Financed $10B+ of CRE debt in the last 5 years. Everything here comes from live deals, not theory. Rate locks that got re-traded. Covenants that blew up a refi. Lenders who delivered, lenders who didn't. If you finance CRE, follow along.

#TYH Closed. $12.9M industrial refi in Warren, NJ. 70% LTV. 6% rate. Interest only. Non-recourse. What are you seeing on non-recourse industrial right now?

Co-borrower on the loan dies. Doesn't happen often. Loan docs have a death clause that can trigger a due-on-sale without a transfer to the estate. Read your transfer provisions with estate planning in mind. Has your attorney?

Lender required the borrower to keep a 6 month debt service reserve. Borrower thought it was a one-time deposit. It's a replenishing covenant. Drop below it and you're in technical default. Read the reserve language twice.

Self-storage deal. Lender wanted a 1.40x DSCR instead of the usual 1.25x. Same borrower, same market, different asset type. Every property type has its own box. Don't assume one lender's number applies to all of them.

Sunday. Quiet one. Reviewing files for the week. Biggest lesson from October so far: lenders are picky about everything except speed. What are you seeing on your side?

Sunday. Wrote back to a borrower who wanted to know why his loan took 75 days. Honest answer: his file took 22 days to get complete. Speed is mostly on the borrower's side of the table.

Rays vs Brewers in the World Series. Two small-market teams. Neither one outspent anybody. Same thing happens in lending. The biggest balance sheet doesn't always win the deal. The one that's disciplined and closes does. Who are you rooting for?

Rays vs Brewers in the World Series. Two small markets. Two of the lowest payrolls in the league. Nobody outspent anybody to get here. They just underwrote better. Same thing in lending. The deal with the best story rarely wins. The one with the best numbers does. Who are you rolling with?

Borrower asked if he should lock now or float into year end. I don't predict rates. I ask what happens to the deal if rates go up 50bps. If the answer is "it breaks," lock. What's your rule for locking?

Everyone's an expert after the game ends. Same in lending. Nobody calls a deal a bad idea at the term sheet. They call it that after the rate moves. What's a deal you wish you'd trusted your gut on?

Hotel loan. Lender wanted a franchise comfort letter before funding. Flag change in year two would've been a default. Flagged assets get underwritten to the brand, not just the building.

Retail center, anchor tenant went dark but kept paying rent. Lender treated it as a co-tenancy risk anyway. Dark and paying isn't the same as occupied, not to an underwriter. How are your lenders treating dark anchors?

Owner-user buying their own warehouse. SBA 504 came in at a blended rate below conventional. But the process took 90 days and required a CDC. Cheap debt, slow closing. Worth it if the seller can wait. Anyone been through a 504 lately?

Bank loan had a 5 year term, 25 year amortization. Borrower thought he was locked in for 25 years. Balloon hits in year five. Plan the refi on day one, not month 54.

Sunday. Looking at a loan request that says "need to close in 10 days." No financials, no entity docs, no property info. 10 days is possible. But not from zero. Send me the file first.