CMBS loan minimum
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
No rule sets a minimum CMBS loan; fixed closing costs set a practical one. Among loans securitized from October 19, 2025 to October 19, 2026, the smallest outside co-op housing was $1.55M (mobile home park), and 75 of 958 non-co-op loans (8%) were under $5 million. The median was $15M.
How big recent CMBS loans are
| Loan size | Loans | Share |
|---|---|---|
| Under $5 million | 142 | 14% |
| $5 million to $10 million | 234 | 22% |
| $10 million to $25 million | 366 | 35% |
| $25 million to $50 million | 164 | 16% |
| $50 million and up | 141 | 13% |
| All loans | 1047 | 100% |
Every loan securitized into a public CMBS trust from October 19, 2025 to October 19, 2026, by original loan amount, from SEC Form ABS-EE filings. 67 of the loans under $5 million are co-op housing loans. Methodology.
Each row counts a loan once. A large loan split into pari passu notes across several trusts is grouped back into one loan, so a $20 million slice of a $500 million loan does not show up here as a $20 million loan.
The smallest loans by property type
| Property type | Smallest loan | 25th percentile | Median | Under $5 million |
|---|---|---|---|---|
| Multifamily | $3.05M | $8.18M | $15.1M | 17 of 292 |
| Retail | $2.4M | $10.5M | $16.66M | 2 of 141 |
| Self-storage | $2.85M | $6M | $8.9M | 17 of 115 |
| Hotel | $3.85M | $10.5M | $19M | 2 of 96 |
| Co-op housing | $1M | $1.75M | $3.5M | 67 of 89 |
| Office | $3.9M | $16.15M | $37.1M | 1 of 87 |
| Mobile home park | $1.55M | $4.38M | $6.15M | 29 of 82 |
| Mixed use | $3.75M | $10.5M | $16.73M | 3 of 66 |
| Industrial | $4.55M | $10.6M | $20.9M | 3 of 64 |
Same window and source. By type: CMBS property types.
Outside co-ops, the most sub-$5 million loans in this window were mobile home park, multifamily, self-storage: property types where a small, stabilized asset with many tenants is common. At the other end, office and retail loans rarely came in under $5 million.
Why small CMBS loans are hard
A securitized loan carries costs that barely change with its size. The borrower pays the lender's counsel, an appraisal, a Phase I environmental site assessment and a property condition report (Bank of America, a lender in the BANK5 2025-5YR14 prospectus, describes obtaining all three for each property, pp. 296 to 298), plus title, survey and its own counsel. Then the loan has to survive review by rating agencies and the B-piece buyer before it can be sold. On a $3 million loan those costs are a large share of proceeds; on a $30 million loan they are small. What CMBS closing costs include.
There is a structural reason too. Every loan becomes one line in a pool of loans that bond investors analyze one by one. A pool of a few large loans is cheaper to diligence than a pool of many small ones, so conduit lenders compete hardest for mid-size and larger loans. Small loans still get done, as the table shows, but fewer lenders quote them.
The other end: there is no maximum
Big loans are split. A lender originates the whole loan, cuts it into pari passu notes, and places the notes in several deals, under a co-lender agreement that names which trust's servicer runs the loan. The Spiral, a New York office tower, is one: its notes sit in the BANK5 2025-5YR14 conduit, but the loan is serviced under the Hudson Yards 2025-SPRL single-borrower deal (prospectus). Loans too large or too specialized for a conduit pool are financed alone in a SASB deal. How conduit pools are built.
Where a smaller loan goes instead
| Situation | Usually better fit | Why |
|---|---|---|
| Small income property, local owner | Bank or credit union | Lower fixed costs; recourse is the trade. CMBS vs bank loans |
| You occupy at least 51% of the building | SBA 504 or 7(a) | Owner-occupancy rule in 13 CFR 120.131; CMBS is for investment property |
| Apartments, 5 to 50 units, $2 million to $10 million | Freddie Mac Conventional Small | A product built for that size (term sheet, April 2026). CMBS vs agency loans |
| Property in lease-up or repositioning | Bridge loan | Income does not yet support permanent debt. CMBS vs bridge loans |
If your loan is a few million dollars
CMBS can still be the right answer at $2 million to $5 million when you want fixed-rate, non-recourse debt and the property type is one conduit lenders like at that size. Ask for an itemized estimate of lender legal and third-party costs before you sign an application, compare the all-in cost to a bank quote in the loan offer comparison tool, and check the leverage you can expect on the requirements page. Current rates by size and type: CMBS loan rates.
Sources: SEC Form ABS-EE asset-level data for every public CMBS trust, as of 2026-10-28; BANK5 2025-5YR14 prospectus (424B2, filed April 2, 2025); 13 CFR 120.131; Freddie Mac Optigo Conventional Small term sheet (4/26).
Questions people ask
What is the minimum loan amount for a CMBS loan?
No law or industry rule sets one; each lender decides. In the loans securitized from October 19, 2025 to October 19, 2026, the smallest loan outside co-op housing was $1.55M and 8% of non-co-op loans were under $5 million. Fixed closing costs are what make small loans hard, not a written minimum.
Is there a maximum CMBS loan size?
No. Very large loans are split into several pari passu notes held by different conduit trusts, or financed on their own in a single-asset, single-borrower (SASB) deal. The limit is the property, not the program.
Can I get a CMBS loan for $1 million?
Rarely outside co-op housing, where the median recent loan was $3.5M. For an income property at that size, the lender's legal fees and third-party reports cost about the same as on a much larger loan, so a bank, credit union or (if you occupy the building) an SBA loan is usually cheaper all-in.
Why do smaller CMBS loans cost more?
Every loan in a pool gets the same diligence: appraisal, environmental and property condition reports, lender counsel, and rating agency and B-piece buyer review. Those costs are roughly fixed, so as a share of the loan they fall as the loan grows.
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.