Private Lenders Step in to Fill the CMBS Gap

Banks remain active in refinancing, but tighter regulations are creating space for competitors.

Turbulence in the CMBS market early in 2016 created refinancing opportunities for other commercial real estate lenders, which filled the void even as concerns over increasing federal regulations, rising interest rates and falling cap rates loomed.

“That volatility resulted in a number of opportunities for our company where we were able to step in and close short-term bridge financing on a number of deals that had been slated for short-term CMBS,” said Brendan Miller, principal, partner & chief investment officer at Thorofare Capital in Los Angeles, a middle-market loan origination and servicing company. “We were able to capture a large number of short-term opportunities where we were able to help borrowers that had a purchasing opportunity or a maturity.”…

Private Lenders Step in to Fill the CMBS Gap

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