A broad view of the market. The relevant source depends on the property, sponsor, stage, size and structure. This is a guide to categories, not a list of committed partners or available financing.
01Balance-sheet lenders
National, regional and community banks; private banks; credit unions; foreign banks with relevant lending mandates.
Relationship, deposits, recourse, hold limits and concentration can affect fit.
02Private credit & debt funds
Closed-end and evergreen real estate debt funds, alternative asset managers, private lenders and specialty finance companies.
Bridge, construction, transitional and tailored credit strategies depend on each mandate.
03Life insurance companies
Life-company general accounts and insurance-managed lending programs.
Long-duration mortgages, credit quality and asset/liability requirements influence underwriting.
04Mortgage REITs
Public and private mortgage REITs and their lending platforms.
A potential credit source. A mortgage REIT is distinct from an equity REIT that owns properties.
05Securitized credit
CMBS conduit lenders, single-asset/single-borrower execution and credit platforms using CRE CLO financing.
Conduit or originating platforms provide the loan; securitization describes how credit may be financed or distributed.
06Agency & government-supported channels
Fannie Mae and Freddie Mac lending channels; HUD/FHA programs; SBA 7(a) and 504; eligible USDA programs.
Program lenders, eligibility and property use matter. These categories do not imply the firm is an approved agency lender.
07Institutional equity
Pension funds, endowments, foundations, sovereign wealth funds and investment managers acting for institutional accounts.
Often accessed through managers, joint ventures or programmatic partnerships, subject to mandate and governance.
08Private equity & real asset funds
Core, core-plus, value-add and opportunistic real estate funds; discretionary funds and separate accounts.
Business plan, return objectives, hold period and sponsor alignment shape fit.
09Family & private capital
Single- and multi-family offices, high-net-worth investors, private investment partnerships and investment clubs.
Decision-making, concentration and investment objectives vary considerably.
10Equity REITs & strategic partners
Public and private equity REITs, property companies, developers, operators and strategic joint-venture partners.
These parties may invest in ownership or a platform rather than lend against an asset.
11Specialty & mission-oriented capital
C-PACE capital providers, CDFIs, community-development lenders, housing agencies, tax-credit investors and eligible public/private programs.
Project eligibility, approvals, senior lender consent and specialist structuring may be required.
12Sponsor & transaction capital
Sponsor equity, co-GP capital, seller financing, seller rollover and negotiated earnouts or deferred consideration.
Capital already inside the transaction can complement outside financing; obligations and economics must be explicit.