Gumption’s Q2 2026 CRE Lending Report, drawn from actual competing term sheets, shows banks holding near 6.5% while private lenders price above 9.7% and still win deals
CHATTANOOGA, Tenn., July 20, 2026 (GLOBE NEWSWIRE) — Gumption, the technology platform that matches commercial real estate (CRE) borrowers with competing lenders, released its Q2 2026 CRE Lending Report, a quarterly analysis of interest rates, leverage, and lender activity drawn from real term sheets submitted through its marketplace of more than 700 banks, credit unions, life insurance companies, and private debt funds.
Unlike market reports built on lender surveys or indicative rate sheets, the Gumption report reflects what lenders actually offered on live deals: an active pipeline of $642.8 million across 97 transactions, with term sheet data tracked since May 2024.
Key findings from Q2 2026:
- The rate decline has paused. The average rate across all loan and property types was 6.62% in Q2 2026, up 17 basis points from Q1. That follows three consecutive quarters of decline totaling more than 100 basis points from the mid-2025 average of 7.46%.
- Private credit carries a 329-basis-point premium, and borrowers pay it on purpose. Banks, credit unions, and insurance companies averaged 6.47% combined. Private lenders averaged 9.76%. The premium buys speed, leverage, and flexibility that institutional lenders will not underwrite, including quick funding, accelerated draw processes, and equity injected in parallel with draws rather than upfront.
- The cheapest and most expensive asset classes are 150 basis points apart. Industrial (6.51%) and multifamily (6.57%) priced lowest under conventional financing. Land (7.50%) and hospitality (7.10%) priced highest.
- Construction lending is expensive but genuinely competitive. Ground-up construction averaged 6.89%, the highest of any loan type, at an average 70.5% loan-to-cost. Construction rates have compressed roughly 175 basis points from their Q3 2024 peak of 8.75%, and lenders continue to submit competing term sheets on ground-up deals.
- Competition still moves terms. Borrowers on the platform received an average of four term sheets per deal, with the first arriving two days after submission. In one Q2 transaction, a net-lease retail refinance drew five formal term sheets, and the competitive process delivered a loan-to-value 20 to 25 points higher than several competing lenders had initially offered.
“Every rate survey in this industry asks lenders what they would hypothetically quote. We publish what they actually offered, because our platform is where those offers happen. The story this quarter is that the easy rate relief is over, and the gap between institutional and private capital is now wide enough that choosing the wrong lender type is a six-figure mistake,” said Jon Dickerson, Co-Founder and CEO of Gumption.
The full report, including rate and leverage breakdowns across 12 property types, lender category trends, and closed transaction case studies, is available for free at https://www.gumption.dev/reports/q2-2026-cre-lending-report.
The report is published quarterly; the Q3 2026 edition is scheduled for October.
About Gumption
Gumption is a technology-driven platform that helps commercial real estate investors and developers secure competitive debt and equity financing. Rather than approaching lenders one at a time, borrowers submit a deal once and receive competing term sheets from Gumption’s network of more than 700 banks, credit unions, life insurance companies, and private debt funds. Founded by commercial real estate owners and operators, Gumption is headquartered in Chattanooga, Tennessee, with team members across the Southeast, Midwest, and West Coast. Learn more at https://www.gumption.dev.
CONTACT: David Martin Heed Public Relations david@heedpr.com 423-788-5760
