It’s officially that time of year once again. 

No, not the approach to the holidays (although we’re very excited for that, too), but, rather, Lenders Issue, where Commercial Observer asks 20 leading lenders for their takes on the market, what’s keeping them busiest, and what’s disturbing their sleep cycle — and then questions them about things (maybe) unrelated to their day jobs, such as what the theme tune of their lives is and their ultimate dinner party guests. 

Banks? We got ’em. Nonbanks? In the house. Balance sheet lenders? Yep. CMBS? Represented. C-PACE? All green. We wanted a full and comprehensive snapshot of perspectives across the commercial real estate lending spectrum, and we’ve got it right here in our 20. 

After all, it’s been one heck of a year for CRE finance, with plenty of highs and lows and lots of brow-knitting events to keep us all on our toes. Through that roller coaster, we’ve seen robust financing activity, and it seems (gulp) like there’s much to be hopeful about as we near the end of the year, with the Federal Reserve giving us an early holiday gift in another quarter-point cut … but could a black swan event be lurking just around the corner? We asked our lenders that, too. 

We view our Lenders Issue as a way to get to know the industry’s top financiers a little better. They’re the experts behind billion-dollar headlines, and the deals that took a creative village to push over the finish line. They’re the diligent deliberators who pick their spots to park their dollars for future success without a crystal ball on their desk. They’re masters in timing market cycles, having transacted through multiple ones, and (no doubt) having seen things that would make your hair stand on end.

As a result, each of our 20 lenders has his or her own unique view of today’s market, the key opportunities and the biggest headwinds. 

Our lightning round, on the other hand, showcases their likes and dislikes outside of the office, and offers a glimpse into how they spend any free time they have.  Want to know who was happier about T-Swift’s engagement than the aforementioned interest rate cuts? Only one way to find out. Pull up a pew, settle in with a hot cup of coffee (or a wee dram of whiskey if you’re so inclined), and enjoy Lenders Issue 2025!