Capital isn't tight… it's selective. The market didn't show a slowdown — it showed a shift in how deals get done. We are no longer in a "find a lender" market; we are in a build-the-right-deal market.
Lenders are solving — not just funding
The old model was approve / deny. The new model is structure, adjust, solve.
The gap is where the opportunity is
Borrowers want yesterday's pricing, and lenders are underwriting today's risk. That gap is where deals break — and where opportunity lives.
- Bringing in additional equity
- Adjusting leverage expectations
- Getting creative with capital stacks
- Not forcing deals — reshaping them
Asset classes: what we're seeing
- Strong / active: industrial, build-to-rent, select multifamily
- Challenged: office (still), overleveraged assets, deals dependent on aggressive appreciation
- Emerging opportunity: conversions, value-add repositioning, short-term bridge to stabilize
Capital stacks are evolving
More deals include mezzanine debt, preferred equity and split capital structures. The simple loan is becoming rare — deals are getting layered.
This is not a frozen market. It's a disciplined market. If the deal doesn't work, change the structure. If the structure works, the capital will come.
The CFUND Report is market commentary from the CFUND team, not lending terms or an offer to lend. Every project is different — talk to an advisor about your deal.