cmbs.loan: CMBS loan rates, lenders and servicing

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CMBS rates, lenders, underwriting, maturity wall and loan sizing from SEC data; servicing rules.

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calculate_appraisal_reduction Read-only

Appraisal Reduction Amount for a delinquent CMBS loan from a new appraisal, using the formula in a 2025 pooling and servicing agreement: balance minus (90% of appraised value + reserves - unpaid interest, advances and other amounts due). Returns the value side, the reduction, the share of scheduled interest the servicer keeps advancing, and the 25% deemed reduction that applies if no appraisal arrives in time.

balancenumber, required

Loan balance in dollars, e.g. 30000000.

appraised_valuenumber, required

New appraised value in dollars, e.g. 28000000.

advancesnumber

Unreimbursed P&I and servicing advances, with interest, in dollars. Default 0.

reservesnumber

Escrows, reserves and letters of credit in dollars. Default 0.

other_duenumber

Unpaid taxes, insurance, ground rent, special servicing fees and other amounts due, in dollars. Default 0.

unpaid_interestnumber

Unpaid interest at the mortgage rate in dollars. Default 0.

Tools (9)

calculate_appraisal_reduction

read-only

Argument	Type	Description
balance*	number	Loan balance in dollars, e.g. 30000000.
advances	number	Unreimbursed P&I and servicing advances, with interest, in dollars. Default 0.
reserves	number	Escrows, reserves and letters of credit in dollars. Default 0.
other_due	number	Unpaid taxes, insurance, ground rent, special servicing fees and other amounts due, in dollars. Default 0.
appraised_value*	number	New appraised value in dollars, e.g. 28000000.
unpaid_interest	number	Unpaid interest at the mortgage rate in dollars. Default 0.

Input schema (JSON)

{
  "type": "object",
  "required": [
    "balance",
    "appraised_value"
  ],
  "properties": {
    "balance": {
      "type": "number",
      "maximum": 10000000000,
      "minimum": 0,
      "description": "Loan balance in dollars, e.g. 30000000."
    },
    "advances": {
      "type": "number",
      "maximum": 10000000000,
      "minimum": 0,
      "description": "Unreimbursed P&I and servicing advances, with interest, in dollars. Default 0."
    },
    "reserves": {
      "type": "number",
      "maximum": 10000000000,
      "minimum": 0,
      "description": "Escrows, reserves and letters of credit in dollars. Default 0."
    },
    "other_due": {
      "type": "number",
      "maximum": 10000000000,
      "minimum": 0,
      "description": "Unpaid taxes, insurance, ground rent, special servicing fees and other amounts due, in dollars. Default 0."
    },
    "appraised_value": {
      "type": "number",
      "maximum": 10000000000,
      "minimum": 0,
      "description": "New appraised value in dollars, e.g. 28000000."
    },
    "unpaid_interest": {
      "type": "number",
      "maximum": 10000000000,
      "minimum": 0,
      "description": "Unpaid interest at the mortgage rate in dollars. Default 0."
    }
  },
  "additionalProperties": false
}

estimate_special_servicing_fees

Special servicing, workout and liquidation fees on a CMBS loan for one outcome (loan corrected and paid at maturity, refinanced within 120 days of a missed maturity, or liquidated/discounted payoff), using the fee terms of a real 2025 pooling and servicing agreement: 0.25%/yr with a $3,500 monthly minimum, 1% workout fee with a $25,000 minimum, 1% to 3% liquidation fee. Returns each fee, the monthly fee and the total.

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Argument	Type	Description
balance*	number	Loan balance in dollars, e.g. 18000000.
outcome*	string	corrected = three on-time payments, the loan returns and pays off at maturity; refi120 = missed balloon only, refinanced or repaid within 120 days of maturity; payoff = discounted payoff, note sale, foreclosure or other liquidation.
proceeds	number	Payoff or liquidation proceeds in dollars. Needed for outcome "payoff".
note_rate_pct	number	Note rate in percent, e.g. 4.5. Needed for outcome "corrected" (the workout fee applies to interest collections).
months_to_maturity	integer	Months from the loan's return to maturity, e.g. 30. Needed for outcome "corrected".
months_in_special_servicing*

find_cmbs_lenders

CMBS originators ranked by loan volume over the last 12 months, from the originator named on each loan in the trusts' SEC filings. Filter by property type, state and loan amount (keeps lenders whose securitized loan sizes span it). Returns volume, loan count, size range, median rate, leverage and a page per lender.

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Argument	Type	Description
limit	integer	How many lenders to return, 1 to 30. Default 10.
state	string	US state as a two-letter code (TX) or a name (Texas). Omit for all states.
loan_amount	number	Loan amount in dollars, e.g. 12000000.
property_type	string	Property type: multifamily, retail, office, hotel, self-storage, industrial, mixed-use, mobile-home-park, co-op, healthcare. Omit for all types.

