{"id":1367,"date":"2026-08-10T06:54:18","date_gmt":"2026-08-10T06:54:18","guid":{"rendered":"https:\/\/www.soteriamarket.com\/?p=1367"},"modified":"2026-08-11T17:01:45","modified_gmt":"2026-08-11T17:01:45","slug":"banks_are_quietly_funding_their_own_competition","status":"publish","type":"post","link":"https:\/\/www.soteriamarket.com\/index.php\/2026\/08\/10\/banks_are_quietly_funding_their_own_competition\/","title":{"rendered":"Banks Are Quietly Funding Their Own Competition in Private Credit"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1367\" class=\"elementor elementor-1367\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9880dfc e-flex e-con-boxed e-con e-parent\" data-id=\"9880dfc\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-cec6891 elementor-widget elementor-widget-html\" data-id=\"cec6891\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\n<style>\n  :root {\n    --blue: #0B3ED4;\n    --blue-light: #3562e0;\n    --blue-dark: #092EB0;\n    --orange: #F77813;\n    --orange-light: #f99340;\n    --dark: #333335;\n    --dark-heading: #111111;\n    --light-bg: #F8F8F8;\n    --white: #FFFFFF;\n    --text-muted: rgba(51, 51, 53, 0.65);\n    --border: rgba(51, 51, 53, 0.12);\n  }\n\n  * { margin: 0; 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}\n\n  \/* Footer *\/\n  .site-footer {\n    text-align: center;\n    padding: 28px 48px;\n    font-size: 13px;\n    color: var(--text-muted);\n    border-top: 1px solid var(--border);\n  }\n\n  @media (max-width: 680px) {\n    .hero { padding: 48px 24px 40px; }\n    .hero h1 { font-size: 28px; }\n    .content { padding: 36px 24px 60px; }\n    .stat-row { flex-direction: column; gap: 16px; }\n    .site-header { padding: 14px 20px; }\n    .chart-block { padding: 24px 16px 20px; }\n  }\n<\/style>\n\n\n<!-- Header -->\n\n\n<!-- Hero -->\n<section class=\"hero\">\n  <div class=\"hero-inner\">\n    <div class=\"hero-label\">Market Insight &middot; August 2026<\/div>\n    <h1>Banks Are Quietly Funding Their Own<br>Competition in Private Credit<\/h1>\n    <p class=\"subtitle\">How regional and national banks are providing back-leverage to the very private credit funds that are reshaping CRE lending \u2014 and what it means for the market.<\/p>\n    <div class=\"hero-meta\">By Ofer Shapira &middot; 5 min read<\/div>\n  <\/div>\n<\/section>\n\n<!-- Content -->\n<article class=\"content\">\n\n  <p class=\"lead\">A strange thing is happening in commercial real estate lending. Banks are lending to the lenders who are taking their business. And they're doing it on purpose.<\/p>\n\n  <p>Since 2023, private credit has surged to fill the gap left by banks pulling back from CRE lending under tighter regulatory scrutiny. Private credit AUM has more than doubled from roughly $1 trillion in 2020 to over $2 trillion today, with projections of $4&ndash;5 trillion by the end of the decade. In CRE specifically, non-bank lending volume jumped 133% year-over-year in early 2026, while bank lending grew 80% over the same period.<\/p>\n\n  <p>But here's what the headlines miss: those two trends aren't opposing forces. They're deeply intertwined. Many of the same banks pulling back from direct CRE origination are actively providing the warehouse lines and repurchase facilities that fund the private credit managers replacing them.