Because of the upward trajectory of interest rates, finding a consensus on property values is a challenge for all parties — borrowers, lenders and financial intermediaries. Susan Mello, executive vice president and group head of capital markets at Walker & Dunlop, says that the current period of value discovery is causing lenders to tighten their purse strings. “Lenders are being more conservative because there is less visibility on value,” says Mello. “For borrowers, it’s more difficult to find liquidity than it was a year or two ago.”