# Conduit.loans

> Free CMBS conduit loan sizer and yield maintenance and defeasance calculator on live Treasury yields, with defaults from 2026 SEC filings.

Conduit.loans is published by Janover Capital LLC. Contact: hello@conduit.loans.

Tools: a conduit loan sizer (DSCR, LTV and debt yield, which one binds) and a yield maintenance and defeasance calculator on the U.S. Treasury daily par yield curve, fetched live.
Data: sizing defaults and /underwriting/ come from the conduit loans originated in the last 12 months in public CMBS trusts, read from their SEC ABS-EE filings (Schedule AL).
MCP: a free, read-only MCP server for AI assistants at https://conduit.loans/mcp (current conduit underwriting by property type and term, conduit loan sizing); setup on /developers/.

## Pages
- [How big a conduit loan will your property carry?](https://conduit.loans/): How much will a conduit lender lend on your property? Size the loan on DSCR, LTV and debt yield, with defaults from what 2026 CMBS loans actually got.
- [About Conduit.loans](https://conduit.loans/about/): Conduit.loans sizes CMBS conduit loans and prices their prepayment on public data. Janover Capital LLC runs it.
- [Conduit vs bank vs agency loans: terms side by side](https://conduit.loans/compare/): How a CMBS conduit loan compares with a bank loan and a Fannie Mae or Freddie Mac loan on leverage, coverage, recourse, prepayment and term, with sources.
- [Contact Conduit.loans](https://conduit.loans/contact/): Send Conduit.loans a question or request. We read every message and reply by email.
- [Conduit loan data for AI assistants and developers: MCP server](https://conduit.loans/developers/): Free, read-only MCP server: 2026 CMBS conduit underwriting from SEC filings and a conduit loan sizer, for Claude, ChatGPT and other assistants.
- [Notes from Conduit.loans](https://conduit.loans/guides/): All notes from Conduit.loans, newest first. Size a conduit loan and price its prepayment on the latest Treasury curve.
- [Yield maintenance and defeasance calculator, live Treasury yields](https://conduit.loans/prepayment/): Price a conduit loan payoff both ways on the live Treasury curve: yield maintenance as 2026 loan documents write it, and the cost to defease.
- [Talk to Janover Capital about a conduit loan](https://conduit.loans/quote/): Send the property and the loan you need. A person at Janover Capital replies to talk through whether a conduit loan fits.
- [What 2026 conduit loans were underwritten to, by property type](https://conduit.loans/underwriting/): DSCR, loan-to-value, debt yield and coupon for every conduit loan originated in the last year, from the CMBS trusts' own SEC filings.

## Notes
- [How to read a conduit loan's prepayment string](https://conduit.loans/guides/reading-a-prepayment-string/): L(24),D(92),O(4) tells you when you can pay off a conduit loan and what it costs. How to read the code, with examples from a 2026 CMBS prospectus.

Every page: https://conduit.loans/llms-full.txt