{ "schemaVersion": "1.0.0", "publicationStatus": "published", "resources": [ { "id": "CDA-001", "slug": "bank-credit-appetite-and-the-borrower-financing-brief", "title": "Bank credit appetite and the borrower financing brief", "description": "Decide whether relationship-bank credit fits the requested leverage and timeline. Includes credit-appetite interview with documented evidence and exception questions.", "url": "https://commercialdebtadvisory.com/capital/bank-credit-appetite-and-the-borrower-financing-brief/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Introduction; Real Estate Lending Standards and Interagency Guidelines", "checked": "2026-10-21", "applicability": "OCC examination and supervision context for covered banks; not a borrower approval or universal lender credit box." } ], "markdown": "https://commercialdebtadvisory.com/markdown/bank-credit-appetite-and-the-borrower-financing-brief.md" }, { "id": "CDA-002", "slug": "credit-union-commercial-lending-and-membership-dependencies", "title": "Credit union commercial lending and membership dependencies", "description": "Determine which membership and execution dependencies must be resolved before engagement. Includes borrower dependency map separating membership from credit approval.", "url": "https://commercialdebtadvisory.com/capital/credit-union-commercial-lending-and-membership-dependencies/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "ncua-commercial", "label": "NCUA Examiner’s Guide — Commercial and Member Business Loans", "url": "https://publishedguides.ncua.gov/examiner/content/examinersguide/Commercial%26MBL/Intro.htm", "section": "Purpose and Scope; Commercial Loans versus MBLs", "checked": "2026-10-21", "applicability": "Distinguishes commercial-loan risk management from member-business-loan classification; institution-specific membership and transaction eligibility require confirmation." }, { "id": "ncua-membership", "label": "MyCreditUnion.gov — What is a Credit Union?", "url": "https://mycreditunion.gov/about/what-credit-union", "section": "Membership", "checked": "2026-10-21", "applicability": "General field-of-membership explanation, not approval of an LLC or particular commercial loan." } ], "markdown": "https://commercialdebtadvisory.com/markdown/credit-union-commercial-lending-and-membership-dependencies.md" }, { "id": "CDA-003", "slug": "life-company-mortgage-screening-beyond-headline-leverage", "title": "Life company mortgage screening beyond headline leverage", "description": "Decide whether property durability and loan flexibility match life company execution. Includes property-fit and future-consent matrix for a hypothetical offer.", "url": "https://commercialdebtadvisory.com/capital/life-company-mortgage-screening-beyond-headline-leverage/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "mim-mortgages", "label": "MetLife Investment Management — Commercial Mortgage Loans", "url": "https://www.metlife.com/investments/en-us/financing-solutions/real-estate-financing/commercial-mortgage-loans/", "section": "Real Estate Finance; lending-guideline footnote", "checked": "2026-10-21", "applicability": "One manager’s published capabilities, with an explicit illustrative-guidelines qualification; not universal insurer terms or a quote." } ], "markdown": "https://commercialdebtadvisory.com/markdown/life-company-mortgage-screening-beyond-headline-leverage.md" }, { "id": "CDA-004", "slug": "cmbs-conduit-execution-from-quote-to-securitization", "title": "CMBS conduit execution from quote to securitization", "description": "Identify which closing and servicing commitments survive the quote process. Includes quote-to-closing responsibility map with borrower decision points.", "url": "https://commercialdebtadvisory.com/capital/cmbs-conduit-execution-from-quote-to-securitization/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "benchmark-2025-b41", "label": "Benchmark 2025-B41 Mortgage Trust — Form 8-K", "url": "https://www.sec.gov/Archives/edgar/data/2080258/000153949725002184/n5230_x21-8k.htm", "section": "Item 8.01, transaction and servicing participants; Exhibit 4.1 description", "checked": "2026-10-21", "applicability": "Specific historical securitization showing separate transaction and servicing participants; not the governing agreement for another borrower.", "sourceDateNotes": "Historical transaction documents dated August 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/cmbs-conduit-execution-from-quote-to-securitization.md" }, { "id": "CDA-005", "slug": "debt-fund-capital-certainty-and-investment-mandates", "title": "Debt fund capital certainty and investment mandates", "description": "Evaluate funding availability and mandate fit before paying deposits. Includes capital-source diligence questionnaire and evidence grading rubric.", "url": "https://commercialdebtadvisory.com/capital/debt-fund-capital-certainty-and-investment-mandates/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-private-funds", "label": "SEC Office of the Advocate for Small Business Capital Formation — Private Funds Capital Building Blocks", "url": "https://www.sec.gov/files/private-funds-capital-building-blocks.pdf", "section": "Page 1, fund and adviser structure", "checked": "2026-10-21", "applicability": "General staff educational explanation of fund/adviser structure; not a CRE lender’s mandate or a Commission rule." } ], "markdown": "https://commercialdebtadvisory.com/markdown/debt-fund-capital-certainty-and-investment-mandates.md" }, { "id": "CDA-006", "slug": "private-lender-balance-sheet-capacity-and-funding-proof", "title": "Private lender balance-sheet capacity and funding proof", "description": "Determine what evidence supports a private lender's ability to fund. Includes funding-proof checklist with verifiable and unverified representations.", "url": "https://commercialdebtadvisory.com/capital/private-lender-balance-sheet-capacity-and-funding-proof/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fdic-bankfind", "label": "FDIC — BankFind Suite", "url": "https://banks.data.fdic.gov/bankfind-suite", "section": "Find Insured Banks", "checked": "2026-10-21", "applicability": "Identifies insured banking institutions and their records; absence does not establish that a nonbank lender is illegitimate." } ], "markdown": "https://commercialdebtadvisory.com/markdown/private-lender-balance-sheet-capacity-and-funding-proof.md" }, { "id": "CDA-007", "slug": "cdfi-real-estate-lending-and-community-purpose-fit", "title": "CDFI real estate lending and community-purpose fit", "description": "Assess whether community-purpose requirements match the project. Includes mission-and-credit eligibility map with documented evidence fields.", "url": "https://commercialdebtadvisory.com/capital/cdfi-real-estate-lending-and-community-purpose-fit/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "cdfi-certification", "label": "CDFI Fund — CDFI Certification Fact Sheet", "url": "https://www.cdfifund.gov/media/8018416/download?inline=", "section": "Pages 1–2, eligible institutions and certification criteria", "checked": "2026-10-21", "applicability": "Certification of institutions, not automatic eligibility or approval for an individual borrower." }, { "id": "cdfi-list-entry", "label": "CDFI Fund — CDFI Certification", "url": "https://www.cdfifund.gov/programs-training/certification/cdfi", "section": "List of Currently Certified CDFIs", "checked": "2026-10-21", "applicability": "Official entry point to current certification records; borrower should check the actual institution and program." } ], "markdown": "https://commercialdebtadvisory.com/markdown/cdfi-real-estate-lending-and-community-purpose-fit.md" }, { "id": "CDA-008", "slug": "mortgage-reit-lending-and-borrower-exposure-to-funding-models", "title": "Mortgage REIT lending and borrower exposure to funding models", "description": "Evaluate how lender funding structures can affect execution and servicing. Includes funding-model risk map linked to borrower protections.", "url": "https://commercialdebtadvisory.com/capital/mortgage-reit-lending-and-borrower-exposure-to-funding-models/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "bxmt-2025", "label": "Blackstone Mortgage Trust — fourth-quarter 2025 financial presentation filed with the SEC", "url": "https://www.sec.gov/Archives/edgar/data/1061630/000106163026000011/exhibit992_4q2025.htm", "section": "Appendix, Consolidated Balance Sheets at December 31, 2025", "checked": "2026-10-21", "applicability": "One issuer’s historical balance sheet, used to illustrate funding categories; not a current credit assessment or endorsement.", "sourceDateNotes": "2025-12-31 historical reporting date" }, { "id": "bxmt-identity", "label": "Blackstone Mortgage Trust — company overview", "url": "https://www.blackstonemortgagetrust.com/", "section": "Company overview", "checked": "2026-10-21", "applicability": "Issuer’s self-description as a commercial mortgage REIT; no claim about present capacity to fund a specific borrower." } ], "markdown": "https://commercialdebtadvisory.com/markdown/mortgage-reit-lending-and-borrower-exposure-to-funding-models.md" }, { "id": "CDA-009", "slug": "agency-cash-flow-definitions-and-sizing", "title": "Agency cash-flow definitions and loan sizing", "description": "Understand why property NOI, agency underwritten cash flow and interest-only cash coverage can produce different multifamily loan amounts.", "url": "https://commercialdebtadvisory.com/capital/agency-cash-flow-definitions-and-sizing/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "Multifamily" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fannie-dscr", "label": "Fannie Mae Multifamily Guide — Underwritten DSCR", "url": "https://mfguide.fanniemae.com/fnmf-pdf/download/10786", "section": "Part II, Chapter 2, section 203.02", "checked": "2026-10-21", "applicability": "Fannie Mae Multifamily guide provision; product-specific adjustments and current lender confirmation remain necessary." }, { "id": "fannie-small-ncf", "label": "Fannie Mae Multifamily Guide — Small Mortgage Loan Underwritten NCF", "url": "https://mfguide.fanniemae.com/fnmf-pdf/download/3776", "section": "Part III, Chapter 9, section 905.01", "checked": "2026-10-21", "applicability": "Small Mortgage Loans only; used to demonstrate program-specific cash-flow definitions, not a universal agency rule.", "sourceDateNotes": "2026-06-02 displayed in indexed document" } ], "markdown": "https://commercialdebtadvisory.com/markdown/agency-cash-flow-definitions-and-sizing.md" }, { "id": "CDA-010", "slug": "fannie-mae-fixed-rate-execution-and-borrower-election-points", "title": "Fannie Mae fixed-rate execution and borrower election points", "description": "Identify decisions that must be settled before a fixed-rate commitment. Includes commitment election matrix using current guide sections.", "url": "https://commercialdebtadvisory.com/capital/fannie-mae-fixed-rate-execution-and-borrower-election-points/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "Multifamily" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fnfixed", "label": "Fannie Mae — Fixed-Rate Mortgage Loans Term