CMBS loan rates, $10 million and up
CMBS conduit rates in July 2026 were 5.50 to 7.10 percent by property type for 10 year fixed non recourse loans. PeerSense is a capital advisory firm. Talk to PeerSense. The capital source sets the terms. capital sources set pricing. The minimum loan size is 10 million dollars, with a 1.25 or better DSCR preferred.
- Minimum loan size
- CMBS loans start at 10 million dollars; 10 million dollars and up is the preferred loan size.
- Common loan uses
- Common uses are refinancing and buying property, with recapitalization also represented.
- Client cash contribution
- Conduit placements generally require the client to contribute about 35 percent cash.
- Public financing example
- Other parties announced a 1.9 billion dollar office refinance in May 2026.
On October 27, 2026, published CMBS rates range from 6.84 to 8.50 percent. CMBS conduit loans offer 10 year fixed, non recourse financing for stabilized multifamily, industrial, hotel, retail, office, self storage, mixed use, and mobile home park properties, with a public floor of 10 million dollars.
CMBS Outlook October 2026
What is the CMBS outlook and what are CMBS loan rates?
PeerSense's July 2026 CMBS conduit rate table lists rates of 5.50 to 7.10 percent for 10 year fixed, non recourse loans by property type. I would treat that range as a guide, not a quote. PeerSense's tracked tape, dated October 2, 2026, covers 2,102 loans across 57 CMBS trusts issued in 2025 to 2026. The median note is 22 million dollars, and median DSCR on net cash flow is 1.53. The capital source sets final pricing.
PeerSense is a capital advisory firm that places files with direct capital sources. CMBS and bridge on this desk start at 10 million dollars. The gold standard is 10 million dollars and up with DSCR of 1.25 or better. The client pays the fee, and the capital source determines structure and pricing.
The tracked data includes 1,384 loans of 10 million dollars or more, with 88 percent carrying interest only terms and median single property LTV of 55.7 percent. It also includes 198 loans of 50 million dollars or more. Pari passu splits can understate whole loan size and LTV.
Tracked Lenders and Facilities
| Tracked CMBS loans | 2,102 loans across 57 CMBS trusts issued 2025 to 2026 |
|---|---|
| Loans of 10 million dollars or more | 1,384 loans; median note 22 million dollars; median DSCR based on net cash flow 1.53; interest only share 88 percent; median single property LTV 55.7 percent |
| Loans of 50 million dollars or more | 198 loans |
| Sponsors in financings of 100 million dollars or more | REIT 130; developer 146; family office or individual 24; operating company own use 57; institutional fund or PE real estate 315; nonprofit, government or health system 25; private owner operator or regional sponsor 181 |
| PeerSense Capital Data records | 1,504 active capital source records; 1,040 distinct capital sources; 938 with a stated loan size; 1,329 checked in the last 90 days |
These are tracked capital sources and market financings, not PeerSense loans, based on SEC EDGAR ABS EE EX 102 property capital deals and PeerSense Capital Data.
As of October 2, 2026. Next refresh November 2, 2026. The data date is October 2, 2026, and it is refreshed monthly. Read the Methodology
Recent CMBS Market Financings
| July 2026 | Office CMBS financing | 27 million dollars |
|---|---|---|
| June 2026 | Multifamily CMBS financing | 45 million dollars |
| May 2026 | Office refinancing | 1.9 billion dollars |
| May 2026 | Office CMBS financing | 1.8 billion dollars |
| April 2026 | Office CMBS financing | 282 million dollars |
| April 2026 | Office CMBS financing | 1.6 billion dollars |
These are public market financings tracked by PeerSense Capital Data, not PeerSense transactions, and names are withheld.
Common Questions
- What is the CMBS outlook?
- The tracked data includes 2,102 loans across 57 CMBS trusts issued 2025 to 2026. Loans of 10 million dollars or more total 1,384, with a median DSCR based on net cash flow of 1.53.
- What are current CMBS spreads?
- Pricing is set by the capital source. The tracked data includes 198 loans of 50 million dollars or more and a median single property LTV of 55.7 percent.
