CMBS · Updated September 27, 2026
CMBS refinance. $10 million and up.
Public floor is $10 million. Cash in about 35 percent so LTV sits at 65 or under. Updated September 27, 2026. Q4 2026 is 39 percent of this year's hard maturities. Trepp puts about $37 billion in the second half. 80 percent of interest only loans cannot refinance in full. Talk to PeerSense.
Public tape this week
Product, size, use, cash in. If it does not clear the live box it sits.
That is how you screen a file before you spend a week.
Talk to PeerSenseCMBS Refinance Outlook October 2026
What is happening with CMBS refinance for 10 million dollars and up in 2026?
CMBS conduit refinance for 10 million dollars and up in 2026 is active, with 20 conduit and CMBS boxes tracked as of October 2, 2026. Ten have a stated size, and the median stated range is 5 million dollars to 100 million dollars.
PeerSense starts CMBS and bridge assignments at 10 million dollars. The gold standard is 10 million dollars and up, DSCR 1.25 or better, with no single weak tenant net lease. PeerSense is a capital advisory firm that places files with direct capital sources; the client pays the fee.
The tracked market includes 1,526 securitization financings, with 294 in the last 12 months. Yahoo Finance reported US CMBS issuance of 76.2 billion dollars through July 2026, supporting the view that conduit activity remains open for qualified refinance files.
Tracked Lenders and Facilities
| Conduit and CMBS boxes tracked | 20, 10 with a stated size, median stated range 5 million dollars to 100 million dollars |
|---|---|
| Commercial real estate debt boxes tracked | 111, median stated range 3 million dollars to 225 million dollars |
| Bridge boxes tracked | 111, 92 with a stated size |
| Securitization financings tracked in the market | 1,526, 294 in the last 12 months |
| Capital sources checked in the last 90 days | 1,329 |
These are tracked capital sources and market financings, not PeerSense loans, based on PeerSense Capital Data as of October 2, 2026.
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 refinance | 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.
Public Sources
Public corroboration includes Yahoo Finance, Trepp and Fitch Ratings, alongside SEC EDGAR asset tapes.
- Yahoo Finance (August 13 2026): US CMBS issuance hit 76.2 billion through July 2026
- Trepp (2026): Recent vintage multifamily CMBS seasoning performance data
- Fitch Ratings (April 27 2026): BBCMS Mortgage Trust 2026 5C41 US CMBS certificate issuance details
Common Questions
- What DSCR does CMBS refinance require in 2026?
- The desk gold standard is DSCR 1.25 or better. The assignment floor is 10 million dollars. The capital source sets other requirements.
- How large is the CMBS market for multifamily and office refinance?
- The tracked tape includes 1,384 loans of 10 million dollars and up. It includes 268 multifamily loans and 201 office loans. The median note is 22 million dollars.
- Is agency CMBS available for a 10 million dollar refinance?
- The desk tracks 20 conduit and CMBS boxes. Ten have a stated size, with a median stated range of 5 million dollars to 100 million dollars. The capital source sets the available structure.
- What is happening with CMBS spreads and market activity in 2026?
- PeerSense tracks 1,526 securitization financings, including 294 in the last 12 months. Yahoo Finance reported 76.2 billion dollars of US CMBS issuance through July 2026.
- Can a maturing CMBS loan refinance through a conduit?
- CMBS and bridge assignments on this desk start at 10 million dollars. The gold standard is 10 million dollars and up, DSCR 1.25 or better, with no single weak tenant net lease.
Calculators
Prepared by
Edward L. Freeman, Managing Director, is accountable for the PeerSense Capital Data program. The methodology page explains how the program is maintained. Read the Methodology
Discuss Your Refinance
Send the property details, loan balance, maturity date and operating figures to PeerSense at (317) 452 6990 or through the booking page, and the file will be reviewed for placement with direct capital sources.
How much CMBS matures in September 2026?
Trepp as of September 2, 2026. Private label hard maturities this month total 2.74 billion dollars across 100 whole loans. Half that balance sits below an 8 percent debt yield. 26.96 percent sits below 6 percent. Hospitality is 6.81 percent of the cohort and 81 percent of that hotel balance sits below 8 percent debt yield. Public floor on this desk is 10 million dollars and up. Cash in about 35 percent.
Source: Trepp, September 2, 2026. Hard maturities. Not first party tape. Watchlist for sizing, not a floor change.
