Terms of use

1. Agreement to these terms

These Terms of Use (the "Terms") are a binding agreement between you and Janover Capital LLC, together with its affiliates, members, managers, officers, employees and agents ("Janover Capital," "we," "us"), governing your use of cmbs.news and the content, data, tools, forms and services on it (the "Site"). By using the Site you accept these Terms and our Privacy policy, which is part of them. If you do not agree, do not use the Site. If you use the Site for an entity, you represent that you can bind it, and "you" includes it.

2. Who we are, and what we are not

Janover Capital LLC is a commercial mortgage capital markets advisory firm. We act as an intermediary and broker that arranges commercial-purpose financing for commercial and multifamily real estate. We are not a bank, direct lender, deposit-taking institution, mortgage servicer or fiduciary, and we are not the servicer, special servicer, trustee, depositor, sponsor or underwriter of any CMBS trust shown on the Site, nor affiliated with them. We do not make credit decisions, fund loans, or guarantee that any financing will be available, offered or closed on any terms. We do not arrange consumer mortgages or loans secured by single 1-4 unit residential properties or owner-occupied homes; residential portfolios of five or more units are treated as commercial. Any engagement of Janover Capital for advisory or brokerage services happens only under a separate written agreement; using the Site, or our review of what you send, creates no such relationship. Janover Capital LLC separately holds insurance licenses in Florida (license #L136031) and Texas (license #3490226); insurance is not offered through this Site and is provided only through janoverinsurance.com.

3. No offer, no commitment, no advice

Everything on the Site is general information. Nothing on it is, or may be relied on as: (a) an offer to lend or an offer, solicitation or commitment to arrange financing; (b) a loan approval, prequalification, rate quote or lock; (c) legal, tax, accounting, investment, financial or other professional advice; (d) a recommendation about any transaction or strategy; or (e) an offer to sell, a solicitation of an offer to buy, or a recommendation to buy, sell or hold any security, including any CMBS certificate or bond. The Site describes mortgage loans as their servicers report them; it does not analyze, rate or value any security, and we are not a broker-dealer, investment adviser or credit rating agency. Consult your own legal, tax and financial advisors before any financing or investment decision. You alone are responsible for evaluating the merits and risks of any transaction.

4. Eligibility and permitted use

The Site is for people at least 18 years old, in the United States, researching commercial real estate loans or commercial-purpose financing. Use it only for lawful purposes and in line with these Terms.

5. Loan data, watch flags and tools

The loan pages, lists, maturity calendar, change feed and watch list are compiled from the monthly Form ABS-EE asset-data filings (Regulation AB Schedule AL) that public CMBS trusts make on the SEC's EDGAR system, joined to Census Bureau metro and county files, as explained on the methodology page. Each page states the reporting period and links the filing it was built from. The figures are what servicers reported; we do not audit or correct them, they lag events by a month or more, and income figures can be a year old. The watch flags and the watch list are cmbs.news's own rule-based labels: fixed tests on filed fields, defined on the methodology page and dated to the filing. They are not a credit rating, a prediction of default or loss, a statement of fact or opinion about any borrower's, sponsor's or guarantor's conduct or finances, or the servicer's watchlist. Data and tools are provided "as is" and may be delayed, incomplete or wrong. We may change, suspend or remove any data, page or tool at any time.

Corrections. If you believe a page misreads a filing or names the wrong property, email hello@cmbs.news with the page address and what is wrong. We review every request; when the page misreads the filing we correct it, and when the filing itself is wrong we note your request and the page follows the servicer's correction in a later filing.

6. Data downloads and licensing

The SEC filings are public records, and the facts in them are not ours. Our compilation of them is. The CSV files linked from the Site's list pages (under /data/downloads/) are licensed under the Creative Commons Attribution 4.0 International license (CC BY 4.0): you may copy, share and adapt them, including commercially, if you credit "Data: cmbs.news (cmbs.news), from SEC ABS-EE filings" with a link, as the data page says. They come with no warranty. Monthly history files, the change feed, bulk files and portfolio alerts are offered only under a separate written license agreement; ask through the data page. Nothing else on the Site, including its text, design and page layouts, is licensed under CC BY 4.0.

7. Educational content

Notes and other educational material on the Site are general, may not reflect the latest market or regulatory developments, and may not fit your situation. Loan document terms (prepayment, defeasance, extension and default provisions) vary by loan; read yours. Nothing in such content creates an advisory or client relationship.

8. Information you submit

When you send information through the Site, you represent that it is accurate and complete in all material respects, that you have the right to provide it, and that doing so violates no law or agreement. You allow us to use and share it as our Privacy policy describes, including with prospective lenders and transaction parties at your direction. Until you and Janover Capital sign a written engagement with confidentiality terms, what you submit is not subject to any duty of confidentiality beyond our Privacy policy. Do not send Social Security numbers, account credentials or financial statements through the forms.

9. Consent to be contacted

By submitting your contact information through a lead form on the Site, you expressly consent to receive calls, text messages and emails from or on behalf of Janover Capital at the numbers and addresses you provide, including calls and texts placed with automated technology, about your request and our services. Consent is not a condition of any service. Message and data rates may apply, and message frequency varies. You may opt out at any time by replying STOP to any text, using the unsubscribe link in any email, or contacting us at (561) 559-4111 or hello@cmbs.news. If you give a phone number that is not yours, you represent that you have the owner's permission. A loan alert sign-up is consent to alert emails about that loan only, and you can unsubscribe from any alert.

10. Electronic communications

You consent to receive communications from us electronically, and agree that agreements, notices, disclosures and other communications we provide electronically satisfy any requirement that they be in writing.

