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 re-emerged, 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...