CMBS loans (commercial mortgage-backed securities) offer non-recourse, fixed-rate financing for stabilized income-producing commercial properties. RefiLoop accesses multiple conduit lenders and lets them compete for your deal.
What Is a CMBS Loan?
A CMBS loan (conduit loan) is a type of commercial real estate loan that is pooled with other commercial loans and sold to investors as bonds on the secondary market. Because the loan is securitized, CMBS lenders can offer highly competitive fixed rates and non-recourse structures that banks typically cannot match.
CMBS Loan Terms Available Through RefiLoop
- Loan sizes: Typically $2M–$50M+
- LTV: Up to 75% for most property types
- Amortization: 25–30 years, often with interest-only periods
- Term: 5, 7, or 10 years fixed
- Recourse: Non-recourse with standard carve-outs
- DSCR requirement: Typically 1.25x minimum
Property Types for CMBS Financing
Stabilized retail, office, industrial/warehouse, multifamily (5+ units), self-storage, hospitality, mixed-use, mobile home parks. CMBS lenders require stabilized income — not appropriate for value-add or lease-up (use bridge financing instead).
CMBS vs. Bank Financing
CMBS loans offer lower rates and non-recourse structures that most banks can’t match, but prepayment requires defeasance or yield maintenance (expensive). Best for stabilized properties with long-term hold plans.
Get Competing CMBS Loan Offers Now
Submit your deal and receive 3–5 competing term sheets within 48 hours. No cost. No exclusivity.