DOCUMENT_ID: FS_MARKETS_v2026.08

Market Intelligence

LAST_UPDATED: 05 AUG 2026 // DATA_REFRESH: MANUAL

SECTION INDEX 01. Market Snapshot 02. Indicative Rates 03. By Asset Class 04. Lender Landscape 05. Recent Intelligence 06. Data Refresh Protocol 07. Disclaimer

01. MARKET SNAPSHOT — AUGUST 2026

Liquidity remains constructive. Agency, life company, bank, and debt-fund capital are all active. Spreads have compressed relative to 2024–25 peaks while benchmarks have moved higher, producing a higher absolute cost of capital but still competitive execution for strong sponsors and assets.

Key underwriting metrics (Q2 2026): average commercial LTV ~59–60%, multifamily LTV ~63%, DSCR ~1.43x, debt yield ~10.2%. Office continues to face the tightest credit box; multifamily and industrial remain the most liquid sectors.

SOURCE: CBRE Q2 2026 Lending Momentum | Market Data Aggregators

02. INDICATIVE RATES BY PRODUCT

Mid-market indications for institutional-quality sponsors and assets as of early August 2026. Actual pricing is deal-specific.

1M TERM SOFR ~3.65%

5-YR TREASURY ~4.40%

10-YR TREASURY ~4.65%

PRIME 6.75%

Agency Multifamily TIGHT

5.25% – 6.75%

5–30 yr fixed · Up to 80% LTV · Non-recourse

HUD 223(f) TIGHT

5.00% – 6.25%

35–40 yr fixed · Up to 85% LTV · Longest term

CMBS Conduit STABLE

5.60% – 7.10%

10-yr fixed · 60–75% LTV · Non-recourse

Life Company STABLE

5.75% – 7.50%

7–20 yr fixed · 60–70% LTV · Trophy assets

Bank / Portfolio STABLE

6.25% – 8.50%

5–10 yr · 70–80% LTV · Often recourse

SBA 504 TIGHT

5.50% – 6.50%

20–25 yr fixed · Up to 90% blended · Owner-occupied

Institutional Bridge COMPETITIVE

8.00% – 11.00%

12–36 mo IO · SOFR + 275–500 bps · 55–70% LTV

Debt Fund / Private Credit COMPETITIVE

9.00% – 13.00%

12–36 mo IO · Faster execution · Flexible boxes

Typical Underwriting Parameters

Agency / HUD

Max LTV75–85%

Min DSCR1.20–1.25x

RecourseNon

CMBS / Life Co

Max LTV60–75%

Min DSCR1.25–1.40x

RecourseNon*

Bank Portfolio

Max LTV65–80%

Min DSCR1.20–1.35x

RecourseOften Full

Bridge / Private Credit

Max LTC / LTV55–70%

Min DSCR1.00–1.20x

RecourseVaries

*Subject to standard bad-boy carve-outs

RATES & PARAMETERS ARE INDICATIVE ONLY — SUBJECT TO CHANGE DAILY

03. PRICING DIFFERENTIALS BY ASSET CLASS

Multifamily — Tightest spreads and deepest liquidity. Agency remains the dominant permanent take-out. Bridge pricing for value-add / lease-up currently among the most competitive in the capital stack.

Industrial / Warehouse — Strong institutional demand. Life company and CMBS pricing competitive; debt funds active on transitional deals.

Hospitality — Wider spreads and more experience-driven underwriting. Stabilized flagged assets can access CMBS or bank capital; PIP / conversion deals remain primarily bridge / private credit territory (often 9.75%+).

Retail (Grocery-Anchored / NNN) — Selective but improving. Middle-of-stack (60–65% LTV) pricing has tightened meaningfully over the past year.

Office — Most conservative underwriting. Class A / trophy only for most permanent capital. Higher debt yields required; transitional office largely limited to specialized bridge or conversion capital.

ASSET QUALITY + SPONSOR TRACK RECORD DRIVE SPREAD MORE THAN SECTOR ALONE

04. LENDER LANDSCAPE — BEST EXECUTION BY CATEGORY

Agency Multifamily — Deepest permanent capital for 5+ unit properties. Non-recourse structures remain the preferred take-out for stabilized and lightly transitional multifamily.

Bank / Balance-Sheet — Re-engaged selectively, with strongest appetite for multifamily and industrial. Relationship-driven pricing and structure flexibility available for well-known sponsors.

Life Companies — Preferred source for core and core-plus stabilized assets seeking low-leverage, long-term fixed-rate capital.

Debt Funds & Private Credit — Dominant in transitional, value-add, and speed-to-close situations. Many platforms now supported by bank warehouse and back-leverage facilities.

CMBS Conduit — Active on stabilized, non-recourse executions across most property types; office remains the most constrained collateral class.

FundingSide continuously maps lender appetite by asset type, leverage, geography, and structure to deliver optimal execution.

05. RECENT MARKET INTELLIGENCE

Q2 2026: Lending fundamentals remain strong. Loan volume up, spreads tighter year-over-year, banks and alternative lenders leading non-agency volume.
Delinquencies: Overall CRE loan delinquencies declined in Q2; office and CMBS special servicing remain elevated.
Bank appetite: Larger and super-regional banks have re-engaged selectively, with notable growth in multifamily and industrial books.
CMBS / CLO: Issuance healthy; multifamily continues to dominate new CRE CLO collateral. AAA conduit spreads competitive.
Treasury volatility: Higher intermediate and long-term yields have pushed absolute borrowing costs higher, but credit spreads have not widened meaningfully — lenders are competing on price rather than pulling back.

SOURCES: CBRE | Market Data Aggregators | Participant Feedback

06. DATA REFRESH PROTOCOL

This page is manually maintained. Rate indications and market notes are updated periodically based on primary lender conversations, published rate sheets, and third-party market reports.

To request a refreshed quote set or to discuss a specific capital need, contact the FundingSide team. Live pricing is always deal-specific and superior to any published range.

UPDATE CADENCE: Rates and commentary are reviewed at least bi-weekly or upon material market moves. Last full refresh: 05 August 2026.

07. IMPORTANT DISCLOSURES

This page is provided for sophisticated informational purposes only by FundingSide. Nothing herein constitutes an offer, solicitation, recommendation, or personalized investment, legal, or tax advice. All rate ranges are approximate mid-market indications and are subject to change without notice. Actual terms depend on property, sponsor, structure, and prevailing market conditions at the time of underwriting.

Past performance of any capital markets environment is not indicative of future results. Users should conduct their own independent due diligence.

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FUNDINGSIDE: MARKET DATA IS PROBABILISTIC AND PROVIDED FOR INFORMATION ONLY. NO WARRANTIES REGARDING ACCURACY OR COMPLETENESS.

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