See Your Max CMBS Loan, Rate & DSCR — Before You Talk to a Lender
Six inputs. Real CMBS pricing. No signup. Run your deal in 30 seconds.
Your Deal
Net Operating Income after vacancy and operating expenses.
Appraised value (refi) or purchase price (acquisition).
You qualify but at the edge — sponsor strength matters.
Your deal clears CMBS at the edge: 61% LTV and 1.25x DSCR. Pricing reflects a 1–3 prior deals sponsor profile. A stronger sponsor or lower LTV would tighten the rate.
Want the Named Lender Shortlist?
We'll send you the 2–3 specific CMBS conduit lenders whose credit boxes match this deal — with indicative term sheets — within one business day. No retainers. Fee at closing.
How This Sizer Works
CMBS conduit loans are sized by the binding constraint of three underwriting tests — the smallest result is the maximum loan:
- LTV cap — maximum loan as a percentage of property value. Multifamily and NNN credit retail can reach 75%; office and stretch hotel cap closer to 60–65%.
- DSCR minimum — net operating income must support the debt service at the indicative rate by at least 1.20x to 1.40x depending on property type.
- Debt-yield floor — NOI divided by the loan must clear a minimum (roughly 7.25%–11% by property type). Because debt yield ignores both rate and amortization, it often becomes the binding constraint when rates are low or cap rates are tight — the test generic calculators leave out.
Rate framing: the headline floor of 6.25% applies only when LTV is at or below 60%, the sponsor has 4+ prior CRE deals, the property is in the trophy tier (multifamily, industrial, NNN credit, medical office, self-storage), and DSCR cushion is at least 1.40x. Most stabilized CMBS deals price in the 6.75%–9% range. Higher leverage, weaker sponsors, harder property types, or thinner DSCR cushion push pricing into the 9–11%+ tier.
Sizing uses 30-year amortization (the CMBS standard for permanent debt). Monthly payment is calculated at the indicative rate on the constrained loan amount.
This is a sizing tool, not a quote. Actual pricing depends on the conduit lender, current spreads over the 10-year UST, sponsor financials, environmental and engineering reports, and prevailing market conditions on the day of rate lock. PeerSense uses this sizer as a first-pass screen — once you submit your deal, we route it to the 2–3 conduit lenders whose credit boxes match.
What Is the Debt Yield Test in CMBS Underwriting?
Debt yield is a property's net operating income (NOI) divided by the loan amount, expressed as a percentage — it tells a lender what cash-on-cash return they would earn if they had to foreclose and own the asset on day one. The formula is simply Debt Yield = NOI ÷ Loan Amount. A property with $1,000,000 of NOI supporting a $12,500,000 loan has an 8.0% debt yield. CMBS conduit lenders set a minimum debt-yield floor — commonly 7.25% to 8% for trophy assets (multifamily, industrial, NNN) and 9% to 11% for office and hotels — and will not exceed the loan size that holds the property above that floor.
Why debt yield matters more than LTV or DSCR
LTV depends on an appraised value that can be inflated; DSCR depends on the interest rate and amortization, which flatter the loan when rates are low. Debt yield strips both out — it is a pure measure of income against debt, immune to cap-rate compression and low-rate environments. That is exactly why it became the lender's protection after the 2008 cycle, and why it frequently binds before LTV or DSCR on a richly-valued, low-cap-rate asset. A deal can clear a 75% LTV and a 1.25x DSCR and still be cut down by an 8% debt-yield floor.
Debt-yield floors by property type (indicative, 2026)
- Single-Tenant NNN (credit): ~7.25% · Multifamily: ~7.50% · Industrial: ~7.75%
- Grocery-anchored retail, self-storage, medical office: ~8.0% · Mixed-use / strip retail: ~8.5–8.75%
- Office: ~10% · Hotel / hospitality: ~11%
The sizer above applies the correct debt-yield floor for your property type automatically and shows you which of the three constraints — LTV, DSCR, or debt yield — actually caps your loan. If debt yield is binding, raising the loan requires more NOI, not a higher appraisal or a lower rate.