CMBS Loans
Securitized commercial mortgages for larger properties
Commercial Mortgage-Backed Securities (CMBS) loans are commercial mortgages that are pooled together and sold as bonds to investors. They offer competitive rates and non-recourse terms for larger stabilized properties, typically $2M and above.
Find CMBS Lenders →When is CMBS the right permanent loan, and when is a bank better?
CMBS works best when the asset is already stable, the hold period is long, and non-recourse matters more than future flexibility. The tradeoff is that servicing, prepayment, and transfer requests can be much more rigid after closing than they are with a relationship bank lender.
Before you commit, read CMBS vs. Bank Loans. It breaks down when a bank term sheet beats CMBS even at a slightly higher rate, especially if you may sell, recapitalize, or change the plan before maturity.
If the property is stable but the senior proceeds still leave a gap, that is when borrowers start comparing extra equity with a mezzanine layer. The coupon is higher, but it can be a cleaner way to reach the leverage target than rewriting the whole permanent execution.
🎯 Best For
- • Large stabilized properties
- • Borrowers wanting non-recourse
- • Properties in major markets
- • Long-term investors
✅ Advantages
- ✓ Non-recourse (no personal guarantee)
- ✓ Competitive rates
- ✓ Higher leverage possible
- ✓ Rate lock at application
⚠️ Considerations
- • Inflexible after closing
- • Expensive prepayment (defeasance/yield maintenance)
- • Cannot modify property or lease without servicer approval
- • Minimum loan size $2M+
What are the requirements for CMBS loans?
- ✓ Stabilized property
- ✓ DSCR ≥ 1.25
- ✓ LTV ≤ 75%
- ✓ Property in acceptable market
- ✓ No major deferred maintenance
Who are the top CMBS lenders?
13 lenders offer cmbs loans nationwide.
Arbor Realty Trust
Uniondale, NY
Major CRE lender and REIT. Bridge, permanent, and agency financing. Specializes in multifamily and commercial properties.
Barclays
New York, NY
Active CMBS conduit originator. Commercial mortgage-backed securities for large CRE deals.
CBRE Capital Markets
Dallas, TX
Global CRE services and capital markets. Arranges debt and equity for all commercial property types.
Citigroup
New York, NY
Major CMBS conduit originator. Commercial mortgage lending for institutional-quality properties.
Deutsche Bank
New York, NY
Major CMBS originator. Large-scale commercial real estate debt and securitization.
Goldman Sachs
New York, NY
Major CMBS conduit originator. Large-scale commercial mortgage financing and mezzanine debt.
Janover
Boca Raton, FL
Commercial loan marketplace connecting borrowers with lenders. Multifamily and commercial property debt. Growing platform with competitive terms.
JLL Capital Markets
Chicago, IL
Global commercial real estate services firm. Debt placement, equity advisory, and investment sales across all property types.
Frequently asked questions about cmbs loans
What does non-recourse mean? ▼
Can I pay off a CMBS loan early? ▼
Are you a lender offering cmbs loans?
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