Fidelity Bancorp Funding

𝗧𝗵𝗲 𝗡𝗲𝘅𝘁 𝗕𝗶𝗴 𝗦𝗵𝗶𝗳𝘁 𝗶𝗻 𝗥𝗲𝗮𝗹 𝗘𝘀𝘁𝗮𝘁𝗲 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴: 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗖𝗿𝗲𝗱𝗶𝘁 Private credit is no longer reserved for institutions and ultra-high-net-worth investors; it’s opening up to a much broader audience. Thanks to new fund structures and technology-driven platforms, individual investors can now access an asset class that was once behind high barriers to entry. This shift is more than just financial innovation, it’s reshaping how capital flows into real estate deals, particularly in competitive markets like Southern California. 𝗙𝗼𝗿 𝗕𝗼𝗿𝗿𝗼𝘄𝗲𝗿𝘀: Expanded liquidity and faster access to capital, supporting projects from value-add renovations to ground-up construction. 𝗙𝗼𝗿 𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀: A powerful diversification strategy, combining yield and security through real estate-backed lending. As our President, Charlie Woo, put it: “𝘞𝘦 𝘴𝘦𝘦 𝘢 𝘩𝘶𝘨𝘦 𝘸𝘪𝘯-𝘸𝘪𝘯 𝘰𝘱𝘱𝘰𝘳𝘵𝘶𝘯𝘪𝘵𝘺 𝘵𝘰 𝘮𝘢𝘵𝘤𝘩 𝘱𝘳𝘪𝘷𝘢𝘵𝘦 𝘧𝘶𝘯𝘥 𝘤𝘢𝘱𝘪𝘵𝘢𝘭 𝘸𝘪𝘵𝘩 𝘵𝘩𝘦 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘯𝘨 𝘯𝘦𝘦𝘥𝘴 𝘰𝘧 𝘴𝘵𝘳𝘰𝘯𝘨 𝘳𝘦𝘢𝘭 𝘦𝘴𝘵𝘢𝘵𝘦 𝘣𝘰𝘳𝘳𝘰𝘸𝘦𝘳𝘴 𝘫𝘶𝘴𝘵 𝘢𝘴 𝘵𝘳𝘢𝘥𝘪𝘵𝘪𝘰𝘯𝘢𝘭 𝘴𝘰𝘶𝘳𝘤𝘦𝘴 𝘰𝘧 𝘤𝘢𝘱𝘪𝘵𝘢𝘭 𝘭𝘪𝘬𝘦 𝘣𝘢𝘯𝘬𝘴 𝘣𝘦𝘤𝘰𝘮𝘦 𝘮𝘰𝘳𝘦 𝘤𝘰𝘯𝘴𝘵𝘳𝘢𝘪𝘯𝘦𝘥.” At Fidelity Bancorp Funding, we’ve embraced this evolution from the start, operating as both a direct lender and a private REIT open to individual investors. With private credit gaining momentum, we believe this is only the beginning of a long-term transformation in how real estate is financed. To learn more, check out the full insights in the comment section below!

