CRE CLOs are likely to be a valuable alternative source of capital to debt fund and other alternative CRE lenders, and there are many more of these lenders around than there used to be.1 They will appeal to both types, both those who originate smaller loans using warehouse lines and those who write bigger CRE loans with back leverage, ie a repo, TRS (Total Return Swap) or loan-on-loan. In each case the CRE CLO offers a term take out option.