McCallum’s Musings on the Market – 3/5/2026

McCallum’s Musings on the Market!

• Fed’s Miran: Four quarter-point cuts still warranted this year, no “all clear” for job market  Reuters
• CRE underwriting remains orderly, capital availability is wide-ranging and real estate fundamentals are stabilizing
• Treasury Secretary Scott Bessent said Wednesday that President Donald Trump’s newly announced 15% global tariff will take effect this week. When import costs and policy uncertainty rise, America pays first. U.S. importers face higher cash outlays, businesses must absorb or pass costs to U.S. consumers that face rising pricing pressure, and uncertainty.

McCallum’s Music Pick: Lust for Life by Iggy Pop

Case Study

• Sacramento, CA
• $800,000 Cash-out transaction on general commercial multi-tenanted building
• 30 year fixed interest rate @ 9.68%
• Proceeds included the payoff of delinquent property taxes, Franchise Tax Board liens, and unsecured liens.
• 70% of property’s appraised value

John McCallum, Borrower’s Advocate, completed this $800,000 loan transaction for a general commercial multi-tenanted building. Sized to 70% of the property value, the owner was able to consolidate various tax & lien obligations through the trapped equity within the property. Additionally, the property owner required the cash-out funding to accommodate his next project – which resulted in over $400,000 in net unrestricted cash-out to the owner. Known for representing owners and investors in obtaining the best financing solutions, John McCallum sourced and closed the loan to provide the owner another opportunity to grow the real estate portfolio.

Featured Article

SMALL TOWN COMMERCIAL PROPERTY PRICES GAIN AS BIG CITY REAL ESTATE DECLINES: Divergence reveals different stories playing out across the U.S., according to CoStar data.