Banks and lending firms in New York have opened up credit lines for multifamily rental buildings over the past year and a half or so. Now they are looking at commercial projects such as hotels, condos and selected office and retail ventures because the real estate market is slowly recovering and loan default rates are declining. "There is plenty of debt capital available and as we bid on transactions there is a lot more competition than there was 12 months ago, and certainly more than 24 months ago," said Bill Cotter, division manager at Wells Fargo Commercial Real Estate.