ITALIAN CMBS The commercial mortgage-backed OUTLOOK security (CMBS) is a type of security collateralized by commercial real estate loans granted by a lender (or a pool of lenders - banks or other financial institutions) to a borrower/s in order to finance the...
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ITALIAN CMBS The commercial mortgage-backed OUTLOOK security (CMBS) is a type of security collateralized by commercial real estate loans granted by a lender (or a pool of lenders - banks or other financial institutions) to a borrower/s in order to finance the acquisition, maintenance or management of commercial properties such as offices, hotels, shopping malls, factory outlets, leisure, renewable Chiara Petrucco – Senior Analyst | energy infrastructures. Servicer | CIB | Securitisation Services CMBS transactions are generally composed of a very small number of loans (mostly related to single name debtors) and therefore do not benefit Francesca Masenello – Senior Analyst | from a high degree of diversification. Servicer | CIB | Securitisation Services The concentration risk is, in case of shopping malls, mitigated by the cash flows generated by the different tenants; however, usually the SPV only has a claim against a single management company. page 5 page 8 THE ALTERNATIVE TO TRUE SALE SECU
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