Commercial real estate transaction volume has risen throughout 2025. As banks pull back, leading private lenders such as New York–based Bravo Capital are stepping in to meet borrower demand with competitive leverage and tailored financing solutions. Here, founder and CEO Aaron Krawitz discusses borrower expectations and the evolving landscape for lending.

Q: As 2025 winds down, which Bravo financing products are seeing the most traction, and what’s driving that demand?

A: Our HUD and Bridge-to-HUD programs continue to set the standard in the market, while our construction and mezzanine offerings remain highly active, particularly in multifamily developments and office-to-residential conversions. Recent transactions include the financing of 175 Pearl Street in Brooklyn, a $125 million loan facilitating the transformation of a former office building into a 189-unit mixed-use multifamily and condominium project under the 467-M tax abatement program.

Bravo differentiates itself by offering the full capital stack under one platform, combining institutional balance sheet strength with the agility and responsiveness of an entrepreneurial lender.

Q: Are you expecting a pickup in deal volume to close out the year? Is this a typical year end push or a real shift in momentum?

A: The market is showing a genuine shift in momentum. After an extended period of caution, borrowers are returning with renewed conviction. In Q3, we closed a $49.6-million lease-up refinance in Bayonne, NJ and a $170-million construction loan in Miami, and we anticipate several additional term sheets and transactions to close before year-end amid a marked increase in deal flow. Our pipeline is the strongest it has been since 2021, with particularly heightened activity in New York, Florida, and Texas. Across these markets, the common thread is clear: borrowers are seeking lenders who deliver both certainty and speed—qualities that have been at the heart of Bravo’s DNA since day one.

Q: Looking to 2026, how do you see the lending landscape evolving?

A: We’re entering an environment that is both more stable and more selective. Capital remains available, but borrowers are prioritizing lenders with scale, creativity, and reliability of close. With a $400-million institutional capital commitment and over $1.8 billion deployed since inception, Bravo is uniquely positioned to offer both financial strength and execution certainty, a combination that will define the leading platforms in 2026 and beyond. In the New York metro area, specifically, the market continues to shift meaningfully. The persistent shortage of rental housing and the introduction of the 485x tax abatement program are prompting developers to pursue smaller projects under 100 units to avoid more stringent labor requirements. Bravo has seen growing opportunity through the 467m program, which facilitates commercial to residential conversions.

Q: What themes will define the next era of real estate credit? Technology, transparency, speed, or something else?

A: The next era will be defined by precision and performance. While technology can enhance efficiency, sound credit judgment and disciplined underwriting remain essential. Bravo’s capacity to close in as little as nine days underscores that true sophistication comes from marrying speed with rigor. The future will favor lenders who act decisively while upholding institutional-grade discipline.

Q: Bravo often talks about combining institutional discipline with entrepreneurial agility. How does that shape your approach heading into 2026?

A: As market conditions evolve, our dual-track approach allows us to scale thoughtfully, continue innovating on capital structures, and maintain the reliability that borrowers increasingly demand. We combine the governance, process, and credit standards of a large institution with the creativity and urgency of an owner-operator. Borrowers engage directly with senior decision-makers who understand their business and can craft capital solutions that adapt to evolving market conditions. It’s a rare balance, pairing institutional capability with entrepreneurial execution, that defines Bravo’s approach heading into 2026. And with recognition such as Alternative Lender of the Year from PERE Credit, Bravo continues to demonstrate that disciplined innovation and reliable performance can coexist at scale.