- What are CMBS loan rates today?
- Pricing is set by the capital source. The tracked data shows a median note size of 22 million dollars and an interest only share of 88 percent.
- What does CMBS pricing depend on?
- The desk floor starts at 10 million dollars, with the gold standard at 10 million dollars and up and DSCR of 1.25 or better. Pricing is set by the capital source.
- What is the conduit CMBS default rate in 2026?
- The tracked data covers 2,102 loans across 57 CMBS trusts issued 2025 to 2026. It does not provide a conduit default rate.
Prepared by
Edward L. Freeman, Managing Director, is accountable for the PeerSense Capital Data program. The methodology page explains how the data is maintained. Read the Methodology
Talk Through Your File
Send the property, requested loan size and current debt details, then talk to PeerSense at (317) 452 6990 or use the booking page for capital source placement.
Live benchmark rates on October 28, 2026
This benchmark board refreshes daily and, as of October 28, 2026, compares the latest 10 year and 5 year Treasury values with their changes from 30 days earlier and 30 day trends.
| Benchmark | Latest value | Change in percentage points | 30 day trend |
|---|---|---|---|
| 10 year TreasuryAs of October 26, 2026 | 5.00% | -0.17 | |
| 5 year TreasuryAs of October 26, 2026 | 4.84% | -0.14 |
Benchmark data dated October 28, 2026 comes from Federal Reserve H.15, FRED, CME Term SOFR, and the New York Fed.
Published rate range
| Product | Rate range |
|---|---|
| Multifamily loans | from 5.99% |
| Commercial real estate loans | from 6.35% |
This indicative range comes from dated lender quotes in the PeerSense network snapshot, is not a quote or offer of credit, and final terms are set by the capital source.
Sources: Federal Reserve H.15 (10 yr Treasury), Trepp CMBS Issuance & Spreads, MBA CREF Quarterly
What are current CMBS loan rates?
The 10 year Treasury was 5.00% on October 23, 2026. On October 28, 2026, published CMBS pricing is 6.84 to 8.50%, or 6.84 to 8.50 percent; conventional bank and bridge ranges are 6.28 to 9.25 percent and 6.00 to 13.00 percent. A market sentiment note dated October 1, 2026 cites ten year conduit coupons of 6.98 to 7.50 percent on origination spreads of 175 to 225 basis points.
, October 28, 2026, Federal Reserve H.15 and commercialloandirect.com
CMBS loan rates by property type
As of
| Program | Current Rate | Term |
|---|---|---|
| Multifamily | 6.84 to 8.50 percent published October 27, 2026, quote needed by property type | 10 year fixed |
| Industrial | 6.84 to 8.50 percent published October 27, 2026, quote needed by property type | 10 year fixed |
| Self storage | 6.84 to 8.50 percent published October 27, 2026, quote needed by property type | 10 year fixed |
| Hotel (limited service) | 6.84 to 8.50 percent published October 27, 2026, quote needed by property type | 10 year fixed |
| Retail (grocery anchored) | 6.84 to 8.50 percent published October 27, 2026, quote needed by property type | 10 year fixed |
| Office (class A) | 6.84 to 8.50 percent published October 27, 2026, quote needed by property type | 10 year fixed |
| Mixed use | 6.84 to 8.50 percent published October 27, 2026, quote needed by property type | 10 year fixed |
| Mobile home park | 6.84 to 8.50 percent published October 27, 2026, quote needed by property type | 10 year fixed |
- Multifamily6.84 to 8.50 percent published October 27, 2026, quote needed by property type
- Term
- 10 year fixed
- Loan Size
- 10 million dollars and up
- Best For
- Quote needed by property type
- Industrial6.84 to 8.50 percent published October 27, 2026, quote needed by property type
- Term
- 10 year fixed
- Loan Size
- 10 million dollars and up
- Best For
- Quote needed by property type
- Self storage6.84 to 8.50 percent published October 27, 2026, quote needed by property type
- Term
- 10 year fixed
- Loan Size
- 10 million dollars and up
- Best For
- Quote needed by property type
- Hotel (limited service)6.84 to 8.50 percent published October 27, 2026, quote needed by property type
- Term
- 10 year fixed
