# cmbs.loan

> Today's CMBS loan rates and lenders from SEC filings, what CMBS lenders require, calculators, and what to do when a CMBS loan matures or goes to special servicing.

cmbs.loan is published by Janover Capital LLC (Boca Raton, Florida), a commercial mortgage advisor, not a lender. Guides are by Brad Beattie, Director, Capital Markets. Contact: hello@cmbs.loan, (561) 559-4111.

Key figures (SEC Form ABS-EE loan data via cmbs.news, as of 2026-10-28; estimates from public filings, not quotes):
- Median CMBS note rate, loans securitized in the 90 days to 2026-10-19: 6.63% (155 loans); 12 months: 6.40% (1047 loans).
- Underwriting medians, last 12 months (958 loans): loan size $15.0M, LTV 63.9%, DSCR 1.47x, debt yield 10.1%; 87% full-term interest-only.
- CMBS loans maturing in 2027 and 2028: 3,140. Loans in the file: 19,772 across 376 trusts.

Public JSON API (free, no key, CORS open): https://cmbs.loan/api/v1/rates, /api/v1/underwriting, /api/v1/lenders, /api/v1/lenders/{slug}, /api/v1/maturities, /api/v1/servicers; OpenAPI: https://cmbs.loan/openapi.json.
MCP server for AI assistants (free, read-only, no key): https://cmbs.loan/mcp (CMBS rates, underwriting, lenders, maturity wall, loan sizing, special servicing timeline, fees, appraisal reduction); setup on https://cmbs.loan/developers/.
Financing requests: https://cmbs.loan/get-financing/. Loans in trouble: https://cmbs.loan/help/.

## Getting a CMBS loan

- [CMBS acquisition loans](https://cmbs.loan/cmbs-acquisition-loans/): How 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 refinance](https://cmbs.loan/cmbs-cash-out-refinance/): How 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 broker](https://cmbs.loan/cmbs-loan-broker/): What 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 checklist](https://cmbs.loan/cmbs-loan-checklist/): A complete CMBS loan document checklist by stage: quote, application, third-party reports, underwriting and closing, with who provides each item.
- [CMBS loan closing costs](https://cmbs.loan/cmbs-loan-closing-costs/): What 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 be](https://cmbs.loan/cmbs-loan-minimum/): The 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 cons](https://cmbs.loan/cmbs-loan-pros-and-cons/): The 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 borrower](https://cmbs.loan/cmbs-loan-requirements/): What 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, reserves](https://cmbs.loan/cmbs-loan-terms/): Every 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 refinance](https://cmbs.loan/cmbs-refinance/): How 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 loans](https://cmbs.loan/cmbs-vs-agency-loans/): CMBS loans versus Fannie Mae and Freddie Mac multifamily loans: eligibility, leverage, interest only, prepayment, supplemental loans and when each wins.
- [CMBS vs bank loans](https://cmbs.loan/cmbs-vs-bank-loans/): CMBS loans versus bank loans for commercial property: recourse, leverage, rate, term, prepayment, covenants and servicing, side by side and sourced.
- [CMBS vs bridge loans](https://cmbs.loan/cmbs-vs-bridge-loans/): CMBS loans versus bridge loans: fixed vs floating, stabilized vs transitional property, rate caps, prepayment, future funding, and moving between them.
- [CMBS vs life company loans](https://cmbs.loan/cmbs-vs-life-company-loans/): CMBS loans versus life insurance company loans: leverage, pricing, terms, rate locks, prepayment, servicing, and which properties each lender wants.
- [Conduit loans](https://cmbs.loan/conduit-loans/): What 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 loan](https://cmbs.loan/how-to-get-a-cmbs-loan/): The 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 risk](https://cmbs.loan/interest-only-cmbs-loans/): How 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 loans](https://cmbs.loan/non-recourse-cmbs-loans/): How non-recourse CMBS loans work: bad-boy carve-outs, springing full recourse, the guaranty and environmental indemnity, SPE rules and partial recourse.
- [SASB loans](https://cmbs.loan/sasb-loans/): What 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?](https://cmbs.loan/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

