At today's rates, coverage usually sets the loan. In low cap rate markets, debt yield binds first. How to tell which governs your file before you go to market.
Market read · The Corlan desk · Reviewed 18 October 2026 · 10 min readRead the note →
The library
Every note the desk has published. Figures are aggregate and never identify a borrower.
At today's rates, coverage usually sets the loan. In low cap rate markets, debt yield binds first. How to tell which governs your file before you go to market.
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 about half of 2025’s maturities paid off. 30% of hotel loan balances come due this year, the highest share of any property type.
A lender's credit officer prices uncertainty. Everything missing from the package is priced as risk: a wider spread, lower proceeds or a slower timeline.
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.
Agency, life company and CMBS are non-recourse by default. Bank paper is recourse, with a real exception. SBA never bends. 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.
Cold storage trades tighter than warehouse, not wider. IOS institutionalized. Data center transitional stayed wide. Two findings that correct a widely held assumption.
“Agency multi-family quoting has gotten noticeably faster this month, more a function of internal capacity than a change in credit standards.”
Robert Contreras
Managing Director, Capital Markets
Aug 2026
“We’re seeing more sponsors ask about C-PACE as a stack-completion tool rather than a primary source, a sign the mezz market has gotten more selective.”
