Lender type
CMBS loans, matched to your deal
A CMBS loan, also called a conduit loan, is commercial mortgage debt originated to be pooled with other loans and sold to bond investors as commercial mortgage-backed securities. The originator sets terms to what the securitization will accept: fixed rate, non-recourse with standard carve-outs, a long term with a balloon, cash management, and a prepayment structure built around defeasance or yield maintenance. After closing the loan is serviced by a master servicer under pooling rules rather than by the originator. Conduit lenders differ on sizing and on flexibility at origination, which is why one file deserves several answers.
- 5,000+loan programs screened
- 5–8matches on a typical deal
- $0 upfrontto submit and compare offers
- 0.50–1.00%broker fee, paid only at closing
Who is a CMBS loan actually for?
Owners of stabilized, income-producing commercial property who want non-recourse fixed-rate debt at leverage that banks and life companies often will not reach, and who can live with a rigid loan after closing: a retail center with a strong tenant roster, a hotel with a stable operating history, an office or industrial building with long leases. Transitional assets and borrowers who expect to modify the loan later are usually better served elsewhere.
What do CMBS lenders disagree about?
Sizing and structure at origination. Conduit lenders take different views on how to underwrite the net cash flow the bond market will see, how much leverage a given asset and market can carry into the pool, what reserves and cash management triggers to require, whether an interest-only period fits, and how to price the loan against where their next securitization is expected to clear. The servicing after closing is governed by the pool; the terms going in are not, and that is where the competition happens.
What should be ready before a CMBS file goes out?
Trailing operating statements and the rent roll with lease expirations, the tenant credit where it matters, a property condition summary, the sponsor's ownership structure and experience, and a clear view of how long the borrower intends to hold, because the prepayment structure makes an early exit expensive. Files that arrive with the cash flow already normalized the way a securitization underwriter would normalize it get taken seriously faster.
How does getting matched actually work?
You describe the deal once — about five minutes — and it is screened against 5,000+ loan programs. Most deals return 5–8 matches, and the median first offer arrives in under an hour. There is $0 upfront; the fee is 0.50–1.00%, paid only at closing.
YieldStack is a commercial mortgage brokerage, not a lender. The rate, the leverage and the credit decision belong to the lenders competing for your deal; our job is making sure the right ones see it at the same time, so the terms you compare are real competition rather than one desk’s appetite.
What do lenders actually look at?
Every program weighs these in its own way — which is the argument for several quoting at once.
- Net cash flow as the securitization will underwrite it, not as the owner reports it
- Tenant credit, lease term and rollover inside the loan term
- Property condition and the reserves a rating agency would expect
- Sponsor structure, experience and any litigation history
- The borrower's hold period against the prepayment structure
Frequently Asked Questions
Who do I deal with after a CMBS loan closes?
A master servicer, and a special servicer if the loan runs into trouble. The originator is gone once the loan is sold into the pool, which is why the terms have to be right at closing.
Are CMBS loans non-recourse?
Yes, with standard carve-outs. That is one of the main attractions, alongside leverage and a long fixed rate.
What is defeasance?
A way to prepay by substituting government securities for the property as collateral, so the bondholders keep receiving the same payments. It is expensive when rates have fallen and is the reason hold period matters.
Can I modify a CMBS loan later?
Only with difficulty. Changes go through the servicer under the pool's rules and often require rating agency review. Borrowers who expect to change the loan usually choose a different lender.
What is cash management?
A lockbox structure where rents flow through a controlled account and, if a trigger is hit, the servicer holds the excess. It is standard in securitized loans and the triggers are negotiated at origination.
Which properties fit CMBS best?
Stabilized, income-producing assets with durable cash flow and a sponsor who plans to hold: retail, office, industrial, hotel, self-storage and multifamily all appear in pools. Transitional and special-purpose assets fit less well.
Is YieldStack a lender?
No. YieldStack is a commercial mortgage brokerage, not a lender. Every term sheet comes from a lender in the network and is subject to that lender's underwriting.
Does it cost anything to see terms?
No. It costs $0 upfront to submit a deal and review offers; YieldStack's broker fee is 0.50–1.00% of the loan amount and is paid only at closing.
Is financing guaranteed?
No. Every credit decision is made by the lender; YieldStack arranges the introductions and negotiates on the borrower's side, and no loan, rate, or closing is guaranteed.
Next step
One deal.Several lenders.
YieldStack is a commercial mortgage brokerage, not a lender.