MIAMI, FLA—Shahram Siddiqui, a partner at Berger Singerman, has a unique way of describing this particular part of the commercial real estate capital markets cycle: investors have gotten over their low-hanging fruit syndrome, he says, and are ready, willing and able to compete for value-add deals where structuring flexibility is the determining factor in winning a loan assignment. “The easy refinancing deals have, for the most part, closed,” he tells

That is good news for borrowers, which have a range of sources to tap for financing—each with their own benefits and drawbacks, which Siddiqui has outlined below. First, though, there are some absolutes for all of these players, he says. “The 100% LTV days are gone. Some skin in the game is required.” Also, “if you fought a foreclosure with a prior lender, even if you were right, or otherwise hindered the process, such as b filing for bankruptcy then you are persona non grata at most lenders.”

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