However, recent analysis suggests not all, but significant portions of multifamily could be facing trouble. A Gray Capital research brief from last week, focusing mostly on multifamily, said that “extend and pretend is coming to an end as lenders and equity are growing impatient with borrowers.” Instead of fixing problems, the approach has kicked the can down the road. Too many borrowers have yet to raise the extra capital they need or find other financing to pay off their existing loans. Lenders and equity holders are looking for an end to holding what is now a risky liability. There is also only so long a company can hold a debt without writing it down.