Sheet", "url": "https://multifamily.fanniemae.com/financing-options/fixed-rate-mortgage-loans-term-sheet", "section": "Eligibility; Prepayment Availability; Rate Lock; Accrual", "checked": "2026-10-21", "applicability": "Product summary checked on research date; current guide and transaction documents control." }, { "id": "fnlock", "label": "Fannie Mae Multifamily Guide — Rate Lock and Committing", "url": "https://mfguide.fanniemae.com/node/13086", "section": "Part IV, Chapter 2, 201.01 Borrower Commitment", "checked": "2026-10-21", "applicability": "Lender-facing requirements distinguish borrower commitment from investor and agency arrangements. Source text read through indexed official result; direct retrieval returned 403. Recheck before human approval." } ], "markdown": "https://commercialdebtadvisory.com/markdown/fannie-mae-fixed-rate-execution-and-borrower-election-points.md" }, { "id": "CDA-011", "slug": "fannie-mae-adjustable-rate-execution-and-transition-planning", "title": "Fannie Mae adjustable-rate execution and transition planning", "description": "Determine whether floating debt and conversion provisions fit the intended hold. Includes rate and conversion decision timeline with a worked scenario.", "url": "https://commercialdebtadvisory.com/capital/fannie-mae-adjustable-rate-execution-and-transition-planning/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "Multifamily" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fnsarm", "label": "Fannie Mae — SARM Loans Term Sheet", "url": "https://multifamily.fanniemae.com/financing-options/variable-rate-financing-options/structured-adjustable-rate-mortgage/structured-adjustable-rate-mortgage-loans-sarm-loans-term-sheet", "section": "Interest Rate Adjustments; Interest Rate Cap; Conversion to Fixed Rate", "checked": "2026-10-21", "applicability": "Applies to the identified SARM product; not every adjustable-rate loan." }, { "id": "fnsarmguide", "label": "Fannie Mae Multifamily Guide — Structured Adjustable Rate Mortgage Loans", "url": "https://mfguide.fanniemae.com/node/5271", "section": "Section 1102 Underwriting", "checked": "2026-10-21", "applicability": "Current guide sizing framework; numerical thresholds require applicable Form 4660 and lender confirmation. Source text read through indexed official result; direct retrieval returned 403. Recheck before human approval." } ], "markdown": "https://commercialdebtadvisory.com/markdown/fannie-mae-adjustable-rate-execution-and-transition-planning.md" }, { "id": "CDA-012", "slug": "freddie-mac-fixed-rate-execution-and-approval-dependencies", "title": "Freddie Mac fixed-rate execution and approval dependencies", "description": "Assess the borrower inputs and approvals required for a fixed-rate execution. Includes submission-to-commitment dependency map.", "url": "https://commercialdebtadvisory.com/capital/freddie-mac-fixed-rate-execution-and-approval-dependencies/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "Multifamily" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "frfixed", "label": "Freddie Mac — Optigo Fixed-Rate Loans", "url": "https://mf.freddiemac.com/docs/product/fixed_rate.pdf", "section": "Pages 1–3, product overview and conditions", "checked": "2026-10-21", "applicability": "April 2026 summary expressly does not replace the Seller/Servicer Guide. Document edition/publication shown as 2026-04; this is not a universal effective date for its provisions." }, { "id": "frlock", "label": "Freddie Mac — Lock Options", "url": "https://mf.freddiemac.com/financing/lock-options", "section": "Standard Delivery; Early Rate-Lock; Index Lock FAQ", "checked": "2026-10-21", "applicability": "Distinguishes index-only and full-rate procedures; borrower eligibility and actual agreements require confirmation." }, { "id": "frlegal", "label": "Freddie Mac — Legal Documents", "url": "https://mf.freddiemac.com/lenders/legal", "section": "Instructions for Using Multifamily Loan Documents", "checked": "2026-10-21", "applicability": "Official form and modification instructions, not a legal interpretation of an executed loan." }, { "id": "frrefi", "label": "Freddie Mac — New Refinance Test Effective on October 1", "url": "https://mf.freddiemac.com/news/2026/20261001-new-refinance-test-effective-on-october-1", "section": "October 1, 2026 notice", "checked": "2026-10-21", "applicability": "Dated evidence that refinance-test versions change; article does not reproduce model assumptions.", "sourceDateNotes": "2026-10-01" } ], "markdown": "https://commercialdebtadvisory.com/markdown/freddie-mac-fixed-rate-execution-and-approval-dependencies.md" }, { "id": "CDA-013", "slug": "freddie-mac-floating-rate-execution-and-exit-assumptions", "title": "Freddie Mac floating-rate execution and exit assumptions", "description": "Identify how floating-rate terms affect the borrower's financing exit. Includes exit-assumption register tied to applicable product documents.", "url": "https://commercialdebtadvisory.com/capital/freddie-mac-floating-rate-execution-and-exit-assumptions/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "Multifamily" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "frfloat", "label": "Freddie Mac — Optigo Floating-Rate Loan", "url": "https://mf.freddiemac.com/docs/product/floating_rate.pdf", "section": "Pages 2–4, pricing index, cap options, prepayment and coverage footnote", "checked": "2026-10-21", "applicability": "April 2026 product summary; current Guide, updates and loan documents govern. Document edition/publication shown as 2026-04; this is not a universal effective date for its provisions." }, { "id": "frconvert", "label": "Freddie Mac — Float-to-Fixed Rate Loan", "url": "https://mf.freddiemac.com/docs/product/float_to_fixed.pdf", "section": "Page 2, Process and Conversion to Fixed Rate", "checked": "2026-10-21", "applicability": "June 2023 product-specific summary currently linked by Freddie Mac; does not establish conversion rights in standard floating loans. Document edition/publication shown as 2023-06; this is not a universal effective date for its provisions." }, { "id": "frbulletin", "label": "Freddie Mac — Multifamily Seller/Servicer Guide Bulletin M2026-5", "url": "https://mf.freddiemac.com/docs/ss_gb_cover_letter_10_20_26.pdf", "section": "Pages 1–3, effective dates, caps, and SBL servicing", "checked": "2026-10-21", "applicability": "Dated October 20, 2026 update; specific changes have different effective dates. Document edition/publication shown as 2026-10-20; this is not a universal effective date for its provisions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/freddie-mac-floating-rate-execution-and-exit-assumptions.md" }, { "id": "CDA-014", "slug": "agency-small-balance-execution-and-property-eligibility-evidence", "title": "Small agency loans: route the property before ordering reports", "description": "Use verified property features to distinguish Fannie small-loan screening, Freddie Conventional Small exclusions and legacy SBL servicing before authorizing diligence costs.", "url": "https://commercialdebtadvisory.com/capital/agency-small-balance-execution-and-property-eligibility-evidence/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "Multifamily" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fnsmall", "label": "Fannie Mae — Small Mortgage Loan Program Term Sheet", "url": "https://multifamily.fanniemae.com/financing-options/small-loans/small-mortgage-loan-program-term-sheet", "section": "Eligibility; Loan Amount", "checked": "2026-10-21", "applicability": "Current program identity and eligibility summary; not the archived 2019 small-loan sheet." }, { "id": "frsmall", "label": "Freddie Mac — Conventional Small", "url": "https://mf.freddiemac.com/docs/conventional_small.pdf", "section": "Pages 1–2, eligibility and ineligible characteristics", "checked": "2026-10-21", "applicability": "Identified April 2026 Conventional Small product; not interchangeable with historical SBL sheets. Document edition/publication shown as 2026-04; this is not a universal effective date for its provisions." }, { "id": "frbulletin", "label": "Freddie Mac — Multifamily Seller/Servicer Guide Bulletin M2026-5", "url": "https://mf.freddiemac.com/docs/ss_gb_cover_letter_10_20_26.pdf", "section": "Pages 1–3, effective dates, caps, and SBL servicing", "checked": "2026-10-21", "applicability": "Dated October 20, 2026 update; specific changes have different effective dates. Document edition/publication shown as 2026-10-20; this is not a universal effective date for its provisions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/agency-small-balance-execution-and-property-eligibility-evidence.md" }, { "id": "CDA-015", "slug": "agency-supplemental-financing-and-remaining-borrowing-capacity", "title": "Agency supplemental financing and remaining borrowing capacity", "description": "Evaluate a supplemental request under combined obligations and lender consent. Includes existing-plus-supplemental proceeds reconciliation.", "url": "https://commercialdebtadvisory.com/capital/agency-supplemental-financing-and-remaining-borrowing-capacity/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "Multifamily" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fnsupp", "label": "Fannie Mae — Supplemental Mortgage Loans Term Sheet", "url": "https://multifamily.fanniemae.com/financing-options/tools-existing-loans/supplemental-mortgage-loans-term-sheet", "section": "Eligibility; Term; Prepayment Availability", "checked": "2026-10-21", "applicability": "Program-specific summary; HTML and linked PDF showed different maximum LTV values, so article does not prescribe a numerical limit." } ], "markdown": "https://commercialdebtadvisory.com/markdown/agency-supplemental-financing-and-remaining-borrowing-capacity.md" }, { "id": "CDA-016", "slug": "affordable-multifamily-agency-debt-and-regulatory-agreements", "title": "Affordable agency refinancing: public debt, surplus cash and consent", "description": "Compare scheduled public debt and surplus-only obligations using one property cash flow, then reconcile the different refinance consent and closing-funding conditions.", "url": "https://commercialdebtadvisory.com/capital/affordable-multifamily-agency-debt-and-regulatory-agreements/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "Multifamily" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fnaff", "label": "Fannie Mae — Affordable Housing Preservation Term Sheet", "url": "https://multifamily.fanniemae.com/financing-options/affordable-loans/affordable-housing-preservation-term-sheet", "section": "Eligibility; Property Considerations; Third-Party Subordinate Financing", "checked": "2026-10-21", "applicability": "Program summary for stabilized restricted rental properties; actual agreements and current underwriting govern." } ], "markdown": "https://commercialdebtadvisory.com/markdown/affordable-multifamily-agency-debt-and-regulatory-agreements.md" }, { "id": "CDA-017", "slug": "fha-223f-acquisition-and-refinance-eligibility-investigation", "title": "FHA 223f acquisition and refinance eligibility investigation", "description": "Determine whether property condition and transaction purpose fit the current program. Includes eligibility issue tree with dated