11. Intellectual property

Except for the public filings themselves and the CSV files licensed under section 6, the Site and its content, including text, design, graphics, logos, trade dress, data compilations and software, belong to Janover Capital LLC or its licensors and are protected by copyright, trademark and other laws. "Janover," "Janover Capital" and related marks may not be used without our written consent. We grant you a limited, revocable, non-exclusive, non-transferable license to view the Site for your personal or internal business use. You may link to any page and quote short passages with a link back. Trust, servicer and lender names appear only to identify them.

12. Prohibited conduct

You agree not to: (a) copy, scrape, harvest or systematically extract content or data from the Site (including by bots, crawlers or AI training pipelines) except as our robots.txt permits or through the CSV files under section 6; (b) interfere with or disrupt the Site or its infrastructure; (c) try to gain unauthorized access to any system or data; (d) submit false, misleading or fraudulent information; (e) use the Site to violate any law or third-party right; (f) frame, mirror or deep-link to the Site in a misleading way, or present our data or watch flags as a rating, a prediction or the statement of any servicer or trustee; or (g) reverse engineer or decompile any software on the Site.

13. Third-party websites

The Site links to third-party sites, including the SEC's EDGAR system. Those sites have their own terms and privacy policies. A link is not an endorsement, and we are not responsible for third-party content, products or services.

14. Disclaimer of warranties

TO THE FULLEST EXTENT PERMITTED BY LAW, THE SITE AND ALL CONTENT, DATA, TOOLS AND SERVICES ON IT ARE PROVIDED "AS IS" AND "AS AVAILABLE," WITHOUT WARRANTIES OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT, ACCURACY, COMPLETENESS, TIMELINESS, AVAILABILITY, OR UNINTERRUPTED OR ERROR-FREE OPERATION. WE DO NOT WARRANT THAT ANY FINANCING WILL BE AVAILABLE OR ARRANGED, OR THAT ANY PARTICULAR TERMS WILL BE ACHIEVED.

15. Limitation of liability

TO THE FULLEST EXTENT PERMITTED BY LAW: (A) JANOVER CAPITAL WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES, OR FOR LOST PROFITS, LOST OPPORTUNITIES, LOST DATA OR BUSINESS INTERRUPTION, ARISING OUT OF OR RELATING TO THE SITE OR THESE TERMS, HOWEVER CAUSED AND UNDER ANY THEORY OF LIABILITY, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES; AND (B) OUR TOTAL AGGREGATE LIABILITY ARISING OUT OF OR RELATING TO THE SITE OR THESE TERMS WILL NOT EXCEED ONE HUNDRED U.S. DOLLARS (US$100). SOME JURISDICTIONS DO NOT ALLOW CERTAIN LIMITATIONS, SO SOME OF THE ABOVE MAY NOT APPLY TO YOU; IN THAT CASE OUR LIABILITY IS LIMITED TO THE MAXIMUM EXTENT PERMITTED BY LAW. THESE LIMITATIONS DO NOT APPLY TO LIABILITY THAT CANNOT BE LIMITED BY LAW.

16. Indemnification

You agree to defend, indemnify and hold harmless Janover Capital LLC and its affiliates, and their members, managers, officers, employees and agents, from any claims, liabilities, damages, judgments, awards, losses, costs and expenses (including reasonable attorneys' fees) arising out of or relating to: (a) your use of the Site; (b) your violation of these Terms or any law; (c) information you submit, including its inaccuracy; or (d) your violation of any third-party right.

17. Dispute resolution: arbitration, class waiver, jury waiver

Please read this section carefully. It affects your legal rights.

Any dispute, claim or controversy arising out of or relating to the Site or these Terms that cannot be resolved informally will be resolved by binding arbitration administered by the American Arbitration Association under its applicable rules, before a single arbitrator, seated in Palm Beach County, Florida. Judgment on the award may be entered in any court with jurisdiction. Either party may instead bring an individual claim in small claims court, and either party may seek injunctive or equitable relief in court for infringement or misuse of intellectual property or unauthorized access to the Site.

Class action waiver. All disputes must be brought in the parties' individual capacities, not as a plaintiff or class member in any purported class, collective, consolidated or representative proceeding. The arbitrator may not consolidate claims or preside over any representative proceeding.

Jury trial waiver. To the extent any dispute proceeds in court rather than arbitration, each party knowingly, voluntarily and irrevocably waives its right to a trial by jury.

Time limit. To the fullest extent permitted by law, any claim arising out of or relating to the Site or these Terms must be started within one (1) year after it accrues, or it is permanently barred.

18. Governing law and venue

These Terms, and any dispute arising out of or relating to them or the Site, are governed by the laws of the State of Florida and applicable federal law (including the Federal Arbitration Act for section 17), without regard to conflict-of-law rules. Subject to section 17, the exclusive venue for any court proceeding is the state or federal courts in Palm Beach County, Florida, and you consent to personal jurisdiction there.

19. Changes; termination

We may change these Terms at any time by posting a revised version with a new effective date; continued use of the Site after posting means you accept it. We may suspend or end access to the Site, or any feature of it, at any time without notice or liability.

20. General

These Terms and the Privacy policy are the entire agreement between you and Janover Capital about the Site and replace any earlier understanding on that subject. If a provision is unenforceable, it will be modified to the minimum extent needed and the rest stays in force. Not enforcing a provision is not a waiver. You may not assign these Terms; we may assign them without restriction. Headings are for convenience. Sections that by their nature should survive termination (including sections 3, 5, 6, 8, 11 and 14 through 18) survive.

21. Contact

Janover Capital LLC, 6401 Congress Ave., Ste. 250, Boca Raton, FL 33487. (561) 559-4111 · hello@cmbs.news