CMBS (Commercial Mortgage Backed Security)
A commercial mortgage-backed security (CMBS for short) is a security secured by a mortgage on a commercial property. CMBSs can be comprised of underlying loans on various kinds of properties; from multifamily to factories to hotels. Commercial mortgage backed securities are complex instruments that involve numerous market participants, and are typically available only to ultra-high-net-worth individuals, REITs, or other funds.
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