controlling-source references.", "url": "https://commercialdebtadvisory.com/capital/fha-223f-acquisition-and-refinance-eligibility-investigation/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "Multifamily" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "hudprograms", "label": "HUD — Descriptions of Multifamily Programs", "url": "https://www.hud.gov/program_offices/housing/mfh/progdesc", "section": "Section 207/223(f), Section 221(d)(4), and Section 223(a)(7) summaries", "checked": "2026-10-21", "applicability": "Program identity only; indexed official content read, direct legacy URL returned a redirect shell. Older embedded thresholds are not treated as current." }, { "id": "hudmap", "label": "HUD — Guidebooks: current MAP Guide and application worksheets", "url": "https://www.hud.gov/hudclips/guidebooks", "section": "4430.G MAP Guide; Appendix A.5.12; Section 223(a)(7) worksheet", "checked": "2026-10-21", "applicability": "Official current guide index; the base guide must be read with subsequent Mortgagee Letters. Full linked PDF retrieval failed during research." }, { "id": "hudrehab", "label": "HUD — Mortgagee Letter 2026-05", "url": "https://www.hud.gov/sites/default/files/hudclips/documents/2026-05hsgml.pdf", "section": "Pages 1–2, annual substantial-rehabilitation and large-loan updates", "checked": "2026-10-21", "applicability": "Published May20,2026. HCP effective January1,2026 for specified Firm Commitment applications/amendments not initially endorsed; substantial-rehabilitation threshold is for calendar2026; large-loan threshold may apply to applications submitted/amended from January1,2026 not initially endorsed. Not the healthcare threshold." }, { "id": "hudenv", "label": "HUD — Mortgagee Letter 2026-04", "url": "https://www.hud.gov/sites/default/files/hudclips/documents/2026-04hsgml.pdf", "section": "Purpose and Implementation", "checked": "2026-10-21", "applicability": "Updates selected MAP environmental requirements; not a property-specific environmental clearance.", "sourceDateNotes": "2026-05-04" } ], "markdown": "https://commercialdebtadvisory.com/markdown/fha-223f-acquisition-and-refinance-eligibility-investigation.md" }, { "id": "CDA-018", "slug": "fha-221d4-development-financing-and-execution-dependencies", "title": "FHA 221d4 development financing and execution dependencies", "description": "Identify the development milestones required for an insurable construction execution. Includes application and construction-stage dependency schedule.", "url": "https://commercialdebtadvisory.com/capital/fha-221d4-development-financing-and-execution-dependencies/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "Multifamily" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "hudprograms", "label": "HUD — Descriptions of Multifamily Programs", "url": "https://www.hud.gov/program_offices/housing/mfh/progdesc", "section": "Section 207/223(f), Section 221(d)(4), and Section 223(a)(7) summaries", "checked": "2026-10-21", "applicability": "Program identity only; indexed official content read, direct legacy URL returned a redirect shell. Older embedded thresholds are not treated as current." }, { "id": "hudmiddle", "label": "HUD — Mortgagee Letter 2026-01", "url": "https://www.hud.gov/sites/dfiles/hudclips/documents/2026-01hsgml.pdf", "section": "Pages 1–2, purpose and underwriting framework", "checked": "2026-10-21", "applicability": "Middle Income Housing option for Section 221(d)(4); fully supersedes ML 2025-2 and does not apply to listed healthcare programs.", "sourceDateNotes": "2026-01-22" }, { "id": "hudmap", "label": "HUD — Guidebooks: current MAP Guide and application worksheets", "url": "https://www.hud.gov/hudclips/guidebooks", "section": "4430.G MAP Guide; Appendix A.5.12; Section 223(a)(7) worksheet", "checked": "2026-10-21", "applicability": "Official current guide index; the base guide must be read with subsequent Mortgagee Letters. Full linked PDF retrieval failed during research." }, { "id": "hudenv", "label": "HUD — Mortgagee Letter 2026-04", "url": "https://www.hud.gov/sites/default/files/hudclips/documents/2026-04hsgml.pdf", "section": "Purpose and Implementation", "checked": "2026-10-21", "applicability": "Updates selected MAP environmental requirements; not a property-specific environmental clearance.", "sourceDateNotes": "2026-05-04" } ], "markdown": "https://commercialdebtadvisory.com/markdown/fha-221d4-development-financing-and-execution-dependencies.md" }, { "id": "CDA-019", "slug": "fha-223a7-refinancing-and-existing-loan-evidence", "title": "FHA 223a7 refinancing and existing-loan evidence", "description": "Determine which existing-loan facts govern a streamlined refinance path. Includes existing-loan verification worksheet and eligible-use analysis.", "url": "https://commercialdebtadvisory.com/capital/fha-223a7-refinancing-and-existing-loan-evidence/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "Multifamily" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "huda7", "label": "HUD — MAP Guide Chapter 18, Section 223(a)(7)", "url": "https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf", "section": "18.1–18.2, purpose and eligible uses", "checked": "2026-10-21", "applicability": "Official indexed chapter text read; full PDF retrieval failed. Program purpose and exclusion of equity take-outs require final lender/current-guide confirmation." }, { "id": "hudmap", "label": "HUD — Guidebooks: current MAP Guide and application worksheets", "url": "https://www.hud.gov/hudclips/guidebooks", "section": "4430.G MAP Guide; Appendix A.5.12; Section 223(a)(7) worksheet", "checked": "2026-10-21", "applicability": "Official current guide index; the base guide must be read with subsequent Mortgagee Letters. Full linked PDF retrieval failed during research." } ], "markdown": "https://commercialdebtadvisory.com/markdown/fha-223a7-refinancing-and-existing-loan-evidence.md" }, { "id": "CDA-020", "slug": "fha-232-healthcare-financing-and-operator-evidence", "title": "FHA 232 healthcare financing and operator evidence", "description": "Evaluate the property and operating information needed for healthcare mortgage insurance. Includes owner-operator evidence matrix and specialist review questions.", "url": "https://commercialdebtadvisory.com/capital/fha-232-healthcare-financing-and-operator-evidence/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "Specialty" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "hud232", "label": "HUD — Office of Residential Care Facilities", "url": "https://www.hud.gov/hud-partners/healthcare-programs-orcf", "section": "Program overview; 232 Healthcare Portal", "checked": "2026-10-21", "applicability": "Section 232 residential care program, distinct from multifamily MAP and hospital Section 242." }, { "id": "hudoperator", "label": "HUD — LEAN 232 Updates", "url": "https://www.hud.gov/hud-partners/healthcare-programs-orcf-lean232", "section": "Operator Performance and FHA-Insured Portfolio Review; October 2, 2026 survey update", "checked": "2026-10-21", "applicability": "Dated program communications; article uses qualitative operator-review expectations, not thresholds from old updates." } ], "markdown": "https://commercialdebtadvisory.com/markdown/fha-232-healthcare-financing-and-operator-evidence.md" }, { "id": "CDA-021", "slug": "sba-7a-real-estate-financing-and-operating-business-qualification", "title": "SBA 7a real estate financing and operating-business qualification", "description": "Determine whether the operating business and real estate uses satisfy current rules. Includes business-purpose and occupancy evidence worksheet.", "url": "https://commercialdebtadvisory.com/capital/sba-7a-real-estate-financing-and-operating-business-qualification/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "Owner-occupied" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sba7", "label": "SBA — 7(a) loans", "url": "https://www.sba.gov/loans/7a-loans/", "section": "What is a 7(a) loan; Am I eligible", "checked": "2026-10-21", "applicability": "Current overview of operating-business financing; lender and current SOP/regulations determine transaction eligibility." }, { "id": "sbaepc", "label": "13 CFR 120.111 — Eligible Passive Company conditions", "url": "https://www.ecfr.gov/current/title-13/section-120.111", "section": "Paragraph (a), eligible operating company and lease conditions", "checked": "2026-10-21", "applicability": "Current eCFR text checked; property-holding structure does not waive operating-business eligibility." }, { "id": "sbaoccupy", "label": "13 CFR 120.131 — Leasing part of a building", "url": "https://www.ecfr.gov/current/title-13/section-120.131", "section": "Paragraphs (a) and (b)", "checked": "2026-10-21", "applicability": "Different existing-building and new-construction occupancy rules; lender must verify rentable-property measurement and actual use." } ], "markdown": "https://commercialdebtadvisory.com/markdown/sba-7a-real-estate-financing-and-operating-business-qualification.md" }, { "id": "CDA-022", "slug": "sba-504-senior-debt-debenture-and-interim-funding", "title": "SBA 504 senior debt debenture and interim funding", "description": "Evaluate the three-part funding sequence and borrower cash exposure. Includes senior/interim/debenture closing funds timeline.", "url": "https://commercialdebtadvisory.com/capital/sba-504-senior-debt-debenture-and-interim-funding/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "Owner-occupied" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sba504", "label": "SBA — 504 loans", "url": "https://www.sba.gov/loans/504-loans/", "section": "Program purpose; CDC and senior lender; permitted uses", "checked": "2026-10-21", "applicability": "Landing-page headline and body contain different maximum-loan descriptions; article does not prescribe a universal cap." }, { "id": "sba504fund", "label": "13 CFR 120.801 — How a 504 Project is financed", "url": "https://www.ecfr.gov/current/title-13/section-120.801", "section": "Paragraphs (a)–(d)", "checked": "2026-10-21", "applicability": "General interim and permanent financing structure; actual contribution and eligibility depend on transaction requirements." } ], "markdown": "https://commercialdebtadvisory.com/markdown/sba-504-senior-debt-debenture-and-interim-funding.md" }, { "id": "CDA-023", "slug": "usda-business-and-industry-guarantees-and-rural-project-fit", "title": "USDA B&I: reconcile eligible costs, owner funds and funding authority", "description": "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.", "url": "https://commercialdebtadvisory.com/capital/usda-business-and-industry-guarantees-and-rural-project-fit/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "Owner-occupied", "Specialty" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "usda", "label": "USDA Rural Development — Business and Industry Guaranteed Loan", "url": "https://www.rd.usda.gov/programs-services/business-programs/business-and-industry-guaranteed-loan", "section": "Eligible area; eligible and prohibited uses; underwriting; application", "checked": "2026-10-21", "applicability": "Current program overview, with some fiscal-year-specific figures; article does not quote