About cmbs.loan

When a CMBS loan gets into trouble, the owner is suddenly dealing with a contract they never signed: the pooling and servicing agreement between the trust, its servicers and its bondholders. It decides when the loan moves to the special servicer, when an appraisal is ordered, who can approve a modification, and what the special servicer is paid. It is filed with the SEC and runs to hundreds of pages.

cmbs.loan reads one recent agreement, BANK5 2025-5YR14’s, and lays out its rules as a clock, a fee estimate and an appraisal reduction calculator, each step tied to the section it comes from. The federal tax rules that limit what a servicer can change are quoted from the regulations and IRS guidance. Your own trust’s agreement may differ, and every page says so.

Who runs it

Janover Capital LLC, a commercial mortgage desk, publishes cmbs.loan. The desk arranges refinancing, rescue financing and recapitalizations for commercial property owners. We are not a servicer, a lender or a law firm, and nothing here is legal or tax advice. The help page is how an owner reaches the desk.

Corrections go to hello@cmbs.loan.