Glenclair Commercial Debt Pricing Index

Public summary · Inaugural edition · 1 September 2026

68%of incumbents beaten in a genuine tender (illustrative refinance sample)

32 bpmedian all-in saving where the incumbent lost on price

1–35 daysfrom complete credit pack to written terms, fastest private credit to slowest major bank

Public margin bands: non-bank / private (bp over 90-day BBSY)

LVR band	Owner-occupied CRE	Investment CRE (leased, acceptable WALE)
≤ 50%	210 – 675	230 – 700
51 – 65%	240 – 710	260 – 740
66 – 75%	280 – 760	310 – 800
> 75%	320 – 820	360 – 880

Major-bank and second-tier margins, and the remaining asset classes, are in the full quarterly Index.

Credit-decision clocks (business days, complete pack to written terms)

Asset class	Majors	2nd-tier	Non-bank	Private
Owner-occ / inv. CRE	18 – 22	12 – 18	8 – 14	5 – 10
Development / construction	25 – 35	18 – 28	10 – 18	7 – 14
Acquisition finance	20 – 30	14 – 22	8 – 15	5 – 12
Working capital / invoice	10 – 16	7 – 12	3 – 8	2 – 6
Plant and equipment	5 – 10	4 – 8	1 – 5	1 – 4

How to use this against your own facilities

Find your cell: asset class, LVR band, current lender tier.
Convert to an all-in drawn margin: margin + line fee + unused fee.
Outside the public band? Ask your bank why, in writing.
Check the clock if you have a hard date.
Test it with a tender, not a conversation.

Covenants this edition

Easing: lower hedging minima, slightly lower ICR floors on prime leased and owner-occupied CRE, more SPV flexibility at non-banks.

Holding or hardening: construction cost and feasibility risk, thin pre-sales, secondary office, leverage combined with a messy group.

Get the full Q4 2026 Index

Every asset class, major-bank and second-tier margins, covenant scores and approval clocks. Request it at glenclair.com.au/resources/glenclair-pricing-index, email info@glenclair.com.au or call +61 435 440 495.

Indicative, anonymised tender outcomes. Not a quote, not an offer, and not a comparison rate. Figures are illustrative sample architecture for the inaugural edition. Glenclair Financial (ABN 88 677 609 808) is a Credit Representative (566828) of Connective Credit Services Pty Ltd, Australian Credit Licence 389328. AFCA member 112572. MFAA member 383090.