Deal Readiness Checklist
Before You Approach Lenders
Incomplete packages waste time and signal disorganization. Use this checklist to ensure you have everything capital providers need to evaluate your deal.
Property Documents
Physical asset and legal documentation
Rent Roll (Current Month)
Unit mix, tenant names, lease dates, rent amounts, deposits, arrears. Should match T-12 total revenue.
T-12 Operating Statement
Trailing 12 months of income and expenses. Monthly breakdown preferred. Should reconcile with rent roll.
Property Photos
Exterior (all sides), common areas, representative units, parking, signage, any deferred maintenance items.
Site Plan / Survey
Property boundaries, building footprints, parking counts, easements. ALTA survey for larger deals.
Leases (Commercial Properties)
Full executed leases for all tenants. Amendments, extensions, and guarantees. Lease abstracts helpful.
Tax Bills (2-3 Years)
Property tax history and current assessed value. Note any pending reassessments or appeals.
Insurance Certificates
Current property insurance. Coverage amounts, deductibles, policy terms. Flood insurance if applicable.
Financial Documents
Pro forma and deal structure
Pro Forma / Financial Model
Projected cash flows, assumptions, debt service, returns. Should tie clearly to T-12 and planned improvements.
Sources and Uses
Complete capital stack: purchase price, closing costs, reserves, improvements, equity, debt.
Capital Improvement Budget
If value-add: detailed renovation scope, unit costs, timeline, contractor bids if available.
Purchase Agreement (If Acquisition)
Signed PSA with all exhibits. Price, contingencies, earnest money, closing timeline.
Sponsor Documents
Borrower qualifications and background
Personal Financial Statement
Current PFS for all principals. Assets, liabilities, net worth, liquidity. Most lenders have their own forms.
Schedule of Real Estate Owned
All properties owned: address, type, value, debt, NOI, ownership %. Shows track record and exposure.
Resume / Track Record
Professional background, relevant experience, completed projects with outcomes. Photos of past projects help.
Entity Documents
Operating agreement, articles of organization, good standing certificates. Ownership structure chart.
Tax Returns (2-3 Years)
Personal and entity returns. Some lenders require, others just PFS. Be prepared with both.
Market Information
Location and competitive context
Comparable Sales
Recent sales of similar properties in the area. Price per unit/SF, cap rates, sale dates.
Comparable Rents
Competitor properties: rent per unit/SF, occupancy, amenities, concessions. Supports your rent assumptions.
Market Report
Submarket data: vacancy, rent growth, supply pipeline, employment trends. CoStar, CBRE, or broker reports.
Demographics
Population, income, employment data for the trade area. Growth trends support the investment thesis.
Optional But Helpful
Nice to have for faster processing
Phase I Environmental
Recent Phase I speeds up due diligence. Lenders will order their own but appreciate seeing existing.
Property Condition Assessment
PCA or engineering report. Shows you understand the physical plant and capital needs.
Appraisal
Recent appraisal can support value. Lenders typically order their own but reference existing.
Offering Memorandum
If acquisition: broker OM provides compiled information and marketing context.
Red Flags to Fix First
Address these before submitting
Numbers Do Not Match
Rent roll income does not equal T-12 revenue. Pro forma assumptions contradict historicals. These destroy credibility.
Stale Documents
Rent roll from 6 months ago. T-12 ending last year. Documents should be current within 30-60 days.
Missing Key Items
No T-12 and just offering a pro forma. No rent roll. No sponsor financials. These are required, not optional.
Unexplained Gaps
High vacancy with no explanation. Expense spikes. Income drops. If something looks off, explain it proactively.
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