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🔐 CMBS Tool

Defeasance Calculator

Estimate the total cost of defeasing your CMBS or conduit commercial loan. See the Treasury portfolio cost, transaction fees, and how it compares to yield maintenance.

$50K–$150K+
Typical Fees
CMBS
Common In
60–90 Days
Process Time
📜

Defeasance Calculator

Estimate your CMBS loan exit cost

$
%
#
%
Matching-maturity Treasury yield
$
Typically $15K–$50K
$
Treasury purchase execution
$
Master/special servicer consent
Estimated Total Defeasance Cost
—

📊 Cost Breakdown

Treasury Portfolio Premium
Legal & Accounting
Securities Broker
Servicer & Rating Fees
Total Defeasance Cost

🔄 Defeasance vs Yield Maintenance

Defeasance (this estimate)
Yield Maintenance (estimated)
Difference
⚠️ Important: Defeasance costs are highly variable and depend on Treasury market conditions at the time of execution. The Treasury portfolio premium can change daily. Transaction fees vary by servicer, law firm, and deal complexity. Get a formal defeasance quote from a licensed consultant before committing.

Exploring CMBS loan exit options?Our advisors coordinate defeasance consultants and refinance lenders.

Get Expert Guidance →

Understanding Defeasance

The most complex — and often most expensive — way to exit a CMBS loan.

How Defeasance Works

Instead of paying a penalty, you purchase a portfolio of US Treasury bonds that exactly replicate your remaining loan payments. These bonds replace your property as collateral, releasing it from the mortgage. The CMBS trust continues receiving payments from the Treasuries.

Why Defeasance Costs So Much

The Treasury portfolio costs more than your loan balance because Treasury yields are typically lower than your note rate. You also pay substantial transaction fees: legal counsel, accountant to structure the bond portfolio, securities broker, servicer consent fees, and rating agency fees. Total fees alone can be $50K–$150K+.

When Defeasance Is Cheaper

Defeasance costs drop when Treasury rates rise above your note rate (the bond portfolio costs less than the loan balance) or when you are close to maturity (fewer payments to replicate). In a rising rate environment, defeasance can sometimes be less than yield maintenance.

Defeasance Process & Timeline

Expect 45–90 days from start to close. Steps: hire defeasance consultant, notify servicer (30–45 day requirement), legal review, Treasury portfolio pricing and purchase, closing. Some CMBS loans have lockout periods where even defeasance is prohibited for the first 2–5 years.

Frequently Asked Questions

Common questions about CMBS defeasance.

Navigate Your CMBS Exit

Our advisors coordinate defeasance consultants, compare exit strategies, and line up your refinancing — all in one coordinated process.

Get CMBS Exit Analysis →

CRE CALCULATORS

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Run the same numbers your lender runs — before you apply. Every calculator is free, instant, and requires no signup.

Loan Analysis

Investment Returns

Refinance & Costs

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