- [Adding debt behind a CMBS loan: mezzanine, second liens and preferred equity](https://cmbs.loan/cmbs-supplemental-financing/): Adding 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 send](https://cmbs.loan/cmbs-loan-assumption/): How 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 one](https://cmbs.loan/cmbs-cash-management/): How 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 Treasuries](https://cmbs.loan/defeasance/): How 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 agreement](https://cmbs.loan/cmbs-insurance-requirements/): What 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 plan](https://cmbs.loan/cmbs-loan-maturing/): What 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 yours](https://cmbs.loan/cmbs-prepayment-penalties/): The 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 back](https://cmbs.loan/cmbs-reserves/): The 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 send](https://cmbs.loan/cmbs-servicer-consent/): Who 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 loan](https://cmbs.loan/cmbs-partial-release/): How 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 it](https://cmbs.loan/selling-a-property-with-a-cmbs-loan/): Four 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 counterparty](https://cmbs.loan/master-servicer/): What 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 off](https://cmbs.loan/cmbs-watchlist/): The 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 agreement](https://cmbs.loan/yield-maintenance/): How 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

- [A receiver for your property: how receivership works on a CMBS loan](https://cmbs.loan/cmbs-receivership/): How 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 loans](https://cmbs.loan/appraisal-reduction/): Work 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 price](https://cmbs.loan/cmbs-forbearance/): How 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 earns](https://cmbs.loan/special-servicing-fees/): Estimate 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 transfers](https://cmbs.loan/special-servicing/): What 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 order](https://cmbs.loan/cmbs-loan-default/): What 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 off](https://cmbs.loan/cmbs-loan-extension/): How 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 loan](https://cmbs.loan/cmbs-deed-in-lieu/): How 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 follows](https://cmbs.loan/maturity-default/): What 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 approved](https://cmbs.loan/cmbs-discounted-payoff/): How 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 offer](https://cmbs.loan/cmbs-a-b-note-split/): How 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 modify](https://cmbs.loan/loan-modification/): The 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 clock](https://cmbs.loan/servicer-clock/): How 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 works](https://cmbs.loan/cmbs-note-sale/): How 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

- [CMBS glossary: definitions from A-note to yield maintenance](https://cmbs.loan/glossary/): Plain 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 work](https://cmbs.loan/cmbs-primer/): What 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 how](https://cmbs.loan/cmbs-risk-retention/): How 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 bonds](https://cmbs.loan/cmbs-tranches/): How 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 loan](https://cmbs.loan/cmbs-underwriting/): How 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 apart](https://cmbs.loan/cmbs-vs-abs/): CMBS 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 loans](https://cmbs.loan/cmbs-vs-rmbs/): CMBS 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 bonds](https://cmbs.loan/cmbx/): CMBX 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 medians](https://cmbs.loan/debt-yield/): Debt 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 medians](https://cmbs.loan/dscr/): Debt 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 step](https://cmbs.loan/cmbs-securitization-process/): How 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 loan](https://cmbs.loan/cmbs-ratings/): How 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 when](https://cmbs.loan/master-vs-special-servicer/): The 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 loan](https://cmbs.loan/remic/): A 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 loan](https://cmbs.loan/cmbs-b-piece/): The 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 loan](https://cmbs.loan/pooling-and-servicing-agreement/): What 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

- [CMBS calculators: loan size, defeasance, yield maintenance and more](https://cmbs.loan/tools/): Free 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?](https://cmbs.loan/cmbs-assumption-calculator/): 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?](https://cmbs.loan/cmbs-loan-calculator/): 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?](https://cmbs.loan/cmbs-refinance-calculator/): 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 terms](https://cmbs.loan/compare-loan-offers/): Put 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 curve](https://cmbs.loan/defeasance-calculator/): Price 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% floor](https://cmbs.loan/yield-maintenance-calculator/): Estimate a yield maintenance prepayment premium with the formula from a 2026 CMBS prospectus, the interpolated Treasury rate and the 1% minimum.

## CMBS data

- [CMBS loan data downloads: rates, lenders and maturity wall (CSV)](https://cmbs.loan/cmbs-data/): 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 term](https://cmbs.loan/cmbs-loan-rates/): CMBS 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 compared](https://cmbs.loan/cmbs-property-types/): Rates, 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 lenders](https://cmbs.loan/cmbs-loans-by-state/): Live 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)](https://cmbs.loan/master-servicers/): 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 2032](https://cmbs.loan/cmbs-maturity-wall/): 1,420 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)](https://cmbs.loan/special-servicers/): 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 maturities](https://cmbs.loan/cmbs-statistics/): Numbered, 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 numbers](https://cmbs.loan/methodology/): Sources (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 filings](https://cmbs.loan/cmbs-lenders/): The 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 trust](https://cmbs.loan/who-is-my-special-servicer/): Search 14,890 live CMBS loan notes by property, city or trust to find the special servicer, master servicer, maturity and payment status.

Every page: https://cmbs.loan/llms-full.txt