Welcome to CREFC's Borrowers' Page. This page is intended as a resource for borrowers who are participating in the CMBS marketplace. CMBS has become an increasingly significant component of total commercial real estate debt market, and the development of the CMBS industry has generally benefited borrowers by means of increased loan proceeds and competitive rates. We hope you find these resources to be of value!
The Borrower Guide to CMBS provides existing and prospective borrowers with a brief summary of the parties involved in the CMBS process and issues that may arise from obtaining a loan that is subsequently securitized. The Guide, for example, covers such topics as “What is CMBS,” “Things to Consider Before Closing a Conduit Loan” and an in-depth look at CMBS Industry Constituents.
The CMSA-MBA Loan Assumption Guide provides a summary of the information borrowers may be requested to provide as a part of the loan assumption process.
The CMSA-MBA Borrower Survey Results came about as a result of a commissioned survey of CMBS Borrowers and provides extensive insight into their experiences and perceptions. The above two guides were developed based on the results of this survey.
Special Borrower Issue of CMBS World, our quarterly industry publication, contains articles such as “Are You My Lender[?]” and “A Miranda Warning for Potential Conduit Borrowers.”
CMSA/MBA Assumption Task Force Full Report is a comprehensive paper on the loan assumption process -- who are the parties; what information is required; how is the decision made; etc.
Lockbox Definitions as per Version 7.0 of the CMSA IRP
Frequently Asked Questions