Mercury Capital Partners
Insights

What lenders really want.

Plain-English explainers on the math behind CRE financing, written by advisors and built to pair with our tools.

The math behind the market
Pillar 01 · Featured guide

How Lenders Size Commercial Real Estate Loans

Most owners learn how much debt their property supports only after they’ve gone to market. That’s backwards. Lenders size loans against a short list of constraints (debt service coverage, debt yield, and loan-to-value), and whichever is tightest sets your proceeds. This guide walks through each constraint, how they interact, and how to know which one is binding your deal before you ever send a package.

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Capital stack and underwriting visualization
More explainers

The metrics, one at a time.

Perspectives

What we’re seeing in the market.

Bylined pieces from the Mercury team on the lenders, rates and deals shaping CRE financing right now.

White paper · CRE credit
Know What You Own: CRE Credit at the End of Extend-and-Pretend
Most 2021 and 2022 CRE loans cannot refinance at par, but only some are true losses. A framework for sorting liquidity gaps from solvency gaps, loan by loan.
By Andrew Shook · Oct 16, 2026
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Chart: the refinance gap on 2021 loans by property type, from multifamily at -39% to retail at 0%
Multifamily · Refinancing
Cash-In Refis Are Back. Here’s How Multifamily GPs Can Pivot
Maturing loans, higher rates and lower values are forcing multifamily sponsors into cash-in refis. Four ways GPs can still win financing.
By Andrew Shook · Sep 24, 2026
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Chart: a $7.5 million bridge loan payoff next to a $5.5 million new loan at 65% LTV, with a $2 million cash-to-close gap stacked on top

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