How do CRE lenders weight pro forma vs. trailing NOI?

How each lender category thinks about this

Agency multifamily: trailing T-12 normalized, with ability to credit signed leases not yet in the T-12 (typically capped at 3 to 6 months of forward credit) and ability to mark below-market leases to market on imminently expiring leases. Future cap-ex value uplift is not credited.

CMBS: similar to agency, trailing T-12 normalized, narrow forward credit. CMBS underwriting is mechanical and tightly tied to in-place cash flow because the loan goes into a securitization with defined underwriting standards.

Life co perm: trailing T-12 with the most discretion of any perm category: life co underwriters can credit signed leases, projected lease-up at defined absorption rates, and even pro-forma rent growth on stabilized properties with strong sponsor track record.

Bank perm: trailing T-12 plus signed leases. Bank underwriting is conservative on pro forma; banks prefer to lend on demonstrated cash flow.

Debt fund / bridge: stabilized pro forma is the working number. The debt fund underwrites to the projected stabilized NOI 18 to 36 months out, sizes proceeds against that number, and structures funding events (initial advance plus future-funding tranches) tied to defined operating milestones (occupancy, NOI, DSCR test points).

Implications for packaging: for perm, lead with the T-12 and present pro forma as a supporting view. For bridge, lead with the stabilized pro forma and present T-12 as the starting point.