Independent operating advisors play a critical role in CMBS transactions
Commercial mortgage brokers may understand a borrower’s confusion when it comes to the various parties involved in a commercial mortgage-backed securities (CMBS) deal. Each transaction has many layers and players, and having some clarity over who is doing what can be invaluable for borrowers. It also may help them understand why a new party, the operating adviser, lately has been added to the mix.
To begin, it is important to look at the roles played by each of the parties involved in a typical CMBS transaction.
Article published in “Scotsman Guide,” february 2013