<\/p>\n\n  <div class=\"stat-row\">\n    <div class=\"stat-card\">\n      <div class=\"number\">145%<\/div>\n      <div class=\"label\">Growth in bank credit lines to private credit vehicles, 2020&ndash;2024<\/div>\n    <\/div>\n    <div class=\"stat-card\">\n      <div class=\"number orange\">$95B<\/div>\n      <div class=\"label\">Total bank credit lines to private credit funds as of 2024<\/div>\n    <\/div>\n    <div class=\"stat-card\">\n      <div class=\"number\">172 bps<\/div>\n      <div class=\"label\">Spread compression in direct lending since Q1 2023<\/div>\n    <\/div>\n  <\/div>\n\n  <h2>The Back-Leverage Play<\/h2>\n\n  <p>The mechanics are straightforward. Regional and national banks extend warehouse lines of credit and repo facilities to private credit funds. These funds use the leverage to originate CRE loans at rates and structures that banks themselves can't \u2014 or won't \u2014 offer directly. The banks earn a spread on the facility, typically SOFR plus 4&ndash;6%, while keeping the exposure classified as C&I (commercial and industrial) rather than CRE on their balance sheets. Under Basel III capital rules, that distinction means significantly lower capital requirements.<\/p>\n\n  <p>Between 2020 and 2024, the largest U.S. banks increased credit lines to private credit vehicles by roughly 145%, reaching approximately $95 billion. The growth shows no signs of slowing.<\/p>\n\n  <!-- Chart 1: Bank Credit Lines -->\n  <div class=\"chart-block\">\n    <h3>Bank Credit Lines to Private Credit Vehicles<\/h3>\n    <div class=\"chart-subtitle\">Estimated outstanding facilities from major U.S. banks ($B)<\/div>\n    <div class=\"chart-wrapper\">\n      <canvas id=\"chartCreditLines\"><\/canvas>\n    <\/div>\n    <div class=\"chart-source\">Source: Paul Weiss, S&P Global Market Intelligence, Soteria Market estimates<\/div>\n  <\/div>\n\n  <p>It's a rational trade for both sides. Banks maintain exposure to CRE economics and earn predictable facility fees without holding the underlying loans on their balance sheets. Private credit managers get access to capital at scale, enabling them to compete on speed and flexibility in ways that traditional bank origination can't match.<\/p>\n\n  <div class=\"pull-quote\">\n    <p>\"We've backlevered ourselves essentially by financing some debt funds and causing that margin compression. We're competing against ourselves.\"<\/p>\n    <div class=\"attribution\">\u2014 Alan Isenstadt, KeyBank, via Bisnow<\/div>\n  <\/div>\n\n  <h2>The Spread Compression Problem<\/h2>\n\n  <p>This mutually beneficial arrangement has a side effect. As more capital flows into private credit \u2014 partly funded by the banks themselves \u2014 competition for quality deals intensifies. Global new-issue, direct lending spreads have fallen steadily, from 716 basis points in Q1 2023 to 544 basis points by year-end 2025. That's a 172-basis-point decline in under three years.<\/p>\n\n  <!-- Chart 2: Spread Compression -->\n  <div class=\"chart-block\">\n    <h3>Direct Lending Spread Compression<\/h3>\n    <div class=\"chart-subtitle\">Global new-issue, direct loan median spreads over SOFR (basis points)<\/div>\n    <div class=\"chart-wrapper\">\n      <canvas id=\"chartSpreads\"><\/canvas>\n    <\/div>\n    <div class=\"chart-source\">Source: McKinsey Global Private Markets Report 2025, CRED iQ, Soteria Market analysis<\/div>\n  <\/div>\n\n  <p>In CRE specifically, 10-year commercial mortgage spreads tightened 12 to 18 basis points across all four major property sectors in the first half of 2026. Deals that once attracted four or five competing bids now routinely see twenty-five lenders at the table.<\/p>\n\n  <h2>What Changed at the Banks<\/h2>\n\n  <p>The regulatory backdrop explains much of the shift. In April 2023, 67.4% of banks reported tightening CRE lending standards, driven by federal scrutiny of any bank whose CRE concentration exceeded 300% of total capital. By June 2025, that figure had dropped to just 9% \u2014 and by Q4 2025, banks easing CRE terms outnumbered those tightening for the first time since 2022.<\/p>\n\n  <!