In commercial real estate, deals don’t fail because of pricing or paperwork — they fail because the risk isn’t financeable.

In this episode of The Alkaline Reaction, Spencer Correnti breaks down how lenders actually underwrite commercial real estate deals. From sponsor strength and property durability to leverage, reserves, guarantees, and exit metrics, we walk through the exact framework most institutional lenders use to decide whether a deal gets approved — or dies quietly in credit committee.

You’ll learn:

• Why lenders underwrite 1) sponsor, 2) property, and 3) debt terms as a single risk equation

• How experience, liquidity, and communication shape sponsor credit

• What lenders really look for in stabilized, transitional, and development deals

• Why leverage, reserves, and covenants matter more than interest rate

• The exit metrics that decide most loan approvals

Lenders don’t finance upside. They finance risk.
And the best sponsors know how to present a deal like a credit.

This episode is educational and does not constitute tax advice. Always consult your CPA, tax counsel, and qualified intermediary.

A 1031 exchange can help commercial real estate investors defer taxes and keep more equity working for the next deal, but only if it’s executed with planning and discipline.

In this episode of The Alkaline Reaction, Spencer Correnti breaks down the mechanics of a 1031 exchange, including the 45-day identification window, the 180-day closing deadline, the role of the qualified intermediary, and how investors get forced into bad replacement deals when they don’t properly prepare.

We close with a rapid-fire checklist designed to help you avoid the most common execution mistakes.

Note: This episode is educational and does not constitute tax advice.

Depreciation is one of the most important drivers of after-tax returns in commercial real estate, but it’s often misunderstood.

In this episode of The Alkaline Reaction, Spencer Correnti breaks down what depreciation is, how it works, and why it matters in real deals.

We cover the land vs. building rule, standard depreciation schedules, how cost segregation accelerates deductions, where bonus depreciation can create year-one expensing depending on “placed-in-service” timing, and how depreciation recapture impacts full-cycle outcomes at exit.

The episode includes practical examples and case studies designed to help investors and operators understand depreciation as a strategic part of deal underwriting.