How does a single-borrower/multiproperty deal differ from a conduit deal?
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In a single-borrower/multi-property deal there is one borrower and multiple properties. On the other hand, conduits loans are multi-borrower deals involving commercial mortgage loans that are "originated" in accordance with guidelines that permit them to be rated by credit rating agencies. The mortgages are aggregated into a pool and serve as collateral for publicly traded bonds called "commercial mortgage-backed securities." In this manner, the mortgages are converted into a commodity that can be "securitized" through the issuance and sale of bonds to investors. Each mortgage portfolio is transferred to a specially created trust and bonds are sold that represent ownership interests in the trust.
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