" sketch:type=\"MSLayerGroup\" transform=\"translate(-464.000000, -1087.000000)\" fill=\"#27223E\"><path d=\"M480,1117 C472.268,1117 466,1110.73 466,1103 C466,1095.27 472.268,1089 480,1089 C487.732,1089 494,1095.27 494,1103 C494,1110.73 487.732,1117 480,1117 L480,1117 Z M480,1087 C471.163,1087 464,1094.16 464,1103 C464,1111.84 471.163,1119 480,1119 C488.837,1119 496,1111.84 496,1103 C496,1094.16 488.837,1087 480,1087 L480,1087 Z M486,1102 L481,1102 L481,1097 C481,1096.45 480.553,1096 480,1096 C479.447,1096 479,1096.45 479,1097 L479,1102 L474,1102 C473.447,1102 473,1102.45 473,1103 C473,1103.55 473.447,1104 474,1104 L479,1104 L479,1109 C479,1109.55 479.447,1110 480,1110 C480.553,1110 481,1109.55 481,1109 L481,1104 L486,1104 C486.553,1104 487,1103.55 487,1103 C487,1102.45 486.553,1102 486,1102 L486,1102 Z\" id=\"plus-circle\" sketch:type=\"MSShapeGroup\"> <\/path><\/g><\/g><\/g><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1145\" class=\"elementor-element elementor-element-e9e2dce e-con-full e-flex e-con e-child\" data-id=\"e9e2dce\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d34e80c elementor-widget elementor-widget-text-editor\" data-id=\"d34e80c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p data-pm-slice=\"1 1 []\">Yes. Bank financings can often be sensibly combined with alternative lenders. Examples include complementary private-debt solutions, whole loans or subordinated capital where banks are only willing to cover part of the overall funding requirement. A clear concept for ranking, security and covenants is essential to ensure smooth cooperation between all parties.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1146\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"7\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1146\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> What Specific Considerations Apply to Portfolio Refinancings? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xmlns:sketch=\"http:\/\/www.bohemiancoding.com\/sketch\/ns\" width=\"800px\" height=\"800px\" viewbox=\"0 0 32 32\" fill=\"#000000\"><g id=\"SVGRepo_bgCarrier\" stroke-width=\"0\"><\/g><g id=\"SVGRepo_tracerCarrier\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/g><g id=\"SVGRepo_iconCarrier\"><title>minus-circle<\/title><desc>Created with Sketch Beta.<\/desc><defs> <\/defs><g id=\"Page-1\" stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\" sketch:type=\"MSPage\"><g id=\"Icon-Set-Filled\" sketch:type=\"MSLayerGroup\" transform=\"translate(-518.000000, -1089.000000)\" fill=\"#27223E\"><path d=\"M540,1106 L528,1106 C527.447,1106 527,1105.55 527,1105 C527,1104.45 527.447,1104 528,1104 L540,1104 C540.553,1104 541,1104.45 541,1105 C541,1105.55 540.553,1106 540,1106 L540,1106 Z M534,1089 C525.163,1089 518,1096.16 518,1105 C518,1113.84 525.163,1121 534,1121 C542.837,1121 550,1113.84 550,1105 C550,1096.16 542.837,1089 534,1089 L534,1089 Z\" id=\"minus-circle\" sketch:type=\"MSShapeGroup\"> <\/path><\/g><\/g><\/g><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xmlns:sketch=\"http:\/\/www.bohemiancoding.com\/sketch\/ns\" width=\"800px\" height=\"800px\" viewbox=\"0 0 32 32\" fill=\"#000000\"><g id=\"SVGRepo_bgCarrier\" stroke-width=\"0\"><\/g><g id=\"SVGRepo_tracerCarrier\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/g><g id=\"SVGRepo_iconCarrier\"><title>plus-circle<\/title><desc>Created with Sketch Beta.<\/desc><defs> <\/defs><g id=\"Page-1\" stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\" sketch:type=\"MSPage\"><g id=\"Icon-Set\" sketch:type=\"MSLayerGroup\" transform=\"translate(-464.000000, -1087.000000)\" fill=\"#27223E\"><path d=\"M480,1117 C472.268,1117 466,1110.73 466,1103 C466,1095.27 472.268,1089 480,1089 C487.732,1089 494,1095.27 494,1103 C494,1110.73 487.732,1117 480,1117 L480,1117 Z M480,1087 C471.163,1087 464,1094.16 464,1103 C464,1111.84 471.163,1119 480,1119 C488.837,1119 496,1111.84 496,1103 C496,1094.16 488.837,1087 480,1087 L480,1087 Z M486,1102 L481,1102 L481,1097 C481,1096.45 480.553,1096 480,1096 C479.447,1096 479,1096.45 479,1097 L479,1102 L474,1102 C473.447,1102 473,1102.45 473,1103 C473,1103.55 473.447,1104 474,1104 L479,1104 L479,1109 C479,1109.55 479.447,1110 480,1110 C480.553,1110 481,1109.55 481,1109 L481,1104 L486,1104 C486.553,1104 487,1103.55 487,1103 C487,1102.45 486.553,1102 486,1102 L486,1102 Z\" id=\"plus-circle\" sketch:type=\"MSShapeGroup\"> <\/path><\/g><\/g><\/g><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1146\" class=\"elementor-element elementor-element-310fe34 e-con-full e-flex e-con e-child\" data-id=\"310fe34\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3bf92a9 elementor-widget elementor-widget-text-editor\" data-id=\"3bf92a9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p data-pm-slice=\"1 1 []\">In portfolio situations, a key question is which assets should be refinanced together and which should be financed separately. Location, asset quality, cash flow profile and strategic relevance all play a role. It may also be worth considering selective disposals to improve leverage metrics or to focus on core holdings.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1147\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"8\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1147\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> What Role Do Security Valuations Play? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xmlns:sketch=\"http:\/\/www.bohemiancoding.com\/sketch\/ns\" width=\"800px\" height=\"800px\" viewbox=\"0 0 32 32\" fill=\"#000000\"><g id=\"SVGRepo_bgCarrier\" stroke-width=\"0\"><\/g><g id=\"SVGRepo_tracerCarrier\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/g><g id=\"SVGRepo_iconCarrier\"><title>minus-circle<\/title><desc>Created with Sketch Beta.<\/desc><defs> <\/defs><g id=\"Page-1\" stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\" sketch:type=\"MSPage\"><g id=\"Icon-Set-Filled\" sketch:type=\"MSLayerGroup\" transform=\"translate(-518.000000, -1089.000000)\" fill=\"#27223E\"><path d=\"M540,1106 L528,1106 C527.447,1106 527,1105.55 527,1105 C527,1104.45 527.447,1104 528,1104 L540,1104 C540.553,1104 541,1104.45 541,1105 C541,1105.55 540.553,1106 540,1106 L540,1106 Z M534,1089 C525.163,1089 518,1096.16 518,1105 C518,1113.84 525.163,1121 534,1121 C542.837,1121 550,1113.84 550,1105 C550,1096.16 542.837,1089 534,1089 L534,1089 Z\" id=\"minus-circle\" sketch:type=\"MSShapeGroup\"> <\/path><\/g><\/g><\/g><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xmlns:sketch=\"http:\/\/www.bohemiancoding.com\/sketch\/ns\" width=\"800px\" height=\"800px\" viewbox=\"0 0 32 32\" fill=\"#000000\"><g id=\"SVGRepo_bgCarrier\" stroke-width=\"0\"><\/g><g id=\"SVGRepo_tracerCarrier\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/g><g id=\"SVGRepo_iconCarrier\"><title>plus-circle<\/title><desc>Created with Sketch Beta.