stale guarantee percentages or fees." } ], "markdown": "https://commercialdebtadvisory.com/markdown/usda-business-and-industry-guarantees-and-rural-project-fit.md" }, { "id": "CDA-024", "slug": "tax-exempt-bond-financing-and-borrower-execution-dependencies", "title": "Tax-exempt bond financing and borrower execution dependencies", "description": "Determine which approvals and financing participants govern a bond-funded project. Includes participant responsibility and financing milestone map.", "url": "https://commercialdebtadvisory.com/capital/tax-exempt-bond-financing-and-borrower-execution-dependencies/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "Multifamily", "Specialty" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "irsbond", "label": "IRS — TEB post-issuance compliance: basic concepts", "url": "https://www.irs.gov/tax-exempt-bonds/teb-post-issuance-compliance-some-basic-concepts", "section": "Generally; Written procedures for monitoring compliance", "checked": "2026-10-21", "applicability": "IRS educational material explicitly not authoritative legal guidance; bond counsel must apply controlling law." }, { "id": "irsrental", "label": "IRS — Qualified residential rental property: multifamily housing bonds", "url": "https://www.irs.gov/tax-exempt-bonds/qualified-residential-rental-property-multifamily-housing-bonds", "section": "Scope and residential-rental analysis", "checked": "2026-10-21", "applicability": "Issue snapshot addresses selected property-use questions and expressly excludes other requirements; not a complete tax qualification opinion." } ], "markdown": "https://commercialdebtadvisory.com/markdown/tax-exempt-bond-financing-and-borrower-execution-dependencies.md" }, { "id": "CDA-025", "slug": "bridge-to-permanent-closing-and-exit-underwriting", "title": "Bridge-to-permanent underwriting: closing and exit", "description": "Build separate closing and takeout models, then reconcile permanent loan proceeds to the bridge payoff and remaining cash obligations.", "url": "https://commercialdebtadvisory.com/capital/bridge-to-permanent-closing-and-exit-underwriting/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-refinance", "label": "OCC Bulletin 2024-29 — Refinance Risk", "url": "https://www.occ.treas.gov/news-issuances/bulletins/2024/bulletin-2024-29.html", "section": "Transaction-Level Risk Management and Risk-Rating Considerations", "checked": "2026-10-21", "applicability": "Supervisory guidance to OCC-regulated banks, not borrower entitlement to refinancing.", "sourceDateNotes": "2024-10-03" } ], "markdown": "https://commercialdebtadvisory.com/markdown/bridge-to-permanent-closing-and-exit-underwriting.md" }, { "id": "CDA-026", "slug": "construction-to-mini-perm-conversion-and-credit-retesting", "title": "Construction to mini-perm conversion and credit retesting", "description": "Determine what must be achieved for construction debt to convert. Includes conversion-condition matrix and financing contingency schedule.", "url": "https://commercialdebtadvisory.com/capital/construction-to-mini-perm-conversion-and-credit-retesting/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occadc", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages5–6, Acquisition, Development, and Construction Lending", "checked": "2026-10-21", "applicability": "Supervisory description for covered banks; borrower conversion conditions and advance rates depend on the actual lender and executed documents." } ], "markdown": "https://commercialdebtadvisory.com/markdown/construction-to-mini-perm-conversion-and-credit-retesting.md" }, { "id": "CDA-027", "slug": "portfolio-blanket-lending-and-collateral-pool-design", "title": "Portfolio blanket lending and collateral-pool design", "description": "Decide which properties belong in a proposed collateral pool. Includes inclusion/exclusion worksheet showing the consequence of each property.", "url": "https://commercialdebtadvisory.com/capital/portfolio-blanket-lending-and-collateral-pool-design/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fnfacility", "label": "Fannie Mae — Credit Facility Term Sheet", "url": "https://multifamily.fanniemae.com/financing-options/affordable-loans/credit-facility-term-sheet", "section": "Life Cycle; Core Features", "checked": "2026-10-21", "applicability": "One large multifamily facility product illustrating collateral additions, substitutions and releases; not a universal blanket-loan offer." } ], "markdown": "https://commercialdebtadvisory.com/markdown/portfolio-blanket-lending-and-collateral-pool-design.md" }, { "id": "CDA-028", "slug": "mezzanine-debt-and-senior-lender-compatibility", "title": "Mezzanine debt and senior lender compatibility", "description": "Evaluate whether mezzanine terms can coexist with senior loan restrictions. Includes priority and consent map with combined debt-service scenarios.", "url": "https://commercialdebtadvisory.com/capital/mezzanine-debt-and-senior-lender-compatibility/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "mezzcontract", "label": "Dean Owner LLC / MF1 Capital LLC — May 2, 2025 Multifamily Loan and Security Agreement", "url": "https://www.sec.gov/Archives/edgar/data/1649096/000143774925025574/ex_849368.htm", "section": "Article 13, particularly 13.03 Mezzanine Intercreditor", "checked": "2026-10-21", "applicability": "Historical transaction-specific contract filed with the SEC; illustrates why borrower rights cannot be inferred from intercreditor arrangements." } ], "markdown": "https://commercialdebtadvisory.com/markdown/mezzanine-debt-and-senior-lender-compatibility.md" }, { "id": "CDA-029", "slug": "preferred-equity-redemption-and-debt-like-payment-pressure", "title": "Preferred equity redemption and debt-like payment pressure", "description": "Assess whether a preferred-equity proposal creates a sustainable payment burden. Includes distribution and redemption scenario ledger distinguishing debt from equity.", "url": "https://commercialdebtadvisory.com/capital/preferred-equity-redemption-and-debt-like-payment-pressure/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fnpref", "label": "Fannie Mae — Preferred Equity Operating Procedures Job Aid", "url": "https://mfguide.fanniemae.com/fnmf-documents/download/1251476", "section": "June 2026 job aid, checklist and data submissions", "checked": "2026-10-21", "applicability": "Indexed official text read; direct retrieval returned403. Supports existence of differentiated preferred-equity review, not current numerical underwriting limits." } ], "markdown": "https://commercialdebtadvisory.com/markdown/preferred-equity-redemption-and-debt-like-payment-pressure.md" }, { "id": "CDA-030", "slug": "c-pace-financing-and-mortgage-lender-consent", "title": "C-PACE financing and mortgage lender consent", "description": "Determine whether assessment obligations and consent requirements fit the capital stack. Includes consent checklist and combined payment schedule.", "url": "https://commercialdebtadvisory.com/capital/c-pace-financing-and-mortgage-lender-consent/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "ctpace", "label": "Connecticut Green Bank — C-PACE FAQ", "url": "https://www.ctgreenbank.com/resources/c-pace-faq/", "section": "C-PACE Eligibility; How does C-PACE work with my existing mortgage or capital stack?", "checked": "2026-10-21", "applicability": "Connecticut Green Bank program example only; FAQ expressly distinguishes its procedures from third-party lenders and other jurisdictions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/c-pace-financing-and-mortgage-lender-consent.md" }, { "id": "CDA-031", "slug": "seller-financing-and-institutional-takeout-constraints", "title": "Seller financing and institutional takeout constraints", "description": "Evaluate whether seller debt supports a credible later refinance. Includes seller-note terms mapped to takeout underwriting questions.", "url": "https://commercialdebtadvisory.com/capital/seller-financing-and-institutional-takeout-constraints/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "frsmall", "label": "Freddie Mac — Conventional Small", "url": "https://mf.freddiemac.com/docs/conventional_small.pdf", "section": "Pages 1–2, eligibility and ineligible characteristics", "checked": "2026-10-21", "applicability": "Identified April 2026 Conventional Small product; not interchangeable with historical SBL sheets." } ], "markdown": "https://commercialdebtadvisory.com/markdown/seller-financing-and-institutional-takeout-constraints.md" }, { "id": "CDA-032", "slug": "credit-tenant-lease-financing-and-lease-document-dependence", "title": "Credit tenant lease financing and lease-document dependence", "description": "Determine how lease terms and tenant obligations drive financing fit. Includes lease-to-credit evidence map with exceptions for specialist review.", "url": "https://commercialdebtadvisory.com/capital/credit-tenant-lease-financing-and-lease-document-dependence/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "ctl", "label": "NAIC/SVO — Credit Tenant Loan Evaluation Form for Credit Lease Based CTL", "url": "https://content.naic.org/sites/default/files/svo-leasec.pdf", "section": "Pages 2–6, rental-payment protections, exceptions and transaction diagram", "checked": "2026-10-21", "applicability": "2020 form currently linked by the NAIC SVO; insurer evaluation context, not a universal lending term sheet." } ], "markdown": "https://commercialdebtadvisory.com/markdown/credit-tenant-lease-financing-and-lease-document-dependence.md" }, { "id": "CDA-033", "slug": "ground-lease-financing-and-leasehold-mortgage-protections", "title": "Leasehold financing: choose a term, rent or debt intervention", "description": "Separate a ground-lease term cure from a cash-flow cure, then compare rent-cap amendments and loan reductions against actual sponsor liquidity.", "url": "https://commercialdebtadvisory.com/capital/ground-lease-financing-and-leasehold-mortgage-protections/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fnground", "label": "Fannie Mae — Loan Documents index", "url": "https://multifamily.fanniemae.com/doing-business-us/loan-documents?order=field_text_id&page=13&sort=asc", "section": "Forms6479 and6495", "checked": "2026-10-21", "applicability": "Confirms distinct ground-lease review checklist and lessor estoppel forms; actual lease provisions require counsel review." } ], "markdown": "https://commercialdebtadvisory.com/markdown/ground-lease-financing-and-leasehold-mortgage-protections.md" }, { "id": "CDA-034", "slug": "land-acquisition-financing-and-entitlement-risk-allocation", "title": "Land acquisition: buy now or negotiate staged site control", "description": "Compare immediate land ownership with a hypothetical staged option, including refundable deposits, price credits, approval and denial paths, and cash required to exercise.", "url": "https://commercialdebtadvisory.com/capital/land-acquisition-financing-and-entitlement-risk-allocation/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occadc", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages5–6, Acquisition, Development, and Construction Lending", "checked": "2026-10-21", "applicability": "Supervisory description