CMBS guides

82 guides, calculators and data pages on getting a CMBS loan, living with one, and what to do when it runs into trouble. Each guide is written for the owner or sponsor and cites the agreement, regulation or SEC filing it relies on.

Getting a CMBS loan

What CMBS lenders require, the terms and costs, and how a CMBS loan compares with the alternatives.

CMBS acquisition loansHow CMBS loans finance a property purchase: sizing against price and appraisal, fitting the purchase contract to the CMBS timeline, and real examples.
CMBS cash-out refinanceHow a CMBS cash-out refinance is sized, what lenders check, real cash-out loans from a 2025 prospectus, and the risks of taking equity out.
CMBS loan brokerWhat a CMBS loan broker or advisor does, how brokers are paid, what to ask before hiring one, and how Janover Capital works as an advisor, not a lender.
CMBS loan checklistA complete CMBS loan document checklist by stage: quote, application, third-party reports, underwriting and closing, with who provides each item.
CMBS loan closing costsWhat closing a CMBS loan costs: lender legal, reports, origination, title, taxes and reserves, with the closing costs of 15 loans from one 2025 deal.
CMBS loan minimum: how small a CMBS loan can beThe smallest loans in recent CMBS deals by property type, why fixed closing costs set a practical floor, and where smaller loans go instead.
CMBS loan pros and consThe real advantages and drawbacks of a CMBS loan: proceeds, fixed rate and non-recourse terms against prepayment rigidity, reserves, lockboxes and servicers.
CMBS loan requirements: LTV, DSCR, debt yield and the borrowerWhat a CMBS lender requires of the property and the borrower, with the leverage, coverage and debt yield on loans securitized in the last 12 months.
CMBS loan terms: rate, term, amortization, prepayment, reservesEvery term on a CMBS term sheet explained, with the loan terms, rates and interest-only share of loans securitized over the last 12 months.
CMBS refinanceHow a CMBS refinance works: paying off the old loan (open period, defeasance, yield maintenance), sizing the new one, and closing a shortfall.
CMBS vs agency loansCMBS loans versus Fannie Mae and Freddie Mac multifamily loans: eligibility, leverage, interest only, prepayment, supplemental loans and when each wins.
CMBS vs bank loansCMBS loans versus bank loans for commercial property: recourse, leverage, rate, term, prepayment, covenants and servicing, side by side and sourced.
CMBS vs bridge loansCMBS loans versus bridge loans: fixed vs floating, stabilized vs transitional property, rate caps, prepayment, future funding, and moving between them.
CMBS vs life company loansCMBS loans versus life insurance company loans: leverage, pricing, terms, rate locks, prepayment, servicing, and which properties each lender wants.
Conduit loansWhat a conduit loan is, how lenders pool loans into a CMBS trust, who services it, and how conduit loans differ from SASB and balance sheet loans.
How to get a CMBS loanThe steps to get a CMBS loan: sizing, choosing a lender, the application deposit, third-party reports, credit committee, rate lock, documents and closing.
Interest-only CMBS loans: how common, who qualifies, the riskHow many recent CMBS loans pay interest only for the full term, by property type, how lenders underwrite them, and the balloon risk at maturity.
Non-recourse CMBS loansHow non-recourse CMBS loans work: bad-boy carve-outs, springing full recourse, the guaranty and environmental indemnity, SPE rules and partial recourse.
SASB loansWhat a SASB loan is, how it differs from a conduit loan, the properties and loan sizes it suits, fixed versus floating, and how SASB servicing works.
What is a CMBS loan?A CMBS loan is a fixed-rate commercial mortgage pooled into a bond trust and run by servicers. How it works, who it suits, and the trade-offs.

Living with a CMBS loan

Prepayment, defeasance, assumption on a sale, reserves, cash management and the servicer's consent.

