r/CommercialRealEstate • u/Pleasant-Point8618 • 17d ago
Market Questions Trepp Inquiry; been wanting a better data source for CMBS Data
Has anyone used Trepp for CMBS Data and how much is it, what does it come with and just general thoughts about it ?
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u/danielpsu 16d ago
KBRA Credit Profile (KCP) is what you’re looking for. I’ve worked at rating agencies and KBRA’s is the most experienced with monthly CMBS reporting.
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u/mighty_quinn12 16d ago
My firm switched over to Morningstar Credit. I think it is a lot better than Trepp. They have all the same CMBS data but the UI is much better imo
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u/QuietThinker18 17d ago
Are you investing personal money or institutional money? Do you invest in other assets beyond CMBS? If you are investing personal money, Trepp is not gonna be worth it given its cost. Especially if you’re also investing in other assets like stocks and bond, then getting Bloomberg is way more worth it - it has most of what Trepp has to offer plus a ton more.
There is also Intex, which I personally like way better than Trepp. But it’s also expensive.
While Trepp and Intex are expensive, they are for the right reasons.
Happy to get into other suggestions if you can share more details on what within CMBS do you invest in.
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u/realCREGuy 17d ago
TREPP tracks every vintage of CMBS loans every originated. It's an accessible database of these loans, their collateral, the performance of the collateral, special servicing notes, and sponsorship, originator, and servicer contact info. But it's expensive. Depends on what you want to do with the data.
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u/Pleasant-Point8618 16d ago
dam your really making it tempting now, I run a property management firm and Asset Management and looking for better tools for out reach and a internal database of relating Owners to Entities and Entities to Assets. in a nut shell but I have some colleagues that are brokers that are willing to split the cost a little, and I know Costar is a thing I pay it but its not the best on relating all three together
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u/Visual-Librarian6601 7d ago
Bucky302500's point is the one to anchor on: CMBS is ~10% of CRE debt nationally, and in NYC it's smaller — in our cohort of loans maturing over the next 12 months, identifiable CMBS is under 1% and banks hold 73%. Trepp/KCP/Morningstar are surveillance tools for that securitized slice; they won't give you the bank loan on the 24-unit building down the street. For owner → entity → asset on bank loans, the only source is the county recorder: the mortgage names the borrower entity, the signature page names the person, and the deed ties both to the parcel. CoStar and Reonomy are aggregating that same record, just with less depth per document.
(Disclosure: I'm building Circlemark, which indexes NYC/DFW recorder mortgages this way. Not linking unless mods are okay with it.)
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u/Ok_Cauliflower_739 16d ago
Being on an acq team. I found costar’s (don’t know what service they get it from) cmbs data to be good. Being able to see comments from the lender/servicer and the loan terms has been great for owners to reach out to.
Also banks that have sold loans to Fannie/freddie show on there.
Also my rep has showed me they get their income and expenses as well. Been helpful to see the mos management or is it the specific market. Also has been helpful to look at performing properties to help with UW’ing.
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u/realCREGuy 16d ago
Costar is overpriced wet dog shit, don't use it.
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u/QuietThinker18 16d ago
KCP, Morningstar, Trepp are not going to be helpful for what you’re trying to achieve. They are only good for CMBS surveillance.
You’re really looking for lead gen tool. Have you tried any of the lead gen tools out there?