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The debt decision library

Capital sources and programs

Understand how lending channels and financing programs evaluate a request, commit capital, and constrain the borrower.

Choose a capital source by the property’s present condition, the proposed business plan and the evidence available on the required funding date. A program name does not establish that a loan can close. Begin with the amount and timing of usable cash, then identify what must be true for each candidate execution. This path connects permanent-loan underwriting with transitional financing so the initial advance and intended exit are evaluated as one financing plan.

What makes a capital source a plausible fit?

Write down current income, planned work, available equity, repayment timing and acceptable obligations. Ask which of those facts a prospective lender can evaluate now and which require a future event. A proposal dependent on uncompleted work belongs in a conditional scenario.

How should an agency or permanent-loan estimate be used?

Identify the applicable program and cash-flow definition before using its proceeds estimate. Retain lender adjustments and test conventions. Treat an unverified program assumption as a question to resolve, especially when the estimate supports repayment of a bridge loan.

A path through this collection

  1. Define the requested execution

    Separate the property’s present state from its stabilized state. Establish the funds required at acquisition and the evidence needed for later financing; do not collapse both decisions into one headline loan amount.

  2. Translate the program into an underwriting model

    Reconcile the cash-flow numerator and debt-service convention used for sizing. Keep an interest-only payment distinct from an amortizing qualification test when the applicable program uses one.

  3. Verify the route to repayment

    Stress the permanent-loan assumptions and document any remaining equity need. Confirm the governing source and effective trigger before treating an eligibility statement as usable transaction guidance.

What you should have when you finish
  • A dated financing brief separating initial funding from the intended exit.
  • A proceeds model with identified cash-flow definitions and unresolved program questions.
  • An exit funding gap and a named action for resolving it.
36 planned resources · 36 draft resources available
guideIntermediate

Bank credit appetite and the borrower financing brief

Decide whether relationship-bank credit fits the requested leverage and timeline. Includes credit-appetite interview with documented evidence and exception questions.

Select capital
guideIntermediate

Credit union commercial lending and membership dependencies

Determine which membership and execution dependencies must be resolved before engagement. Includes borrower dependency map separating membership from credit approval.

Select capital
guideIntermediate

Life company mortgage screening beyond headline leverage

Decide whether property durability and loan flexibility match life company execution. Includes property-fit and future-consent matrix for a hypothetical offer.

Select capital
guideIntermediate

CMBS conduit execution from quote to securitization

Identify which closing and servicing commitments survive the quote process. Includes quote-to-closing responsibility map with borrower decision points.

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guideIntermediate

Debt fund capital certainty and investment mandates

Evaluate funding availability and mandate fit before paying deposits. Includes capital-source diligence questionnaire and evidence grading rubric.

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guideIntermediate

Private lender balance-sheet capacity and funding proof

Determine what evidence supports a private lender's ability to fund. Includes funding-proof checklist with verifiable and unverified representations.

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guideIntermediate

CDFI real estate lending and community-purpose fit

Assess whether community-purpose requirements match the project. Includes mission-and-credit eligibility map with documented evidence fields.

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guideIntermediate

Mortgage REIT lending and borrower exposure to funding models

Evaluate how lender funding structures can affect execution and servicing. Includes funding-model risk map linked to borrower protections.

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guideAdvanced

Agency cash-flow definitions and loan sizing

Understand why property NOI, agency underwritten cash flow and interest-only cash coverage can produce different multifamily loan amounts.

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guideAdvanced

Fannie Mae fixed-rate execution and borrower election points

Identify decisions that must be settled before a fixed-rate commitment. Includes commitment election matrix using current guide sections.

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guideAdvanced

Fannie Mae adjustable-rate execution and transition planning

Determine whether floating debt and conversion provisions fit the intended hold. Includes rate and conversion decision timeline with a worked scenario.

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guideAdvanced

Freddie Mac fixed-rate execution and approval dependencies

Assess the borrower inputs and approvals required for a fixed-rate execution. Includes submission-to-commitment dependency map.

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guideAdvanced

Freddie Mac floating-rate execution and exit assumptions

Identify how floating-rate terms affect the borrower's financing exit. Includes exit-assumption register tied to applicable product documents.