The three tests
Proceeds equal the lowest of LTV, DSCR, and debt yield. In 2026 debt yield binds more often than LTV. Run the sizer on conservative NOI. There is no 5 day close. Underwriting follows the file.
Your property and maturing loan
Sizer starts on box. $20 million value. About 35 percent cash in.
Max proceeds and the gap
$13,000,000
Binding constraint: LTV (65%)
Surplus -$0
- LTV cap (65%): $13,000,000
- DSCR cap (1.25x): $14,390,010
- Debt yield cap (10%): $14,000,000
- Current LTV: 65.0%
- Current debt yield: 10.8%
- Current DSCR: 1.38x
What a refinance looks like on this desk
- Ticket: $10 million and up.
- Cash in about 35 percent or better.
- Stabilized occupancy. Trailing twelve month NOI that supports the new debt.
- Non recourse conduit with standard carveouts. 5, 7, or 10 year term. 25 to 30 year amortization.
- A file that cannot pay off in full is a cash in, a named takeout bridge, or a sale.
Questions
- What is the minimum loan size for a CMBS refinance?
- Public CMBS floor on this desk is $10 million and up. Cash in about 35 percent. Files below that sit. Talk to PeerSense.
- How much CMBS matures in September 2026?
- Trepp as of September 2, 2026. Private label hard maturities this month total 2.74 billion dollars across 100 whole loans. Half that balance sits below an 8 percent debt yield. 26.96 percent sits below 6 percent. Hospitality is 6.81 percent of the cohort and 81 percent of that hotel balance sits below 8 percent debt yield. Public floor on this desk is 10 million dollars and up. Cash in about 35 percent. Talk to PeerSense.
- What are CMBS refinance rates in September 2026?
- Market observations only, not a quote, and not the May 2026 coupon table on the CMBS loans page. No source print is attached to a live coupon on this page. Public floor is $10 million. Cash in about 35 percent so LTV sits at 65 or under. Pricing is set at rate lock. Updated September 27, 2026.
- What DSCR do I need to refinance a CMBS loan?
- Most conduit desks underwrite to 1.25x to 1.35x on underwritten net operating income after haircuts for vacancy, management, reserves, and above market leases. A property that shows 1.30x on the owner numbers can underwrite to 1.15x on the desk numbers. Run the sizing on conservative NOI before you apply.
- What is debt yield and why does it decide most 2026 refinances?
- Debt yield is net operating income divided by the loan amount. It ignores rates and amortization. Conduit floors typically sit at 9 to 10 percent, higher for hotels and single tenant assets. In 2026 debt yield is the binding constraint on most maturing loans. A 2016 vintage at 75 percent of peak value often cannot support the old balance at a 10 percent debt yield. That is a cash in refinance, a bridge, or a sale.
- What happens when a CMBS loan matures and the balloon is due?
- The remaining principal comes due in one balloon. Almost no borrower pays that in cash. The real options are refinance, sell, or negotiate with the servicer. If the balloon is not resolved at maturity the loan transfers to special servicing. Fees accrue. Default interest can apply. The maturity date is a hard deadline.
- How early should I start a CMBS refinance before maturity?
- Twelve months out is the professional standard. That runway covers appraisal, environmental, three years of operating statements, a current rent roll, sizing, multiple capital sources, term sheets, and close, with margin for a re trade. Borrowers who start at 90 days negotiate from weakness.
- What if my property does not qualify for a full payoff?
- Four honest options. Cash in refinance, bring equity to close the gap. Bridge, 12 to 36 months to raise NOI or wait out valuations, with the conduit takeout named first. Structured senior plus a subordinate piece where the numbers support it. Sale. What does not work is waiting for the special servicer to define your options.
- Is a CMBS refinance non recourse?
- Standard conduit loans are non recourse to the borrower, with the usual bad boy carveouts guaranteed by a warm body or entity. The trade is structure: a single purpose entity borrower, lockbox at certain triggers, tax and insurance escrows, and reserves. For a long term holder of a stabilized $10 million and up asset, that trade is usually worth it.
- Does PeerSense charge upfront fees for CMBS refinance advisory?
- PeerSense sources capital through a curated network of commercial lenders and capital sources. Compensation is established in a written agreement and paid at closing. The initial deal assessment, sizing analysis, and routing recommendation are complimentary.
Talk to PeerSense
Send property type, city, NOI, maturing balance, and maturity date. You get an honest sizing read. Paid at closing only.