While debt capital was often unavailable for borrowers seeking refinancing during the global financial crisis, there are still lenders willing to work with borrowers during the COVID-19 pandemic.

So far, that has helped owners avoid fire sales in most property types, according to Real Capital Analytics. But lender appetite for CRE debt has clearly declined.

RCA measured lender pool depth by counting the number of unique originators in each period. It indexed the number of unique loan originators each quarter to 100 to compare the apartment, hotel and total commercial markets. 

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Leslie Shaver

Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.