LIVINGSTON, NJ—When the broker says he has a better deal thanthe one you quoted, issued an application or even committed on,take heed. The market is moving very fast as competitionintensifies.

The loan caveat, accommodation or extra dollars another lendermay have said no to last week, can now become attainable. Borrowersare walking from deals they agreed to just weeks before when theythought they had the “best quote possible,” and “squeezed the lastbit of accommodation out of a lender.” Two, three weeks later,another lender will be bettering the deal you just agreed to.

It's crazy, and will become even more competitive in the NewYear as lenders seek to fill their 2015 allocations. Today is aborrowers market. The market has quickly shifted as CMBS 2.0 hasexpanded greatly in 2014. CMBS volumes are on par with 2013 levels,with over $77 billion in production through October. Thedifference, however, is that the economy is somewhat better, butthe real driver is that there are now over 40 CMBC conduits versusless than 25 last year. More investment bankers are fighting for asimilar level of product, which equals a borrowers market.