Multiborrower CMBS transactions

Different techniques are necessary when analysing a large multiborrower CMBS transaction compared to one secured over a single or limited number of assets. This is reflected in the following sections, which briefly describe some of the more important factors in these analyses. In practice, a transaction may include a large number of loans but with significant exposure to a few valuable properties, in which case a combination of techniques will be most appropriate. 

The previous discussion has centred on some of the key credit areas for investors analysing multiborrower CMBS transactions. While much of this also applies to single-property transactions, the analysis necessary for these transactions differs significantly in its detail. Listed below are some of the key additional areas we believe investors should consider when analysing a single-asset deal ... 

Investing in CMBS, whether they are single-asset or multiborrower transactions, requires an appreciation of the nature of the underlying properties and the inherent sensitivities of the cash flows they generate. The type and extent of analysis undertaken should be tailored to reflect the characteristics of the collateral pool and also whether the proposed investment is at a senior or junior level in the capital structure. 

---

See also in sourсe #XX -- [ ]

---