CMBS does not use formal pricing tiers like Fannie DUS , but originators internally rank deals A/B/C based on leverage, DSCR , debt yield , sponsor strength, and asset class.
What inputs drive the internal ranking?
LTV and debt yield (largest factors), DSCR including stress tests, asset class (multifamily and industrial top, hotel and retail bottom), market quality (top-tier metros vs tertiary), sponsor experience and balance sheet, and tenant credit on commercial assets. Originators use proprietary scoring models built around these inputs.
How can sponsors improve their rank?
Lower the leverage request, demonstrate sponsor experience and balance-sheet depth, present clean rent rolls and operating histories, and engage with the originator's underwriter early to address any flagged issues. Most importantly, run parallel quotes, different originators score the same deal differently.
Sources
- Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations · Mortgage Bankers Association · 2026-Q1