Single-Asset / Single-Borrower (SASB)
Asset-Backed Securities glossary · Asset Specific Nuances
Definition
A CMBS transaction backed by a single loan on a single property (or set of properties under common control), in contrast to conduit CMBS pools.
Single-Asset / Single-Borrower (SASB) in plain English
Normally a commercial mortgage bond (CMBS) bundles hundreds of loans on many different buildings so no single one can sink it. A Single-Asset / Single-Borrower deal is the opposite: the whole bond is backed by just ONE big loan on one property or a set of buildings owned by the same person, like a single trophy skyscraper or mall. Investors are betting entirely on that one property's success, so there's no safety-in-numbers — the analysis becomes all about that specific building and borrower. It's like lending your money against one racehorse instead of spreading it across the whole stable.
Also called: SASB
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