Another thought is to look for private lending not from an institution like a credit union but with other humans.

I am humbled & blessed and Thank you so much to all who invested with us.If you are curious about the closed asset:This institutional quality investment is a 263 unit, Class B apartment community located in the strong Class A community of LAGRANGE,GA.

Quote from @Jojoberg Berg: UK not all of Europe, 43 more countries. https://www.cbsnews.com/news/home-foreclosures-rise-housing-...https://www.prnewswire.com/news-releases/foreclosure-activit...this is table of most common mortgage rate in europe, the very reason why there's 30 y fixed rate product only available in america is because the us central bank/fed can print its own money without too much dependency with real economy and they are the largest owner of mortgage debt, in other country it's the private institution that's holding the note. 

2.4.8 - Single-family Residential 6 (R-6).In a R-6 single-family district no land shall be used and no building shall be erected for or converted to any use other than:a)Principal uses: The following uses shall be permitted as principal uses:1) Single-family detached dwellings.2) Public and non-profit institutions of an educational, religious or cultural type excluding corrective institutions and hospitals.3) Governmental buildings and uses.4) Public utility uses required to service the district.5) Public and private noncommercial recreational areas and facilities such as public parks, country clubs and golf courses, excluding miniature golf courses and driving ranges.6) Temporary buildings when they are to be used only for construction purposes or as a field office within a subdivision approved by the city for the sale of the real estate of that subdivision only.

The syndication structures/waterfalls I have drafted are a comparatively high cost of capital/equity dividend rate when compared to hard money and certainly institutional financing.

Thanks, Doug In the last 30 years, steadily but surely the BIG institutional money, expanding at an astounding rate, has found real estate as an acceptable asset class for a much larger percentage of their portfolios. 

Institutional lenders will typically provide a new borrower up to 80% LTV and 100% of the budget, up to 70% LTARV.

The only time commercial rates are sub DSCR is when you shop a LOCAL strict commercial bank that uses their own index like FLB rate and ads almost nothing into their yield spread. 5yr spread today is roughly 4.5 ... even with commercial institutions and no broker involved for additional hits in rate, you would be around 7.00%

Edit: They have moved their entire portfolio to an institutional buyer.

I understand this does not happen in the consumer world, it's definitely happening in the institutional spaces which would undermine your "never" assumption.