Looking back over the last two decades, commercial real estate finance has gotten more complex, but also smarter. CMBS has imposed some unusual measures and discipline. Federal law and regulators have played a role too.
If one considers only basic commercial mortgage loans, not much has changed. Each loan still starts with a promissory note, a security interest in commercial real estate, and a package of promises to try to protect the lender’s collateral and maximize the likelihood of repayment.
