Lender readiness assessment

How to use

Run this assessment 30 days before going to lenders. The objective is to surface every gap, stale rent roll, missing tax return, incomplete capex history, while there's time to fix it. Score each line 0/1/2 and add: 38+ is ready to launch; 25 to 37 needs cleanup; under 25 isn't ready.

Property file (max 24 points)

Score 0 if missing or stale; 1 if present but incomplete; 2 if current and lender-grade.

• Rent roll dated within 30 days, lender-format (move-in date, lease start/end, base rent, concessions).
• T-12 operating statement, current within 30 days, in standard CRE format.
• Property tax bills, current year and prior 2 years.
• Insurance certificates, property, liability, business interruption (if applicable), with carrier ratings.
• Capex history, last 3 years actual capex by category.
• Forward capex plan, next 3 years projected capex with timing.
• Environmental. Phase I current within 18 months; if older, scoped for update.
• Property condition / engineering report, current within 18 months or scoped for update.
• Title, recent commitment or last lender's title policy plus any updates.
• Survey, recent ALTA or last lender's survey plus updates.
• Lease abstracts for top 5 tenants by ABR.
• Major tenant correspondence, any default notices, expansion options, or lease amendments.

Sponsor file (max 16 points)

Lender sizing and pricing depend heavily on sponsor strength. Pre-clean these before they're requested.

• Personal financial statements (PFS) for all key principals, dated within 90 days.
• Liquidity proof, bank statements, brokerage statements covering required liquidity.
• Tax returns (personal), last 3 years for key principals.
• Tax returns (entity), last 3 years for sponsor entities.
• SREO. Schedule of Real Estate Owned, current within 90 days, by property with lender, balance, NOI, status.
• Resumes / bios, current for all key principals.
• Org chart, sponsor structure from key principal down to property-owning SPE.
• Prior lender references, at least 3, with contact info and confirmed willingness to give a reference.

Structural / entity file (max 8 points)

Entity diligence is where deals stall in the last week. Have these ready before signing the LOI.

• Borrower SPE formation documents and good standing certificates.
• Operating agreement / partnership agreement for borrower entity.
• Authorized signer resolutions and incumbency certificates.
• EIN documentation and W-9.

Score interpretation

Add the points across all three files (max 48). Use the result to decide whether to launch the bake-off now or fix gaps first.

Readiness scoring