A sizable supply-demand mismatch in commercial real estate debt markets should create attractive opportunities for nontraditional lenders. Tighter regulations have prompted traditional lenders, such as banks and insurance companies, to cut back lending and be less active in the commercial mortgage-backed securities market. Borrowers with the greatest needs have assets outside top markets but have significant size and liquidity. For lenders who are well-resourced and unconstrained by regulations and risk restraints, the opportunities may be compelling.

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