Adding debt behind a CMBS loan: mezzanine, second liens and preferred equityAdding money behind a CMBS loan: why second mortgages are rare, when mezzanine debt is allowed, the combined LTV and DSCR tests, and who approves it.
Assuming a CMBS loan: who approves it, what it costs, what to sendHow a CMBS loan assumption gets approved: master vs special servicer, the 10-business-day consent clock, rating agencies, fees and the buyer's file.
CMBS cash management: lockboxes, cash traps and how to get out of oneHow CMBS lockboxes and cash traps work: hard vs springing, the DSCR and tenant triggers that start a sweep, what you can still spend, and how a trap ends.
CMBS defeasance: swapping your property for TreasuriesHow CMBS defeasance works step by step: the two-year REMIC bar, notice periods, opinions, the successor borrower, who approves it and what drives the cost.
CMBS insurance requirements, read from a recent loan agreementWhat insurance a CMBS loan requires: replacement cost, deductibles, windstorm, flood, earthquake, terrorism and TRIPRA, liability, rent loss, force-placing.
CMBS loan maturing: open period, 120-day rule and refinance planWhat to do as a CMBS loan nears maturity: the open period, the 90-day watchlist flag, the 120-day refinance rule, and how many loans mature by year.
CMBS prepayment penalties: the four structures and how to read yoursThe four kinds of CMBS prepayment protection, how to decode L(25),D(28),O(7), how long open periods run, and which exits cost nothing extra.
CMBS reserves: what is held, how to draw it, how to get it backThe reserves a CMBS loan holds (taxes, insurance, replacements, TI/LC), how a draw request works, who approves releases and what to send the servicer.
Getting a CMBS servicer's consent: who decides, how long, what to sendWho approves CMBS borrower requests (leases, SNDAs, managers, releases, transfers, debt): master servicer, special servicer or Directing Certificateholder.
Releasing a parcel or property from a CMBS loanHow a CMBS partial release works: release prices of 110% to 120% of allocated loan amount, DSCR and debt yield tests, the REMIC 80% rule, and who approves.
Selling a property with a CMBS loan on itFour ways to sell a property with a CMBS loan: assumption, defeasance, yield maintenance payoff or the open period, with timing, costs and contract terms.
The CMBS master servicer: your day-to-day counterpartyWhat a CMBS master servicer does: payments, escrows, inspections, advances, the consents it grants alone, and when it hands a loan to the special servicer.
The CMBS servicer watchlist: why your loan is on it and how to get offThe CREFC servicer watchlist triggers for CMBS loans (DSCR below 1.10x, occupancy, rollover, cash traps, maturity) and the release threshold for each.
Yield maintenance on a CMBS loan, read from the loan agreementHow CMBS yield maintenance is calculated: the 1% floor, the Treasury rate it uses, the default premium, and when a prepayment owes nothing extra.

When a CMBS loan is in trouble

Special servicing, default, maturity, modifications and the ways out.

A receiver for your property: how receivership works on a CMBS loanHow a court-appointed receiver takes over a property behind a defaulted CMBS loan: the grounds, the receiver's powers, your duties, and what to do first.
Appraisal reduction amount calculator for CMBS loansWork out a CMBS loan's appraisal reduction amount from the new appraisal, and how far it cuts interest advances, using the formula in a 2025 PSA.
CMBS forbearance: time to refinance or sell, and its priceHow a CMBS forbearance works: the 120-day maturity window, longer agreements, the SEC code added in 2023, the two-year tax rule, and the terms to watch.
CMBS special servicing fee calculator: what the servicer earnsEstimate the special servicing, workout and liquidation fees on a CMBS loan, using the fee terms of a real 2025 pooling and servicing agreement.
CMBS special servicing: what happens after your loan transfersWhat happens when a CMBS loan moves to the special servicer: the transfer triggers, the 60-day plan, who approves a workout, the fees, and what to prepare.
Defaulting on a CMBS loan: what happens, and in what orderWhat happens when a CMBS loan defaults: the 60-day transfer, default interest, the appraisal, the options a special servicer weighs, and when to call a lawyer.
Extending a CMBS loan: the 120-day window, the limits, and who signs offHow a CMBS maturity extension works: the 120-day master servicer window, the special servicer limits in the PSA and REMIC rules, the fees, and what to ask for.
Giving the property back: a deed in lieu on a CMBS loanHow a deed in lieu of foreclosure works on a CMBS loan: who approves it, the environmental check, the three-year REO sale rule, releases to negotiate, taxes.
Missed your CMBS maturity date? The 120-day rule and what followsWhat happens when a CMBS balloon payment is missed: the 120-day refinance window, the transfer, the appraisal, and the fees you can avoid.
Paying off a CMBS loan at a discount: how a DPO gets approvedHow a CMBS discounted payoff works: the present-value test the special servicer applies, who can block it, the 1% liquidation fee, taxes, and how to fund one.
The A/B note split, or "hope note": what a CMBS servicer can offerHow a CMBS A/B note modification works: the A note you pay, the B note that accrues, what the PSA and REMIC rules require, the new-equity ask, and the risks.
What a CMBS special servicer can and cannot modifyThe REMIC tax rules that limit CMBS loan modifications, the default exception, Rev. Proc. 2009-45, and who has to approve a workout.
What happens after a missed CMBS payment: the servicer clockHow long until a CMBS loan goes to special servicing? Set the days since a missed payment or maturity and see each event it has triggered, day by day.
When a CMBS trust sells your loan: how a note sale worksHow a CMBS special servicer sells a defaulted loan: the appraisal, fair value, who may bid, the rules for borrower offers, the fee, and what changes for you.

