Loan Overview

• Product Type: CMBS / Conduit Loan
• Structure: Non-recourse (standard bad-boy carveouts)
• Purpose: Acquisition, Refinance, Cash-Out
• Property Types: All income-producing commercial real estate

Loan Terms

• Loan Size: Typically, $2MM – $100MM+
• Term: 5, 7, or 10 years
• Amortization: 25–30 years
• Interest Type: Fixed Rate
• Interest Only: Available (partial to full term)

Leverage & Underwriting

• Maximum LTV: Up to ~75%
• Minimum DSCR: ~1.20x – 1.35x
• Debt Yield: Typically, 8%+
• Underwriting Focus: Property cash flow, sponsorship strength, market fundamentals

Pricing

• Based on Treasury/Swap rate + spread
• Driven by LTV, DSCR, asset quality, tenancy
• Fixed at closing

Prepayment

• Structure: Defeasance
• Lockout Period: Typically 2 years
• Yield Maintenance: Possible depending on execution

Recourse

• Non-Recourse
• Standard carve-outs: Fraud, Misrepresentation, Bankruptcy

Assumability

• Fully assumable (subject to approval + fee)

Closing Timeline

• Typically, 30–60 days from application

Third-Party Reports

• Appraisal
• Phase I Environmental
• Property Condition Report
• Engineering

Eligible Property Types

• Multifamily, Retail, Office, Industrial, Hospitality, Mixed-use

Key Advantages

• Long-term fixed-rate stability
• Non-recourse execution
• High leverage vs. life companies
• Broad property eligibility

Key Considerations

• Prepayment rigidity (defeasance)
• Less flexibility post-close
• Structured servicing environment

CMBA LLC delivers institutional CMBS execution—bridging Wall Street capital to Main Street operators with certainty, speed, and clarity