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From this video: Willy Walker: The final one is CMBS and CMBS is the least, sort of, personalized borrower-lender relationship there is. So you go to a life insurance company. Chances are the life insurance company knows you. They know your asset. There's somebody there if you pick up the phone and call them, say, hey, my name's John Smith. I've got a loan that's in trouble. Can we work on this? Same with banks, right? They know the assets that they've got loans on. CMBS, sorry, there isn't that person at the other end of the phone. Your loan has been originated typically by a mortgage broker, who has taken the loan to a Wall Street firm that is underwritten the credit has put it into a pool of loans. That pool of loans is then sold off to investors. Those investors are pension funds and institutional investors around the globe. For the ultimate guide to real estate crowdfunding and syndication, subscribe now to the FREE GowerCrowd newsletter: https://bit.ly/3jRnlTv | Visit the GowerCrowd website, the most complete source of free real estate syndication and investing resources and training available anywhere: https://bit.ly/2VMA7ea | Are you a real estate developer? Read the new book, SYNDICATE and learn how to find more investors so you can raise more money: https://bit.ly/3jRUM8r | Are you a real estate investor? Watch this free webcast and discover the Hidden Secrets to Success in Real Estate Investing: https://bit.ly/2VJMcAN