By Beth Mattson-Teig
Commercial real estate borrowers who were hoping to capitalize on dramatic Fed rate cuts and a drop in the 10-year Treasury to refinance loans at record low rates may have missed their window of opportunity—at least for now.
Borrowers that were able to move quickly did access some incredibly cheap capital. In some cases, financing rates dipped below 3 percent as interest rates plummeted and spreads remained relatively stable. Yet lenders have since tightened their grip on capital given the market volatility and uncertain outlooks for the economy and commercial real estate properties amid the spread of COVID-19.
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