Proof - CMBS is Back reported the closing of a $31.3 million CMBS loan through JP Morgan Chase to a Michigan REIT. Though exciting that CMBS is quickly coming back , keep in mind it will take some time to achieve the terms that were common 2+ years ago. This loan closed on just 60% LTV and a 10 year term. But for non-recourse debt right now, the LTV isn't getting too much better, with life companies at gnerally 65%. As our Debt & Equity team from Detroit has pointed out, it also takes very strong sponsorship, such as a large REIT, to get CMBS done right now.