CMBS & SASB Financing
5, 7, and 10-year non-recourse fixed-rate conduit and SASB executions ($5M to $500M+).
Conduit and SASB loans often deliver full-term interest-only payments and higher non-recourse proceeds than commercial banks—provided the cash-management, reserve, and leasing covenants are negotiated upfront before application.
We pit active Wall Street CMBS desks against each other to compress spreads while redlining TI/LC roll-over reserves, DSCR cash-sweep triggers, and major-tenant lease approval thresholds.
Conduit vs. SASB vs. Balance Sheet
Before you sign a CMBS term sheet, we benchmark the net proceeds, defeasance / yield-maintenance prepayment costs, and B-piece buyer diligence requirements directly against life-company and regional bank alternatives.
Ben Rohr manages the rating-agency / B-piece underwriting process directly through securitization rate-lock and funding.
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 |
Weighing a 5, 7, or 10-year CMBS execution against bank or life-company debt? Send us your rent roll and T-12 for 24-hour sizing and live conduit spreads.
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