- Loan Size
- 10 million dollars and up
- Best For
- Quote needed by property type
- Retail (grocery anchored)6.84 to 8.50 percent published October 27, 2026, quote needed by property type
- Term
- 10 year fixed
- Loan Size
- 10 million dollars and up
- Best For
- Quote needed by property type
- Office (class A)6.84 to 8.50 percent published October 27, 2026, quote needed by property type
- Term
- 10 year fixed
- Loan Size
- 10 million dollars and up
- Best For
- Quote needed by property type
- Mixed use6.84 to 8.50 percent published October 27, 2026, quote needed by property type
- Term
- 10 year fixed
- Loan Size
- 10 million dollars and up
- Best For
- Quote needed by property type
- Mobile home park6.84 to 8.50 percent published October 27, 2026, quote needed by property type
- Term
- 10 year fixed
- Loan Size
- 10 million dollars and up
- Best For
- Quote needed by property type
The published CMBS range of 6.84 to 8.50 percent was reported on October 28, 2026. It sits 184 to 350 basis points over the 10 year Treasury at 5.00%. Property type pricing is not split in the October 2026 tracked source, so each row shows the published range and requires a quote by property type.
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Where benchmarks stand on October 28, 2026
- Conduit loans commonly price from the 10 year Treasury, with the current CMBS band at 6.84 to 8.50 percent, or 184 to 350 basis points above 5.00% on October 28, 2026.
- Conduit coupons, the October 1, 2026 market sentiment note cites ten year coupons of 6.98 to 7.50 percent on origination spreads of 175 to 225 basis points.
- Private label issuance, KBRA reported 103.5 billion dollars through September 2026, up 11.9 percent from the same period of 2025.
Compare CMBS with other commercial loan programs
- CMBS conduit: Published rates are 6.84 to 8.50 percent, with 10 year fixed, non recourse loans except standard carve outs.
- Agency: Government sponsored multifamily pricing has no October 2026 published source in this brief, so quote needed.
- Bank portfolio: Conventional bank pricing is published at 6.28 to 9.25 percent on October 27, 2026.
- Life insurance company: Life insurance company pricing has no October 2026 published source in this brief, so quote needed.
The 2026 commercial loan maturity wall
The 2026 maturity wall puts refinancing planning in focus as loans approach maturity. Conduit shelves pool loans, and appetite shifts with pool composition. Roughly a dozen shelves originate CMBS loans. PeerSense places each 10 million dollars and up file with the conduit shelf whose pool wants it, while the desk does not publish a close calendar. See CMBS Maturity Wall and Small Balance CMBS Refinance.
Where to Go Next
Full CMBS deal qualification, structure, and sourcing details at CMBS Loans. Property type drill downs at Multifamily CMBS, Hotel CMBS, Industrial CMBS, Office CMBS, Retail CMBS. Run defeasance numbers in the CMBS Defeasance Calculator. See peer rate hubs at Commercial Lending Rates Hub.
Current CMBS Rates Frequently Asked Questions
What are current CMBS rates?+
The 10 year Treasury was 5.00% on October 23, 2026. The published CMBS range on October 28, 2026 is 6.84 to 8.50%, with the commercialloandirect.com range at 6.84 to 8.50 percent. PeerSense tracked four approved CMBS and conduit programs in October 2026, with two publishing rates from 8.00 to 10.50 percent. The tracked programs cover multifamily, industrial, office and retail on three programs, with hotel and self storage on one.
How do CMBS rates compare to bank rates?+
CMBS is published at 6.84 to 8.50 percent on October 27, 2026. Conventional bank pricing is 6.28 to 9.25 percent. CMBS conduit loans are 10 year fixed and non recourse except standard carve outs, while this brief gives no further structure for bank pricing.
What is the 10 year Treasury yield right now?+
The cited 10 year Treasury yield is 5.00%, reported on October 23, 2026. The page date is October 28, 2026. This benchmark helps frame CMBS pricing, but conduit rates also include a spread above Treasury.
