In one sentence
The investor purchasing the highest-risk, first-loss bonds in a CMBS deal, who typically diligences the underlying loans closely.
The longer version
The B-piece buyer takes the first-loss position and, in exchange, often gets rights to review and kick loans from the pool and to control special servicing. Their diligence is intense because their capital is first in line to absorb losses.
B-piece review adds a diligence audience for loans headed to securitization, another reason clean, complete loan files matter.
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