@Curtis Robbins 4.125%, 15 Year AM, 5 Year Balloon, 70% LTV on a duplex re-fi w/ a small, local bank in Columbia, South Carolina.I have lots of loans with several different small banks and it *seems* that commercial underwriters are tightening up LTV maximums from 75-80% to 70%.

Lenders have tightened the screws a bit on builders which I expect will slow the pace of development markedly while banks wait to see how COVID plays out.

Maybe I need more volume of clients..... but I can take a look if you want and put it in front of 5 lenders I know are doing COsLenders are tightening up, but it understood when we just had a Major and Unsustainable Inflation. 

The lending rules have tightened a lot even in the last 2 years since I did the latest one.

WSJ article stating that lending standards are tightening which I knew would occur pretty quickly.https://www.wsj.com/articles/people-need-loans-as-coronavirus-spreads-lenders-are-making-them-tougher-to-get-11585357440?

The problem becomes what happens when they go to underwriting in a highly volatile time.My personal opinion is that as credit starts to tighten and the effects of the unemployment spike start to seep into the market you’ll start to see that drag on the market.

It's the opposite really, home starts are much lower than demand because of building prices so there's a strain on existing inventory (real demand, not speculative). 

Don't forget that as regulations tighten in any town, the STRs in the nearby areas can benefit.

If the property cash flows, you don’t need to worry about the recession... when lending tightens, fewer people can buy homes, so they need to rent.