CMBS lending originations hit $48B in2012, and this year should be higher. But here arefive things to watch for when heading to the closing table.

Metropolitan Capital Advisors senior director Todd McNeill says with rates at all-time lows, CMBS can be a great alternative when the goal is a long-term, fixed-rate, non-recourse loan.Experts are estimating a $65B issuance for 2013, with an estimated $19B already in the pipeline for Q1 13. Todds five items to consider when getting your CMBS loan quoted:

1. Independent directors are assigned for loans of $20M or more.

2. Cash management account requirements (and the subsequent wire transfer fees).

3. Debt yields have continued to come down but are used for loan sizing.

4. Tenant direction letters are often required regarding where to pay rent if the owner defaults. These stand-by letters are seen as a pre-packaged receivership of sorts.

5. Legal fees have doubled with all of these changes and additions. For a $15M-plus deal, fees can be six figures.