THE STOCK MARKET GOT CHAMPAGNE. THE LENDERS GOT A SPREADSHEET.
Wall Street is celebrating. The credit markets would like a word.
📈 S&P 500: 7,811.54 after Friday's rally.
💰 10 year Treasury: 5.24%.
🏠 Mortgage rates: 7.40%.
🤖 Waymo: $5 billion in new debt financing.
🌍 SoftBank: reportedly seeking up to $100 billion from Gulf investors.
🏢 Commercial real estate: CMBS delinquencies reach 8.02%.
Here's the contradiction. Institutional capital is still financing extraordinary growth, but conventional borrowers are facing increasingly unforgiving underwriting.
The money isn't disappearing. It's becoming more selective about collateral, cash flow, and control…
The skinny
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