for covered banks; borrower conversion conditions and advance rates depend on the actual lender and executed documents." } ], "markdown": "https://commercialdebtadvisory.com/markdown/land-acquisition-financing-and-entitlement-risk-allocation.md" }, { "id": "CDA-035", "slug": "acquisition-development-and-construction-financing-sequences", "title": "Acquisition development and construction financing sequences", "description": "Determine how land development and vertical construction draws interact. Includes multi-phase funding and collateral transition schedule.", "url": "https://commercialdebtadvisory.com/capital/acquisition-development-and-construction-financing-sequences/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occadc", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages5–6, Acquisition, Development, and Construction Lending", "checked": "2026-10-21", "applicability": "Supervisory description for covered banks; borrower conversion conditions and advance rates depend on the actual lender and executed documents." } ], "markdown": "https://commercialdebtadvisory.com/markdown/acquisition-development-and-construction-financing-sequences.md" }, { "id": "CDA-036", "slug": "assumable-existing-debt-as-an-acquisition-capital-source", "title": "Assumable existing debt as an acquisition capital source", "description": "Decide whether assumption terms improve the purchase financing outcome. Includes assumption approval and equity-gap comparison.", "url": "https://commercialdebtadvisory.com/capital/assumable-existing-debt-as-an-acquisition-capital-source/", "collection": "capital", "type": "guide", "stage": "Select capital", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fnfixed", "label": "Fannie Mae — Fixed-Rate Mortgage Loans Term Sheet", "url": "https://multifamily.fanniemae.com/financing-options/fixed-rate-mortgage-loans-term-sheet", "section": "Eligibility; Prepayment Availability; Rate Lock; Accrual", "checked": "2026-10-21", "applicability": "Product summary checked on research date; current guide and transaction documents control." } ], "markdown": "https://commercialdebtadvisory.com/markdown/assumable-existing-debt-as-an-acquisition-capital-source.md" }, { "id": "CDA-037", "slug": "multifamily-concessions-delinquency-and-lender-income-recognition", "title": "Multifamily concessions, delinquency and lender income recognition", "description": "Build a resident-ledger bridge that separates current rent, old arrears, concessions and deposits before presenting apartment income to lenders.", "url": "https://commercialdebtadvisory.com/property/multifamily-concessions-delinquency-and-lender-income-recognition/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Multifamily" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fannie-small-income", "label": "Fannie Mae — Small Mortgage Loan property income analysis", "url": "https://mfguide.fanniemae.com/fnmf-pdf/download/3771", "section": "Section 905.01, Required Underwritten Net Cash Flow table", "checked": "2026-10-21", "applicability": "Source-specific context; numerical examples and decision workflow are original hypothetical analysis." } ], "markdown": "https://commercialdebtadvisory.com/markdown/multifamily-concessions-delinquency-and-lender-income-recognition.md" }, { "id": "CDA-038", "slug": "multifamily-t3-t6-and-t12-trend-divergence", "title": "Multifamily T3, T6 and T12 trend divergence", "description": "Separate seasonality, permanent operating changes and one-time receipts when recent apartment cash flow differs from trailing annual results.", "url": "https://commercialdebtadvisory.com/property/multifamily-t3-t6-and-t12-trend-divergence/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Multifamily" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fannie-dus-trailing", "label": "Fannie Mae — Job Aid for Credit Facilities in DUS", "url": "https://multifamily.fanniemae.com/media/41806/display", "section": "Trailing Fields, PDF page 31; version marked 4.3.26", "checked": "2026-10-21", "applicability": "Source-specific context; numerical examples and decision workflow are original hypothetical analysis." } ], "markdown": "https://commercialdebtadvisory.com/markdown/multifamily-t3-t6-and-t12-trend-divergence.md" }, { "id": "CDA-039", "slug": "rent-regulated-multifamily-debt-and-permitted-income-growth", "title": "Rent-regulated multifamily debt and permitted income growth", "description": "Translate verified rent restrictions and renewal dates into a debt-sizing forecast without treating market rent as legally collectible income.", "url": "https://commercialdebtadvisory.com/property/rent-regulated-multifamily-debt-and-permitted-income-growth/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Multifamily" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "ny-hcr-leases", "label": "New York HCR — Leases and preferential rents", "url": "https://hcr.ny.gov/leases", "section": "Preferential Rent and Surcharges and Fees, lines 85–92", "checked": "2026-10-21", "applicability": "Source-specific context; numerical examples and decision workflow are original hypothetical analysis." } ], "markdown": "https://commercialdebtadvisory.com/markdown/rent-regulated-multifamily-debt-and-permitted-income-growth.md" }, { "id": "CDA-040", "slug": "affordable-housing-compliance-costs-in-debt-underwriting", "title": "Affordable-housing compliance costs in debt underwriting", "description": "Map regulatory and operating obligations to recurring expenses, restricted reserves and closing cash before sizing affordable-housing debt.", "url": "https://commercialdebtadvisory.com/property/affordable-housing-compliance-costs-in-debt-underwriting/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Multifamily" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "lihtc-monitoring", "label": "eCFR — LIHTC compliance monitoring", "url": "https://www.ecfr.gov/current/title-26/section-1.42-5", "section": "26 CFR 1.42-5(a)–(d), especially (b) and (c)", "checked": "2026-10-21", "applicability": "Source-specific context; numerical examples and decision workflow are original hypothetical analysis." }, { "id": "lihtc-utilities", "label": "eCFR — Utility allowances", "url": "https://www.ecfr.gov/current/title-26/chapter-I/subchapter-A/part-1/subject-group-ECFRd13f17a89aa6852/section-1.42-10", "section": "26 CFR 1.42-10(a), (b) and (c)", "checked": "2026-10-21", "applicability": "Source-specific context; numerical examples and decision workflow are original hypothetical analysis." } ], "markdown": "https://commercialdebtadvisory.com/markdown/affordable-housing-compliance-costs-in-debt-underwriting.md" }, { "id": "CDA-041", "slug": "student-housing-preleasing-and-debt-coverage-timing", "title": "Student-housing preleasing and debt-coverage timing", "description": "Turn a student-housing preleasing report into a dated cash calendar that tests concessions, turnover spending and the next leasing season.", "url": "https://commercialdebtadvisory.com/property/student-housing-preleasing-and-debt-coverage-timing/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Multifamily" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fannie-student", "label": "Fannie Mae — Student Housing", "url": "https://multifamily.fanniemae.com/financing-options/student-housing", "section": "Frequently Asked Questions: property types, documentation and operating history", "checked": "2026-10-21", "applicability": "Source-specific context; numerical examples and decision workflow are original hypothetical analysis." } ], "markdown": "https://commercialdebtadvisory.com/markdown/student-housing-preleasing-and-debt-coverage-timing.md" }, { "id": "CDA-042", "slug": "manufactured-housing-community-utility-systems-and-loan-eligibility", "title": "Manufactured-housing community utilities and loan eligibility", "description": "Document utility ownership, operating authority and repair funding before treating manufactured-housing site rent as durable lender cash flow.", "url": "https://commercialdebtadvisory.com/property/manufactured-housing-community-utility-systems-and-loan-eligibility/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Multifamily" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "epa-public-water", "label": "EPA — Information about Public Water Systems", "url": "https://www.epa.gov/dwreginfo/information-about-public-water-systems", "section": "Definition and classifications; updated March 16, 2026", "checked": "2026-10-21", "applicability": "Source-specific context; numerical examples and decision workflow are original hypothetical analysis." }, { "id": "fannie-mhc", "label": "Fannie Mae — Manufactured Housing Communities Term Sheet", "url": "https://multifamily.fanniemae.com/financing-options/manufactured-housing-communities/manufactured-housing-communities-term-sheet", "section": "Opening description and Third Party Reports", "checked": "2026-10-21", "applicability": "Source-specific context; numerical examples and decision workflow are original hypothetical analysis." } ], "markdown": "https://commercialdebtadvisory.com/markdown/manufactured-housing-community-utility-systems-and-loan-eligibility.md" }, { "id": "CDA-043", "slug": "build-to-rent-stabilization-and-agency-takeout-evidence", "title": "Build-to-rent stabilization and agency takeout evidence", "description": "Track completed homes, executed leases, collected rent and program acceptance before relying on permanent debt to repay a build-to-rent loan.", "url": "https://commercialdebtadvisory.com/property/build-to-rent-stabilization-and-agency-takeout-evidence/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Multifamily" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "hud-btr-2026", "label": "HUD — Mortgagee Letter 2026-12, Build-To-Rent Developments Underwriting Eligibility", "url": "https://www.hud.gov/sites/default/files/hudclips/documents/2026-12hsgml.pdf", "section": "Sections I and III, pages 1–2; cohesive site and collateral-release restrictions", "checked": "2026-10-21", "applicability": "Source-specific context; numerical examples and decision workflow are original hypothetical analysis." } ], "markdown": "https://commercialdebtadvisory.com/markdown/build-to-rent-stabilization-and-agency-takeout-evidence.md" }, { "id": "CDA-044", "slug": "senior-housing-real-estate-and-operator-cash-flow-separation", "title": "Senior-housing real estate and operator cash-flow separation", "description": "Separate resident operating cash, related-party rent and property debt service before evaluating senior-housing coverage or guarantor support.", "url": "https://commercialdebtadvisory.com/property/senior-housing-real-estate-and-operator-cash-flow-separation/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Multifamily" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "well-2025-structure", "label": "Welltower — 2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/766704/000076670426000010/well-20251231.htm", "section": "Item 1, Triple-net segment description", "checked": "2026-10-21", "applicability": "Historical issuer-specific structure as of 2025; not a loan program