Carina Kalaw

Describe the past 12 months in one word, then tell us the key lending opportunities you and your team have uncovered. 

Uptick. We’ve seen an uptick in lending activity. It was slow earlier in the year and it picked up after Labor Day. BankUnited has been consistently active and lending within our parameters. There seems to be more competition in the still-favored food groups like multifamily and industrial. We see more competing term sheets even in the bank market. We’ve also seen more opportunities in other property types such as medical office buildings, retail, hotels, data centers and some short-term bridge loans.

Are rate cuts the silver bullet the industry has been waiting for to solve all woes?

The rate cuts were helpful to the industry overall. It helped improve calculations for debt service coverage ratios and total loan proceeds. You can also sense a shift in the general mood as more lenders are coming back from hibernation and sponsors have more options and flexibility. 

What excites you most about today’s lending market?

As an active midsize regional bank, we were bidding on several opportunities in certain markets with targeted sponsors that we wouldn’t normally be in the mix for if it were a normal market. While some banks were not lending and focusing on portfolio management, we were able to structure loans prudently and generate ancillary opportunities too.

How does distress continue to play out in 2025, and how can lenders best protect themselves? 

Lenders can best protect themselves by having a strong portfolio management team that is diligent at monitoring the loans, anticipating any issues and addressing them early with the borrowers.

Tougher market: GFC or these past four years?

The past four years were tougher even though a lot of people would still agree from several forums that “it’s better to be a lender than a borrower.” The increasing interest rate environment and the failure of some regional banks did not help the macro environment, especially for other healthy regional banks that continue to lend during this time.

Who lent you your very first dollar, and what was it for?

If you mean money, that would be in Philippine peso, so that would be my eldest sister. She was a saver and I was a spender, but I used it wisely. But, if you mean U.S. dollars, then that would be Baybank, my first credit card when I moved to the U.S. for college in Boston.

How much of your activity is relationship lending versus lending to new borrowers today?

For BankUnited, it’s been 50-50 for our existing markets in the Northeast and Florida, but a higher percentage for new borrowers in the newer markets where BankUnited has expanded to such as Texas, Georgia and the Carolinas, as well as for the real estate institutional platform (lending to selected REITs and real estate fund finance), which is national in scope.

Lightning Round:

If I could lend money to one person in the world, it would be…

My daughter, because I have to and I don’t mind that it’s optional to pay me back.

Celebrity you’re sometimes compared to?

The Kraken from “Clash of the Titans” (2010). When I worked at German bank Eurohypo, they used to say “Release the Kraken!” if they needed me at a meeting. 

How many days are you in the office today?

Four days if I’m not on the road.

Pick a movie remake: “Beetlejuice” or “Twisters”?

“Twisters.”

Senior, mezz, or pref equity?

Senior, of course.

Morning person or night owl?

Night owl.

Song title that encapsulates your current mindset?

“Worth It” by Raye.