<\/desc><defs> <\/defs><g id=\"Page-1\" stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\" sketch:type=\"MSPage\"><g id=\"Icon-Set\" sketch:type=\"MSLayerGroup\" transform=\"translate(-464.000000, -1087.000000)\" fill=\"#27223E\"><path d=\"M480,1117 C472.268,1117 466,1110.73 466,1103 C466,1095.27 472.268,1089 480,1089 C487.732,1089 494,1095.27 494,1103 C494,1110.73 487.732,1117 480,1117 L480,1117 Z M480,1087 C471.163,1087 464,1094.16 464,1103 C464,1111.84 471.163,1119 480,1119 C488.837,1119 496,1111.84 496,1103 C496,1094.16 488.837,1087 480,1087 L480,1087 Z M486,1102 L481,1102 L481,1097 C481,1096.45 480.553,1096 480,1096 C479.447,1096 479,1096.45 479,1097 L479,1102 L474,1102 C473.447,1102 473,1102.45 473,1103 C473,1103.55 473.447,1104 474,1104 L479,1104 L479,1109 C479,1109.55 479.447,1110 480,1110 C480.553,1110 481,1109.55 481,1109 L481,1104 L486,1104 C486.553,1104 487,1103.55 487,1103 C487,1102.45 486.553,1102 486,1102 L486,1102 Z\" id=\"plus-circle\" sketch:type=\"MSShapeGroup\"> <\/path><\/g><\/g><\/g><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1147\" class=\"elementor-element elementor-element-1c00be2 e-con-full e-flex e-con e-child\" data-id=\"1c00be2\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7915c8b elementor-widget elementor-widget-text-editor\" data-id=\"7915c8b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Security valuations are a fundamental basis for any refinancing. They influence leverage levels, covenants and lenders\u2019 willingness to extend or provide facilities. Current, robust valuations and a transparent understanding of value drivers make it easier to structure sustainable financing solutions.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1148\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"9\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1148\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> What Are Typical Building Blocks of a Restructuring? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xmlns:sketch=\"http:\/\/www.bohemiancoding.com\/sketch\/ns\" width=\"800px\" height=\"800px\" viewbox=\"0 0 32 32\" fill=\"#000000\"><g id=\"SVGRepo_bgCarrier\" stroke-width=\"0\"><\/g><g id=\"SVGRepo_tracerCarrier\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/g><g id=\"SVGRepo_iconCarrier\"><title>minus-circle<\/title><desc>Created with Sketch Beta.<\/desc><defs> <\/defs><g id=\"Page-1\" stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\" sketch:type=\"MSPage\"><g id=\"Icon-Set-Filled\" sketch:type=\"MSLayerGroup\" transform=\"translate(-518.000000, -1089.000000)\" fill=\"#27223E\"><path d=\"M540,1106 L528,1106 C527.447,1106 527,1105.55 527,1105 C527,1104.45 527.447,1104 528,1104 L540,1104 C540.553,1104 541,1104.45 541,1105 C541,1105.55 540.553,1106 540,1106 L540,1106 Z M534,1089 C525.163,1089 518,1096.16 518,1105 C518,1113.84 525.163,1121 534,1121 C542.837,1121 550,1113.84 550,1105 C550,1096.16 542.837,1089 534,1089 L534,1089 Z\" id=\"minus-circle\" sketch:type=\"MSShapeGroup\"> <\/path><\/g><\/g><\/g><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xmlns:sketch=\"http:\/\/www.bohemiancoding.com\/sketch\/ns\" width=\"800px\" height=\"800px\" viewbox=\"0 0 32 32\" fill=\"#000000\"><g id=\"SVGRepo_bgCarrier\" stroke-width=\"0\"><\/g><g id=\"SVGRepo_tracerCarrier\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/g><g id=\"SVGRepo_iconCarrier\"><title>plus-circle<\/title><desc>Created with Sketch Beta.<\/desc><defs> <\/defs><g id=\"Page-1\" stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\" sketch:type=\"MSPage\"><g id=\"Icon-Set\" sketch:type=\"MSLayerGroup\" transform=\"translate(-464.000000, -1087.000000)\" fill=\"#27223E\"><path d=\"M480,1117 C472.268,1117 466,1110.73 466,1103 C466,1095.27 472.268,1089 480,1089 C487.732,1089 494,1095.27 494,1103 C494,1110.73 487.732,1117 480,1117 L480,1117 Z M480,1087 C471.163,1087 464,1094.16 464,1103 C464,1111.84 471.163,1119 480,1119 C488.837,1119 496,1111.84 496,1103 C496,1094.16 488.837,1087 480,1087 L480,1087 Z M486,1102 L481,1102 L481,1097 C481,1096.45 480.553,1096 480,1096 C479.447,1096 479,1096.45 479,1097 L479,1102 L474,1102 C473.447,1102 473,1102.45 473,1103 C473,1103.55 473.447,1104 474,1104 L479,1104 L479,1109 C479,1109.55 479.447,1110 480,1110 C480.553,1110 481,1109.55 481,1109 L481,1104 L486,1104 C486.553,1104 487,1103.55 487,1103 C487,1102.45 486.553,1102 486,1102 L486,1102 Z\" id=\"plus-circle\" sketch:type=\"MSShapeGroup\"> <\/path><\/g><\/g><\/g><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1148\" class=\"elementor-element elementor-element-f869164 e-con-full e-flex e-con e-child\" data-id=\"f869164\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0de61fb elementor-widget elementor-widget-text-editor\" data-id=\"0de61fb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p data-pm-slice=\"1 1 []\">Typical elements include maturity extensions, adjusted amortisation schedules, revised covenant packages, consolidation of facilities, the introduction of additional lenders or the targeted use of complementary instruments such as private debt or subordinated loans. The specific mix depends on the starting position, strategy and market environment.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1149\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"10\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1149\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> What Documentation Is Required for Refinancing and Restructuring? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xmlns:sketch=\"http:\/\/www.bohemiancoding.com\/sketch\/ns\" width=\"800px\" height=\"800px\" viewbox=\"0 0 32 32\" fill=\"#000000\"><g id=\"SVGRepo_bgCarrier\" stroke-width=\"0\"><\/g><g id=\"SVGRepo_tracerCarrier\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/g><g id=\"SVGRepo_iconCarrier\"><title>minus-circle<\/title><desc>Created with Sketch Beta.