standard." } ], "markdown": "https://commercialdebtadvisory.com/markdown/senior-housing-real-estate-and-operator-cash-flow-separation.md" }, { "id": "CDA-045", "slug": "industrial-lease-expiration-and-debt-maturity", "title": "Industrial lease expiration and debt maturity", "description": "Put tenant expiration, downtime, free rent and debt maturity on one calendar to identify rollover funding and refinance risk.", "url": "https://commercialdebtadvisory.com/property/industrial-lease-expiration-and-debt-maturity/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Industrial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-refinance", "label": "OCC Bulletin 2024-29 — Refinance Risk", "url": "https://www.occ.treas.gov/news-issuances/bulletins/2024/bulletin-2024-29.html", "section": "Transaction-Level Risk Management and Risk-Rating Considerations", "checked": "2026-10-21", "applicability": "Bank supervisory framework; no universal lease-tail or extension requirement is inferred." } ], "markdown": "https://commercialdebtadvisory.com/markdown/industrial-lease-expiration-and-debt-maturity.md" }, { "id": "CDA-046", "slug": "small-bay-industrial-tenant-concentration-and-collections", "title": "Small-bay industrial tenant concentration and collections", "description": "Group small-bay tenants by payment obligor and shared business dependencies, then test the cash loss that unit-count diversification can conceal.", "url": "https://commercialdebtadvisory.com/property/small-bay-industrial-tenant-concentration-and-collections/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Industrial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "cre-concentration-guidance", "label": "Federal Reserve — Interagency CRE concentration guidance", "url": "https://www.federalreserve.gov/frrs/guidance/interagency-guidance-on-concentrations-in-commercial-real-estate-lending-sound-risk-management-practices.htm", "section": "Management Information Systems; tenant concentrations and tenant industries", "checked": "2026-10-21", "applicability": "Source-specific context; numerical examples and decision workflow are original hypothetical analysis." } ], "markdown": "https://commercialdebtadvisory.com/markdown/small-bay-industrial-tenant-concentration-and-collections.md" }, { "id": "CDA-047", "slug": "cold-storage-financing-and-specialized-improvement-value", "title": "Cold-storage financing and specialized-improvement value", "description": "Separate real estate, refrigeration equipment and operating-business value before comparing cold-storage leverage and total repayment obligations.", "url": "https://commercialdebtadvisory.com/property/cold-storage-financing-and-specialized-improvement-value/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Industrial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "americold-2025-income", "label": "Americold — 2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/1455863/000162828026012274/art-20251231.htm", "section": "Item 7, Warehouse revenue and cost-of-operations descriptions", "checked": "2026-10-21", "applicability": "Issuer-specific reporting; not a property appraisal or loan program." } ], "markdown": "https://commercialdebtadvisory.com/markdown/cold-storage-financing-and-specialized-improvement-value.md" }, { "id": "CDA-048", "slug": "industrial-outdoor-storage-legal-use-and-lender-collateral", "title": "Industrial outdoor storage: legal use and lender collateral", "description": "Reconcile surveyed area, documented use rights and leased storage area before presenting industrial outdoor-storage income and collateral to lenders.", "url": "https://commercialdebtadvisory.com/property/industrial-outdoor-storage-legal-use-and-lender-collateral/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Industrial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "epa-no-exposure", "label": "EPA — Conditional no-exposure exclusion for industrial stormwater", "url": "https://www.epa.gov/npdes/stormwater-discharges-industrial-activities-conditional-no-exposure-exclusion", "section": "Opening conditions and No Exposure Certification", "checked": "2026-10-21", "applicability": "Source-specific context; numerical examples and decision workflow are original hypothetical analysis." } ], "markdown": "https://commercialdebtadvisory.com/markdown/industrial-outdoor-storage-legal-use-and-lender-collateral.md" }, { "id": "CDA-049", "slug": "warehouse-environmental-history-and-funding-conditions", "title": "Warehouse environmental history and funding conditions", "description": "Translate warehouse environmental findings into named closing conditions, funded holdbacks and the sponsor cash needed before reimbursement.", "url": "https://commercialdebtadvisory.com/property/warehouse-environmental-history-and-funding-conditions/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Industrial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "epa-aai", "label": "EPA — Brownfields All Appropriate Inquiries", "url": "https://www.epa.gov/brownfields/brownfields-all-appropriate-inquiries", "section": "Background; assessment scope and continuing obligations", "checked": "2026-10-21", "applicability": "Source-specific context; numerical examples and decision workflow are original hypothetical analysis." } ], "markdown": "https://commercialdebtadvisory.com/markdown/warehouse-environmental-history-and-funding-conditions.md" }, { "id": "CDA-050", "slug": "owner-user-industrial-relocation-and-double-occupancy-costs", "title": "Owner-user industrial relocation and double-occupancy costs", "description": "Build a monthly transition schedule for old rent, new property debt, moving costs and business disruption before financing an industrial relocation.", "url": "https://commercialdebtadvisory.com/property/owner-user-industrial-relocation-and-double-occupancy-costs/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Industrial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sba-504-uses", "label": "SBA — 504 loans", "url": "https://www.sba.gov/Loans/504%20loans/", "section": "How do I use a 504 loan? Eligible uses and exclusions", "checked": "2026-10-21", "applicability": "Source-specific context; numerical examples and decision workflow are original hypothetical analysis." } ], "markdown": "https://commercialdebtadvisory.com/markdown/owner-user-industrial-relocation-and-double-occupancy-costs.md" }, { "id": "CDA-051", "slug": "retail-co-tenancy-clauses-and-debt-coverage-stress", "title": "Retail co-tenancy clauses and debt-coverage stress", "description": "Model each co-tenancy trigger, remedy and cure date separately, including cases where a dark anchor still pays rent but other tenants receive relief.", "url": "https://commercialdebtadvisory.com/property/retail-co-tenancy-clauses-and-debt-coverage-stress/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Retail" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "brixmor-cotenancy", "label": "Brixmor — 2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/1630031/000158106826000007/brx-20251231.htm", "section": "Item 1A, tenant obligations and anchor occupancy risk", "checked": "2026-10-21", "applicability": "Issuer-specific risk disclosure, not an interpretation of subject leases." } ], "markdown": "https://commercialdebtadvisory.com/markdown/retail-co-tenancy-clauses-and-debt-coverage-stress.md" }, { "id": "CDA-052", "slug": "grocery-anchored-center-rollover-and-lender-concentration", "title": "Grocery-anchored center rollover and lender concentration", "description": "Separate anchor rent, reimbursement dependence and shop collections when testing a grocery-anchored center through lease rollover.", "url": "https://commercialdebtadvisory.com/property/grocery-anchored-center-rollover-and-lender-concentration/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Retail" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "brixmor-leased-billed", "label": "Brixmor — 2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/1581068/000158106826000007/brx-20251231.htm", "section": "Item 1, Our Shopping Centers, footnotes (2)–(4)", "checked": "2026-10-21", "applicability": "Issuer-specific definitions applied only as an example of measurement distinctions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/grocery-anchored-center-rollover-and-lender-concentration.md" }, { "id": "CDA-053", "slug": "single-tenant-retail-lease-term-and-balloon-exposure", "title": "Single-tenant retail lease term and balloon exposure", "description": "Compare lease expiration, option decisions and mortgage balances on the same timeline before relying on a long retail lease for refinance support.", "url": "https://commercialdebtadvisory.com/property/single-tenant-retail-lease-term-and-balloon-exposure/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Retail" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "realty-income-lease-term", "label": "Realty Income — 2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/726728/000072672826000011/o-20251231.htm", "section": "General portfolio discussion; weighted average remaining lease term definition", "checked": "2026-10-21", "applicability": "Issuer-specific reporting, not a universal lending rule." } ], "markdown": "https://commercialdebtadvisory.com/markdown/single-tenant-retail-lease-term-and-balloon-exposure.md" }, { "id": "CDA-054", "slug": "retail-percentage-rent-and-supportable-debt-income", "title": "Retail percentage rent and supportable debt income", "description": "Reconcile tenant sales, lease breakpoints and payment timing before using percentage rent to support shopping-center debt.", "url": "https://commercialdebtadvisory.com/property/retail-percentage-rent-and-supportable-debt-income/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Retail" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "frt-rent-components", "label": "Federal Realty — 2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/34903/000003490326000017/frt-20251231.htm", "section": "Leases, Lease Terms and Lease Expirations; Property Revenues", "checked": "2026-10-21", "applicability": "Issuer-specific reporting; subject leases control actual calculations." } ], "markdown": "https://commercialdebtadvisory.com/markdown/retail-percentage-rent-and-supportable-debt-income.md" }, { "id": "CDA-055", "slug": "retail-tenant-improvements-leasing-commissions-and-loan-holdbacks", "title": "Retail tenant improvements, commissions and loan holdbacks", "description": "Match retail lease payment obligations with reserve eligibility and reimbursement dates to calculate the sponsor cash needed before tenants begin paying.", "url": "https://commercialdebtadvisory.com/property/retail-tenant-improvements-leasing-commissions-and-loan-holdbacks/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Retail" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "brixmor-leasing-capital", "label": "Brixmor — 2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/1581068/000158106826000007/brx-20251231.htm", "section": "Item 7, Improvements to and investments in real estate assets", "checked": "2026-10-21", "applicability": "Issuer-specific classification; lender documents determine actual funding