𝗙𝗶𝗱𝗲𝗹𝗶𝘁𝘆 𝗕𝗮𝗻𝗰𝗼𝗿𝗽 𝗙𝘂𝗻𝗱𝗶𝗻𝗴 𝗘𝘅𝗽𝗮𝗻𝗱𝘀 𝘁𝗼 𝗗𝗮𝗹𝗹𝗮𝘀, 𝗪𝗲𝗹𝗰𝗼𝗺𝗶𝗻𝗴 𝗗𝗮𝗿𝘆𝗹 𝗪𝗶𝗹𝘀𝗼𝗻 𝗮𝘀 𝗔𝘀𝘀𝗼𝗰𝗶𝗮𝘁𝗲 𝗗𝗶𝗿𝗲𝗰𝘁𝗼𝗿 We’re excited to announce that Daryl Wilson has joined Fidelity Bancorp Funding as Associate Director, leading the expansion of our new Dallas office. With nearly a decade of experience in mortgage banking, finance, and market analysis, including asset management for Fortune 500 banks, Daryl brings both expertise and leadership to our growing team. His contributions extend beyond the workplace, serving on boards and committees with the Mortgage Bankers Association (MBA), Urban Land Institute (ULI) Dallas–Fort Worth, and African American Real Estate Professionals (AAREP DFW). This expansion builds on our strong West Coast presence and positions FBF to better serve clients across Texas and other high-growth markets with the same creativity, speed, and certainty of execution that define our approach. “𝘐’𝘮 𝘦𝘹𝘤𝘪𝘵𝘦𝘥 𝘵𝘰 𝘫𝘰𝘪𝘯 𝘍𝘪𝘥𝘦𝘭𝘪𝘵𝘺 𝘉𝘢𝘯𝘤𝘰𝘳𝘱 𝘍𝘶𝘯𝘥𝘪𝘯𝘨 𝘢𝘴 𝘈𝘴𝘴𝘰𝘤𝘪𝘢𝘵𝘦 𝘋𝘪𝘳𝘦𝘤𝘵𝘰𝘳 𝘢𝘯𝘥 𝘵𝘰 𝘭𝘦𝘢𝘥 𝘵𝘩𝘦 𝘦𝘹𝘱𝘢𝘯𝘴𝘪𝘰𝘯 𝘰𝘧 𝘰𝘶𝘳 𝘋𝘢𝘭𝘭𝘢𝘴 𝘰𝘧𝘧𝘪𝘤𝘦. 𝘛𝘩𝘪𝘴 𝘳𝘰𝘭𝘦 𝘱𝘳𝘦𝘴𝘦𝘯𝘵𝘴 𝘢𝘯 𝘪𝘯𝘤𝘳𝘦𝘥𝘪𝘣𝘭𝘦 𝘰𝘱𝘱𝘰𝘳𝘵𝘶𝘯𝘪𝘵𝘺 𝘵𝘰 𝘣𝘶𝘪𝘭𝘥 𝘰𝘯 𝘰𝘶𝘳 𝘴𝘵𝘳𝘰𝘯𝘨 𝘞𝘦𝘴𝘵 𝘊𝘰𝘢𝘴𝘵 𝘱𝘳𝘦𝘴𝘦𝘯𝘤𝘦 𝘢𝘯𝘥 𝘣𝘳𝘪𝘯𝘨 𝘵𝘩𝘢𝘵 𝘮𝘰𝘮𝘦𝘯𝘵𝘶𝘮 𝘵𝘰 𝘛𝘦𝘹𝘢𝘴, 𝘸𝘩𝘪𝘭𝘦 𝘢𝘭𝘴𝘰 𝘱𝘰𝘴𝘪𝘵𝘪𝘰𝘯𝘪𝘯𝘨 𝘶𝘴 𝘧𝘰𝘳 𝘨𝘳𝘰𝘸𝘵𝘩 𝘪𝘯 𝘭𝘢𝘳𝘨𝘦𝘳 𝘮𝘢𝘳𝘬𝘦𝘵𝘴 𝘸𝘩𝘦𝘳𝘦 𝘸𝘦 𝘴𝘦𝘦 𝘵𝘳𝘦𝘮𝘦𝘯𝘥𝘰𝘶𝘴 𝘱𝘰𝘵𝘦𝘯𝘵𝘪𝘢𝘭. 𝘐 𝘭𝘰𝘰𝘬 𝘧𝘰𝘳𝘸𝘢𝘳𝘥 𝘵𝘰 𝘭𝘦𝘷𝘦𝘳𝘢𝘨𝘪𝘯𝘨 𝘵𝘩𝘦 𝘳𝘦𝘭𝘢𝘵𝘪𝘰𝘯𝘴𝘩𝘪𝘱𝘴 𝘐’𝘷𝘦 𝘣𝘶𝘪𝘭𝘵 𝘢𝘤𝘳𝘰𝘴𝘴 𝘢𝘴𝘴𝘦𝘵 𝘮𝘢𝘯𝘢𝘨𝘦𝘮𝘦𝘯𝘵 𝘢𝘯𝘥 𝘣𝘢𝘯𝘬𝘪𝘯𝘨 𝘵𝘰 𝘥𝘦𝘭𝘪𝘷𝘦𝘳 𝘤𝘳𝘦𝘢𝘵𝘪𝘷𝘦 𝘴𝘰𝘭𝘶𝘵𝘪𝘰𝘯𝘴 𝘧𝘰𝘳 𝘰𝘶𝘳 𝘤𝘭𝘪𝘦𝘯𝘵𝘴 𝘢𝘯𝘥 𝘥𝘳𝘪𝘷𝘦 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘪𝘤 𝘨𝘳𝘰𝘸𝘵𝘩.” — 𝘿𝙖𝙧𝙮𝙡 𝙒𝙞𝙡𝙨𝙤𝙣, 𝘼𝙨𝙨𝙤𝙘𝙞𝙖𝙩𝙚 𝘿𝙞𝙧𝙚𝙘𝙩𝙤𝙧, 𝙁𝙞𝙙𝙚𝙡𝙞𝙩𝙮 𝘽𝙖𝙣𝙘𝙤𝙧𝙥 𝙁𝙪𝙣𝙙𝙞𝙣𝙜 Please join us in welcoming Daryl Wilson to the team! We look forward to the impact he’ll make as we continue to grow!

