CMBS Origination Fees
Would greatly appreciate any insight here from CMBS experts…
I am looking for origination fee comps on CMBS loans. Basically looking for how many bps issuers pay to banks running the book on the transaction. Mainly interested in SASB and floating and fixed rate over past 3-5 years.
Was considering a Trepp subscription, but the Trepp representative wasn’t sure they had origination fee data.
Does anyone know if this information is available on Trepp or another database service that has this data? Or do you have to look at individual loan docs (if this is even publicly available) to see fee payment structure?
I’m a CMBS novice, so happy to clarify anything. Thanks!
Based on the WSO Dataset, the specifics of CMBS (Commercial Mortgage-Backed Securities) origination fees, especially in terms of basis points (bps) issuers pay to banks, aren't directly covered. However, drawing from the general insights on origination fees for large loans, which could be somewhat analogous, here's what can be inferred:
Origination Fees on Large Loans: For loans exceeding $100MM, origination fees typically range from 50-150bps, with the most common being around 75-100bps. This information, while not CMBS-specific, gives a ballpark figure for significant financial transactions and could be somewhat reflective of the CMBS market.
Economies of Scale: It's noted that larger deals often benefit from economies of scale, implying that the relative percentage of fees, including origination fees, might decrease as the loan amount increases. This principle could potentially apply to CMBS loans as well, where larger SASB (Single Asset Single Borrower) transactions might have lower relative fees.
Brokerage and Deal Specifics: The discussion also highlights that specifics such as whether a deal is speculative or pre-leased can significantly affect fees. While this insight is more directly related to commercial construction deals, it underscores the importance of deal specifics in determining fees, which is likely relevant to CMBS transactions as well.
Database and Information Sources: Although the WSO Dataset doesn't specifically mention Trepp or its capabilities regarding origination fee data, it's common in the industry that detailed fee structures might not be readily available in public databases and might require examination of individual loan documents or specialized financial reports.
In summary, while direct CMBS origination fee data might not be explicitly detailed in the WSO content, the general insights on large loan origination fees and the factors influencing them could offer some guidance. For CMBS-specific data, it might indeed be necessary to consult specialized databases, financial reports, or directly analyze loan documents, acknowledging that access to this detailed information could be challenging without the right subscriptions or industry connections.
Sources: Origination Fees on +$100MM Loans
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