Gumption’s Q3 2026 CRE Lending Report, drawn from actual competing term sheets, finds floating rates beat fixed on 80% of comparable deals as the yield curve steepens and lenders tighten spreads

CHATTANOOGA, Tenn., Oct. 06, 2026 (GLOBE NEWSWIRE) -- Gumption, the technology platform that matches commercial real estate (CRE) borrowers with competing lenders, released its Q3 2026 CRE Lending Report today, a quarterly analysis of interest rates 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 across the United States.

Unlike market reports built on lender surveys or indicative rate sheets, the Gumption report reflects what lenders actually offered on live deals over the past quarter. The latest data points to a notable shift in particular in the CRE lending market: that floating-rate financing is now frequently cheaper than fixed-rate debt.

On deals that received both fixed- and floating-rate term sheets during Q3, floating came in cheaper 80% of the time, by a median of 30 basis points (BPS). A steepening yield curve pushed the 5-year Treasury more than 100 basis points above the Secured Overnight Financing Rate (SOFR) by late September, helping make construction financing and short-term debt increasingly affordable compared to permanent fixed-rate debt.

Key findings from Q3 2026:

Floating is now cheaper than fixed. On deals receiving both fixed and floating term sheets, floating was cheaper on 80% of projects, with a median advantage of 30 basis points. With the 5-year Treasury more than 100 basis points above SOFR by late September, construction and bridge rates are now often lower than Treasury-based permanent debt.

Lenders have thinned spreads and improved terms. Despite an unfriendly rate environment, lenders are competing aggressively for business. Spreads on fixed-rate loans across all property types from 248 basis points over the 5-year Treasury in Q2 to 230 basis points in Q3. Lenders are also getting creative beyond rate, with the median interest-only period increasing from 12 to 18 months.

Private credit is growing more active. After accounting for 13% of term sheets submitted through Gumption in Q2, private lenders supplied 26% in Q3. The premium over conventional financing held near 300 basis points, but private credit’s presence was particularly pronounced in new construction, where private lenders issued half of all term sheets, up from one-quarter in Q2.

Lenders are differing more on rate and leverage. Among deals receiving multiple conventional quotes, the median difference between the best and worst rates grew to 75 basis points, up from 50 basis points in Q2. Maximum leverage offered differed by 10 percentage points, and on roughly two-thirds of deals, the lender offering the best rate also offered the most leverage.

“As the lending landscape grows more fragmented, using just one or two lenders for all your projects is leaving money on the table,” said Jon Dickerson, Co-Founder and CEO of Gumption. “It's only becoming more important to run a competitive process when seeking CRE debt.”

The full report, including additional rate and leverage data, lender trends, and transaction analysis, is available for free at https://www.gumption.dev/reports/q3-2026-cre-lending-report.

Gumption’s CRE Lending Report is published quarterly. The Q4 2026 edition is scheduled for early January 2027.

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: John Louzonis | john.louzonis@gumption.dev