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guideAdvanced

Small agency loans: route the property before ordering reports

Use verified property features to distinguish Fannie small-loan screening, Freddie Conventional Small exclusions and legacy SBL servicing before authorizing diligence costs.

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guideAdvanced

Agency supplemental financing and remaining borrowing capacity

Evaluate a supplemental request under combined obligations and lender consent. Includes existing-plus-supplemental proceeds reconciliation.

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guideAdvanced

Affordable agency refinancing: public debt, surplus cash and consent

Compare scheduled public debt and surplus-only obligations using one property cash flow, then reconcile the different refinance consent and closing-funding conditions.

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guideAdvanced

FHA 223f acquisition and refinance eligibility investigation

Determine whether property condition and transaction purpose fit the current program. Includes eligibility issue tree with dated controlling-source references.

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guideAdvanced

FHA 221d4 development financing and execution dependencies

Identify the development milestones required for an insurable construction execution. Includes application and construction-stage dependency schedule.

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guideAdvanced

FHA 223a7 refinancing and existing-loan evidence

Determine which existing-loan facts govern a streamlined refinance path. Includes existing-loan verification worksheet and eligible-use analysis.

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guideAdvanced

FHA 232 healthcare financing and operator evidence

Evaluate the property and operating information needed for healthcare mortgage insurance. Includes owner-operator evidence matrix and specialist review questions.

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guideAdvanced

SBA 7a real estate financing and operating-business qualification

Determine whether the operating business and real estate uses satisfy current rules. Includes business-purpose and occupancy evidence worksheet.

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guideAdvanced

SBA 504 senior debt debenture and interim funding

Evaluate the three-part funding sequence and borrower cash exposure. Includes senior/interim/debenture closing funds timeline.

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guideAdvanced

USDA B&I: reconcile eligible costs, owner funds and funding authority

Keep the full rural-business budget and assumed eligible-cost schedule separate, allocate equity once, and stop commitments while location, use or funding authority remains unresolved.

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guideAdvanced

Tax-exempt bond financing and borrower execution dependencies

Determine which approvals and financing participants govern a bond-funded project. Includes participant responsibility and financing milestone map.

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guideAdvanced

Bridge-to-permanent underwriting: closing and exit

Build separate closing and takeout models, then reconcile permanent loan proceeds to the bridge payoff and remaining cash obligations.

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guideAdvanced

Construction to mini-perm conversion and credit retesting

Determine what must be achieved for construction debt to convert. Includes conversion-condition matrix and financing contingency schedule.

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guideAdvanced

Portfolio blanket lending and collateral-pool design

Decide which properties belong in a proposed collateral pool. Includes inclusion/exclusion worksheet showing the consequence of each property.

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guideAdvanced

Mezzanine debt and senior lender compatibility

Evaluate whether mezzanine terms can coexist with senior loan restrictions. Includes priority and consent map with combined debt-service scenarios.

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guideAdvanced

Preferred equity redemption and debt-like payment pressure

Assess whether a preferred-equity proposal creates a sustainable payment burden. Includes distribution and redemption scenario ledger distinguishing debt from equity.

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guideAdvanced

C-PACE financing and mortgage lender consent

Determine whether assessment obligations and consent requirements fit the capital stack. Includes consent checklist and combined payment schedule.

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guideAdvanced

Seller financing and institutional takeout constraints

Evaluate whether seller debt supports a credible later refinance. Includes seller-note terms mapped to takeout underwriting questions.

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guideAdvanced

Credit tenant lease financing and lease-document dependence

Determine how lease terms and tenant obligations drive financing fit. Includes lease-to-credit evidence map with exceptions for specialist review.

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guideAdvanced

Leasehold financing: choose a term, rent or debt intervention

Separate a ground-lease term cure from a cash-flow cure, then compare rent-cap amendments and loan reductions against actual sponsor liquidity.

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guideAdvanced

Land acquisition: buy now or negotiate staged site control

Compare immediate land ownership with a hypothetical staged option, including refundable deposits, price credits, approval and denial paths, and cash required to exercise.

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guideAdvanced

Acquisition development and construction financing sequences

Determine how land development and vertical construction draws interact. Includes multi-phase funding and collateral transition schedule.

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guideAdvanced

Assumable existing debt as an acquisition capital source

Decide whether assumption terms improve the purchase financing outcome. Includes assumption approval and equity-gap comparison.

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