Real estate investors are bundling increasingly speculative short-term mortgages into CLOs. : Real estate investors are bundling increasingly speculative short-term commercial property mortgages into bonds known as collateralized loan obligations. The properties packaged into these deals don’t qualify for more traditional forms of financing, such as being included in commercial mortgage-backed securities, because they are being refurbished or are otherwise in a state of transition. An example may include an empty office tower undergoing renovations and waiting for new tenants.