eligibility." } ], "markdown": "https://commercialdebtadvisory.com/markdown/retail-tenant-improvements-leasing-commissions-and-loan-holdbacks.md" }, { "id": "CDA-056", "slug": "dark-retail-conversion-and-interim-repayment-capacity", "title": "Dark-retail conversion and interim repayment capacity", "description": "Test the cash needed to convert a nonpaying retail box and the income evidence available when the bridge loan matures.", "url": "https://commercialdebtadvisory.com/property/dark-retail-conversion-and-interim-repayment-capacity/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Retail" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "brixmor-redevelopment", "label": "Brixmor — 2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/1581068/000158106826000007/brx-20251231.htm", "section": "Item 7, Improvements to and investments in real estate assets; anchor repositioning and redevelopment", "checked": "2026-10-21", "applicability": "Issuer-specific project disclosure; not a market construction-cost or timing benchmark." } ], "markdown": "https://commercialdebtadvisory.com/markdown/dark-retail-conversion-and-interim-repayment-capacity.md" }, { "id": "CDA-057", "slug": "office-tenant-improvements-and-landlord-cash-obligations", "title": "Office tenant improvements and landlord cash obligations", "description": "Reconcile paid, contractually committed and proposed office leasing costs so a lender sees the owner obligations still requiring cash.", "url": "https://commercialdebtadvisory.com/property/office-tenant-improvements-and-landlord-cash-obligations/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Advanced", "assets": [ "Office" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "kilroy-capitalization", "label": "Kilroy Realty — 2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/1025996/000162828026007051/krc-20251231.htm", "section": "Significant Accounting Policies: Tenant Improvements and Deferred Leasing Costs", "checked": "2026-10-21", "applicability": "Issuer accounting context; actual owner contracts and accounting control." } ], "markdown": "https://commercialdebtadvisory.com/markdown/office-tenant-improvements-and-landlord-cash-obligations.md" }, { "id": "CDA-058", "slug": "office-lease-expirations-and-lender-refinance-assumptions", "title": "Office lease expirations and lender refinance assumptions", "description": "Reconcile trailing income, current lease status and future replacement rent at an office loan maturity before comparing refinance proceeds.", "url": "https://commercialdebtadvisory.com/property/office-lease-expirations-and-lender-refinance-assumptions/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Advanced", "assets": [ "Office" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "kilroy-lease-states", "label": "Kilroy Realty — 2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/1025996/000162828026007051/krc-20251231.htm", "section": "Stabilized portfolio occupancy and leased discussion; lease expiration adjustments for uncommenced backfills", "checked": "2026-10-21", "applicability": "Issuer-specific measurement example; not a lender income-recognition rule." } ], "markdown": "https://commercialdebtadvisory.com/markdown/office-lease-expirations-and-lender-refinance-assumptions.md" }, { "id": "CDA-059", "slug": "medical-office-tenant-businesses-and-lease-durability", "title": "Medical office debt: temporary liquidity or a durable payment reset?", "description": "Compare a medical office dependency shock against reserve funding, debt-service capacity and the equity needed for a durable loan adjustment.", "url": "https://commercialdebtadvisory.com/property/medical-office-tenant-businesses-and-lease-durability/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Advanced", "assets": [ "Office" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "hr-2024", "label": "Healthcare Realty 2024 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/1360604/000136060425000032/hr-20241231.htm", "section": "Item 1A, health-system dependence and ground-lease restrictions", "checked": "2026-10-21", "applicability": "Historical issuer example; not a statement about every medical office property." } ], "markdown": "https://commercialdebtadvisory.com/markdown/medical-office-tenant-businesses-and-lease-durability.md" }, { "id": "CDA-060", "slug": "office-conversion-financing-before-an-approved-alternate-use", "title": "Office conversion financing before the alternate use is approved", "description": "Separate existing office repayment capacity from proposed residential value, then quantify the cost of waiting for approvals.", "url": "https://commercialdebtadvisory.com/property/office-conversion-financing-before-an-approved-alternate-use/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Advanced", "assets": [ "Office" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "hud-conversion", "label": "HUD Evidence Matters, Fall 2023", "url": "https://docs.huduser.gov/archives/portal/sites/default/files/pdf/EM-Newsletter-Fall-2023.pdf", "section": "Office-to-residential conversion feasibility discussion, particularly physical, legal and financial challenges", "checked": "2026-10-21", "applicability": "Historical research context; property approvals and current financing terms require separate verification." } ], "markdown": "https://commercialdebtadvisory.com/markdown/office-conversion-financing-before-an-approved-alternate-use.md" }, { "id": "CDA-061", "slug": "multi-tenant-office-renewals-and-committed-leasing-capital", "title": "Office renewal risk: expected cost versus capital that is actually committed", "description": "Model joint tenant outcomes and distinguish probability-weighted leasing costs from the cash needed when several tenants leave together.", "url": "https://commercialdebtadvisory.com/property/multi-tenant-office-renewals-and-committed-leasing-capital/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Advanced", "assets": [ "Office" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "kilroy-capital", "label": "Kilroy Realty 2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/1025996/000162828026007051/krc-20251231.htm", "section": "Item 7, Capital Expenditures and tenant improvement/leasing commission discussion", "checked": "2026-10-21", "applicability": "Issuer-specific historical disclosure; all probabilities and cost estimates here are hypothetical." } ], "markdown": "https://commercialdebtadvisory.com/markdown/multi-tenant-office-renewals-and-committed-leasing-capital.md" }, { "id": "CDA-062", "slug": "mixed-use-residential-and-commercial-income-allocation", "title": "Mixed-use income: reconcile property economics to the proposed debt channel", "description": "Translate residential and commercial income into lender-specific cash flow without confusing area limits, income limits or expense allocation.", "url": "https://commercialdebtadvisory.com/property/mixed-use-residential-and-commercial-income-allocation/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Mixed-use", "Owner-occupied" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fannie-components", "label": "Fannie Mae conventional underwritten cash-flow calculation", "url": "https://mfguide.fanniemae.com/fnmf-pdf/download/6346", "section": "Section 203.02, Required Underwritten NCF table, Calculation of Commercial Income, PDF page 25, items 8–11", "checked": "2026-10-21", "applicability": "Only the separation principle is cited; all channel percentages and capacity assumptions in the example are fictional.", "sourceDateNotes": "2026-09-28" } ], "markdown": "https://commercialdebtadvisory.com/markdown/mixed-use-residential-and-commercial-income-allocation.md" }, { "id": "CDA-063", "slug": "owner-occupied-real-estate-rent-and-global-cash-flow", "title": "Owner-occupied debt: when no intercompany rent satisfies both entities", "description": "Test the operating company’s sustainable rent against the property’s standalone debt requirement before relying on strong global coverage.", "url": "https://commercialdebtadvisory.com/property/owner-occupied-real-estate-rent-and-global-cash-flow/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Mixed-use", "Owner-occupied" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-owner", "label": "OCC Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Appendix D, Loans Secured by Owner-Occupied Properties, printed page 131; global cash-flow discussion printed page 30", "checked": "2026-10-21", "applicability": "Source-specific context; numerical examples and decision workflow are original hypothetical analysis." } ], "markdown": "https://commercialdebtadvisory.com/markdown/owner-occupied-real-estate-rent-and-global-cash-flow.md" }, { "id": "CDA-064", "slug": "owner-user-expansion-financing-before-stabilized-operations", "title": "Owner-user expansion: fund the operating ramp as well as the building", "description": "Combine expansion operating losses, new debt service and working capital in a monthly funding plan before projected sales arrive.", "url": "https://commercialdebtadvisory.com/property/owner-user-expansion-financing-before-stabilized-operations/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Mixed-use", "Owner-occupied" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sba-504-uses", "label": "SBA 504 loans", "url": "https://www.sba.gov/loans/504-loans/", "section": "How do I use a 504 loan?", "checked": "2026-10-21", "applicability": "Program-specific use-of-proceeds distinction; no project eligibility or loan amount is asserted." } ], "markdown": "https://commercialdebtadvisory.com/markdown/owner-user-expansion-financing-before-stabilized-operations.md" }, { "id": "CDA-065", "slug": "mixed-use-commercial-vacancy-and-residential-takeout-assumptions", "title": "Can apartment income refinance a mixed-use building with vacant commercial space?", "description": "Size a residential-only exit while retaining commercial carrying costs, then reverse-solve the cash flow needed to repay the bridge.", "url": "https://commercialdebtadvisory.com/property/mixed-use-commercial-vacancy-and-residential-takeout-assumptions/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Mixed-use", "Owner-occupied" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fannie-vacancy", "label": "Fannie Mae conventional underwritten cash-flow calculation", "url": "https://mfguide.fanniemae.com/fnmf-pdf/download/6346", "section": "Section 203.02, Required Underwritten NCF table, Calculation of Commercial Income, PDF page 25, items 8–11", "checked": "2026-10-21", "applicability": "Example uses fictional sizing inputs and does not reproduce or establish program eligibility.", "sourceDateNotes": "2026-09-28" } ], "markdown": "https://commercialdebtadvisory.com/markdown/mixed-use-commercial-vacancy-and-residential-takeout-assumptions.md" }, { "id": "CDA-066", "slug": "condominium-commercial-units-and-association-credit-documents", "title": "Commercial condominium financing: trace association obligations to the unit", "description": "Review declarations, assessments, reserves and insurance at both association and unit level before relying on commercial condominium cash