CMBS Special Servicing Exit Financing

CMBS Special Servicing Exit Financing and Maturity Refinance

Special servicing is where timelines get ugly and decisions get expensive. We advise sponsors and owners on exit financings for CMBS loans under special servicing, including maturity refi, bridge-to-takeout, rescue capital stacks, note purchase paths, and negotiated payoffs. We package the file to credit committee standards, run targeted outreach, and support diligence through closing. If you want the broader context of our approach, start with Private Credit for Distressed Real Estate and Note Purchases and Commercial Real Estate Bridge Loans.

In special servicing, the winning move is a clean plan that the servicer and the capital stack can actually live with. We turn the situation into a lender-ready credit: current status, documented options, credible business plan, enforceable controls, and a time-boxed execution path. Market pressure is real, and distress is not hypothetical. For one credible signal on where the CMBS market has been trending, see Trepp’s coverage of special servicing rates: Trepp CMBS Special Servicing Rate update.

Full Scope Advisory and Placement

Special Servicing Strategy

  • Loan status mapping: maturity, defaults, reserves, cash management, and approvals needed
  • Servicer correspondence review and decision tree: extension, modification, payoff, sale, or enforcement
  • Takeout plan design: refinance, sale, recapitalization, or note purchase outcome
  • Timeline control: what must be done this week versus what can wait

Underwriting and Credit Story

  • In-place cash flow, stabilised case, and downside stress checks
  • Capex, leasing, tenant risk, and operating plan built for lender scrutiny
  • Collateral and title view, liens, and enforceability checks
  • Sponsor credibility: liquidity, guarantees, reporting readiness, and execution history

Lender-Ready Package

  • Credit memo built for investment committees and special situations teams
  • Model exhibits: NOI bridge, capex schedule, lease-up case, DSCR and debt yield sensitivity
  • Data room structure and diligence checklist mapped to bridge and rescue capital workflows
  • Clear sources and uses, payoff math, reserves logic, and closing deliverables

Placement and Closing Support

  • Target lender list by asset type, leverage band, jurisdiction, and special situations appetite
  • Q&A management, follow-ups, and timetable discipline tied to hard deadlines
  • Term sheet comparison focused on controls, reserves, and close probability
  • Closing coordination with counsel, agents, and third parties through funding

Exit Financing Paths We Coordinate

  • Senior bridge refinance to clear maturity pressure and buy execution time
  • Rescue capital stacks: senior plus mezzanine, or senior plus preferred equity where permitted
  • Mezzanine and preferred equity for equity gaps and recapitalizations
  • Note purchase and loan-to-own paths where the best outcome is buying the paper
  • Negotiated payoffs and paydown-led refinances with documented sources of funds
  • Bridge-to-sale or bridge-to-stabilisation takeout strategies with milestone-based controls

If you are filling a gap under a senior lender, see Equity and Collateral Gap Funding and Commercial Real Estate Mezzanine Funding. If you need a simpler full-stack credit, see Unitranche for Commercial Real Estate.

Eligibility and Dossier

Best Fit

  • Loan is in special servicing or in a clear path toward it, with a defined decision timeline
  • Sponsor can support controls, reporting, and any guaranty requirements
  • There is a credible takeout plan: stabilisation, refinance, sale, or recapitalisation
  • The file can support enforceable security and a clean closing path

Core Dossier

  • Loan documents, payment history, default notices, and servicer correspondence
  • Rent roll, trailing operating statements, and budget versus actuals
  • Capex plan, leasing plan, and third-party reports if available
  • Payoff statement, reserves schedule, and cash management mechanics
  • Sponsor profile, liquidity proof, and execution team summary

If guarantee support matters to the credit, see Loan Guarantees for Commercial Real Estate. If you are exploring bridge terms generally, see How Commercial Real Estate Bridging Loans Work.

Process

Intake

Mandate signed. We review loan status, servicer posture, property performance, and the hard dates that drive the entire strategy.

Underwrite and Package

We build the credit memo, model exhibits, and a data room that matches how rescue capital teams and bridge lenders diligence a file.

Structure and Outreach Plan

We lock the structure, controls, and conditions, then build the lender shortlist and outreach sequence tied to your decision timeline.

Term Sheets and Selection

We manage Q&A, track term sheets, and support selection based on proceeds, covenants, reserves, and probability of closing on time.

Close and Execute

We coordinate diligence and legal documentation with counsel and counterparties through funding, then support post-close reporting expectations if required.

Pricing Guidance

  • Advisory retainer from USD 59,500 based on complexity, timeline, and diligence load
  • Placement fees are confirmed in the engagement letter and depend on closed capital and structure
  • Third-party costs may include legal drafting, appraisal, engineering, environmental, and insurance advisory
  • Where note purchase is part of the strategy, additional structuring work may apply

Special servicing deals do not reward wishful thinking. The quickest path is a file that answers the servicer and lender questions up front, with controls that protect the capital stack.

Request Special Servicing Exit Terms

Share your loan docs, servicer correspondence, rent roll, operating statements, payoff math, capex plan, and decision timeline. We respond with eligibility and next steps.

Include the maturity date, current status, any extension or modification offers, and your preferred outcome. We act as advisor and arranger and coordinate execution through regulated counterparties where lending or securities intermediation is required.

Request A Quote

Compliance note: all transactions are subject to KYC and AML, sanctions screening, and anti-bribery and corruption policies. We do not guarantee approvals, terms, extensions, payoffs, or closing outcomes.

Financely acts as advisor and arranger. We are not a bank and do not take deposits. Financing outcomes depend on lender and servicer approvals, diligence results, legal documentation, enforceability of security, and counterparty performance. Nothing here is legal, tax, or accounting advice and nothing is a guarantee of funding, extension, payoff, or closing.