How CMBS works

Securitization, tranches, servicers, ratings and the underwriting tests.

CMBS glossary: definitions from A-note to yield maintenancePlain definitions of CMBS terms for borrowers and investors, from appraisal reduction and ASER to special servicer, defeasance and yield maintenance.
CMBS primer: how commercial mortgage-backed securities workWhat CMBS are, who the parties are, how loan payments reach bondholders, and what it all means for a borrower, traced through a real 2025 deal.
CMBS risk retention: who keeps 5% of the risk, and howHow 17 CFR part 246 makes CMBS sponsors keep 5% of the credit risk: vertical, horizontal and L-shaped options, B-piece buyers, QCRE loans, holding periods.
CMBS tranches: how one pool of loans becomes 16 classes of bondsHow a CMBS trust splits into tranches from AAA to the first-loss B-piece, with the real class sizes, credit support and loss order of a 2025 conduit deal.
CMBS underwriting: how conduit lenders size a loanHow CMBS lenders underwrite: net cash flow, DSCR, debt yield and LTV, with medians from the last 12 months of SEC-filed loans by property type.
CMBS vs ABS: why commercial mortgage bonds are a breed apartCMBS are asset-backed securities under SEC rules, yet they differ from auto, card and student loan ABS in collateral, credit enhancement, data and tax.
CMBS vs RMBS: the same idea, built for very different loansCMBS and RMBS compared: collateral, loan counts, prepayment protection, guarantees, servicing, risk retention and the SEC loan data each must file.
CMBX: the index that trades CMBS credit risk without owning the bondsCMBX is a family of synthetic indexes, each referencing 25 CMBS bonds at one rating level. How it trades, what moves it, and what it signals to borrowers.
Debt yield: formula, examples and current CMBS mediansDebt yield is NOI divided by the loan amount. The formula, how CMBS lenders use it to size loans, and the median by property type from recent SEC filings.
DSCR in commercial real estate: formula and CMBS mediansDebt service coverage ratio is net cash flow over annual debt service. How CMBS lenders calculate it, why interest-only matters, and recent medians.
How a commercial mortgage becomes a CMBS bond, step by stepHow a commercial loan becomes a bond: origination, B-piece review, ratings, SEC filings, pricing and closing, traced through BANK5 2025-5YR14.
How CMBS bonds get rated, and how the ratings reach your loanHow Fitch, KBRA, Moody's, S&P and Morningstar DBRS rate CMBS classes, why issuers choose which agencies to hire, and how rating views shape the loan you get.
Master servicer vs special servicer: who handles your CMBS loan, and whenThe master servicer collects payments and advances; the special servicer takes over defaulted loans. Duties, fees, triggers and how a loan moves between them.
REMIC: the tax rules behind a CMBS trust, and what they mean for your loanA REMIC is the tax election behind CMBS trusts. The rules in 26 USC 860A-860G, and how they limit loan modifications, defeasance and added funding.
The CMBS B-piece: the first-loss bonds, and the investor who controls your loanThe B-piece is the first-loss slice of a CMBS trust. Who buys it, how it picks the special servicer, and the risk retention rules its buyer must follow.
The pooling and servicing agreement: the contract that runs a CMBS loanWhat a CMBS pooling and servicing agreement covers, article by article, who signs it, where to find yours on EDGAR, and the sections a borrower should read.