𝗪𝗵𝗮𝘁 𝗪𝗶𝗹𝗹 𝗥𝗲𝗮𝗹𝗹𝘆 𝗠𝗼𝘃𝗲 𝘁𝗵𝗲 𝗡𝗲𝗲𝗱𝗹𝗲 𝗼𝗻 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗔𝗳𝗳𝗼𝗿𝗱𝗮𝗯𝗶𝗹𝗶𝘁𝘆? Housing affordability is one of the most pressing issues in today’s market and one that is often oversimplified. Many assume the federal government is responsible for making housing affordable, but the reality is more nuanced. 𝗙𝗲𝗱𝗲𝗿𝗮𝗹 𝗴𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁 plays a role in setting broad economic conditions like job growth, wage growth, and monetary policies that affect affordability. 𝗦𝘁𝗮𝘁𝗲 𝗮𝗻𝗱 𝗹𝗼𝗰𝗮𝗹 𝗴𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁𝘀 directly shape supply through zoning laws, regulations, and development timelines that determine how quickly and easily housing can be built. Over the last 20 years, affordability has fluctuated significantly, yet U.S. homeownership has remained within a fairly narrow range of 63–70% over the last six decades. Recent declines may reflect COVID-era dynamics and demographic shifts, rather than a permanent break from that long-term trend. The real challenge lies in supply. Demand for housing is almost always present, and programs such as down payment assistance and government-backed mortgages can increase access. But without adequate supply, these demand-side efforts can actually push prices higher. That’s why the most unaffordable housing markets, with five of the top ten in California, share one common trait: 𝘀𝗲𝘃𝗲𝗿𝗲 𝘀𝘂𝗽𝗽𝗹𝘆 𝗿𝗲𝘀𝘁𝗿𝗶𝗰𝘁𝗶𝗼𝗻𝘀. Improving affordability will require saying “𝘺𝘦𝘴” to housing through relaxed regulations, faster approvals and pro-housing policies that support density and new development. These measures aren’t without trade-offs as they may change the character of neighborhoods, impact existing homeowners, and challenge environmental processes. At Fidelity Bancorp Funding, we believe housing affordability won’t be solved by one policy or one program. It requires coordinated efforts across federal, state, and local levels, with a willingness to make difficult but necessary changes that expand supply while maintaining economic balance. To learn how we can help, visit our website:

𝗠𝗮𝗿𝗸𝗲𝘁 𝗠𝗼𝗺𝗲𝗻𝘁𝘂𝗺 & 𝗟𝗲𝗻𝗱𝗶𝗻𝗴 𝗧𝗿𝗲𝗻𝗱𝘀: 𝗪𝗵𝗮𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 𝗦𝗵𝗼𝘂𝗹𝗱 𝗞𝗻𝗼𝘄 At Fidelity Bancorp Funding, 2025 has been marked by strong growth. By the close of Q2, our direct bridge fund had already surpassed its total 2024 origination volume, which is a reflection of both refined execution and a shifting market landscape. Recent data from CBRE supports what we’re seeing: - Financing activity up 45% year-over-year in Q2, with alternative lenders leading at 34% of loan closings. - Multifamily spreads over the 10-year Treasury have compressed to ~150 bps, among the lowest in 15 years. - Debt yield benchmarks suggest an 8.04% requirement at a 1.20x DSCR—critical for value-add underwriting. Yet, while momentum is encouraging, caution remains key. Rising delinquencies and the looming “maturity wall” could test investors in the months ahead. For those able to move strategically, particularly in sub-$10M multifamily deals, today’s environment presents meaningful opportunities, balanced with the need for prudent risk management. To learn more, check out full insights from Fidelity Bancorp Funding, Senior Loan Officer Dillon Freeman, CFA in the comment section below!

