Raising Debt When Banks Won't Call Back
The private-credit playbook for the regional-bank pullback.
Regional banks financed a huge share of middle-market real estate, and many have pulled back hard. The gap they left is being filled by private credit — at a price.
Know What You're Paying For
Private debt is more expensive but faster, more flexible, and more certain to close. For a value-add plan on a clock, certainty of execution can be worth more than the rate.
Build relationships with two or three debt funds before you need them. The worst time to meet a new lender is when your bank just said no.
Principal at Foundry Workplace Advisors. Advises owners and occupiers on the future of office.
Get analysis like this weekly
One free issue a week. No spam, unsubscribe anytime.
Related news
The Anchor-First Fundraise
The blind-pool first fund is mostly extinct. What replaced it is the anchor-first raise: land one credible institution or family office on negotiated terms, then build the rest of the vehicle around them. Economics Follow the Anchor Your anchor underwrites you as an operator,…
The Micro-Resort Capital Gap
Landscape hotels, glamping clusters, twenty-key design resorts: demand is documented, returns are strong, and yet the category sits in a capital no-man's-land — too small for institutional hospitality money, too operational for most real estate funds. Who Fills the Gap The…
