Alternative Lenders Aren’t So Alternative in Commercial Real Estate. Here’s Why.

Commercial Observer, Jan. 21, 2026-Melissa Farrell and Jaime Zadra
The commercial real estate financing landscape is in the midst of a meaningful recalibration. Banks have re-entered the market after a period of heightened caution, but their lending posture remains disciplined and selective. Regulatory capital requirements, balance sheet considerations and a continued focus on risk management mean that certain segments — particularly construction, development and transitional assets — still face constrained access to traditional bank capital.
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