BMO CMBS loans: recent loans, sizes and rates

What BMO's CMBS lending looks like

• Loan size close to the market: a median of $16.4M against $15M market-wide.
• Rates in line with the market once property type is accounted for: across the 5 types where it made at least five loans, its median note rate was within 1 basis points of the market median for the same type, on a loan-weighted basis.
• More leverage than the market: median loan-to-value of 68.0% against 63.9%, with a median debt service coverage of 1.45x.
• More 10-year loans than the market: 35% of its loans had a ten-year term, against 21% of all CMBS loans in the period.
• Geographically concentrated: 28% of its loans were on property in NY.
• 19% of its loans were made jointly with another originator, and count in full for each of them in these figures.
• Less active than a year earlier: 43 loans in the latest 12 months against 61 in the 12 months before.

BMO against the CMBS market

Measure	BMO	CMBS market
Median loan	$16.4M	$15M
Median note rate	6.46%	6.40%
Middle half of rates	6.11% to 6.81%
Median loan-to-value	68.0%	63.9%
Median debt service coverage	1.45x	1.47x
Median debt yield	9.6%	10.1%
Interest-only for the full term	81%	87%
Five-year term	65%	79%
Ten-year term	35%	21%

BMO: its loans in the 12 months to October 19, 2026. Market: every loan securitized in the 12 months to October 19, 2026 except co-op housing (958 loans). Loan-to-value, coverage and debt yield are at securitization and use whole loans only, since a split note holds only part of the debt. See DSCR and debt yield.

Property types BMO financed

Property type	Loans	Volume	Median rate	Market, same type
Retail	12	$514M	6.69%	6.58% (+11 bp)
Multifamily	9	$110M	6.23%	6.35% (-12 bp)
Industrial	7	$693M	6.45%	6.63% (-18 bp)
Self-storage	6	$162M	6.08%	6.11% (-3 bp)
Mixed use	5	$112M	6.67%	6.42% (+25 bp)
Office	4	$208M

Median rates shown where BMO made at least five loans of the type. Market medians are for the 12 months to October 19, 2026.

Loan sizes and terms

Smallest loan $3M, largest $405M. 81% were interest-only for the whole term. What those terms mean for a borrower: CMBS loan terms and interest-only CMBS loans.

Where BMO lends

Most frequent states for its loans in the 12 months to October 19, 2026:

• NY 12
• TX 4
• IL 3
• OH 3
• NJ 2
• CA 2
• FL 2
• MI 2
• GA 1
• CT 1

Portfolio loans count once, at the state of the largest property. CMBS loans by state.

BMO loans securitized each quarter

Quarter ending	Loans	Chart
Jan 20, 2025	14
Apr 21, 2025	18
Jul 21, 2025	14
Oct 20, 2025	15
Jan 19, 2026	21
Apr 20, 2026	7
Jul 20, 2026	13
Oct 19, 2026	2

Eight 91-day periods ending October 19, 2026, by origination date. Loans reach the filings when their trust prices, so the latest quarter fills in over the following months.

How BMO appears in the SEC filings

Trusts name the originator in their own words. These are the versions of the name on BMO loans in the 24 months to October 19, 2026, with the number of notes filed under each, including loans made jointly with other lenders. 31 trusts hold these loans; the most were in BMO 2026-C14 Mortgage Trust (11).

• Bank of Montreal 108
• BMO 19
• Goldman Sachs Bank USA, Bank of Montreal 5
• GACC, GSBI, BMO, JPMCB, MSBNA 5
• Bank of Montreal, 3650 Capital SCF LOE I(A), LLC 5
• GACC/GSMC/BMO 5
• Starwood Mortgage Capital LLC, Bank of Montreal 4
• CREFI BMO 3
• German American Capital Corporation, Bank of Montreal 2
• German American Capital Corporation, Goldman Sachs Bank USA, Bank of Montreal 2
• Bank of Montreal, Natixis Real Estate Capital LLC 2
• BMO, NREC 2
• Bank of Montreal, UBS AG 1
• Goldman Sachs Bank USA and Bank of Montreal 1

Plus 5 other spellings and joint-originator combinations.

BMO's own website: bmo.com. Bank programs, contacts and terms are theirs to state; this page reports only what the filings show.

Getting a CMBS loan like these

Janover Capital LLC is a commercial mortgage advisor, not a lender, and has no affiliation with BMO. Nothing here means BMO will make a particular loan or offer a particular rate. What the filings do show is the kind of loan it has been closing. If your property and loan size look like the ones above, send the deal and we will place it with conduit lenders whose recent loans fit, which may or may not include BMO. Before you do, read CMBS loan requirements and the document checklist.

Similar CMBS lenders

Closest in property mix:

• UBS: 20 loans, median $17M at 6.54%
• Goldman Sachs: 71 loans, median $14.5M at 6.33%
• JPMorgan Chase: 34 loans, median $47M at 6.38%
• Wells Fargo: 88 loans, median $19.4M at 6.46%

All CMBS lenders, ranked · CMBS loan rates · Methodology

Questions people ask

How big are BMO's CMBS loans?

In the 12 months to October 19, 2026, BMO securitized loans from $3M to $405M, with a median of $16.4M. 23% were under $10 million. A loan split into notes across trusts counts once, at its full amount.

What interest rate does BMO charge on a CMBS loan?

Its loans in the 12 months to October 19, 2026 carried a median note rate of 6.46%, with the middle half between 6.11% and 6.81%. Those are rates at closing as filed with the SEC, not a quote: a new loan is priced off today's Treasury yield and the property.

What properties does BMO finance with CMBS loans?

Retail (12 loans), Multifamily (9 loans), Industrial (7 loans), Self-storage (6 loans), and others, in the 12 months to October 19, 2026. Its most frequent state was NY (12 loans).

Who services a BMO CMBS loan?

Not the originator, usually. Once a loan is in a trust, the master servicer named in that trust's pooling and servicing agreement collects payments and handles routine requests, and the special servicer takes over if the loan gets into trouble. Look up a loan by property or trust to see both.