Bill McClay, a Portfolio Manager at Fidelity Investments, dives into the shifting landscape of high-yield real estate lending. He discusses how private lenders are stepping up as banks pull back, addressing the evolving needs of commercial real estate. Bill highlights Fidelity's strategic adaptations, including bridge loans and construction financing, to tackle current market challenges. He also shares insights on the importance of understanding credit risk and the opportunities in middle-market lending. Plus, there's a light-hearted take on the lessons learned from failure!