CMBS loan broker

A CMBS loan broker, also called a capital markets or mortgage advisor, packages your deal, takes it to several conduit lenders and other capital sources, compares the term sheets, and manages the loan to closing. The broker does not lend; the lender underwrites and funds. Janover Capital LLC is a commercial mortgage advisor: it does not make loans or guarantee approval or rates.

What a broker or advisor does, stage by stage

Stage	What the advisor does	What you get
Sizing	Underwrites the property the way a lender will, and sizes it against loan-to-value, coverage and debt yield	A realistic loan amount before you spend money
Packaging	Builds an offering memo from your operating statements, rent roll, leases and sponsor information	Faster, more accurate quotes
Market	Sends the deal to conduit lenders and, where they fit, banks, life companies, agencies or bridge lenders	Competition on one timeline
Term sheets	Compares proceeds, rate, interest-only period, reserves, cash management, prepayment and carve-outs	A side-by-side you can decide on
Application	Negotiates the application and deposit terms	Fewer surprises after you pay the deposit
Diligence	Manages reports, lender questions, estoppels and SNDAs, and credit committee	A closing that holds its schedule
Documents and closing	Coordinates lender counsel, your counsel, title and the servicer	A loan that closes on terms you agreed to

Brokers are a normal channel for conduit lenders. Bank of America, for example, says its commercial mortgage loans are originated directly, through other originators, and “indirectly through mortgage loan brokers” (BANK5 2025-5YR14 prospectus, p. 292).

Broker or go direct?

	Through a broker or advisor	Direct to one lender
Competition	Several lenders quote at once	One lender’s view, unless you run the process yourself
Comparison	Term sheets compared on all-in cost, proceeds and flexibility	You do the comparison
Lender fit	The advisor knows which lenders want your property type and market	Trial and error
Cost	The advisor’s fee, set in the engagement letter	No advisor fee; the lender’s own costs still apply
Relationship	The advisor manages the lender	You manage the lender directly

Owners who refinance often, with an in-house finance team and lender relationships, often go direct. Owners who do one or two CMBS loans a decade usually gain the most from an advisor, because conduit terms that look alike on a summary differ in the documents.

How brokers are paid

There is no standard. Compensation can be a fee from the borrower set in the engagement letter, a fee from the lender, or both, and is usually paid at closing. Whatever the structure, ask for every source and amount in writing before you engage, and ask whether any lender pays the broker more than others. A broker paid by lenders can still represent you well, but you should know.

Questions to ask before hiring one

1. Which CMBS lenders have you placed loans with recently, for my property type? Check the names against the lenders active in recent deals on CMBS lenders.
2. Who will do the work? The person pitching you, or someone else?
3. How are you paid, by whom, and when? All of it, in writing.
4. Is the engagement exclusive, and for how long? What happens if you find the lender yourself?
5. Will you show me every term sheet, not just the one you recommend?
6. What do you need from me, and when? A good advisor asks for a complete package up front. CMBS loan checklist.
7. Do you hold any license my state requires for commercial mortgage brokers? Requirements vary by state.

Red flags

• A promised rate or approval before anyone has seen the operating statements.
• Large upfront fees for a “guaranteed” loan.
• Pressure to sign a long exclusive before the broker has done any work.
• Reluctance to share actual lender term sheets.
• A claim that the broker is the lender, or controls the lender’s credit decision.

How Janover Capital works

Janover Capital LLC is a commercial mortgage advisor, not a lender. It does not make loans, does not decide credit, and cannot guarantee that a loan will be approved or at what rate. Lenders make those decisions.

For owners of stabilized commercial property looking for CMBS debt (acquisition, refinance or cash-out), Janover Capital sizes the deal, takes it to conduit lenders and, where they fit better, banks, credit unions and life companies, compares the offers, and manages the loan through closing. Brad Beattie, Director of Capital Markets, leads bank, credit union, CMBS and life company executions at Janover Capital. Ask how Janover Capital would be compensated on your deal before you engage.

It is a fit for business-purpose loans on income property, typically a few million dollars and up. It is not the right call for owner-occupied buildings (SBA loans fit better), construction loans, or residential mortgages. Nothing on this site is legal or tax advice.

To start, send the deal through Get a CMBS quote, or email hello@cmbs.loan or call (561) 559-4111. Before you do, it helps to run your numbers in the CMBS loan calculator and read CMBS loan requirements and how to get a CMBS loan.