The combination of years of low interest rates and reduced risk appetite from banks created the perfect conditions for non-banks to fill the gap in commercial real estate lending markets. But too much of a good thing has led to weaker lending standards, poor governance and reduced risk premiums. As inflation has reemerged, interest rates have risen and asset prices have started to level off and even decline, investor fears could lead to a withdrawal of capital from commercial real estate lending markets creating a new gap – a new opportunity to be greedy ...