Mate, I don't see Real Madrid letting him go on loan anytime soon. Arda is such a game changer for them, though he often gets subbed off. I know his playtime is our main concern. Giving him more minutes is one solution. But he easily starts for mid-table teams in a competitive league.
There's no freaking way to rent him back to Fenerbahce; he deserves to be rented to a bigger club. He needs it to ensure he can step up higher than this time. He is a very promising player to be wasted on a club that wouldn't help develop himself.
Real Madrid need Arda in his current form and I don't think they will loan him back to Fenerbahce. He is still playing very little at the moment but as time goes by Ancelotti will definitely give Arda a chance, as long as he can improve his game. If he has to go out on loan, I agree that it should be in a much better team than Fenerbahce so he can continue to develop as Arda is still quite young.
Real Madrid are unlikely to spend a lot of money on a player who has no potential and Arda just needs to adapt to become a player needed in the first team. Although currently he has not been able to get this opportunity because of the tight competition within the team.