CMBS Loans or Commercial Mortgage Backed Security are commercial property loans that get bundled together and sold to financial investors instead of being held on the bank's balance sheet. These loans have ongoing disclosure requirements and financial reporting.

The Servicer (Master/Special) is the company responsible for maintaining the loan and collecting reporting from the borrower for the life of the loan. If the loan goes on a watchlist it transfers from the Master Servicer to a Special Servicer.

The DSCR or Debt Service Coverage Ratio = [NOI / Total Debt Service]. This metric shows the ability for the property to produce enough cash to cover it debt payments.

The Watchlist is similar to the state of pre-foreclosure, a property/loan gets added to the watchlist when there is a negative action such as falling below a certain DSCR threshold, occupancy decline, income decline, pending maturity.

Using Reonomy, you can search by current or historical CMBS Loans or by properties currently or previously on the watchlist.