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Checklist to Get a Term Sheet

CMBS commercial real estate loan

• Property Address and name of Owner

• Loan Amount Requested

• A purchase or refinance?

If purchase, provide a copy of the purchase


• Last 3 years income statements in Excel

• Trailing 12 months income and

expense statement BY MONTH through most

recently available month in Excel

• Provide the most recently available balance

sheet for the property

• Identify any capital improvements or large

non-recurring expenses in the income and

expense statements

• Annual average occupancy statistics for most

recent 3 years

• Current Rent Roll, including tenant name,

square footage, monthly base rent, annual

base rent, rent/sf, lease start date, lease end

date, type of lease (gross, net, modified

gross). Initial date of occupancy, options,

monthly expense recoveries by type (RET,

INS, CAM), termination rights (if any), per-

centage rent, tenant sales (not applicable for


• Copy of most recent expense recovery reconciliations (for net and modified gross leases,

not applicable for hotels)

• Copy of the most recent tax bill

• Copy of any old appraisal, property condition assessment or Phase I Environmental

assessment. If none, provide site plan with

size of property and layout of tenant spaces.

Provide the owner’s estimate of property

value and the owner’s cost estimate to buy

land parcel and build asset today. Provide

year of construction and year of subsequent


• Complete Debt Schedule.

• Complete Organization Chart.

• Complete Sponsor-Borrower Certification.

• Provide a Personal Financial Statement

for any owner > 20%

• Please provide a resume for the sponsor

indicating experience in the ownership and

operation of similar properties

• Provide a resume/brochure/website for the

management company (if third-party man-


• Market study: market occupancy, market

rents by class (A, B, C), absorption

• Exterior photographs/website

• Most recent STAR report

STAR report for prior 3 years (hotels only)

• Complete Hotel Questionnaire

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