I don’t think there is anyone in the world that doesn’t already know that CMBS loans are frustrating for owners/borrowers.  Even servicers recognize this. In fact, some of them have created what they call “CMBS Concierge” as an attempt to improve the borrower experience.  There is one big flaw with that though!

The “lender” is the CMBS trust and the bondholders who bought into that trust. The servicers (master and special) are hired by that trust to look out for the best interest of those bondholders.

A borrower needs someone who will look out for THEIR BEST INTEREST!

You cannot have the same party looking out for both the bondholders and the borrower!