<\/desc><defs> <\/defs><g id=\"Page-1\" stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\" sketch:type=\"MSPage\"><g id=\"Icon-Set-Filled\" sketch:type=\"MSLayerGroup\" transform=\"translate(-518.000000, -1089.000000)\" fill=\"#27223E\"><path d=\"M540,1106 L528,1106 C527.447,1106 527,1105.55 527,1105 C527,1104.45 527.447,1104 528,1104 L540,1104 C540.553,1104 541,1104.45 541,1105 C541,1105.55 540.553,1106 540,1106 L540,1106 Z M534,1089 C525.163,1089 518,1096.16 518,1105 C518,1113.84 525.163,1121 534,1121 C542.837,1121 550,1113.84 550,1105 C550,1096.16 542.837,1089 534,1089 L534,1089 Z\" id=\"minus-circle\" sketch:type=\"MSShapeGroup\"> <\/path><\/g><\/g><\/g><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xmlns:sketch=\"http:\/\/www.bohemiancoding.com\/sketch\/ns\" width=\"800px\" height=\"800px\" viewbox=\"0 0 32 32\" fill=\"#000000\"><g id=\"SVGRepo_bgCarrier\" stroke-width=\"0\"><\/g><g id=\"SVGRepo_tracerCarrier\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/g><g id=\"SVGRepo_iconCarrier\"><title>plus-circle<\/title><desc>Created with Sketch Beta.<\/desc><defs> <\/defs><g id=\"Page-1\" stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\" sketch:type=\"MSPage\"><g id=\"Icon-Set\" sketch:type=\"MSLayerGroup\" transform=\"translate(-464.000000, -1087.000000)\" fill=\"#27223E\"><path d=\"M480,1117 C472.268,1117 466,1110.73 466,1103 C466,1095.27 472.268,1089 480,1089 C487.732,1089 494,1095.27 494,1103 C494,1110.73 487.732,1117 480,1117 L480,1117 Z M480,1087 C471.163,1087 464,1094.16 464,1103 C464,1111.84 471.163,1119 480,1119 C488.837,1119 496,1111.84 496,1103 C496,1094.16 488.837,1087 480,1087 L480,1087 Z M486,1102 L481,1102 L481,1097 C481,1096.45 480.553,1096 480,1096 C479.447,1096 479,1096.45 479,1097 L479,1102 L474,1102 C473.447,1102 473,1102.45 473,1103 C473,1103.55 473.447,1104 474,1104 L479,1104 L479,1109 C479,1109.55 479.447,1110 480,1110 C480.553,1110 481,1109.55 481,1109 L481,1104 L486,1104 C486.553,1104 487,1103.55 487,1103 C487,1102.45 486.553,1102 486,1102 L486,1102 Z\" id=\"plus-circle\" sketch:type=\"MSShapeGroup\"> <\/path><\/g><\/g><\/g><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1149\" class=\"elementor-element elementor-element-37ca0d2 e-con-full e-flex e-con e-child\" data-id=\"37ca0d2\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0e85cfd elementor-widget elementor-widget-text-editor\" data-id=\"0e85cfd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p data-pm-slice=\"1 1 []\">Lenders typically require an up-to-date overview of existing facilities, loan agreements and security, annual financial statements and management accounts, financial projections, asset or company descriptions and, where relevant, valuation reports and technical due diligence. Clear, well-structured documentation enables lenders and investors to assess the case efficiently and speeds up decision-making.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-76324ab e-flex e-con-boxed e-con e-parent\" data-id=\"76324ab\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-84ccdd2 elementor-widget elementor-widget-heading\" data-id=\"84ccdd2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Financing Process<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8ff28cf elementor-widget elementor-widget-text-editor\" data-id=\"8ff28cf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"14399\" data-end=\"14792\">Our process for refinancing and restructuring starts with a comprehensive review of existing facilities, security, covenants and the operational situation of assets or businesses. On this basis, scenarios are developed to show how interest rates, values and cash flows may evolve over the coming years and what capital structure would be appropriate. From this analysis, a target picture for the future financing structure is derived and documented in a concise transaction memorandum. This sets out the starting position, target structure, key metrics and the intended role of banks and alternative capital providers. Suitable lenders and investors are then approached, due-diligence processes are coordinated and negotiations on terms, covenants and security are conducted. The end result is a legally documented overall structure in which senior financing, complementary building blocks and equity are aligned. The objective is to create a funding set-up that not only addresses the current refinancing task but also provides a solid foundation for the future development of the portfolio or business.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b117c97 elementor-align-left elementor-widget elementor-widget-button\" data-id=\"b117c97\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm elementor-animation-shrink\" href=\"https:\/\/qf-en.finbird.digital\/?source=\/en\/corporate-finance\/refinancing-and-restructuring\/\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Contact An Advisor<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9b9b72d e-flex e-con-boxed e-con e-parent\" data-id=\"9b9b72d\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[],&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-0fab407 e-flex e-con-boxed e-con e-child\" data-id=\"0fab407\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<a class=\"elementor-element elementor-element-9d76488 e-con-full e-flex e-con e-child\" data-id=\"9d76488\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\" href=\"https:\/\/finbird.de\/en\/unternehmenskunden\/gewerbliche-immobilienfinanzierung\/\">\n\t\t\t\t<div class=\"elementor-element elementor-element-97a8463 elementor-widget elementor-widget-image\" data-id=\"97a8463\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"512\" height=\"512\" src=\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/icons\/black\/skyscrapers-icon-black.png\" class=\"attachment-large size-large wp-image-38761\" alt=\"Schwarzes Icon mit stilisierten Hochh\u00e4usern bzw. Wolkenkratzern\" srcset=\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/icons\/black\/skyscrapers-icon-black.png 512w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/icons\/black\/skyscrapers-icon-black-300x300.png 300w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/icons\/black\/skyscrapers-icon-black-150x150.png 150w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/icons\/black\/skyscrapers-icon-black-12x12.png 12w\" sizes=\"(max-width: 512px) 100vw, 512px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bb1b547 elementor-widget elementor-widget-heading\" data-id=\"bb1b547\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Commercial