At the January NPLA Member Meeting, private lending leaders came together for a practical conversation on capital readiness, liquidity structures, balance-sheet risk management, and preparing for 2026 as market conditions continue to normalize.
Moderated by Jon Hornik, the panel brought together perspectives from across the private lending ecosystem. Participants included Ray Strum of Blue Lake, a loan aggregator; Daniel Gotay of Asset-Based Lending and Nick Rosetti of Roc Capital, both active originators; Bette Gandelman of RAI Group, a warehouse lending provider; and Ben Fertig of Constructive Capital, also representing the origination side of the market. Together, the panel reflected the full capital lifecycle, from origination and funding to aggregation and execution.
A central theme throughout the discussion was diversification. Ray Strum emphasized that today’s lending environment requires more than a single capital source. Each loan presents its own challenges, and lenders who truly understand their markets and borrowers are better positioned to deploy flexible capital structures without compromising discipline. Having multiple “tools in the bag,” he noted, allows lenders to stay competitive while managing risk.
Daniel Gotay reinforced that capital readiness is built on relationships as much as structure. He highlighted the importance of long-standing partnerships, frequent communication, and transparency with capital providers, particularly during periods of market stress. According to Gotay, lenders who maintain consistent dialogue with their capital partners are better equipped to navigate tightening terms and avoid disruptions.
Bette Gandelman focused on execution flexibility from the warehouse and funding perspective, particularly for small and mid-sized lenders. She shared that while pricing remains important, flexibility from capital providers and note buyers often matters more. Maintaining multiple takeout options and remaining a meaningful counterparty enables lenders to adjust as market conditions evolve rather than being constrained by a single execution path.
Nick Rosetti emphasized the value of committed and locked capital from an originator’s standpoint. Firms with diversified warehouse facilities, securitization options, and permanent capital structures tend to experience fewer liquidity concerns and shorter dwell times. In uncertain environments, he noted, certainty of execution can be a decisive advantage.
Ben Fertig highlighted the role of standardization and disciplined balance-sheet management within origination platforms. He shared that shorter-duration capital, diversified execution channels, and structured processes help protect margins while keeping origination moving. As competition increases, controlling dwell time and balance-sheet exposure remains essential.
The panel also addressed balance-sheet risk more broadly. While pre-COVID dwell times often averaged under two weeks, today’s environment reflects longer timelines, with many lenders targeting 30 to 45 days depending on strategy and loan type. Even so, liquidity remains available for lenders with disciplined underwriting and clear exit strategies.
As the discussion made clear, private lending is entering a more disciplined and institutional phase. The lenders best positioned for 2026 will be those with diversified capital, strong relationships, standardized processes, and a long-term view of risk and execution. NPLA remains committed to supporting that evolution through leadership, data, and practical tools for its members.