-- Chart 3: Lending Standards -->\n  <div class=\"chart-block\">\n    <h3>Banks Tightening CRE Lending Standards<\/h3>\n    <div class=\"chart-subtitle\">Share of banks reporting tighter CRE lending conditions (%)<\/div>\n    <div class=\"chart-wrapper\">\n      <canvas id=\"chartStandards\"><\/canvas>\n    <\/div>\n    <div class=\"chart-source\">Source: Federal Reserve Senior Loan Officer Survey, GAO, St. Louis Fed<\/div>\n  <\/div>\n\n  <p>Banks are back \u2014 but they're back in a different seat. Instead of competing purely on direct origination, many have found it more capital-efficient and strategically sound to operate one level up: providing the facilities that power the non-bank lenders now originating the loans banks once held.<\/p>\n\n  <h2>The Irony \u2014 and the Opportunity<\/h2>\n\n  <p>The resulting dynamic creates a paradox. Banks are financing the very funds whose growth is compressing the margins on the banks' own direct lending. They're simultaneously the suppliers and the competitors.<\/p>\n\n  <p>For borrowers, this is largely positive. More capital, more options, tighter pricing. For the market as a whole, the intertwining of bank and non-bank balance sheets raises questions that regulators are watching closely \u2014 especially as approximately $1.5 trillion in CRE loans mature between 2024 and 2026, creating refinancing pressure that both banks and private credit managers will need to absorb.<\/p>\n\n  <p>But what this evolving structure really underscores is the growing need for infrastructure that matches the complexity of the capital flows. Loans are being originated by non-bank lenders, funded by bank warehouse lines, and increasingly traded on secondary platforms. The plumbing needs to keep up with the market it serves.<\/p>\n\n  <p>At Soteria Market, we're building exactly that plumbing \u2014 the technology and marketplace infrastructure for private credit and loan trading. As the lines between bank and non-bank lending continue to blur, the ability to efficiently price, trade, and manage these assets across the capital stack isn't a luxury. It's the foundation the next chapter of this market will be built on.<\/p>\n\n<\/article>\n\n<!-- Footer CTA -->\n<section class=\"footer-cta\">\n  <h2>Unlock Liquidity in Private Credit<\/h2>\n  <p>Soteria Market connects lenders and institutional buyers through AI-powered infrastructure for loan trading.<\/p>\n  <a href=\"https:\/\/www.soteriamarket.com\/#Contact\" class=\"cta-btn\">Request a Demo<\/a>\n<\/section>\n\n<!-- Footer -->\n<footer class=\"site-footer\">\n  &copy; 2026 Soteria Market. All rights reserved. &nbsp;|&nbsp; This article is for informational purposes only and does not constitute financial advice.\n<\/footer>\n<script src=\"https:\/\/cdn.jsdelivr.net\/npm\/chart.js@4.4.0\/dist\/chart.umd.min.js\"><\/script>\n\n<!-- Charts -->\n<script>\nconst blue = '#0B3ED4';\nconst blueLt = 'rgba(11, 62, 212, 0.12)';\nconst orange = '#F77813';\nconst orangeLt = 'rgba(247, 120, 19, 0.12)';\nconst gridColor = 'rgba(51,51,53,0.08)';\nconst tickColor = 'rgba(51,51,53,0.5)';\n\nconst defaultFont = { family: \"'Inter', sans-serif\", size: 12, weight: '500' };\nconst titleFont = { family: \"'Poppins', sans-serif\", size: 13, weight: '600' };\n\nChart.defaults.font = defaultFont;\nChart.defaults.color = tickColor;\n\n\/\/ Chart 1: Bank Credit Lines\nnew Chart(document.getElementById('chartCreditLines'), {\n  type: 'bar',\n  data: {\n    labels: ['2020', '2021', '2022', '2023', '2024'],\n    datasets: [{\n      label: 'Credit Lines ($B)',\n      data: [39, 51, 64, 79, 95],\n      backgroundColor: blue,\n      borderRadius: 6,\n      borderSkipped: false,\n      barThickness: 48\n    }]\n  },\n  options: {\n    responsive: true,\n    maintainAspectRatio: true,\n    aspectRatio: 2.2,\n    plugins: {\n      legend: { display: false },\n      tooltip: {\n        backgroundColor: '#111',\n        titleFont: titleFont,\n        bodyFont: defaultFont,\n        padding: 12,\n        cornerRadius: 8,\n        callbacks: {\n          label: ctx => ' $' + ctx.parsed.y + 'B'\n        }\n      }\n    },\n    scales: {\n      x: {\n        grid: { display: false },\n        ticks: { font: { ...defaultFont, size: 13 } }\n      },\n      y: {\n        beginAtZero: true,\n        max: 110,\n        grid: { color: gridColor },\n        ticks: {\n          callback: v => '$' + v + 'B',\n          font: defaultFont,\n          stepSize: 25\n        }\n      }\n    }\n  }\n});\n\n\/\/ Chart 2: Spread Compression\nnew Chart(document.getElementById('chartSpreads'), {\n  type: 'line',\n  data: {\n    labels: ['Q1 2023', 'Q2 2023', 'Q3 2023', 'Q4 2023', 'Q1 2024', 'Q2 2024', 'Q3 2024', 'Q4 2024', 'Q1 2025', 'Q2 2025', 'Q3 2025', 'Q4 2025'],\n    datasets: [{\n      label: 'Median Spread (bps)',\n      data: [716, 700, 682, 666, 648, 630, 615, 596, 582, 568, 555, 544],\n      borderColor: orange,\n      backgroundColor: orangeLt,\n      borderWidth: 3,\n      pointBackgroundColor: orange,\n      pointBorderColor: '#fff',\n      pointBorderWidth: 2,\n      pointRadius: 4,\n      pointHoverRadius: 7,\n      fill: true,\n      tension: 0.35\n    }]\n  },\n  options: {\n    responsive: true,\n    maintainAspectRatio: true,\n    aspectRatio: 2.2,\n    plugins: {\n      legend: { display: false },\n      tooltip: {\n        backgroundColor: '#111',\n        titleFont: titleFont,\n        bodyFont: defaultFont,\n        padding: 12,\n        cornerRadius: 8,\n        callbacks: {\n          label: ctx => ' ' + ctx.parsed.y + ' bps'\n        }\n      }\n    },\n    scales: {\n      x: {\n        grid: { display: false },\n        ticks: {\n          font: { ...defaultFont, size: 11 },\n          maxRotation: 45,\n          minRotation: 0\n        }\n      },\n      y: {\n        min: 500,\n        max: 750,\n        grid: { color: gridColor },\n        ticks: {\n          callback: v => v + ' bps',\n          font: defaultFont,\n          stepSize: 50\n        }\n      }\n    }\n  }\n});\n\n\/\/ Chart 3: Lending Standards\nnew Chart(document.getElementById('chartStandards'), {\n  type: 'bar',\n  data: {\n    labels: ['Q1 2022', 'Q3 2022', 'Q1 2023', 'Q2 2023', 'Q4 2023', 'Q2 2024', 'Q4 2024', 'Q2 2025', 'Q4 2025'],\n    datasets: [{\n      label: '% Banks Tightening',\n      data: [24, 42, 60, 67.4, 48, 32, 20, 9, 5],\n      backgroundColor: (ctx) => {\n        return ctx.parsed.y > 50 ? orange : ctx.parsed.y > 25 ? 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By Ofer Shapira &middot; 5 min read A strange thing is happening in commercial [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1378,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[14,10],"tags":[],"class_list":["post-1367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insights","category-news"],"_links":{"self":[{"href":"https:\/\/www.soteriamarket.com\/index.php\/wp-json\/wp\/v2\/posts\/1367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.soteriamarket.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.soteriamarket.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.soteriamarket.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.soteriamarket.com\/index.php\/wp-json\/wp\/v2\/comments?post=1367"}],"version-history":[{"count":11,"href":"https:\/\/www.soteriamarket.com\/index.php\/wp-json\/wp\/v2\/posts\/1367\/revisions"}],"predecessor-version":[{"id":1383,"href":"https:\/\/www.soteriamarket.com\/index.php\/wp-json\/wp\/v2\/posts\/1367\/revisions\/1383"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.soteriamarket.com\/index.php\/wp-json\/wp\/v2\/media\/1378"}],"wp:attachment":[{"href":"https:\/\/www.soteriamarket.com\/index.php\/wp-json\/wp\/v2\/media?parent=1367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.soteriamarket.com\/index.php\/wp-json\/wp\/v2\/categories?post=1367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.soteriamarket.com\/index.php\/wp-json\/wp\/v2\/tags?post=1367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}