Real Estate Finance<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/a>\n\t\t<a class=\"elementor-element elementor-element-7c35b9d e-con-full e-flex e-con e-child\" data-id=\"7c35b9d\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\" href=\"https:\/\/finbird.de\/en\/unternehmenskunden\/projektfinanzierung\/\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7b557cc elementor-widget elementor-widget-image\" data-id=\"7b557cc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"128\" height=\"128\" src=\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/icons\/black\/city-properties-icon-black.png\" class=\"attachment-large size-large wp-image-33187\" alt=\"Schwarzes Icon mit stilisierten Geb\u00e4uden \u2013 Symbol f\u00fcr Stadtimmobilien oder urbane Projekte\" srcset=\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/icons\/black\/city-properties-icon-black.png 128w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/icons\/black\/city-12x12.png 12w\" sizes=\"(max-width: 128px) 100vw, 128px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0eb6e23 elementor-widget elementor-widget-heading\" data-id=\"0eb6e23\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Project Finance<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/a>\n\t\t<a class=\"elementor-element elementor-element-b3e197c e-con-full e-flex e-con e-child\" data-id=\"b3e197c\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\" href=\"https:\/\/finbird.de\/en\/unternehmenskunden\/senior-debt\/\">\n\t\t\t\t<div class=\"elementor-element elementor-element-284f3f5 elementor-widget elementor-widget-image\" data-id=\"284f3f5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"128\" height=\"128\" src=\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/icons\/black\/real-estate-cash-icon-black.png\" class=\"attachment-large size-large wp-image-33189\" alt=\"Schwarzes Icon mit Haus- und Geldsymbol \u2013 Symbol f\u00fcr Immobilienfinanzierung oder Kapitalanlagen\" srcset=\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/icons\/black\/real-estate-cash-icon-black.png 128w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/icons\/black\/real-estate-cash-icon-black-12x12.png 12w\" sizes=\"(max-width: 128px) 100vw, 128px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d1904d5 elementor-widget elementor-widget-heading\" data-id=\"d1904d5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Senior Debt<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2d788d4 e-flex e-con-boxed e-con e-child\" data-id=\"2d788d4\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<a class=\"elementor-element elementor-element-5e0e891 e-con-full e-flex e-con e-child\" data-id=\"5e0e891\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\" href=\"https:\/\/finbird.de\/en\/unternehmenskunden\/private-debt-und-whole-loans\/\">\n\t\t\t\t<div class=\"elementor-element elementor-element-283267a elementor-widget elementor-widget-image\" data-id=\"283267a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"128\" height=\"128\" src=\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/icons\/black\/performance-icon-black.png\" class=\"attachment-large size-large wp-image-33194\" alt=\"Schwarzes Icon mit steigender Kurve oder Balken \u2013 Symbol f\u00fcr Leistung, Wachstum oder Erfolg\" srcset=\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/icons\/black\/performance-icon-black.png 128w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/icons\/black\/performance-12x12.png 12w\" sizes=\"(max-width: 128px) 100vw, 128px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-306e907 elementor-widget elementor-widget-heading\" data-id=\"306e907\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Private Debt and Whole-Loan Financing<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/a>\n\t\t<a class=\"elementor-element elementor-element-d6c221b e-con-full e-flex e-con e-child\" data-id=\"d6c221b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\" href=\"https:\/\/finbird.de\/en\/unternehmenskunden\/alternative-lending-und-nachrangkapital\/\">\n\t\t\t\t<div class=\"elementor-element elementor-element-bdc3e34 elementor-widget elementor-widget-image\" data-id=\"bdc3e34\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"128\" height=\"128\" src=\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/icons\/black\/agreement-icon-black.png\" class=\"attachment-large size-large wp-image-33193\" alt=\"Schwarzes Icon mit Handschlag oder Vertragsdokument \u2013 Symbol f\u00fcr Vereinbarung oder Partnerschaft\" srcset=\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/icons\/black\/agreement-icon-black.png 128w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/icons\/black\/agreement-12x12.png 12w\" sizes=\"(max-width: 128px) 100vw, 128px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-84b3d90 elementor-widget elementor-widget-heading\" data-id=\"84b3d90\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Alternative Lending and Subordinated Debt<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/a>\n\t\t<a class=\"elementor-element elementor-element-10cb16f e-flex e-con-boxed e-con e-child\" data-id=\"10cb16f\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[],&quot;background_background&quot;:&quot;classic&quot;}\" href=\"https:\/\/finbird.de\/en\/unternehmenskunden\/\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-08e4ed1 elementor-widget elementor-widget-image\" data-id=\"08e4ed1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"128\" height=\"128\" src=\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/icons\/yellow\/go-back-arrow-icon-yellow.png\" class=\"attachment-large size-large wp-image-33117\" alt=\"Gelbes Icon mit Pfeil nach links \u2013 Symbol f\u00fcr \u201eZur\u00fcck\u201c oder vorherigen Schritt\" srcset=\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/icons\/yellow\/go-back-arrow-icon-yellow.png 128w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/icons\/yellow\/go-back-arrow-icon-yellow-12x12.png 12w\" sizes=\"(max-width: 128px) 100vw, 128px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79d2c7e elementor-widget elementor-widget-heading\" data-id=\"79d2c7e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Back to Corporate Finance Services<\/h4>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-99fd741 e-con-full e-flex e-con e-parent\" data-id=\"99fd741\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-23ef5a9 elementor-widget elementor-widget-jet-engine-component-45642\" data-id=\"23ef5a9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"jet-engine-component-45642.