What conduit lenders actually underwrote
The median conduit loan originated from October 2025 through October 2026 closed at 1.52x debt service coverage, 63.8% loan-to-value and a 10.1% debt yield, with a 6.44% coupon. 82% of the loans pay interest only for the whole term. These are the trusts' own numbers, as filed with the SEC.
By property type
| Type | Loans | DSCR, 10th pct | DSCR, median | LTV, median | LTV, 90th pct | Debt yield, 10th pct | Debt yield, median | Coupon, median |
|---|---|---|---|---|---|---|---|---|
| All property types | 1045 | 1.28x | 1.52x | 63.8% | 71.0% | 8.1% | 10.1% | 6.44% |
| Multifamily | 315 | 1.24x | 1.35x | 67.2% | 73.4% | 7.7% | 8.7% | 6.33% |
| Retail | 156 | 1.38x | 1.74x | 62.8% | 69.4% | 9.4% | 11.2% | 6.55% |
| Self storage | 128 | 1.32x | 1.49x | 59.4% | 69.0% | 8.8% | 9.9% | 6.11% |
| Hotel | 100 | 1.70x | 2.01x | 61.1% | 67.6% | 13.3% | 14.9% | 6.97% |
| Office | 97 | 1.53x | 1.95x | 59.9% | 66.1% | 11.1% | 13.4% | 6.61% |
| Mixed use | 78 | 1.28x | 1.43x | 61.3% | 69.7% | 8.0% | 10.3% | 6.41% |
| Manufactured housing | 76 | 1.30x | 1.37x | 63.6% | 70.5% | 8.2% | 9.2% | 6.40% |
| Industrial | 73 | 1.35x | 1.62x | 62.5% | 70.0% | 9.4% | 11.1% | 6.54% |
| Other | 22 | 1.10x | 1.53x | 65.3% | 69.3% | 6.8% | 10.2% | 6.40% |
Five-year against ten-year
Five-year loans dominated the year: 817 of the 1,045 loans had a five-year term and 228 a ten-year term. The ten-year loans were sized more conservatively, with a median of 1.67x coverage and 59.0% LTV against 1.47x and 64.7% for five-year loans. They were also less often interest only: 58% against 89%.
| Term | Loans | DSCR median | LTV median | Debt yield median | Coupon median | Full-term IO |
|---|---|---|---|---|---|---|
| 5 years | 817 | 1.47x | 64.7% | 9.7% | 6.45% | 89% |
| 10 years | 228 | 1.67x | 59.0% | 11.1% | 6.33% | 58% |
How these numbers are built
Every public CMBS trust files an ABS-EE report with the SEC each month, with each loan's figures at securitization in the format of Regulation AB Schedule AL. We read the latest report from each trust and keep loans originated from October 2025 on: 1,045 loans from 40 trusts.
- A loan split between trusts is counted once.
- Coverage is net operating income over debt service at securitization, as the filing reports it, for single-property loans.
- Loan-to-value and debt yield need the whole loan amount, so they use only loans held whole in one trust: 724 loans.
- Residential co-op loans are left out. They are underwritten on a rental basis, which makes their ratios look far safer than an income property's.
- Some servicers write 94% as 94 and others as 0.94; we convert them to the same scale.
Trusts in this cut: AXDB 2026-MULT1 Mortgage Trust, BANK 2025-BNK51, BANK 2026-BNK52, BANK5 2025-5YR18, BANK5 2025-5YR19, BANK5 2026-5YR20, BANK5 2026-5YR21, BANK5 2026-5YR22, BANK5 2026-5YR23, BANK5 2026-5YR24, BBCMS Mortgage Trust 2025-5C38, BBCMS Mortgage Trust 2025-C39, BBCMS Mortgage Trust 2026-5C40, BBCMS Mortgage Trust 2026-5C41, BBCMS Mortgage Trust 2026-5C42, BBCMS Mortgage Trust 2026-5C43, BBCMS Mortgage Trust 2026-M1, BMO 2025-5C13 Mortgage Trust, BMO 2026-5C14 Mortgage Trust, BMO 2026-5C15 Mortgage Trust, BMO 2026-5C16 Mortgage Trust, BMO 2026-C14 Mortgage Trust, BMO 2026-C15 Mortgage Trust, Benchmark 2025-V19 Mortgage Trust, Benchmark 2026-B42 Mortgage Trust, Benchmark 2026-B43 Mortgage Trust, Benchmark 2026-V20 Mortgage Trust, Benchmark 2026-V21 Mortgage Trust, Benchmark 2026-V22 Mortgage Trust, Benchmark 2026-V23 Mortgage Trust, Citigroup Commercial Mortgage Trust 2026-MFAM1, D2-Natixis Multifamily Mortgage Trust 2026-M1, JPMF1 Multifamily Mortgage Trust 2026-FX1, Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C2, Morgan Stanley Bank of America Merrill Lynch Trust 2026-C36, Wells Fargo Commercial Mortgage Trust 2025-5C7, Wells Fargo Commercial Mortgage Trust 2026-5C10, Wells Fargo Commercial Mortgage Trust 2026-5C8, Wells Fargo Commercial Mortgage Trust 2026-5C9, Wells Fargo Commercial Mortgage Trust 2026-C66.
Where would your loan land?
Run your property through the sizer, or send it to the desk for real quotes.