𝗝𝗨𝗦𝗧 𝗖𝗟𝗢𝗦𝗘𝗗 | $𝟮.𝟭𝗠 𝗗𝗦𝗖𝗥 𝗟𝗼𝗮𝗻 | 𝟳 𝗦𝗙𝗥𝘀/𝗖𝗼𝗻𝗱𝗼𝘀 | 𝗡𝗮𝘀𝗵𝘃𝗶𝗹𝗹𝗲, 𝗧𝗡 $2.1 million purchase loan completed for the acquisition of seven SFR and condo units in Nashville, Tennessee. The sponsor acquired the properties through a 1031 exchange involving five different sellers and multiple trusts, resulting in a highly complex structure. Dillon Freeman, CFAarranged a DSCR loan that consolidated the acquisitions into a single loan, expertly streamlining the process and delivering more favorable terms than conventional lenders.

𝗠𝗮𝗿𝗸𝗲𝘁 𝗠𝗼𝗺𝗲𝗻𝘁𝘂𝗺 𝗮𝗻𝗱 𝗟𝗲𝗻𝗱𝗶𝗻𝗴 𝗧𝗿𝗲𝗻𝗱𝘀: 𝗤𝟮 𝗨𝗽𝗱𝗮𝘁𝗲 At Fidelity Bancorp Funding, momentum has been building all year and by the close of Q2, our direct bridge fund had already surpassed all of 2024’s origination volume. Naturally, the question came up: 𝗜𝘀 𝘁𝗵𝗶𝘀 𝗽𝘂𝗿𝗲𝗹𝘆 𝘁𝗵𝗲 𝗿𝗲𝘀𝘂𝗹𝘁 𝗼𝗳 𝘀𝘁𝗿𝗼𝗻𝗴𝗲𝗿 𝗲𝘅𝗲𝗰𝘂𝘁𝗶𝗼𝗻 𝗼𝗻 𝗼𝘂𝗿 𝘀𝗶𝗱𝗲, 𝗼𝗿 𝗶𝘀 𝘁𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝗯𝗲𝗴𝗶𝗻𝗻𝗶𝗻𝗴 𝘁𝗼 𝘀𝗵𝗶𝗳𝘁 𝗶𝗻 𝗼𝘂𝗿 𝗳𝗮𝘃𝗼𝗿? Recent research from CBRE suggests it’s a bit of both. “𝘛𝘩𝘦 𝘊𝘉𝘙𝘌 𝘓𝘦𝘯𝘥𝘪𝘯𝘨 𝘔𝘰𝘮𝘦𝘯𝘵𝘶𝘮 𝘐𝘯𝘥𝘦𝘹 𝘳𝘰𝘴𝘦 45% 𝘺𝘦𝘢𝘳-𝘰𝘷𝘦𝘳-𝘺𝘦𝘢𝘳 𝘪𝘯 𝘘2, 𝘢𝘴 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘯𝘨 𝘢𝘮𝘰𝘶𝘯𝘵𝘴 𝘤𝘰𝘯𝘵𝘪𝘯𝘶𝘦𝘥 𝘵𝘰 𝘪𝘯𝘤𝘳𝘦𝘢𝘴𝘦,” 𝘥𝘦𝘴𝘱𝘪𝘵𝘦 𝘢 𝘮𝘰𝘥𝘦𝘴𝘵 𝘱𝘶𝘭𝘭𝘣𝘢𝘤𝘬 𝘵𝘪𝘦𝘥 𝘵𝘰 𝘵𝘢𝘳𝘪𝘧𝘧 𝘶𝘯𝘤𝘦𝘳𝘵𝘢𝘪𝘯𝘵𝘺. Key takeaways from CBRE’s latest reports: 𝗔𝗹𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝘃𝗲 𝗹𝗲𝗻𝗱𝗲𝗿𝘀 𝗹𝗲𝗮𝗱 𝘁𝗵𝗲 𝘄𝗮𝘆 – Non-agency lending was dominated by alternative lenders (34% of Q2 loan closings), followed by banks (24%) and life companies (23%). 𝗠𝘂𝗹𝘁𝗶𝗳𝗮𝗺𝗶𝗹𝘆 𝘀𝗽𝗿𝗲𝗮𝗱𝘀 𝘁𝗶𝗴𝗵𝘁𝗲𝗻 – Spreads over the 10-year Treasury have fallen to near 15-year lows, currently around 150 bps. 𝗗𝗲𝗯𝘁 𝘆𝗶𝗲𝗹𝗱 𝗯𝗲𝗻𝗰𝗵𝗺𝗮𝗿𝗸𝘀 – An average loan constant of 6.7% implies a required debt yield of 8.04% at a 1.20x DSCR—an important guidepost for value-add multifamily investors. 