What sponsor liquidity and net-worth requirements do CRE lenders typically apply?

Standards by capital source

Agency multifamily (Fannie DUS / Freddie Optigo): net worth ≥ loan amount, liquidity ≥ 9% to 10% of loan amount, with both calculated across the key-principal group (not requiring any single individual to satisfy the test). Documentation: PFS, brokerage statements, two years of tax returns. Real-estate-owned schedule with current debt and equity values for each holding.

Bank perm: net worth ≥ loan amount, liquidity ≥ 5% to 10% of loan amount, with deposit relationship typically required. Bank perm tends to underwrite the sponsor more deeply than agency or CMBS, including credit history pulls and detailed income verification.

CMBS: net worth ≥ 25% of loan amount across key principals (lower than agency and bank), liquidity ≥ 5% of loan amount. CMBS lenders are more transactional on the sponsor side, net worth and liquidity are the gates, not the relationship driver.

Life co perm: net worth ≥ loan amount, liquidity ≥ 10% of loan amount, with strong preference for repeat borrowers and known sponsors.

Bridge / debt funds: net worth ≥ loan amount and liquidity ≥ 10% to 20% of loan amount given the higher leverage and shorter timeline. Some debt funds will lend at 75% to 80% LTC with lower sponsor strength, priced accordingly.

What documentation lenders actually verify: brokerage statements (most), bank statements (most), tax returns (some, especially on smaller deals), credit pulls (banks always, others sometimes). Inflated PFS numbers without backup get caught.