Banks Have the Cheapest Money, But Also Narrowest Box

A borrower with a good deal gets told no by a bank every day. Usually it is not because the deal is bad. Banks have limits on which areas they will lend in and which assets they will touch, and when they hit the quota for the month, good deals get declined. Same borrower, same property, two weeks earlier, and the answer probably would have been yes. That is not underwriting. That is a calendar.