𝗦𝗺𝗮𝗹𝗹 𝗹𝗼𝗮𝗻𝘀, 𝗵𝗶𝗴𝗵𝗲𝗿 𝗿𝗮𝘁𝗲𝘀 – Nearly 70% of loans under $10M carried rates above 6%. At FBF, we specialize in sub-$10M loans and are regularly executing multifamily deals below 6%—without requiring buydowns. While the momentum is encouraging, delinquency rates are still edging upward across most asset classes and debt sources. Whether this leads to a broader default wave as the “𝘮𝘢𝘵𝘶𝘳𝘪𝘵𝘺 𝘸𝘢𝘭𝘭” approaches remains to be seen, but it’s something we’re watching closely. To explore how these market trends could shape your next financing strategy, visit our website: https://www.fbfloans.com/

𝗙𝗿𝗼𝗺 𝗪𝗮𝗹𝗹 𝗦𝘁𝗿𝗲𝗲𝘁 𝘁𝗼 𝗠𝗮𝗶𝗻 𝗦𝘁𝗿𝗲𝗲𝘁: 𝗔 𝗕𝗼𝗹𝗱 𝗠𝗼𝘃𝗲 𝗳𝗼𝗿 𝗟𝗼𝗻𝗴-𝗧𝗲𝗿𝗺 𝗦𝘂𝗰𝗰𝗲𝘀𝘀 When Fidelity Bancorp Funding President Charlie Woo sat down with the 𝘓𝘦𝘯𝘥𝘦𝘳 𝘓𝘰𝘶𝘯𝘨𝘦 podcast host, Kevin Kim he shared why his rare leap from Wall Street investment banking to direct real estate lending is more than a career change, it’s a strategic play for the future. With a track record that includes advising on billion-dollar M&A deals, capital raises, and landmark partnerships as the youngest Vice Chairman in Wells Fargo history, Charlie saw something special in Fidelity Bancorp Funding: - A proven lending platform with deep infrastructure and investor relationships - A national footprint ready to capture market share as banks retreat from bridge loans - The flexibility to blend retail and institutional capital for staying power Charlie’s mission for the company is to grow with quality, not just volume, and build a capital base designed to last not just the next cycle, but the next 30 to 50 years. That means expanding into markets like Texas and the Pacific Northwest while maintaining our exceptional reputation for delivering tailored bridge, DSCR, and light-construction financing solutions. To watch the full interview and hear Charlie’s vision in his own words, check out the full insights in the comments!

𝗝𝗨𝗦𝗧 𝗖𝗟𝗢𝗦𝗘𝗗 | $𝟮.𝟭𝗠 𝗕𝗿𝗶𝗱𝗴𝗲 𝗟𝗼𝗮𝗻 | 𝗠𝗶𝘅𝗲𝗱-𝗨𝘀𝗲 | 𝗦𝗮𝗻 𝗚𝗮𝗯𝗿𝗶𝗲𝗹, 𝗖𝗔 $2.1 million bridge loan for a mixed-use property in San Gabriel, CA. Tara Sauerbrey arranged cash-out financing to support the borrower’s reinvestment in other projects, with Fidelity providing a seamless solution to help achieve their business objectives. Great work Tara!

