Are deals being repriced with the current sudden jump in rates
I'm in the middle of a deal and my rate which is based on 1 month SOFR has gone up 30-40 basis points already. Are deals being repriced in this environment or people waiting and watching to see how things work out? My bank says they can't lock even though gave a verbal cap, but there is a point where the deal wouldn't make any sense if the yields keep shooting up in such a short period of time. I'm not even sure where they'll finally end up 7%-%?
I've been watching the new listings and the cap rates don't really seem to have changed, is it because everyone expects this to be a short term bump.