https://www.thompsondewitt.com/blog/ Weekly notes from the Thompson-Dewitt credit desk on hotel and CRE bridge and construction financing. en-us Tue, 18 Aug 2026 22:44:25 +0000 https://www.thompsondewitt.com/blog/commercial-real-estate-loan-spreads-2026/ https://www.thompsondewitt.com/blog/commercial-real-estate-loan-spreads-2026/ Tue, 18 Aug 2026 12:00:00 +0000 Commercial mortgage spreads came in 21bps to 204bps in Q2 2026 while LTVs fell to 59.6%. What tighter pricing and tighter credit mean for hotel bridge deals. https://www.thompsondewitt.com/blog/broker-package-term-sheet-72-hours/ https://www.thompsondewitt.com/blog/broker-package-term-sheet-72-hours/ Tue, 11 Aug 2026 12:00:00 +0000 Send these nine hotel deal documents in this order to shorten underwriting: sponsor history, STR, operating statements, PIP, sources and uses, and more. https://www.thompsondewitt.com/blog/construction-budgets-pre-2024-unfundable/ https://www.thompsondewitt.com/blog/construction-budgets-pre-2024-unfundable/ Tue, 04 Aug 2026 12:00:00 +0000 Hotel construction budgets built before 2024 are failing today. Materials remain 55% above early 2020 and electrical equipment can take more than two years. https://www.thompsondewitt.com/blog/hotel-deals-we-passed-on/ https://www.thompsondewitt.com/blog/hotel-deals-we-passed-on/ Tue, 28 Jul 2026 12:00:00 +0000 3 hotel files we declined in July: a PIP with no reserve, an unsupported ADR ramp, and sponsor liquidity below the required interest reserve at closing. https://www.thompsondewitt.com/blog/hotel-loan-conditions-precedent-checklist/ https://www.thompsondewitt.com/blog/hotel-loan-conditions-precedent-checklist/ Tue, 21 Jul 2026 12:00:00 +0000 A 14-item hotel loan conditions-precedent checklist for borrowers and brokers. See the deliverables, reports, and legal items that decide a closing date. https://www.thompsondewitt.com/blog/fed-dot-plot-hotel-bridge-underwriting/ https://www.thompsondewitt.com/blog/fed-dot-plot-hotel-bridge-underwriting/ Tue, 14 Jul 2026 12:00:00 +0000 The Fed held at 3.50%–3.75%, but June projections leaned toward a hike. What that changes in hotel bridge rates, cap costs, reserves, and exit tests today. https://www.thompsondewitt.com/blog/hotel-debt-yield-sets-loan-proceeds/ https://www.thompsondewitt.com/blog/hotel-debt-yield-sets-loan-proceeds/ Tue, 07 Jul 2026 12:00:00 +0000 Hotel loan proceeds are set by debt yield before LTV. See a $3.25M NOI example, the $3.25M proceeds gap, and how to prepare the equity check for closing. https://www.thompsondewitt.com/blog/due-diligence-deposit-hotel-loan/ https://www.thompsondewitt.com/blog/due-diligence-deposit-hotel-loan/ Tue, 30 Jun 2026 12:00:00 +0000 A hotel loan diligence deposit pays for appraisal, reports, title and legal work—not lender fees. Here is the work program and the unused-balance treatment. https://www.thompsondewitt.com/blog/hotel-refinance-gap-math/ https://www.thompsondewitt.com/blog/hotel-refinance-gap-math/ Tue, 23 Jun 2026 12:00:00 +0000 Thirty percent of hotel mortgage balances mature in 2026. See how a 500bp coupon gap and debt-yield sizing create the equity check on a 2021 loan refinance. https://www.thompsondewitt.com/blog/hotel-construction-interest-reserve/ https://www.thompsondewitt.com/blog/hotel-construction-interest-reserve/ Tue, 16 Jun 2026 12:00:00 +0000 A hotel construction reserve must run through stabilization, not completion. See the $40M loan example that runs dry eight months early and breaks the deal. https://www.thompsondewitt.com/blog/hospitality-lending-box/ https://www.thompsondewitt.com/blog/hospitality-lending-box/ Tue, 09 Jun 2026 12:00:00 +0000 Our current 2026 hospitality lending box: $5M loans, $20M to $100M sweet spot, debt-yield sizing, funded reserves, and a 45-to-60-day closing timeline.