If you are hunting for $35M+ to fund your development or acquisition, you have almost certainly heard this response from a broker: "We have a lender who is really interested." In the retail market, interest usually means you are close to a deal. In the institutional market, interest is irrelevant. Institutional lenders are structured to display interest; that is how they build their pipeline. Soft "interest" from a junior analyst or a broker is not a commitment. It is noise that wastes months...

Moving Lenders from Soft Interest to Hard Intent:

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