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<style>.elementor-45642 .elementor-element.elementor-element-7e52cbd{--display:flex;--flex-direction:column;--container-widget-width:100%;--container-widget-height:initial;--container-widget-flex-grow:0;--container-widget-align-self:initial;--flex-wrap-mobile:wrap;}.elementor-45642 .elementor-element.elementor-element-7e52cbd:not(.elementor-motion-effects-element-type-background), .elementor-45642 .elementor-element.elementor-element-7e52cbd > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-color:var( --e-global-color-695f600 );}.elementor-45642 .elementor-element.elementor-element-1ce9133{--display:flex;--margin-top:75px;--margin-bottom:75px;--margin-left:0px;--margin-right:0px;}.elementor-45642 .elementor-element.elementor-element-f2cd1ce{--display:flex;--padding-top:0px;--padding-bottom:0px;--padding-left:0px;--padding-right:0px;}.elementor-45642 .elementor-element.elementor-element-c7bfd86 .elementor-heading-title{font-family:var( --e-global-typography-69aabbb-font-family ), Sans-serif;font-size:var( --e-global-typography-69aabbb-font-size );font-weight:var( --e-global-typography-69aabbb-font-weight );line-height:var( --e-global-typography-69aabbb-line-height );letter-spacing:var( --e-global-typography-69aabbb-letter-spacing );word-spacing:var( --e-global-typography-69aabbb-word-spacing );}.elementor-45642 .elementor-element.elementor-element-5f7690c{font-family:var( --e-global-typography-047c7b3-font-family ), Sans-serif;font-size:var( --e-global-typography-047c7b3-font-size );font-weight:var( --e-global-typography-047c7b3-font-weight );line-height:var( --e-global-typography-047c7b3-line-height );letter-spacing:var( --e-global-typography-047c7b3-letter-spacing );word-spacing:var( --e-global-typography-047c7b3-word-spacing );color:var( --e-global-color-secondary );}.elementor-45642 .elementor-element.elementor-element-fd84e2b{--swiper-slides-to-display:3;--swiper-offset-size:150px;--arrow-prev-left-align:100%;--arrow-prev-translate-x:-100%;--arrow-prev-left-position:-45px;--arrow-prev-top-align:0%;--arrow-prev-caption-spacing:0px;--arrow-prev-translate-y:0px;--arrow-prev-top-position:0px;--arrow-next-right-align:0%;--arrow-next-translate-x:0%;--arrow-next-right-position:0px;--arrow-next-top-align:0%;--arrow-next-caption-spacing:0px;--arrow-next-translate-y:0px;--arrow-next-top-position:0px;--swiper-slides-gap:25px;--arrow-normal-color:var( --e-global-color-ae76eea );--dots-horizontal-position:100%;--dots-horizontal-transform:-100%;--dots-horizontal-offset:-100px;--dots-vertical-position:0%;--dots-vertical-transform:0%;--dots-vertical-offset:15px;margin:-55px 0px calc(var(--kit-widget-spacing, 0px) + 0px) 0px;padding:50px 0px 0px 0px;}.elementor-45642 .elementor-element.elementor-element-fd84e2b .swiper-slide > .elementor-element{height:100%;}.elementor-45642 .elementor-element.elementor-element-fd84e2b :is(.elementor-swiper-button-prev, .elementor-swiper-button-next) {background-color:var( --e-global-color-secondary );border-radius:8px 8px 8px 8px;padding:5px 5px 5px 5px;}@media(min-width:768px){.elementor-45642 .elementor-element.elementor-element-f2cd1ce{--width:75%;}}@media(max-width:1250px){.elementor-45642 .elementor-element.elementor-element-c7bfd86 .elementor-heading-title{font-size:var( --e-global-typography-69aabbb-font-size );line-height:var( --e-global-typography-69aabbb-line-height );letter-spacing:var( --e-global-typography-69aabbb-letter-spacing );word-spacing:var( --e-global-typography-69aabbb-word-spacing );}.elementor-45642 .elementor-element.elementor-element-5f7690c{font-size:var( --e-global-typography-047c7b3-font-size );line-height:var( --e-global-typography-047c7b3-line-height );letter-spacing:var( --e-global-typography-047c7b3-letter-spacing );word-spacing:var( --e-global-typography-047c7b3-word-spacing );}.elementor-45642 .elementor-element.elementor-element-fd84e2b{--swiper-slides-to-display:2;--arrow-prev-left-align:50%;--arrow-prev-translate-x:-50%;--arrow-prev-left-position:-25px;--arrow-prev-top-align:100%;--arrow-prev-translate-y:-100%;--arrow-next-right-align:50%;--arrow-next-translate-x:50%;--arrow-next-right-position:-25px;--arrow-next-top-align:100%;--arrow-next-translate-y:-100%;--dots-horizontal-position:50%;--dots-horizontal-transform:-50%;--dots-horizontal-offset:0px;--dots-vertical-position:100%;--dots-vertical-transform:-100%;--dots-vertical-offset:-50px;margin:0px 0px calc(var(--kit-widget-spacing, 0px) + 0px) 0px;padding:0px 0px 60px 0px;}}@media(max-width:767px){.elementor-45642 .elementor-element.elementor-element-c7bfd86 .elementor-heading-title{font-size:var( --e-global-typography-69aabbb-font-size );line-height:var( --e-global-typography-69aabbb-line-height );letter-spacing:var( --e-global-typography-69aabbb-letter-spacing );word-spacing:var( --e-global-typography-69aabbb-word-spacing );}.elementor-45642 .elementor-element.elementor-element-5f7690c{font-size:var( --e-global-typography-047c7b3-font-size );line-height:var( --e-global-typography-047c7b3-line-height );letter-spacing:var( --e-global-typography-047c7b3-letter-spacing );word-spacing:var( --e-global-typography-047c7b3-word-spacing );}.elementor-45642 .elementor-element.elementor-element-fd84e2b{--swiper-slides-to-display:1;--swiper-offset-size:0px;--arrow-prev-left-align:50%;--arrow-prev-translate-x:-50%;--arrow-prev-left-position:-25px;--arrow-prev-top-align:100%;--arrow-prev-translate-y:-100%;--arrow-next-right-align:50%;--arrow-next-translate-x:50%;--arrow-next-right-position:-25px;--arrow-next-top-align:100%;--arrow-next-translate-y:-100%;--dots-horizontal-position:50%;--dots-horizontal-transform:-50%;--dots-horizontal-offset:0px;--dots-vertical-position:100%;--dots-vertical-transform:-100%;--dots-vertical-offset:-50px;margin:0px 0px calc(var(--kit-widget-spacing, 0px) + 0px) 0px;padding:0px 0px 60px 0px;}}<\/style>\t\t<div data-elementor-type=\"jet-engine-component\" data-elementor-id=\"45642\" class=\"elementor elementor-45642 jet-listing-grid--45642 jet-component-instance-4244\" data-elementor-post-type=\"jet-engine\" style=\"\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7e52cbd e-flex e-con-boxed e-con e-parent\" data-id=\"7e52cbd\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-1ce9133 