What changed in commercial lending this quarter.
A brief, no-spin read on rate movement, credit appetite across asset classes and where capital is flowing. Written for operators, not analysts.
Rates moved modestly. Credit appetite did not. Underwriters across the market are still cautious on hospitality and discretionary retail, constructive on industrial, manufacturing and franchised QSR, and selective on transportation depending on the freight mix.
What that means in practice: a well-prepared deal with a credible operator and a real use of funds still gets done at sensible terms. A weakly-documented deal in a soft asset class waits longer for an answer.
If your business is in an asset class the market is leaning into, this is a fine time to refinance, expand, or recapitalize. If you are in a class the market is cautious on, the path is still open — it just rewards more preparation.