Across the files we sized this quarter, the binding constraint was debt yield more often than LTV. What that means for how you should underwrite an acquisition today.
Debt funds took the largest share of non-agency closings last year. Our placement data on which asset classes and structures they're competing hardest for.
$875B matures in 2026, down 9% from 2025, but only half of last year’s maturities actually paid off. Hotel carries 30% of the 2026 concentration, nearly double office.
A credit officer prices uncertainty. Everything missing from the package is priced as risk, here's what that costs in basis points.
Two categories of capital that fund real deals and rarely appear on a broker's list. What they look for, and when they're the right call.
CBRE's H2 2025 survey found all-property cap rates broadly steady even through Treasury volatility, while transaction volume rose about 19%. Debt cost, not cap rate, is the number that moved.
The working checklist we run on our own desk before a file leaves the building, and the pieces that most often get skipped.
Agency, life company and CMBS are non-recourse by default. Bank paper is recourse, with a real exception. SBA never bends. The corrected read on what’s fixed and what’s negotiable.
Bank construction books have pulled back hardest in secondary and tertiary markets. Where the capacity moved, and how sponsors are structuring around it.
Spread by property type against the 10-year, sourced quarterly from our own placements. Multi-family 154 bps, industrial 162, retail 176, office 220.
Cold storage trades tighter than warehouse, not wider. IOS institutionalized. Data center transitional stayed wide. Two findings that correct a widely held assumption.
Six governing tests across one credit box, and which one binds, by asset class, straight from live placement.
Everything sits near 65% LTV. The floors run 1.25x on industrial to 1.75x on stand-alone memory care.
10% down against 25-35% conventional. The structure, the current rate, and who this program fits.
No LTC test when stabilized. The full path from construction through the agency SFR takeout.
Banks want 50-70% under binding contract with deposits. Debt funds go 0-25% at a wider spread.
A workforce sponsor sizing at 75% conventional is leaving 15 points of leverage on the table.
Rural market, out-of-state sponsor, specialty asset. Underwritten in under 24 hours; term sheet in three days at 6.50%.
No qualified buyer for a year. Underwritten in a day, matched within a week, closed in 32 days at 6.38%, 85% LTC.
A planned 131-lot development sized against real construction-lending constraints. Fifty-two lenders reviewed, term sheet in two days at 9.75%, 75% LTC.
One note a month, written from live placement data. No market commentary you could get anywhere else.