How to Buy a Foreclosed Commercial Property From a Security Broker

Foreclosed commercial mortgages can be purchased from many specialized securities brokers without special requirements. Once you purchase the security, you'll have to take over collection procedures yourself to either attempt to restore the mortgage to solvency or proceed with eviction and full acquisition of the commercial property. Commercial mortgage backed securities (CMBS) are an actively traded market with a relatively high level of risk that offers opportunities to commercial real estate investors and speculators alike.
Instructions

Find a securities broker specializing in the trade of individual mortgages, both commercial and residential. Many mortgages are repackaged by lenders into mortgage-backed securities which are too large to be managed by individual investors. Individual mortgage notes are bought and sold on a smaller market geared to individual investors and businesses by specialized brokers. These are private markets that aren't typically publicly advertised.
Purchase a foreclosed commercial property from a broker that gives you access to broader mortgage markets. You will not necessarily need to use a traditional broker. There are brokerage firms that offer mortgage trading platforms for individual investors to meet banks and other lenders looking to sell these distressed securities, such as TradeWeb. These securities will be available for purchase for much less than the total amount of the mortgage because it's already in default. You will either have to trade the security, collect on the mortgage or proceed with the foreclosure process yourself.
Contact the current mortgagor of the commercial property. If the tenant of the property is current with their rent, you will not need to proceed with eviction against them. Attempt to create a repayment plan with the mortgagor taking into account their financial situation. You can renegotiate any previous agreements made by the previous owner of the mortgage with the current mortgagor.
Initiate the foreclosure process if the mortgagor is not able to come to an agreement with you. In most cases, you will end up with sole possession of the commercial property. You will gain responsibility for any tenants still using the property that are abiding by the terms of their lease.