Abstract
With $550 billion in commercial loans generated, and potential problems on the horizon in the real estate and interest rate markets, the commercial mortgage-backed securities (CMBS) marketplace is one of the most widely used vehicles for commercial loan funding by borrowers, but one of the least understood by turnaround professionals. This article outlines recent CMBS history, breaks down the CMBS structure and its players, and then turns its attention to strategies for obtaining present value for defaulted loans within the context of the CMBS trust. For those whose workout clients have a CMBS loan on their commercial real estate, it is important to understand why special servicers are not like traditional banks. <b>TOPICS:</b>Private equity, CMBS and commercial mortgage loans, legal and regulatory issues for structured finance, exchanges/markets/clearinghouses
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