Articles
Plain-English commercial financing.
Explainers on agency, HUD, CMBS, bank, and bridge debt, written by the desk that arranges it, alongside Business with Blake, the founder’s notes on markets and the economy. Organized by date, newest first.
Fannie Mae vs. Freddie Mac Multifamily Loans
Both agencies fund apartments at scale, on similar core terms, through competing lender networks. The differences that matter are in prepayment, rate lock, market tiers, and program fit.
Read the article Jul 14, 2026 · Government-insuredHUD 223(f) Loans, Explained
A 35-year fixed, fully amortizing, non-recourse refinance or acquisition loan for stabilized apartments. Here is what it costs, how long it takes, and when it beats agency.
Read the article Jul 14, 2026 · UnderwritingDSCR, LTV, and Debt Yield: How Lenders Size Your Loan
Every quote is the output of three constraints, and the smallest answer wins. Understanding the mechanism is the difference between negotiating proceeds and guessing.
Read the article Jun 4, 2025 · Business with BlakeDon't Panic, but Commercial Real Estate Already Crashed
There's not yet enough liquidity in the CRE market for transactions to bear it out, but it's happened. What that means, where the risk sits, and what comes next. From the founder's desk.
Read the post Jun 4, 2025 · Business with BlakeInterest Rates: Predicting the Unpredictable
Everyone wants to ask me where I think rates are going, and everyone wants to tell me where they see them going. What shocks me about these conversations is the certainty.
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