• The Federal Reserve, in a well-telegraphed move, raised its short-term borrowing rate by 0.75 percentage point to a target range of 3.75%-4%, the highest level since January 2008.
• The central bank’s new statement hinted at a potential change in how it will approach monetary policy to bring down inflation.
• However, stocks fell as Fed Chair Jerome Powell dismissed the idea that the Fed may be pausing soon though he said he expects a discussion at the next meeting or two about slowing the pace of tightening.
• Still, Powell reiterated that there may come a time to slow the pace of rate increases.
  

Pasha Johnson of PSRS arranged $7,610,000 in construction financing for 18 residential units above two ground floor retail suites in coastal South Oceanside, San Diego. Financed with a regional bank, PSRS provided its borrower a 24-month term. The loan was priced with an aggressive spread which helped alleviate the increase in borrowing costs felt over the last several months.

Pasha Johnson and Trevan Swierczewski of PSRS arranged a loan assumption and top-off totaling $3,500,000 in financing for the acquisition of a 40,000 SF retail property in Mesa, AZ. Financed with one of our correspondent life insurance companies, PSRS provided its borrower with a fully amortizing loan. The loan assumption allowed the buyer to benefit from the seller's in-place loan priced in the mid-3’s. To accommodate the asset’s appreciation, the lender funded a top-off bringing the total leverage up to the original LTV.