Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Capital Markets Program
CMBS Loans
CMBS (commercial mortgage-backed securities) loans, also called conduit loans, are non-recourse commercial mortgages that lenders pool and sell as bonds to investors. Because the focus is on the property rather than lengthy scrutiny of the borrower, CMBS can be a strong fit for many deals. We arrange CMBS financing from $2 million for apartments, retail, office, warehouse and hospitality nationwide. Compare today’s commercial mortgage rates.
Get a Free QuoteCMBS Loan Rates & Terms
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.67% | 75% |
| 7 Year Fixed | 6.67% | 75% |
| 10 Year Fixed | 6.67% | 75% |
- Up to 75% LTV
- Loan amounts from $2 million and up
- Non-recourse with standard carve-outs
- Fixed terms, typically 5 or 10 years, amortization up to 30 years
- Cash-out and interest-only available
- For apartments, retail, office, industrial and hospitality
Rates are indicative and update with the market. Your rate, LTV and amortization are set by underwriting.
How CMBS Loans Work
CMBS (commercial mortgage-backed securities) loans, also called conduit loans, are commercial mortgages that a lender originates, then pools with other loans and sells to investors as bonds. Because the loan is underwritten to the property’s cash flow and then securitized, CMBS lenders tend not to scrutinize the borrower as closely as a bank, which opens the door for many borrowers who do not fit tightly into an agency or bank box.
- Up to 75% LTV on purchases and refinances
- Loan amounts from $2 million and up
- Non-recourse with standard carve-outs
- Fixed-rate terms, typically 5 or 10 years, with amortization up to 30 years
- Cash-out refinancing available
- Interest-only options available
- Available for apartments, retail, office, industrial, warehouse, hospitality and more
CMBS Loans: 2026 Outlook
The CMBS market continues to evolve with interest rates and the performance of the underlying property sectors, and 2026 has been more constructive for both issuance and borrowers.
A steadier rate environment. As inflation moderated and the Federal Reserve moved toward lower short-term rates, borrowing costs eased from their peaks. A steady or slightly declining rate environment encourages new CMBS issuance, supports investor demand as spreads become more attractive, and reduces refinancing risk for borrowers facing loan maturities.
Diverging property sectors. CMBS performance depends heavily on the underlying asset class. Multifamily and industrial remain among the strongest performers on steady demand, retail has firmed on limited new supply, while office is recovering selectively, led by higher-quality, well-located buildings. Lenders price each deal to the strength of the specific property and market.
What it means for borrowers. With a large wave of loan maturities to refinance, CMBS is an important source of non-recourse capital in 2026, particularly for well-occupied properties and borrowers who value certainty of execution over the tightest possible rate.
Get Expert Guidance on Your CMBS Loan
With more than 30 years of experience and relationships across conduit, credit unions, HUD, bank and life company lenders, we help borrowers secure competitive CMBS financing and compare it against every other program to confirm the best execution. There are no upfront application or processing fees, and we issue written pre-approvals within 48 hours at no cost or obligation.
What Our Clients Say
“As a real estate attorney, I trust that Select Commercial will deliver apartment building loans and commercial mortgages in a timely manner. The rates and terms offered are excellent. I heartily recommend them.”
David S. · New York City“Select Commercial offered 100% financing for my medical practice when my bank would have required 20% down. They delivered something my bank could not, and handled everything professionally.”
John C. · Boston, MA“I am a veterinarian who purchased an existing practice. I was surprised to find a company that offered 100% financing at a good rate, with great terms and rates for medical office financing.”
Carol K. · Chicago, IL“I needed an SBA loan and found Select Commercial. It was obvious Stephen knew everything about commercial loans. If you are starting a small business, definitely give them a call.”
Larry S. · Washington, DCGet Your CMBS Rate Quote
No cost, no obligation. Written answers within 48 hours on CMBS loans from $2,000,000.
- No application or processing fees
- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up