CMBS Financing
Evaluate CMBS with the full post-closing picture in view.
CMBS can offer long-term, non-recourse, fixed-rate financing for stabilized assets. The question is whether it fits your proceeds, hold period, and flexibility needs.
Servicer rules, reserves, cash management, and prepayment costs can materially shape the answer. We make those trade-offs clear before you choose a path.
Conduit vs. SASB — When Each Makes Sense
Conduit, single-asset single-borrower, and CRE CLO structures serve different transaction profiles. The right path depends on the asset, leverage, business plan, and operating priorities.
We assess whether CMBS is the right path and how its post-closing mechanics compare with bank and life-company alternatives.
Typical Deal Parameters
| Loan Size | $5M (conduit) to $500M+ (SASB) |
| Leverage | Up to 75% LTV |
| Rate | Fixed (conduit/SASB); floating (CRE CLO) |
| Term | 5, 7, or 10 years (conduit); flexible (SASB/CLO) |
| Recourse | Non-recourse with limited carve-outs |
| Prepayment | Defeasance or yield maintenance; step-down on some programs |
Have a stabilized asset and are weighing CMBS against other permanent debt? Start with the structure, hold period, and flexibility you need after closing.