Each lender receives the package under a written NDA that limits use to credit underwriting of the specific transaction and prohibits onward sharing without sponsor consent. Sensitive borrower information, sponsor net worth , tenant rent rolls, asset-level financials, is gated to lenders that have signed the NDA before package release.
Standard practice for institutional lender comparisons
NDA execution: the package goes only to lenders that have signed the placement firm's standard NDA. The NDA is a one-way confidentiality agreement protecting the borrower; lender desks are accustomed to signing them and execution is typically same-day.
What the NDA covers: the package itself (financing memo, financials, sponsor information, business plan), the existence of the bake-off, and any verbal or written information shared during Q&A. Use is limited to credit underwriting of the specific transaction; onward sharing requires sponsor consent.
Borrower-name and asset-name protection: standard practice does not anonymize the borrower or asset name in the package, lenders need to underwrite the specific sponsor and the specific property. The NDA is the protection mechanism, not anonymization.
Tenant-rent-roll handling: on commercial properties with confidentiality-sensitive tenant data, the rent roll can be shared in summary form (anchor identification, lease term, base rent) initially with detail provided only to lenders that move to LOI stage. This is standard for institutional retail and office.
Post-engagement obligations: the NDA survives the bake-off; lenders that did not win cannot use the information learned to approach the borrower outside the placement firm or to share it with other intermediaries.
Sources
- Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations · Mortgage Bankers Association · 2026-Q1
- Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) · Board of Governors of the Federal Reserve System · 2026-Q1