Capital Markets

Not necessarily. Hard money lenders are often the best option for extremely tight times. But keep in mind that many debt funds can also move quickly, often with better terms and higher loan sizes than hard money programs allow.

If you need a fast close, consider targeting lenders you already have an existing relationship with as using precedents docs will speed up the closing process significantly.

When reaching out, be explicit about your timeline in the outreach email so lenders can self-select based on their capacity to execute.

When multiple lenders independently arrive at the same lower loan amount, that's likely market consensus. The most common cause is that the property's current cash flow doesn't support the requested loan amount at today's interest rates and DSCR requirements.

Most perm lenders require a DSCR of 1.20x–1.35x. If the property's NOI doesn't produce enough coverage at your requested loan amount, lenders will reduce their offer to a number that does pencil. You may want to consider a bridge loan if there is a clear pass to a higher NOI (e.g. lease-up, MTM) . A bridge lender may underwrite to projected stabilized cash flow and provide a higher loan today with a refinance exit later.

It depends on the loan type and property profile, but at the high end of that range you should expect a smaller lender pool and more friction.

For permanent loans, most banks and credit unions target sub 70% LTV. Above 70% is possible but narrows the pool significantly.

For bridge loans, 70–75% LTC is the realistic ceiling in today's market for most deals. Some debt funds advertise up to 80% LTC, but that is generally above the sweetspot.
For construction loans, 80% LTC is effectively unavailable at current market rates. Most lenders are at 60–75% LTC for construction.

If you're not getting the leverage you need, the honest market signal is that lenders want more equity in the deal. Adjusting your request, or finding an equity partner to bridge the gap, is often the more practical path than continuing to search for a lender willing to stretch.

Non-recourse financing significantly limits your lender pool. Banks and credit unions almost universally require recourse, it's a standard condition of their commercial lending programs, not a negotiating point.

Non-recourse options come primarily from:
• Debt funds: the main source of non-recourse senior debt for bridge and light bridge deals
• CMBS lenders: non-recourse is standard for CMBS execution
• Agency lenders (Fannie/Freddie): non-recourse on stabilized multifamily
• Hard money lenders: sometimes non-recourse, but terms are expensive

Hotel financing can be difficult to place and lender passes are common for a few distinct reasons:

1. Franchise flag requirement: most lenders strongly prefer hotels with a franchise flag (Marriott, Hilton, IHG, etc.) over independent or boutique properties. If your hotel is unflagged, a large portion of the lender list will pass on this basis alone.

2. Hotel allocation limits: many lenders manage how much of their portfolio is in hospitality. When they hit their limit, they pause new hotel deals regardless of quality. This is temporary and can reset at the start of a new year.

3. Loan size vs. lender type mismatch: for smaller hotel loans with stable cash flow in strong markets ($5–15M), CMBS through a national bank can be a good option. Local and regional banks may be worth targeting as well.

Low response rates are frustrating, but there are several things within your control that can meaningfully improve engagement:

Send a follow-up email. Response rates on deals often jump significantly after a well-timed follow-up. Don't wait more than 10–14 days before sending one.

Don't attach files to your initial outreach. Large attachments lower email deliverability and can trigger spam filters. Send your initial email without attachments and share documents after a lender expresses interest.

Check your domain health. If a significant number of your emails are bouncing or going unacknowledged, your domain may have a DMARC configuration issue.
Customize your outreach email. Generic emails that read like automation perform worse. Include key details about your deal (loan amount, asset type, market, high-level metrics) and consider highlighting some brief strengths. A short, direct email often outperforms a long one.