Input schema (JSON)

{
  "type": "object",
  "properties": {
    "limit": {
      "type": "integer",
      "maximum": 30,
      "minimum": 1,
      "description": "How many lenders to return, 1 to 30. Default 10."
    },
    "state": {
      "type": "string",
      "pattern": "^[A-Za-z][A-Za-z .-]{1,30}$",
      "description": "US state as a two-letter code (TX) or a name (Texas). Omit for all states."
    },
    "loan_amount": {
      "type": "number",
      "maximum": 5000000000,
      "minimum": 0,
      "description": "Loan amount in dollars, e.g. 12000000."
    },
    "property_type": {
      "enum": [
        "multifamily",
        "retail",
        "office",
        "hotel",
        "self-storage",
        "industrial",
        "mixed-use",
        "mobile-home-park",
        "co-op",
        "healthcare"
      ],
      "type": "string",
      "description": "Property type: multifamily, retail, office, hotel, self-storage, industrial, mixed-use, mobile-home-park, co-op, healthcare. Omit for all types."
    }
  },
  "additionalProperties": false
}

get_cmbs_lender

One CMBS originator's securitized book from SEC filings: 12- and 24-month volume, loan sizes, median rate, leverage, property types, states and its most recent loans (property, city, amount, rate, term, trust). Give the lender's name or slug, e.g. "Citi" or "wells-fargo".

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Argument	Type	Description
lender*	string	Lender name or slug, e.g. "Goldman Sachs" or "goldman-sachs".

Input schema (JSON)

{
  "type": "object",
  "required": [
    "lender"
  ],
  "properties": {
    "lender": {
      "type": "string",
      "maxLength": 80,
      "minLength": 2,
      "description": "Lender name or slug, e.g. \"Goldman Sachs\" or \"goldman-sachs\"."
    }
  },
  "additionalProperties": false
}

get_cmbs_maturity_wall

CMBS loans still reporting, by maturity year: count, balance, average note rate and the share whose NOI at securitization is under 9% of today's balance (a rough refinance-gap proxy), compared with today's median new-loan rate. Overall, by property type or by state (one filter at a time).

read-only

Argument	Type	Description
state	string	US state as a two-letter code (TX) or a name (Texas). Omit for all states.
property_type	string	Property type: multifamily, retail, office, hotel, self-storage, industrial, mixed-use, mobile-home-park, co-op, healthcare. Omit for all types.

Input schema (JSON)

{
  "type": "object",
  "properties": {
    "state": {
      "type": "string",
      "pattern": "^[A-Za-z][A-Za-z .-]{1,30}$",
      "description": "US state as a two-letter code (TX) or a name (Texas). Omit for all states."
    },
    "property_type": {
      "enum": [
        "multifamily",
        "retail",
        "office",
        "hotel",
        "self-storage",
        "industrial",
        "mixed-use",
        "mobile-home-park",
        "co-op",
        "healthcare"
      ],
      "type": "string",
      "description": "Property type: multifamily, retail, office, hotel, self-storage, industrial, mixed-use, mobile-home-park, co-op, healthcare. Omit for all types."
    }
  },
  "additionalProperties": false
}

get_cmbs_rates

Median original note rates on CMBS loans securitized in the last 90 days, 180 days and 12 months, from SEC Form ABS-EE loan data, overall or for one property type, with the middle half, loan counts, the 5- vs 10-year split and recent months. Rates on closed loans, not a quote.

read-only

Argument	Type	Description
property_type	string	Property type: multifamily, retail, office, hotel, self-storage, industrial, mixed-use, mobile-home-park, co-op, healthcare. Omit for all types.

Input schema (JSON)

{
  "type": "object",
  "properties": {
    "property_type": {
      "enum": [
        "multifamily",
        "retail",
        "office",
        "hotel",
        "self-storage",
        "industrial",
        "mixed-use",
        "mobile-home-park",
        "co-op",
        "healthcare"
      ],
      "type": "string",
      "description": "Property type: multifamily, retail, office, hotel, self-storage, industrial, mixed-use, mobile-home-park, co-op, healthcare. Omit for all types."
    }
  },
  "additionalProperties": false
}

get_cmbs_underwriting

What CMBS lenders actually underwrote in the last 12 months, from SEC loan data: loan size, loan to value, debt service coverage, debt yield and occupancy (median and percentiles), interest-only share and 5/10-year term mix, overall or for one property type.

read-only

Argument	Type	Description
property_type	string	Property type: multifamily, retail, office, hotel, self-storage, industrial, mixed-use, mobile-home-park, co-op, healthcare. Omit for all types.

