The newspaper “Handelsblatt” of April 4, 2013, writes that the often predicted credit crunch has failed to materialise in Germany. Savings banks and cooperative banks, insurance companies and credit funds have apparently closed the gap left by the real estate banks. A few credit institutes, like HSH Nordbank, have even come back on the market. Top-class real estate, the article suggests, has no problem in finding financial backers. Even the refinancing of CMBS could succeed if the loan-to-value ratio for the building were not too high. Even savings banks and cooperative banks have been willing to offer loans up to ten million euros or in the low tens of millions. ‘Savings banks are prepared to take on risks when they are able to assess them adequately in view of their knowledge of the location,’ according to redos Managing Director Carl-Christoph Pieper. Nobody wants to take on the risk of financing properties that are difficult to let out and already heavily mortgaged. In cases like this, an injection of equity capital is needed. But German banks, he says, will not be prepared to finance all kinds of risks. When German banks prefer to stay out of it, foreign credit institutes are more likely to consider investing, but they do call for higher rates of interest.