This white paper provides a non-technical introduction to the Zealand Commercial Mortgage Loan Pricing Model. The accurate valuation of commercial mortgages is a complex and challenging task. The roots of this difficulty are the complex set of interacting options embedded in the structure of these loans. As a result, sophisticated models must be used to correctly price commercial mortgages. The Zealand Commercial Mortgage Loan Pricing Model is a comprehensive and leading edge analytical took that uses the options approach, supported by econometric modeling of underlying property and credit market fundamentals and the extensive use of real estate capital markets data. The model recognizes the fundamental uncertainties inherent in commercial mortgage loans – default, prepayment, and balloon risks – and uses advanced mathematical and statistical techniques to provide rapid and accurate valuations.