Input schema (JSON)

{
  "type": "object",
  "properties": {
    "property_type": {
      "enum": [
        "multifamily",
        "retail",
        "office",
        "hotel",
        "self-storage",
        "industrial",
        "mixed-use",
        "mobile-home-park",
        "co-op",
        "healthcare"
      ],
      "type": "string",
      "description": "Property type: multifamily, retail, office, hotel, self-storage, industrial, mixed-use, mobile-home-park, co-op, healthcare. Omit for all types."
    }
  },
  "additionalProperties": false
}

size_cmbs_loan

Maximum CMBS loan on a property under the three sizing tests lenders apply, and which one binds: loan to value x value, NOI / (DSCR x annual debt constant at the rate and amortization, or the rate if interest-only), and NOI / debt yield. Limits you omit default to what recent CMBS loans stayed within (90th percentile LTV, 10th percentile DSCR and debt yield, by property type), and the rate to the 90-day median.

read-only

Argument	Type	Description
noi*	number	Underwritten net operating income (or net cash flow) per year in dollars, e.g. 1800000.
min_dscr	number	Minimum debt service coverage ratio, e.g. 1.30.
rate_pct	number	Note rate in percent, e.g. 6.5. Default: the 90-day median CMBS rate for the property type.
max_ltv_pct	number	Maximum loan to value in percent, e.g. 65.
interest_only	boolean	true = interest-only for the full term (most recent CMBS loans). Default true.
property_type	string	Property type: multifamily, retail, office, hotel, self-storage, industrial, mixed-use, mobile-home-park, co-op, healthcare. Omit for all types.
property_value*

special_servicing_timeline

The contractual sequence after a missed monthly payment or a missed balloon on a CMBS loan, day by day: transfer to the special servicer, SEC delinquency status codes, the appraisal reduction trigger and deadline, the 120-day maturity window, each with its PSA section. Give days_elapsed to get which events have already been triggered and the next one with days remaining.

read-only

Argument	Type	Description
trigger*	string	missed_payment = a monthly payment went unpaid; missed_balloon = the loan was not repaid at maturity.
days_elapsed	integer	Days since the missed payment due date or the maturity date. Omit to get the full sequence.

Input schema (JSON)

{
  "type": "object",
  "required": [
    "trigger"
  ],
  "properties": {
    "trigger": {
      "enum": [
        "missed_payment",
        "missed_balloon"
      ],
      "type": "string",
      "description": "missed_payment = a monthly payment went unpaid; missed_balloon = the loan was not repaid at maturity."
    },
    "days_elapsed": {
      "type": "integer",
      "maximum": 3650,
      "minimum": 0,
      "description": "Days since the missed payment due date or the maturity date. Omit to get the full sequence."
    }
  },
  "additionalProperties": false
}

{ "type": "object", "required": [ "property_value", "noi" ], "properties": { "noi": { "type": "number", "maximum": 2000000000, "minimum": 0, "description": "Underwritten net operating income (or net cash flow) per year in dollars, e.g. 1800000." }, "min_dscr": { "type": "number", "maximum": 3, "minimum": 1, "description": "Minimum debt service coverage ratio, e.g. 1.30." }, "rate_pct": { "type": "number", "maximum": 20, "minimum": 0.5, "description": "Note rate in percent, e.g. 6.5. Default: the 90-day median CMBS rate for the property type." }, "max_ltv_pct": { "type": "number", "maximum": 90, "minimum": 10, "description": "Maximum loan to value in percent, e.g. 65." }, "interest_only": { "type": "boolean", "description": "true = interest-only for the full term (most recent CMBS loans). Default true." }, "property_type": { "enum": [ "multifamily", "retail", "office", "hotel", "self-storage", "industrial", "mixed-use", "mobile-home-park", "co-op", "healthcare" ], "type": "string", "description": "Property type: multifamily, retail, office, hotel, self-storage, industrial, mixed-use, mobile-home-park, co-op, healthcare. Omit for all types." }, "property_value": { "type": "number", "maximum": 20000000000, "minimum": 0, "description": "Appraised value or purchase price in dollars, e.g. 25000000." }, "amortization_years": { "type": "integer", "maximum": 40, "minimum": 5, "description": "Amortization schedule in years. Required when interest_only is false." }, "min_debt_yield_pct": { "type": "number", "maximum": 20, "minimum": 4, "description": "Minimum debt yield in percent, e.g. 8.5." } }, "additionalProperties": false }

cmbs.loan: CMBS loan rates, lenders and servicing

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calculate_appraisal_reduction Read-only

cmbs.loan: CMBS loan rates, lenders and servicing

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calculate_appraisal_reduction Read-only

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