Question 1

What is a CMBS loan?

Accepted Answer

CMBS (Commercial Mortgage-Backed Securities) loans are originated by conduit lenders and pooled into bonds sold to investors. They offer non-recourse financing for stabilized commercial properties. Typical loan size starts at $2M.

Question 2

What are CMBS loan terms?

Accepted Answer

Standard CMBS terms are 5, 7, or 10 years with 30-year amortization. Most have yield maintenance or defeasance prepayment penalties. Interest-only periods of 1-5 years are common for lower-leverage deals.

Question 3

What LTV does CMBS offer?

Accepted Answer

CMBS loans typically go up to 75% LTV. Most conduit lenders also apply a debt yield test - minimum 8-10% depending on property type. The more restrictive metric governs. Multifamily and industrial get more favorable terms.

Question 4

What property types qualify for CMBS?

Accepted Answer

CMBS works for stabilized office, retail, multifamily, industrial, hotel, self-storage, and mixed-use properties. The property needs clean cash flow and strong occupancy. Assets with deferred maintenance or short-term lease rollover are harder to finance.

Question 5

What are CMBS closing costs?

Accepted Answer

CMBS closing costs run 2-4% of loan amount. That includes legal fees ($30K-$75K), appraisal ($3K-$10K), environmental ($2K-$5K), engineering ($5K-$15K), and lender fees. Third-party reports are the borrower's expense regardless of close.

			Website	Phone
Annaly Capital Management	CMBS	NY	annaly.com	(212) 696-0100
Bank of America Merrill Lynch CMBS	CMBS	NY	bankofamerica.com	(999) 999-9999
Barclays Commercial Real Estate	CMBS	NY	barclays.com	-
BMO Capital Markets CMBS	CMBS	NY	bmo.com	(425) 787-9819
Cantor Commercial Real Estate	CMBS	NY	ccre.com	-
Cantor Fitzgerald Commercial Real Estate	CMBS	NY	cantor.com	-
Citigroup Global Markets CMBS	CMBS	NY	citigroup.com	(360) 301-8049
Credit Suisse Real Estate	CMBS	-	credit-suisse.com	-
Cushman & Wakefield	CMBS	IL	cushmanwakefield.com	-
Deutsche Bank Commercial Real Estate	CMBS	NY	db.com	(317) 580-5364
Eastdil Secured	CMBS	NY	eastdilsecured.com	-
Goldman Sachs Commercial Real Estate	CMBS	NY	goldmansachs.com	(773) 434-3865
HFF (now JLL)	CMBS	TX	jll.com	-
Jefferies CMBS	CMBS	NY	jefferies.com	(162) 022-7495
JLL Capital Markets	CMBS	IL	jll.com	-
KeyBanc Capital Markets	CMBS	OH	key.com	(866) 821-9126
LNR Partners	CMBS	FL	lnrpartners.com	-
Marcus & Millichap Capital Corporation	CMBS	CA	marcusmillichap.com	-
Meridian Capital Group	CMBS	NY	meridiancapital.com	-
Morgan Stanley Commercial Real Estate	CMBS	NY	morganstanley.com	-
Natixis Real Estate Capital	CMBS	NY	natixis.com	-
Nomura Securities CMBS	CMBS	NY	nomura.com	-
Orix Real Estate Capital	CMBS	TX	orix.com	(212) 468-5888
Sabal Capital Partners	CMBS	-	sabalcapital.com	-
Societe Generale CMBS	CMBS	NY	societegenerale.com	-
Starwood Mortgage Capital	CMBS	FL	starwoodcapital.com	(305) 695-5200
Trimont Real Estate Advisors	CMBS	GA	trimont.com	(404) 420-5600
UBS Securities CMBS	CMBS	NY	ubs.com	-
Wells Fargo Securities CMBS	CMBS	NC	wellsfargo.com	(282) 026-7798

CMBS Lenders

CMBS Lending FAQ