Practical Law UK Glossary 3-385-1864 (Approx. 3 pages)
Glossary
Commercial mortgage-backed securities
Also referred to as CMBS. Mortgaged-backed securities which are backed, that is, funded by and secured over a portfolio of mortgage loans secured on commercial properties. The principal revenue stream to the special purpose vehicle, which will be used to repay the notes or bonds, arises from lease and licence payments by tenants of the commercial properties.