Evolution of Commercial RE Finance - Capital Stack Visions?
I would love to hear thoughts around where CRE finance is headed. Working through traditional banks (and debt funds) is so frustrating and painful. 

I know there’s some buzz around crowdsourcing and micro-funding but that’s small potatoes.  

Any thoughts on financing at scale outside
 of the “old ways”?
[{"id": "iiadyrz", "text": "This isn't \"at scale\" but right now private money is not necessarily moving lock step with bank financing. I'm doing a value-add deal with about $1m debt where the private money is 200 bps above what community banks were quoting for stabilized. It also wasn't clear if banks would be able to execute and on what time frame. \n\nBeyond that, when you write at scale I think consistency, structure, and other people's money in the broadest sense. That means checklists, underwriting, legal, with fiduciary responsibility of some form regarding properly placing the money. At scale there is no incentive to skip steps.", "replies": [{"id": "iiakl6c", "text": "I\u2019ve been very interested to see what risk premiums do in this market (rates moving, inflation etc.) Thanks for the your feedback.", "replies": [], "depth": 2}], "depth": 1}, {"id": "iicn5l9", "text": "Private debt funds (some of them) are a great option for A&amp;D. Some people call us \"hard money\", but our loan provisions are more aggressive than banks. Developers say \"i'd much rather pay $300k in additional interest so I can retain $3 million in equity\". Higher leverage, less headaches, faster feedback, no personal recourse, and we can often credit imputed value at closing for even less cash out of pocket. After 12-24 months of getting a project stable the developers to convert to perm (assuming that owner wants to hold on to the asset). Bank are a nightmare with major CRE construction and value-add right now-- generally. They will gladly refi once stable, but getting there is the hard part.\n\nNOTE: The vast majority of our clients are sophisticated with high net worth and liquidity. They are just sick of endless paperwork and mindgames at banks... even before this recent correction.", "replies": [], "depth": 1}]