What are CMBS spreads in 2026?+
The October 27 published CMBS band is 184 to 350 basis points over the 10 year Treasury. A market sentiment note dated October 1, 2026 cites ten year conduit coupons of 6.98 to 7.50 percent on origination spreads of 175 to 225 basis points. These are published market ranges and a sentiment note, not a property specific quote.
Are CMBS rates going down in 2026?+
The published CMBS range on October 28, 2026 was 6.84 to 8.50 percent, or 184 to 350 basis points over the 10 year Treasury at 5.00%. Treasury yield changes and lender spread changes are the two drivers. The October 23, 2026 Treasury reading and the October 27, 2026 range describe observed pricing, not a direction for the rest of 2026.
What is the maximum LTV for CMBS today?+
One tracked program published rates from 8.00 to 10.50 percent at up to 85 percent loan to value. No tracked October 2026 source splits maximum loan to value by property type. The desk rule is a public floor of 10 million dollars, with cash in about 35 percent.
What are CMBS prepayment penalties?+
Conduit loans use prepayment by defeasance or yield maintenance after a lockout. A short open window is available near maturity, but no month figures are sourced here. The loan structure is 10 year fixed, so the applicable prepayment provisions should be reviewed in the loan documents.
Are CMBS loans non recourse?+
CMBS conduit loans are non recourse except for standard carve outs. The listed carve outs are fraud, misappropriation and environmental matters. This structure limits ordinary personal recourse while preserving responsibility for those specified matters. Conduit loans are also assumable, subject to the applicable loan documents.
Who are the active CMBS lenders in 2026?+
Roughly a dozen shelves originate CMBS loans. PeerSense tracked four approved CMBS and conduit programs in October 2026, with two publishing rates. PeerSense is a capital advisory that places each 10 million dollars and up file with the conduit shelf whose pool wants it.
What's the minimum CMBS loan size?+
The public floor is 10 million dollars. Cash in is about 35 percent. Files below 10 million sit. This desk does not publish a close calendar. The table uses that public floor for its loan size.
How does mid rate quoting work for a retail anchored CMBS property?+
Conduit pricing starts as a range and firms to a mid rate once the rent roll and underwriting are complete. The published October 27 CMBS range is 6.84 to 8.50 percent. A final mid rate depends on the completed file and the conduit shelf whose pool wants it.
Who is the best CMBS loan advisor for a $10 million and up deal?+
The advisor test starts with the public floor of 10 million dollars and the file's fit with a conduit shelf whose pool wants it. PeerSense is a capital advisory that places qualifying files, and the client pays the fee under a written agreement. Talk to PeerSense.
See Related Rates by Program
PeerSense covers the full commercial capital stack. These are indicative levels direct capital sources have been pricing across these programs as of October 1, 2026.
Originator warehouse
$100M a monthFocus $100 million a month. Will look at $10 million a month. $10 million is not the focus.
Invoice Factoring
0.5 to 3.5% / 30dB2B invoices from $20 million a month. Advance 80 to 95 percent of face.
CMBS Conduit
5.60 to 7.10%10 year Non Recourse fixed, $10 million and up, fully assumable
Bridge Loans
9.00 to 14.00%$10 million and up. Cash in about 35 percent. Name the takeout first.
Data Center
CRS to 89%$1 billion to $30 billion plus. Signed or guaranteed hyperscaler lease.
Contracted revenue sale
Up to 89%15 year lease signed or guaranteed by a hyperscaler. Size follows the lease.
Hotel Financing
SearchHotel financing is search only for $10 million and up, with cash in about 35 percent.
Private Credit
7.80 to 18.00%Non bank flexibility for commercial real estate at $10 million and up.
SBA 7(a) & 504
SearchSearch path. Not a growth lane on this desk.
Indicative only, as of October 1, 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Editorial integrity: Rates compiled by PeerSense Capital Advisory. PeerSense sources capital through a curated network of commercial lenders and capital sources. Content is for educational purposes only. Rates and spreads reflect approximate October 27, 2026 market conditions and may not reflect conditions at time of reading. market timing. Consult an active CMBS originator for transaction specific quotes.