e-con-full e-flex e-con e-child\" data-id=\"1ce9133\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t<div class=\"elementor-element elementor-element-f2cd1ce e-con-full e-flex e-con e-child\" data-id=\"f2cd1ce\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c7bfd86 elementor-widget elementor-widget-heading\" data-id=\"c7bfd86\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Expertise &amp; Insights<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f7690c elementor-widget elementor-widget-text-editor\" data-id=\"5f7690c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Expertise and Insights from the Financing World<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fd84e2b fb-carousel-gradient--right elementor-pagination-type-bullets elementor-arrows-position-inside elementor-pagination-position-outside elementor-widget elementor-widget-loop-carousel\" data-id=\"fd84e2b\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;template_id&quot;:&quot;45025&quot;,&quot;offset_sides&quot;:&quot;right&quot;,&quot;offset_width&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:150,&quot;sizes&quot;:[]},&quot;offset_width_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:0,&quot;sizes&quot;:[]},&quot;image_spacing_custom&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:25,&quot;sizes&quot;:[]},&quot;_skin&quot;:&quot;post&quot;,&quot;slides_to_show&quot;:&quot;3&quot;,&quot;slides_to_show_tablet&quot;:&quot;2&quot;,&quot;slides_to_show_mobile&quot;:&quot;1&quot;,&quot;slides_to_scroll&quot;:&quot;1&quot;,&quot;edit_handle_selector&quot;:&quot;.elementor-loop-container&quot;,&quot;autoplay&quot;:&quot;yes&quot;,&quot;autoplay_speed&quot;:5000,&quot;pause_on_hover&quot;:&quot;yes&quot;,&quot;pause_on_interaction&quot;:&quot;yes&quot;,&quot;infinite&quot;:&quot;yes&quot;,&quot;speed&quot;:500,&quot;offset_width_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;arrows&quot;:&quot;yes&quot;,&quot;pagination&quot;:&quot;bullets&quot;,&quot;image_spacing_custom_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;image_spacing_custom_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"loop-carousel.post\">\n\t\t\t\t\t\t\t<div class=\"swiper elementor-loop-container elementor-grid\" role=\"list\" dir=\"ltr\">\n\t\t\t\t<div class=\"swiper-wrapper\" aria-live=\"off\">\n\t\t<style id=\"loop-45025\">.elementor-45025 .elementor-element.elementor-element-3e7d00f{--display:flex;--gap:0px 0px;--row-gap:0px;--column-gap:0px;--overflow:hidden;border-style:none;--border-style:none;--border-radius:8px 8px 8px 8px;--padding-top:0px;--padding-bottom:0px;--padding-left:0px;--padding-right:0px;}.elementor-45025 .elementor-element.elementor-element-3e7d00f:not(.elementor-motion-effects-element-type-background), .elementor-45025 .elementor-element.elementor-element-3e7d00f > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-color:var( --e-global-color-ae76eea );}.elementor-45025 .elementor-element.elementor-element-ebe2938 img{width:100%;max-width:100%;height:175px;object-fit:cover;object-position:center center;border-radius:8px 8px 0px 0px;}.elementor-45025 .elementor-element.elementor-element-bfe7a9d{--display:flex;--gap:20px 20px;--row-gap:20px;--column-gap:20px;--padding-top:20px;--padding-bottom:20px;--padding-left:20px;--padding-right:20px;}.elementor-45025 .elementor-element.elementor-element-bfe7a9d:not(.elementor-motion-effects-element-type-background), .elementor-45025 .elementor-element.elementor-element-bfe7a9d > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-color:var( --e-global-color-ae76eea );}.elementor-45025 .elementor-element.elementor-element-bfe7a9d.e-con{--flex-grow:1;--flex-shrink:0;}.elementor-45025 .elementor-element.elementor-element-54453c0 .elementor-icon-list-icon{width:14px;}.elementor-45025 .elementor-element.elementor-element-54453c0 .elementor-icon-list-icon i{font-size:14px;}.elementor-45025 .elementor-element.elementor-element-54453c0 .elementor-icon-list-icon svg{--e-icon-list-icon-size:14px;}.elementor-45025 .elementor-element.elementor-element-54453c0 .elementor-icon-list-text, .elementor-45025 .elementor-element.elementor-element-54453c0 .elementor-icon-list-text a{color:var( --e-global-color-8dbceb9 );}.elementor-45025 .elementor-element.elementor-element-54453c0 .elementor-icon-list-item{font-family:var( --e-global-typography-4b70945-font-family ), Sans-serif;font-size:var( --e-global-typography-4b70945-font-size );font-weight:var( --e-global-typography-4b70945-font-weight );line-height:var( --e-global-typography-4b70945-line-height );letter-spacing:var( --e-global-typography-4b70945-letter-spacing );word-spacing:var( --e-global-typography-4b70945-word-spacing );}.elementor-45025 .elementor-element.elementor-element-4d1d5f4 .elementor-heading-title{font-family:var( --e-global-typography-6fe43e8-font-family ), Sans-serif;font-size:var( --e-global-typography-6fe43e8-font-size );font-weight:var( --e-global-typography-6fe43e8-font-weight );line-height:var( --e-global-typography-6fe43e8-line-height );letter-spacing:var( --e-global-typography-6fe43e8-letter-spacing );word-spacing:var( --e-global-typography-6fe43e8-word-spacing );}.elementor-45025 .elementor-element.elementor-element-4d1d5f4.elementor-element{--flex-grow:1;--flex-shrink:0;}.elementor-45025 .elementor-element.elementor-element-33347da .elementor-button-content-wrapper{flex-direction:row-reverse;}.elementor-45025 .elementor-element.elementor-element-33347da .elementor-button .elementor-button-content-wrapper{gap:5px;}.elementor-45025 .elementor-element.elementor-element-33347da .elementor-button{font-family:var( --e-global-typography-2d5a38a-font-family ), Sans-serif;font-size:var( --e-global-typography-2d5a38a-font-size );font-weight:var( --e-global-typography-2d5a38a-font-weight );line-height:var( --e-global-typography-2d5a38a-line-height );letter-spacing:var( --e-global-typography-2d5a38a-letter-spacing );word-spacing:var( --e-global-typography-2d5a38a-word-spacing );fill:var( --e-global-color-secondary );color:var( --e-global-color-secondary );background-color:var( --e-global-color-c9eb684 );border-radius:8px 8px 8px 8px;padding:0px 0px 0px 0px;}@media(max-width:1250px){.elementor-45025 .elementor-element.elementor-element-54453c0 .elementor-icon-list-item{font-size:var( --e-global-typography-4b70945-font-size );line-height:var( --e-global-typography-4b70945-line-height );letter-spacing:var( --e-global-typography-4b70945-letter-spacing );word-spacing:var( --e-global-typography-4b70945-word-spacing );}.elementor-45025 .elementor-element.elementor-element-4d1d5f4 .elementor-heading-title{font-size:var( --e-global-typography-6fe43e8-font-size );line-height:var( --e-global-typography-6fe43e8-line-height );letter-spacing:var( --e-global-typography-6fe43e8-letter-spacing );word-spacing:var( --e-global-typography-6fe43e8-word-spacing );}.elementor-45025 .elementor-element.elementor-element-33347da .elementor-button{font-size:var( --e-global-typography-2d5a38a-font-size );line-height:var( --e-global-typography-2d5a38a-line-height );letter-spacing:var( --e-global-typography-2d5a38a-letter-spacing );word-spacing:var( --e-global-typography-2d5a38a-word-spacing );}}@media(max-width:767px){.elementor-45025 .elementor-element.elementor-element-54453c0 .elementor-icon-list-item{font-size:var( --e-global-typography-4b70945-font-size );line-height:var( --e-global-typography-4b70945-line-height );letter-spacing:var( --e-global-typography-4b70945-letter-spacing );word-spacing:var( --e-global-typography-4b70945-word-spacing );}.elementor-45025 .elementor-element.elementor-element-4d1d5f4 .elementor-heading-title{font-size:var( --e-global-typography-6fe43e8-font-size );line-height:var( --e-global-typography-6fe43e8-line-height );letter-spacing:var( --e-global-typography-6fe43e8-letter-spacing );word-spacing:var( --e-global-typography-6fe43e8-word-spacing );}.elementor-45025 .elementor-element.elementor-element-33347da .elementor-button{font-size:var( --e-global-typography-2d5a38a-font-size );line-height:var( --e-global-typography-2d5a38a-line-height );letter-spacing:var( --e-global-typography-2d5a38a-letter-spacing );word-spacing:var( --e-global-typography-2d5a38a-word-spacing );}}\/* Start custom CSS for image, class: .elementor-element-ebe2938 *\/.elementor-45025 .elementor-element.elementor-element-ebe2938 a {\n    width: 100%;\n}\/* End custom CSS *\/<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"45025\" class=\"elementor elementor-45025 swiper-slide e-loop-item e-loop-item-44618 post-44618 post type-post status-publish format-standard has-post-thumbnail hentry category-de-refinanzierung\" data-elementor-post-type=\"elementor_library\" role=\"group\" aria-roledescription=\"slide\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-3e7d00f e-flex e-con-boxed e-con e-parent\" data-id=\"3e7d00f\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ebe2938 elementor-widget elementor-widget-image\" data-id=\"ebe2938\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/finbird.de\/en\/blog\/refinanzierung-vorbereiten-der-24-monats-ansatz\/\" tabindex=\"-1\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"768\" height=\"513\" src=\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/modern-calendar-minimalist-768x513.jpg\" class=\"elementor-animation-grow attachment-medium_large size-medium_large wp-image-44625\" alt=\"Refinanzierung, Moderne, minimalistische Kalenderdesign mit eleganter Darstellung der Monate und funktionalem Silberball.\" srcset=\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/modern-calendar-minimalist-768x513.jpg 768w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/modern-calendar-minimalist-300x200.jpg 300w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/modern-calendar-minimalist-1024x683.jpg 1024w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/modern-calendar-minimalist-1536x1025.jpg 1536w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/modern-calendar-minimalist-2048x1367.jpg 2048w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/modern-calendar-minimalist-18x12.jpg 18w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-bfe7a9d e-con-full e-flex e-con e-child\" data-id=\"bfe7a9d\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[],&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-54453c0 elementor-hidden-desktop elementor-hidden-tablet elementor-hidden-mobile elementor-widget elementor-widget-post-info\" data-id=\"54453c0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-5a567d0 elementor-inline-item\" itemprop=\"about\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-terms\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-post-info__terms-list\">\n\t\t\t\t<span class=\"elementor-post-info__terms-list-item\">Refinanzierung<\/span>\t\t\t\t<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4d1d5f4 fb-full-link elementor-widget elementor-widget-heading\" data-id=\"4d1d5f4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/finbird.de\/en\/blog\/refinanzierung-vorbereiten-der-24-monats-ansatz\/\">Preparing Refinancing in Time: The 24-Month Approach<\/a><\/h1>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-33347da elementor-widget elementor-widget-button\" data-id=\"33347da\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-size-sm\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-right\" viewbox=\"0 0 320 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M285.476 272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Weiterlesen<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"45025\" class=\"elementor elementor-45025 swiper-slide e-loop-item e-loop-item-44586 post-44586 post type-post status-publish format-standard has-post-thumbnail hentry category-de-refinanzierung\" data-elementor-post-type=\"elementor_library\" role=\"group\" aria-roledescription=\"slide\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-3e7d00f e-flex e-con-boxed e-con e-parent\" data-id=\"3e7d00f\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ebe2938 elementor-widget elementor-widget-image\" data-id=\"ebe2938\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/finbird.de\/en\/blog\/kapitalstruktur-im-zeitverlauf-neu-ausrichten\/\" tabindex=\"-1\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"768\" height=\"512\" src=\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/modern-apartment-berlin-residential-district-768x512.jpg\" class=\"elementor-animation-grow attachment-medium_large size-medium_large wp-image-44639\" alt=\"Kapitalstruktur. Moderne Wohngeb\u00e4ude in einem Berliner Wohnviertel unter klarem Himmel.