The risks associated with conduit financing include not getting a great servicing experience, as CMBS lenders don't service these loans themselves and hire a third-party servicer instead. Additionally, since these loans are pooled, securitized, and sold on the secondary market, borrowers are usually required to conduct either yield maintenance or defeasance in order to repay their loan. Furthermore, since these loans are securitized, borrowers who have trouble repaying their loans are unlikely to get any form of forbearance or foreclosure/default prevention assistance. Instead, if the borrower cannot make their monthly payments, they will likely default on the loan relatively quickly.
Source: The Pros and Cons of CMBS Loans: A Guide