How Lenders Really Size Your Loan (Explained by Gantry) with Mitch Walsh, Director of CRE Debt & Equity Originations at Gantry

Mitchell “Mitch” Walsh is the Director of CRE Debt & Equity Originations at Gantry, with over nine years of experience in commercial real estate finance. Based in the St. Louis area, Mitch has underwritten and closed loans across multifamily, industrial, retail, and other asset classes and has been part of Gantry’s growth following its acquisition of Triad. He helps sponsors structure deals with life insurance companies, agency lenders (Fannie Mae, Freddie Mac), and CMBS providers, leveraging his deep market knowledge and relationships. LinkedIn

In this episode, Mitch takes listeners through what lenders focus on when sizing loans — NOI, market vs. actual vacancy (with a “floor” vacancy assumption), and expense verification. He breaks down loan structure trade-offs: which lenders are best for which scenarios, how interest rate/spread environments affect proceeds, and what sponsors should expect in terms of DSCR, LTV, and prepayment terms. The conversation also touches on how Gantry’s scale and servicing insights give Mitch real-time visibility into expense benchmarks and underwriting norms. The takeaway: doing your underwriting homework, trusting your data, and ensuring you’re matching your goals (hold period, exit, refinancing) to the right lender product.

Connect with the Host

Twitter: ⁠twitter.com/ItsRajTut

LinkedIn: ⁠https://www.linkedin.com/in/rajtut/

Instagram: ⁠instagram.com/ItsRajTut

TikTok: ⁠https://www.tiktok.com/@itsrajtut

Connect with the Guest

LinkedIn: https://www.linkedin.com/in/mitchellwalsh/ Gantry Website: https://www.gantryinc.com

Timestamps for Key Segments

00:00 Intro and loan sizing example ($10M deal, $7M loan)

01:56 Mitch’s background and path into real estate finance

07:12 Triad’s merger into Gantry and what it means for sponsors

08:41 How lenders underwrite: NOI, vacancy, expenses, DSCR

13:09 “Trust but verify” — protecting lender and sponsor reputation

15:16 Matching loans to business plans and prepayment considerations

20:12 Life-co vs. Fannie/Freddie vs. CMBS — pros and cons

27:20 Servicing and real-world client support (insurance example)

29:13 Deals closing in today’s market and rate environment insights

38:33 Mentorship, career lessons, and Mitch’s “Just do it” advice

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