\" srcset=\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/modern-apartment-berlin-residential-district-768x512.jpg 768w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/modern-apartment-berlin-residential-district-300x200.jpg 300w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/modern-apartment-berlin-residential-district-1024x683.jpg 1024w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/modern-apartment-berlin-residential-district-1536x1024.jpg 1536w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/modern-apartment-berlin-residential-district-2048x1365.jpg 2048w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/modern-apartment-berlin-residential-district-18x12.jpg 18w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-bfe7a9d e-con-full e-flex e-con e-child\" data-id=\"bfe7a9d\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[],&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-54453c0 elementor-hidden-desktop elementor-hidden-tablet elementor-hidden-mobile elementor-widget elementor-widget-post-info\" data-id=\"54453c0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-5a567d0 elementor-inline-item\" itemprop=\"about\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-terms\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-post-info__terms-list\">\n\t\t\t\t<span class=\"elementor-post-info__terms-list-item\">Refinanzierung<\/span>\t\t\t\t<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4d1d5f4 fb-full-link elementor-widget elementor-widget-heading\" data-id=\"4d1d5f4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/finbird.de\/en\/blog\/kapitalstruktur-im-zeitverlauf-neu-ausrichten\/\">Realigning the Capital Structure Over Time<\/a><\/h1>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-33347da elementor-widget elementor-widget-button\" data-id=\"33347da\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-size-sm\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-right\" viewbox=\"0 0 320 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M285.476 272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Weiterlesen<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"45025\" class=\"elementor elementor-45025 swiper-slide e-loop-item e-loop-item-44581 post-44581 post type-post status-publish format-standard has-post-thumbnail hentry category-de-refinanzierung\" data-elementor-post-type=\"elementor_library\" role=\"group\" aria-roledescription=\"slide\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-3e7d00f e-flex e-con-boxed e-con e-parent\" data-id=\"3e7d00f\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ebe2938 elementor-widget elementor-widget-image\" data-id=\"ebe2938\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/finbird.de\/en\/blog\/maturitaeten-covenants-und-bankenkreis-neu-ordnen\/\" tabindex=\"-1\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"768\" height=\"511\" src=\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/black-document-folder-office-desk-768x511.jpg\" class=\"elementor-animation-grow attachment-medium_large size-medium_large wp-image-44626\" alt=\"Maturit\u00e4ten. Schwarzer Dokumentenordner auf einem Schreibtisch, ideal f\u00fcr B\u00fcroumgebung und effiziente Organisation.\" srcset=\"https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/black-document-folder-office-desk-768x511.jpg 768w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/black-document-folder-office-desk-300x200.jpg 300w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/black-document-folder-office-desk-1024x681.jpg 1024w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/black-document-folder-office-desk-1536x1022.jpg 1536w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/black-document-folder-office-desk-2048x1363.jpg 2048w, https:\/\/finbird.de\/wp-content\/uploads\/assets\/images\/corporate\/black-document-folder-office-desk-18x12.jpg 18w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-bfe7a9d e-con-full e-flex e-con e-child\" data-id=\"bfe7a9d\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[],&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-54453c0 elementor-hidden-desktop elementor-hidden-tablet elementor-hidden-mobile elementor-widget elementor-widget-post-info\" data-id=\"54453c0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-5a567d0 elementor-inline-item\" itemprop=\"about\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-terms\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-post-info__terms-list\">\n\t\t\t\t<span class=\"elementor-post-info__terms-list-item\">Refinanzierung<\/span>\t\t\t\t<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4d1d5f4 fb-full-link elementor-widget elementor-widget-heading\" data-id=\"4d1d5f4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/finbird.de\/en\/blog\/maturitaeten-covenants-und-bankenkreis-neu-ordnen\/\">Realigning Maturities, Covenants and Lender Base<\/a><\/h1>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-33347da elementor-widget elementor-widget-button\" data-id=\"33347da\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-size-sm\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-right\" viewbox=\"0 0 320 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M285.476 272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Weiterlesen<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<div class=\"elementor-swiper-button elementor-swiper-button-prev\" role=\"button\" tabindex=\"0\" aria-label=\"Previous\">\n\t\t\t\t<svg 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Proactive realignment of capital structures, covenants and lender base.<\/p>","protected":false},"author":6,"featured_media":34719,"parent":29390,"menu_order":5,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"footnotes":""},"class_list":["post-44543","page","type-page","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/finbird.de\/en\/wp-json\/wp\/v2\/pages\/44543","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finbird.de\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/finbird.de\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/finbird.de\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/finbird.de\/en\/wp-json\/wp\/v2\/comments?post=44543"}],"version-history":[{"count":0,"href":"https:\/\/finbird.de\/en\/wp-json\/wp\/v2\/pages\/44543\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/finbird.de\/en\/wp-json\/wp\/v2\/pages\/29390"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finbird.de\/en\/wp-json\/wp\/v2\/media\/34719"}],"wp:attachment":[{"href":"https:\/\/finbird.de\/en\/wp-json\/wp\/v2\/media?parent=44543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}