𝗖𝗼𝗴𝗻𝗶𝘁𝗶𝘃𝗲 𝗕𝗶𝗮𝘀𝗲𝘀 𝗶𝗻 𝗥𝗲𝗮𝗹 𝗘𝘀𝘁𝗮𝘁𝗲: 𝗧𝗵𝗲 𝗔𝘃𝗮𝗶𝗹𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗛𝗲𝘂𝗿𝗶𝘀𝘁𝗶𝗰 In real estate investing, our decisions are often influenced by the information that’s most visible or top of mind, even if it doesn’t tell the whole story. This is called the 𝗮𝘃𝗮𝗶𝗹𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗵𝗲𝘂𝗿𝗶𝘀𝘁𝗶𝗰: the tendency to overestimate the importance of information that’s easiest to recall. A current example in the multifamily market looks like this: 𝗢𝗯𝘀𝗲𝗿𝘃𝗮𝘁𝗶𝗼𝗻: Rents, vacancies, and values are under pressure due to a surge of new inventory. 𝗔𝘀𝘀𝘂𝗺𝗽𝘁𝗶𝗼𝗻: Since new inventory will slow soon, the market will bounce back quickly. The reality is, new inventory is only part of the equation. As 𝗧𝗼𝗿𝘀𝘁𝗲𝗻 𝗦𝗹𝗼𝗸 recently noted, household formation is a critical driver of rental demand. A slowdown in immigration could significantly reduce household formation and, in turn, demand for new housing units. It’s a reminder that market narratives often focus on the most obvious factor, while other forces quietly shape the outlook. What less-visible trends do you think investors should be watching in today’s multifamily market? Visit our website for more information:

This week, the Federal Reserve Bank of New York released its 𝗤𝘂𝗮𝗿𝘁𝗲𝗿𝗹𝘆 𝗥𝗲𝗽𝗼𝗿𝘁 𝗼𝗻 𝗛𝗼𝘂𝘀𝗲𝗵𝗼𝗹𝗱 𝗗𝗲𝗯𝘁 𝗮𝗻𝗱 𝗖𝗿𝗲𝗱𝗶𝘁, offering fresh insights into consumer health, an important backdrop for both real estate and credit markets. Here are the trends that stood out: 𝗦𝘁𝘂𝗱𝗲𝗻𝘁 𝗟𝗼𝗮𝗻 𝗗𝗲𝗹𝗶𝗻𝗾𝘂𝗲𝗻𝗰𝗶𝗲𝘀 𝗔𝗿𝗲 𝗖𝗹𝗶𝗺𝗯𝗶𝗻𝗴 Delinquency rates continue to rise sharply following the resumption of student loan payments. Given the younger demographic most affected, this may signal future challenges for homeownership demand and rental market dynamics. 𝗖𝗿𝗲𝗱𝗶𝘁 𝗖𝗮𝗿𝗱 & 𝗔𝘂𝘁𝗼 𝗟𝗼𝗮𝗻 𝗗𝗲𝗹𝗶𝗻𝗾𝘂𝗲𝗻𝗰𝗶𝗲𝘀 𝗟𝗲𝘃𝗲𝗹𝗶𝗻𝗴 While still elevated compared to pre-COVID levels, delinquency rates on revolving and auto debt appear to be stabilizing. Historically, Q1 and Q2 show better performance due to tax refunds; Q3 data will offer a more telling view of long-term consumer resilience. 𝗖𝗮𝘂𝘁𝗶𝗼𝗻 𝗔𝗿𝗼𝘂𝗻𝗱 𝗜𝗻𝘁𝗲𝗿𝗽𝗿𝗲𝘁𝗶𝗻𝗴 𝘁𝗵𝗲 𝗗𝗮𝘁𝗮 Please note: The Federal charts use a four-quarter moving sum, which smooths trends but doesn't reflect point-in-time delinquency levels. For brokers, lenders, and investors, consumer credit performance has downstream impacts on rental demand, tenant qualification, and homebuyer pipelines. These trends are worth monitoring as we look ahead to future cycles in housing and multifamily investment. For more information, visit our website: https://www.fbfloans.com/