CMBS loans, from SEC loan data
CMBS loans: rates, lenders and what to do at every stage
A CMBS loan is a commercial mortgage that a lender pools with others and sells to bond investors through a trust. It is usually fixed rate, non-recourse and five or ten years long. The median CMBS note rate was 6.63% across 155 loans securitized in the 90 days to October 19, 2026.
Every figure here is computed from the loan-level data CMBS trusts file with the SEC each month, compiled by cmbs.news. Use it to price a new CMBS loan, check what lenders are writing, and plan for prepayment, maturity or a servicer's call.
Source: SEC Form ABS-EE loan data and 10-D trustee reports for 376 CMBS trusts, compiled by cmbs.news. Data as of October 28, 2026.
CMBS loan rates by property type
Median original note rate on fixed-rate loans securitized into CMBS trusts. The 90-day column is the most recent quarter; the 12-month column has more loans behind it.
| Property type | Last 90 days | Last 12 months | Middle half, 12 months | Loans, 12 months |
|---|---|---|---|---|
| All property types | 6.63% | 6.40% | 6.06% to 6.72% | 1,047 |
| Multifamily | 6.45% | 6.35% | 6.06% to 6.59% | 292 |
| Retail | 6.99% | 6.58% | 6.21% to 6.81% | 141 |
| Self-storage | 6.34% | 6.11% | 5.86% to 6.37% | 115 |
| Hotel | 7.66% | 7.02% | 6.65% to 7.42% | 96 |
| Co-op housing | none | 6.00% | 5.89% to 6.18% | 89 |
| Office | 7.14% | 6.64% | 6.39% to 6.94% | 87 |
| Mobile home park | 6.35% | 6.41% | 6.16% to 6.63% | 82 |
| Mixed use | 5 loans | 6.42% | 6.01% to 6.80% | 66 |
| Industrial | 6.92% | 6.63% | 6.37% to 6.89% | 64 |
Windows end October 19, 2026, the latest origination date in the filings; a 90-day median needs at least 8 loans. Rates on closed loans, not a quote. Full rate tables and history · How these are computed
Every stage of a CMBS loan
Get a CMBS loan
What lenders require, the terms, the costs, and how CMBS compares with bank, life company and agency loans.
Living with a CMBS loan
Prepayment, assumption on a sale, cash management, reserves and the servicer's consent.
When the loan is in trouble
Special servicing, default, extensions, discounted payoffs and what the servicing agreement allows.
How CMBS works
Securitization, tranches, B-pieces, servicers and the underwriting tests, explained plainly.
Calculators
- CMBS loan calculatorHow much you can borrow under the three sizing tests, and the payment.
- Defeasance calculatorThe cost of the Treasury portfolio that replaces your loan.
- Yield maintenance calculatorThe prepayment premium against today's Treasury yield.
- Refinance gap calculatorWhether a new loan at today's terms pays off the old one.
- Assumption calculatorAssume the seller's CMBS loan, or pay it off and start new.
- Compare loan offersTwo or three term sheets side by side, on all-in cost.
- Servicer clockWhat a missed payment or maturity has triggered, day by day.
- Special servicing feesWhat the special servicer earns on each outcome.
What the SEC filings show
Who is lending
The most active CMBS originators by loan volume in the 12 months to October 19, 2026:
- Citi: $4.5 billion, 113 loans
- Wells Fargo: $3.6 billion, 88 loans
- Goldman Sachs: $3.3 billion, 71 loans
- Deutsche Bank: $2.9 billion, 91 loans
- Morgan Stanley: $2.7 billion, 97 loans
The 2027 and 2028 maturity wall
3,140 CMBS loans with $73.4 billion outstanding mature in 2027 and 2028. Their average note rates are 4.63% (2027) and 5.06% (2028), against a 6.63% median on new loans this quarter.
Of the 2028 loans with an NOI on file, 12% earned less than 9% of today's balance at securitization, a rough sign that refinancing them will take new equity or a different lender.
What lenders underwrote
Medians across the 958 loans securitized in the last 12 months:
- Loan size
- $15 million
- Loan to value
- 63.9%
- Debt service coverage
- 1.47x
- Debt yield
- 10.1%
- Interest-only for the full term
- 87%
Originator named on each loan in the trusts' ABS-EE filings; a loan split into pari passu notes counts once, and a loan with co-originators counts once for each. Covers loans that were securitized; a lender's balance-sheet loans do not appear. Leverage (loan over appraised value), debt service coverage (net cash flow over the annual payment) and debt yield (NOI over the loan amount), all at securitization, use whole loans only: a pari passu note holds a piece of a split loan. 'overall' leaves out co-op housing; 'overallAll' includes it. Data as of October 28, 2026.
Questions people ask
What are CMBS loan rates today?
The median note rate on the 155 CMBS loans securitized in the 90 days to October 19, 2026 was 6.63%, with the middle half between 6.33% and 7.05%. Over the last 12 months the median was 6.40% across 1,047 loans. These are the rates on loans that closed, from SEC filings as of October 28, 2026, not a quote.
How much can I borrow with a CMBS loan?
CMBS lenders size a loan by three tests and lend the smallest answer: loan to value, debt service coverage and debt yield. On loans securitized in the last 12 months the medians were 63.9% loan to value, 1.47x coverage and a 10.1% debt yield. The CMBS loan calculator runs all three on your numbers.
What is the minimum size for a CMBS loan?
Loans from $1.6 million up were securitized in the last 12 months, with a median of $15 million. Smaller loans exist, but the fixed costs of a CMBS closing (legal, third-party reports, servicing setup) weigh more on a small loan, so a bank or credit union is often cheaper for small balances.
Who makes CMBS loans?
Investment banks and commercial banks write most of them, along with specialty finance lenders. By volume over the last 12 months the most active were Citi, Wells Fargo, Goldman Sachs. The lender ranking lists every originator named in the trusts' SEC filings.
Is Janover Capital a CMBS lender?
No. Janover Capital LLC is a commercial mortgage advisor. It takes a deal to CMBS lenders and other capital sources and negotiates the terms. It does not lend or make credit decisions.
Get a CMBS quote
Buying or refinancing stabilized commercial property? Send the deal to Janover Capital LLC and a capital markets advisor will reply within one business day.