05/29/2026
Lenders are saying yes more often right now.
But they're not saying yes to everyone.
I've had more conversations in the last 60 days with developers and investors who thought their deal was fundable, only to get to the finish line and find out the lender had concerns they never raised upfront.
That's a capital markets problem, not a real estate problem.
Here's what I'm watching in the current environment:
The rate stabilization narrative is real. But liquidity is still selective. Banks are underwriting to today's exit values, and some of the cap rate assumptions from 2023-2024 aren't holding up in committee.
Bridge capital is available. Construction capital is available. But sponsorship is under the microscope. Experience, financial strength, and track record are being scrutinized more carefully than I've seen in a while.
The deals I'm seeing close quickly have one thing in common. The borrower walks in knowing exactly how the capital needs to be structured before they ask for the first term sheet.
If you're sizing up a deal for Q3 or Q4 this year, I'd talk to your capital sources early. Not when you're ready to close. Before.
Happy to be a sounding board. What market or asset class are you focused on right now?