Calculators

Run the numbers on a new loan, a prepayment, an assumption or a refinance.

CMBS calculators: loan size, defeasance, yield maintenance and moreFree CMBS calculators with live Treasury yields: loan sizing, defeasance, yield maintenance, refinance gap, assumption and offer comparison.
CMBS loan assumption calculator: assume the loan or get a new one?Compare assuming a seller's CMBS loan with new financing: payments, cash at closing, the assumption fee and total cost over the remaining term.
CMBS loan calculator: how much can I borrow on a CMBS loan?Size a CMBS loan by DSCR, LTV and debt yield, prefilled from loans securitized this year by property type, with the payment and debt constant.
CMBS refinance calculator: will a new loan cover your balance?Find the maturity gap on a CMBS loan: the new loan your NOI and value support at today's rates, against the balance due, and what closes the gap.
Compare commercial loan offers: CMBS, bank and life company termsPut up to three commercial mortgage offers side by side: payments, fees, the prepayment cost in your sale year and the all-in annual cost.
Defeasance calculator: CMBS defeasance cost at the live Treasury curvePrice the Treasury portfolio that defeases a CMBS loan: every payment and the balloon, discounted on today's Treasury curve. Formula and sources shown.
Yield maintenance calculator with the live Treasury rate and 1% floorEstimate a yield maintenance prepayment premium with the formula from a 2026 CMBS prospectus, the interpolated Treasury rate and the 1% minimum.

CMBS data

Rates, lenders, servicers and maturities, computed from the loan data CMBS trusts file with the SEC.

CMBS loan data downloads: rates, lenders and maturity wall (CSV)Free CSV downloads of CMBS rates by month and type, underwriting by type, the lender league table and the maturity wall, compiled from SEC filings. CC BY 4.0.
CMBS loan rates for October 2026: medians by property type and termCMBS rates from SEC filings: the median rate on loans made in the last 90 days was 6.63% (155 loans).
CMBS loans by property type: rates, LTV and DSCR comparedRates, leverage, coverage, loan size and lenders for multifamily, retail, office, hotel, self-storage, industrial, mixed-use, MHP and co-op CMBS loans.
CMBS loans by state: live loans, rates and lendersLive CMBS loans, balances, recent rates, active lenders and maturities for every state with at least 100 securitized loans, from SEC filings.
CMBS master servicers ranked by loans serviced (2026)Which firms service live CMBS loans, from SEC filings as of Oct 28, 2026: loan counts, balances, trusts as master servicer, and what they handle.
CMBS maturity wall: loans coming due 2027 to 20321,420 CMBS loans ($32.3 billion) mature in 2027. By year, property type and state, with coupons, refinance shortfall and what to do.
CMBS special servicers: who works out troubled loans (2026)Every named CMBS special servicer across 371 trusts: loans and balance they would handle, 60+ day delinquencies, appraisal reductions.
CMBS statistics 2026: rates, leverage, lenders and maturitiesNumbered, citable CMBS loan statistics from SEC filings as of October 2026: rates, LTV, DSCR, loan sizes, lenders, IO, maturities, delinquency, special.
Methodology: how cmbs.loan computes its CMBS numbersSources (SEC ABS-EE Schedule AL, 10-D), definitions, how pari passu notes are counted, exclusions, refresh cadence and the limits of securitized-loan data.
Top CMBS lenders (2026): league table from SEC loan filingsThe 28 CMBS lenders that securitized loans in the 12 months to Oct 19, 2026, ranked by volume, with loan sizes, rates and property mix.
Who is my CMBS special servicer? Search by property or trustSearch 14,890 live CMBS loan notes by property, city or trust to find the special servicer, master servicer, maturity and payment status.

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