Banks’ comeback, legacy constraints, and a reset market are redefining opportunities for private lenders
by Andrea Zander
In today’s fast-evolving real estate debt market, the reemergence of banks, shifting capital structures, and the lingering effects of legacy portfolios have reshaped both competition and opportunity for private lenders. In an interview with IREI, Chris Thomas, managing director at Blue Light Capital, West Coast originations, offers an inside perspective on how these dynamics are influencing institutional real estate investors, outlining why banks are returning, how private lenders are positioning themselves, and what institutional partners value most in the current environment. He also explores emerging trends in transitional and hospitality lending, the growing premium on execution certainty, and why clean-balance-sheet lenders are increasingly well positioned as the market recalibrates.