If you're in CRE, looking for money, and think you've heard the First Call bugle at the beginning of a horse race, you just have. Now that the debt ceiling problem is fixed—for now, at least—the Department of the Treasury has begun the Run for the Greenbacks, which means the ready floods of cash will go for contest where everyone can win, and probably in good terms.
CRE borrowers, especially short-term? It's another painful comeuppance that will make rates even higher for now—if the cash is even available.
For all the money available in the markets, for all the dry powder investors have kept to the side, waiting to see how inflation, interest rate hikes, geopolitical conflict, still vibrant echoes of supply chain thrashing, quantitative tightening, labor markets, and other sources of worry, there is only so much at any given time.
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