167 bps of rate compression across 6 quarters
The platform-wide quarterly average peaked at in Q2 2024 and troughed at in Q1 2026, a 167 bps decline over six consecutive quarters. Q2 2026 closed at 6.62%, up 15 bps from Q1's trough.
CRE Loan Intelligence
Average rates, leverage, and lender activity drawn from real term sheets submitted on the Gumption platform. Southeast Capital Markets · Q2 2026.
Report Period
April - June 2026
Data History
May 2024 - June 2026
Active Pipeline
$642.8M / 97 Deals
Lender Network
700+ Financial Institutions & Funds
Section 01
Key findings
What every active Southeast CRE operator should know heading into Q3 2026, sourced exclusively from deal and term sheet data processed through the Gumption platform.
Private lenders carry a 329 bps premium over all other lender types
Banks, credit unions, and insurance companies averaged combined in Q2 2026. Private lenders averaged , a 329 bps premium reflecting transitional, higher-leverage, and time-sensitive deals that institutional lenders won't underwrite.
Industrial and mixed use are the cheapest to finance
Mixed use averaged in Q2 2026, the lowest of any tracked asset class. Industrial followed at . Land was the most expensive at 7.50%, followed by hospitality at 7.10%.
Construction is the highest-rate loan type, and lenders are still showing up
New construction averaged in Q2 2026, the highest rate of any loan type, with an average LTC of . Rates have compressed roughly 175 bps since the Q3 2024 peak of 8.75%, and lenders continue to submit competing term sheets on ground-up deals.
Section 02
Interest rate trends
Average interest rates on term sheets submitted through the Gumption platform from May 2024 through June 2026. Data reflects actual lender offers, not indicative quotes or rate sheets.
Average Interest Rate · All Property Types
6.62%Q2 2026 Avg
Peak 8.14% · Q2 2024
Trough 6.47% · Q1 2026
Compression −167 bps
Average Rate by Property Type
Monthly trend · May 2024 - June 2026
Average Rate by Loan Type
Monthly trend · May 2024 - June 2026
Retail
Average rate trend
Industrial
Average rate trend
Office
Average rate trend, mostly OOCRE
Section 03
Lender activity
A breakdown of term sheets submitted through the Gumption platform by lender category, including banks, CMBS conduits, credit unions, life companies, and private debt funds.
Rate by Lender Type
Monthly trend · Bank and Credit Union
Average Rate by Lender Category · Q2 2026
LifeCo 6.30% · CU 6.42% · Bank 6.69% · Private 9.76%
Most Active Category
Banks
Community and regional banks continue to submit the highest volume of term sheets across all property types on the platform.
Highest Avg. Rate
Private Lenders
Private debt funds price at a premium but offer the most flexibility on leverage, structure, and timeline for bridge and construction deals.
Most Competitive
Retail & Industrial
These asset types attract the highest number of competing term sheets per deal, where a competitive process can deliver the most value.
Deal Spotlight
In practice
Real transactions closed through the Gumption platform in Q2 2026, showing how the data translates into outcomes for active sponsors.
Extended-stay hotel construction financing
A southeastern development firm sought construction financing for a 122-room extended-stay hotel in the Four Corners area of Central Florida. The project carried a stabilized value of roughly $19M against a requested loan of $9.06M. Five lenders submitted formal terms across community banks and credit unions despite cautious hospitality appetite.
Loan Amount
$9.06M
Rate
SOFR + 2.35%
Loan Term
10 years
Amortization
25 years
Max LTC
65%
Origination
0.50%
Starbucks NNN retail refinance
A Southeast-based development firm sought to refinance a newly delivered drive-thru Starbucks secured by a new 10-year absolute NNN corporate lease. The property carried a stabilized value of roughly $3.8M against a requested loan of $2.45M. More than a dozen lenders were engaged and five submitted formal term sheets.
Loan Amount
$2.45M
Rate
5Y UST + 2.05%
Loan Term
5 years
Amortization
30 years
Max LTV
75%
DSCR
1.10x
117-unit single-family rental portfolio refinance
Alabama and Florida-based real estate operators sought to refinance a 117-unit SFR portfolio originally acquired in 2022. The portfolio generates $1.2M in gross rental income and $700,000 in NOI. By running banks, credit unions, and private lenders simultaneously, Gumption maintained momentum and prevented any single lender hesitation from stalling the deal.
Loan Amount
$7.035M
Rate
6.49% Fixed
Loan Term
5 years
Amortization
20 years
Max LTV
75%
Origination
0.50%
Section 04
Leverage
Average LTV, and LTC for construction, by loan type. Figures reflect what lenders actually offered, not maximum published LTV policies.
Leverage by Loan Type
Acquisition · Refinance · New Construction
Leverage holds through the cycle
~70%
Avg. construction LTC, steady all cycle
Even as rates compressed 167 bps, average leverage barely moved. Acquisition LTV held in the high 60s, refinance sat just above it, and construction LTC stayed near 70%. Lenders competed on price, not proceeds.
| Loan Type | Avg. Rate Range | Avg. Rate Q2 2026 | Avg. LTV / LTC | Typical Index |
|---|---|---|---|---|
| Acquisition | 6.20% - 8.44% | 6.54% | 67.3% | Various |
| Refinance | 6.21% - 8.47% | 6.58% | 69.2% | Various |
| New Construction | 6.11% - 8.75% | 6.89% | 70.5% LTC | SOFR + spread |
| Bridge | 6.25% - 7.50% | 6.25% | 63.3% | SOFR + spread |
Section 05
By property type
Rate and leverage comparison across asset classes. The spread between the highest- and lowest-rate property types exceeded 150 basis points in Q2 2026.
*Office, mostly OOCRE, reflects a sample composed primarily of owner-occupied commercial real estate loans and is not directly comparable to market-rate office lending.
Q2 2026 Avg. Rate by Asset Class
Ranked lowest to highest
Avg. LTV by Property Type · All-Time
Based on all term sheets submitted through the platform
| Property Type | Avg. Rate Q2 2026 | Avg. LTV | Avg. DSCR Required |
|---|---|---|---|
| Mixed Use | 6.27% | – | 1.23x |
| Industrial | 6.37% | 71.1% | 1.24x |
| Mobile Home Park | 6.53% | 71.0% | 1.28x |
| Multi-family | 6.56% | 72.7% | 1.25x |
| Storage | 6.59% | 71.7% | 1.25x |
| Retail | 6.78% | 71.9% | 1.24x |
| Residential | 6.79% | 77.0% | 1.26x |
| Healthcare | 7.01% | 76.3% | 1.23x |
| Hospitality | 7.10% | 66.1% | 1.26x |
| Office (mostly OOCRE) | 5.96%* | 71.6% | 1.26x |
| Land | 7.50% | 60.3% | 1.25x |
Methodology
Data & disclosures
All data in this report is sourced from the Gumption platform. Rate and spread figures reflect actual term sheets submitted by lenders in the Gumption network, not indicative quotes or published rate sheets. Data is anonymized and aggregated; no individual borrower or lender is identifiable from any figure in this report.
The Gumption CRE Lending Report is published quarterly. Figures are subject to revision as additional data is received. This report is provided for informational purposes only and does not constitute investment, legal, or financial advice. Copyright 2026 Gumption. Not for redistribution without written permission.