What goes in a CRE financing memorandum?

Section-by-section what good looks like

Deal summary (1 page): asset name, address, property type, year built, units or square feet, in-place occupancy and NOI, requested loan amount, leverage, and proposed structure. This is the page the credit officer reads first, so every key number must be on it.

Sponsor and key principal bios (1 to 3 pages): named principals, ownership percentages, prior CRE track record (deals closed, total volume, current AUM), liquidity and net-worth summary. Honest track record beats inflated numbers; lenders verify.

Property description (3 to 5 pages): photos (exterior, interior, amenities), site plan, unit mix or lease summary, recent cap-ex history, deferred maintenance, parking ratio. Visual quality matters; this is what convinces the credit officer the asset is real.

Market context (2 to 4 pages): submarket overview, comp set with rent and occupancy data, supply pipeline, demand drivers. Reference public sources (BLS, Census, FRED) where possible.

Business plan (2 to 4 pages): the next 24 to 60 months, operations, capital plan, lease-up or repositioning narrative, exit strategy. Be honest about risks.

Financial summary (2 to 4 pages): T-12 with normalizations explained, current rent roll, pro forma at stabilization. Lenders want to see the operating story clearly.

Sources and uses (1 page): how the proceeds will be used, by line item.

The ask (1 page): loan amount, structure ask, prepayment ask, recourse ask. Be specific.