Underwrite the opportunity
We review sponsorship, property performance, business plan, and priorities before approaching the market.
CMBS financing
Commercial Mortgage-Backed Securities Financing
Quick answer: CMBS (commercial mortgage-backed securities) loans offer 5.50% to 7.50% fixed rates, up to 75% LTV, and 5, 7, or 10 year non-recourse terms for stabilized commercial real estate, pooled into securities sold to institutional investors. CMBS is the most liquid source of capital for secondary-market assets and properties with complex stories, offering leverage and proceeds that banks and life insurance companies often cannot match on a credit-metrics-driven underwrite.
NationwideMarket coverage
1,000+Capital relationships
$2MM+CLS engagement floor
24 hoursInitial response
When it fits
When CMBS financing fits.
CMBS lenders (also called conduits) typically offer 5, 7, and 10 year fixed-rate loans with 25 to 30 year amortization and non-recourse terms subject to standard carve-outs. The securitization process means the lender cares less about relationship and more about credit metrics, which works in favor of borrowers with strong properties but limited banking relationships, or for properties in markets where local bank appetite is thin. Commercial Lending Solutions runs every eligible deal through multiple CMBS desks simultaneously to capture the tightest spread.
Structure before pricing: leverage, recourse, reserves, prepayment, and closing certainty can matter as much as the headline coupon. We test those trade-offs before recommending a path.
01
Stabilized multifamily, industrial, retail, office, hospitality, and self-storage
02
Class B and Class C properties in secondary markets
03
Portfolio refinance across multiple states
04
Cash-out refinance scenarios
05
Properties with strong metrics but weak banking relationships
06
Deals requiring maximum proceeds and non-recourse terms
Lender selection
How We Source CMBS Capital
We do not treat the lender list as a directory. We target the desks whose current appetite fits the asset, sponsorship, market, and business plan, then compare the full execution, not only the rate.
| Capital source | Where it may fit |
|---|---|
| Conduit Lenders (Wall Street and Major Banks) | Non-recourse execution with broad property appetite, balanced against more standardized servicing and prepayment provisions. |
| Investment Banks | Relationship-oriented capital that can offer local market knowledge and structural flexibility, with recourse often considered. |
| Specialty CMBS Platforms | Non-recourse execution with broad property appetite, balanced against more standardized servicing and prepayment provisions. |
How we work
One process. Multiple capital sources.
We position the transaction, identify the lenders most likely to compete, and compare proposals on economics and execution risk, not just headline rate.
A well-structured financing process should create real choices for the borrower, not simply deliver the first term sheet.
Target the right lender desks
The transaction is matched to lenders whose current appetite fits the property, market, and structure.
Create a comparable field
Proposals are evaluated across rate, proceeds, recourse, reserves, prepayment, and closing certainty.
Manage execution through closing
We coordinate lender diligence, third-party reports, and issue resolution until the loan funds.
National reach
Market knowledge where the deal requires it.
We arrange cmbs financing nationwide while matching each transaction to capital sources active in that market and property type.
Atlanta, GABoston, MAChicago, ILDallas, TXDenver, COHouston, TXLos Angeles, CAMiami, FLNashville, TNNew York, NYPhoenix, AZSan Diego, CASan Francisco, CASeattle, WATampa, FL
Browse all markets →
Questions
CMBS financing, clarified.
The final structure depends on the asset, sponsorship, and market. These are the starting parameters we discuss most often.
Working out equity? Our commercial property down payment guide covers typical requirements by loan type: 20% to 30% conventional, 10% for SBA owner occupied.
A CMBS (commercial mortgage-backed securities) loan is a fixed-rate commercial mortgage that is pooled with other loans and sold as a security to institutional investors. CMBS financing is also called conduit financing, and it is one of the most liquid sources of non-recourse capital for stabilized commercial real estate.
CMBS loans typically start at $5M, though some conduits will go as low as $3M for strong deals. The sweet spot for CMBS execution is $10M to $50M, where pricing is most competitive.
Yes. CMBS loans are non-recourse as standard, subject to customary bad-boy carve-outs for fraud, environmental liability, bankruptcy filing, and other specified acts. The non-recourse feature is one of the primary reasons borrowers choose CMBS over traditional bank financing.
CMBS loans are typically fixed-rate 5, 7, or 10 year terms with 25 to 30 year amortization. Current rates range from 5.50% to 7.50% depending on the property type, leverage, and market. The rate is a spread over the matching-term treasury or swap rate, locked at securitization.
Yes. CMBS is one of the most flexible sources for cash-out refinance, often supporting higher proceeds than banks or life companies, especially for properties in secondary markets. Typical CMBS leverage is up to 70% to 75% LTV.
The main tradeoffs are limited prepayment flexibility (defeasance or yield maintenance is required) and less ability to negotiate modifications once the loan is securitized. CMBS is ideal for borrowers who plan to hold through term or exit cleanly at maturity.
Let's evaluate the right cmbs structure.
Share the property and financing request. We will respond within 24 hours with an initial view.