Want to scare an investor, developer, buyer, or owner in CRE looking for a new loan or refinance? Try the words "recourse only." If everything beyond the value of the property is on the line, to what degree will the asset class be considered more trouble than it's worth?

Not to panic, because this doesn't appear to have become a widespread issue. At least yet. However, a June quick hit from Colliers on lenders tightening credit — hardly a surprise to industry pros — included a warning that hasn't been part of the CRE lexicon in years.

"Recourse is becoming part of the conversation again due to various factors," wrote Aaron Jodka, research director for U.S. capital markets at Colliers. "These include the instability in the banking industry beginning in March, a lack of loan churn (elective refinancing has dried up), and increased capital requirements."