Episode Details

Alternative Lenders Fuel CRE Financing Rebound

In Q1 2026, alternative lenders captured 53% of non-agency CRE loan closings, up from 19% a year ago. Banks got squeezed out by regulatory constraints and now sit at 22% market share. Non-banks move faster and are more flexible on structure, but charge higher rates and tighter covenants. Quality assets get funded. Mediocre deals struggle. The operators who understand where capital is coming from, how to structure deals for non-bank lenders, and the true cost of that capital are the ones deploying right now. The rest are sitting on the sidelines.

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