flow.", "url": "https://commercialdebtadvisory.com/property/condominium-commercial-units-and-association-credit-documents/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Intermediate", "assets": [ "Mixed-use", "Owner-occupied" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fl-expenses", "label": "Florida Statutes §718.115, 2026", "url": "https://www.flsenate.gov/Laws/Statutes/2026/718.115", "section": "Common expenses and common surplus", "checked": "2026-10-21", "applicability": "Florida example only; not national legal advice." }, { "id": "fl-assessments", "label": "Florida Statutes §718.116, 2026", "url": "https://www.flsenate.gov/Laws/Statutes/2026/718.116", "section": "Assessments, liability and special-assessment notices", "checked": "2026-10-21", "applicability": "Florida example only; hypothetical allocation and installments are not statutory requirements." } ], "markdown": "https://commercialdebtadvisory.com/markdown/condominium-commercial-units-and-association-credit-documents.md" }, { "id": "CDA-067", "slug": "hotel-franchise-property-improvement-plans-and-loan-proceeds", "title": "Hotel PIP funding: match lender draws to brand acceptance and reopening", "description": "Trace each property improvement plan cost through eligibility, funding, acceptance and usable proceeds rather than relying on the headline commitment.", "url": "https://commercialdebtadvisory.com/property/hotel-franchise-property-improvement-plans-and-loan-proceeds/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Advanced", "assets": [ "Hospitality", "Specialty" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "drh-pip", "label": "DiamondRock Hospitality 2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/1298946/000129894626000013/drh-20251231.htm", "section": "Risk Factors and Franchise Agreements, brand standards and property improvement plans", "checked": "2026-10-21", "applicability": "Issuer example only; all reserve conditions and costs here are hypothetical." } ], "markdown": "https://commercialdebtadvisory.com/markdown/hotel-franchise-property-improvement-plans-and-loan-proceeds.md" }, { "id": "CDA-068", "slug": "hotel-revenue-volatility-and-debt-service-seasonality", "title": "Hotel seasonality: calculate monthly cash coverage from occupancy and room rate", "description": "Build room-night economics into a monthly debt schedule and identify the opening reserve that annual coverage can conceal.", "url": "https://commercialdebtadvisory.com/property/hotel-revenue-volatility-and-debt-service-seasonality/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Advanced", "assets": [ "Hospitality", "Specialty" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "hst-metrics", "label": "Host Hotels & Resorts 2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/1061937/000107075026000054/hst-20251231.htm", "section": "Item 7, Comparable Hotel Operating Statistics and Results", "checked": "2026-10-21", "applicability": "Source-specific context; numerical examples and decision workflow are original hypothetical analysis." } ], "markdown": "https://commercialdebtadvisory.com/markdown/hotel-revenue-volatility-and-debt-service-seasonality.md" }, { "id": "CDA-069", "slug": "hotel-management-agreements-and-lender-consent-rights", "title": "Hotel management agreements: price the consents and transition before refinancing", "description": "Map management, franchise and lender rights to the proposed transaction, including termination costs and replacement working capital.", "url": "https://commercialdebtadvisory.com/property/hotel-management-agreements-and-lender-consent-rights/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Advanced", "assets": [ "Hospitality", "Specialty" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "hst-agreements", "label": "Host Hotels & Resorts 2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/1061937/000107075026000054/hst-20251231.htm", "section": "Note 15, Hotel Management Agreements and Operating and License Agreements", "checked": "2026-10-21", "applicability": "Issuer example only; all fees, consents and transition costs in the worked case are hypothetical." } ], "markdown": "https://commercialdebtadvisory.com/markdown/hotel-management-agreements-and-lender-consent-rights.md" }, { "id": "CDA-070", "slug": "rv-park-transient-and-long-term-income-underwriting", "title": "RV park income: separate annual sites, seasonal contracts and nightly stays", "description": "Reconcile RV revenue by site type and calculate whether converting transient sites actually improves dependable cash flow.", "url": "https://commercialdebtadvisory.com/property/rv-park-transient-and-long-term-income-underwriting/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Advanced", "assets": [ "Hospitality", "Specialty" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sui-rv", "label": "Sun Communities 2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/912593/000091259326000086/sui-20251231.htm", "section": "Item 7, RV revenue discussion and Seasonality of Revenue", "checked": "2026-10-21", "applicability": "Issuer-specific disclosure; no portfolio statistic is applied to the hypothetical property." } ], "markdown": "https://commercialdebtadvisory.com/markdown/rv-park-transient-and-long-term-income-underwriting.md" }, { "id": "CDA-071", "slug": "campground-infrastructure-capital-needs-and-lending-evidence", "title": "Campground infrastructure: connect usable sites to a funded repair plan", "description": "Reconcile permitted sites, water and wastewater capacity, repair timing and cash loss before sizing campground debt.", "url": "https://commercialdebtadvisory.com/property/campground-infrastructure-capital-needs-and-lending-evidence/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Advanced", "assets": [ "Hospitality", "Specialty" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "epa-water", "label": "EPA information about public water systems", "url": "https://www.epa.gov/dwreginfo/information-about-public-water-systems", "section": "Public system definition and transient non-community classification", "checked": "2026-10-21", "applicability": "No engineering capacity or site eligibility is inferred; all site counts are hypothetical professional findings." } ], "markdown": "https://commercialdebtadvisory.com/markdown/campground-infrastructure-capital-needs-and-lending-evidence.md" }, { "id": "CDA-072", "slug": "marina-financing-and-submerged-land-or-operating-rights", "title": "Marina financing: align submerged-land rights with the loan’s repayment horizon", "description": "Map upland ownership, submerged-land leases, permits and operating rights to the cash flow and maturity they support.", "url": "https://commercialdebtadvisory.com/property/marina-financing-and-submerged-land-or-operating-rights/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Advanced", "assets": [ "Hospitality", "Specialty" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fl-submerged", "label": "Florida DEP use of state-owned land FAQ", "url": "https://floridadep.gov/lands/lands/content/faq-use-state-owned-land", "section": "Submerged-land leasing, lease-condition changes and fees", "checked": "2026-10-21", "applicability": "Florida-specific example; no universal lease fee, term or approval rule is asserted." } ], "markdown": "https://commercialdebtadvisory.com/markdown/marina-financing-and-submerged-land-or-operating-rights.md" }, { "id": "CDA-073", "slug": "self-storage-economic-occupancy-and-loan-sizing", "title": "Self-storage economic occupancy and loan sizing", "description": "Reconcile occupied units, contracted rent and collected revenue before using self-storage cash flow to size commercial debt.", "url": "https://commercialdebtadvisory.com/property/self-storage-economic-occupancy-and-loan-sizing/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Advanced", "assets": [ "Self-storage", "Specialty" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "psa-2025", "label": "Public Storage — 2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/1393311/000162828026007696/psa-20251231.htm", "section": "Item 7; Same Store Facilities operating measures; footnotes (c) and (d), printed page 32", "checked": "2026-10-21", "applicability": "Issuer-specific reporting definitions; not a universal lender underwriting standard.", "sourceDateNotes": "2025-12-31 reporting period" }, { "id": "occ-sizing", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed page 43: DSCR and debt yield", "checked": "2026-10-21", "applicability": "Sizing concepts; modeled assumptions are not lender offers." } ], "markdown": "https://commercialdebtadvisory.com/markdown/self-storage-economic-occupancy-and-loan-sizing.md" }, { "id": "CDA-074", "slug": "self-storage-expansion-and-competing-facility-deliveries", "title": "Self-storage expansion: connect competing delivery dates to the funding trough", "description": "Model monthly net absorption before and after a competing facility opens, including midmonth occupancy and incremental debt payments.", "url": "https://commercialdebtadvisory.com/property/self-storage-expansion-and-competing-facility-deliveries/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Advanced", "assets": [ "Self-storage", "Specialty" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "psa-expansion", "label": "Public Storage 2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/1393311/000162828026007696/psa-20251231.htm", "section": "Competition and development/rent-up risk discussion", "checked": "2026-10-21", "applicability": "Issuer risk context; all absorption and cost assumptions are hypothetical." } ], "markdown": "https://commercialdebtadvisory.com/markdown/self-storage-expansion-and-competing-facility-deliveries.md" }, { "id": "CDA-075", "slug": "car-wash-property-business-value-and-debt-collateral", "title": "Car wash financing: separate property, equipment and customer earnings", "description": "Allocate collateral and debt payments across real estate, wash equipment and business value, then stress membership cash flow.", "url": "https://commercialdebtadvisory.com/property/car-wash-property-business-value-and-debt-collateral/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Advanced", "assets": [ "Specialty" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "mcw-members", "label": "Mister Car Wash 2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/1853513/000119312526078965/mcw-20251231.htm", "section": "Risk Factors, attracting and retaining subscription members", "checked": "2026-10-21", "applicability": "Issuer example; no company retention rate or valuation multiple is applied." } ], "markdown": "https://commercialdebtadvisory.com/markdown/car-wash-property-business-value-and-debt-collateral.md" }, { "id": "CDA-076", "slug": "gas-station-environmental-liability-and-loan-conditions", "title": "Gas station financing: map environmental conditions to the party and cash source", "description": "Separate tank compliance, site investigation, corrective action, insurance and contractual indemnities before relying on loan proceeds.", "url": "https://commercialdebtadvisory.com/property/gas-station-environmental-liability-and-loan-conditions/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Advanced", "assets": [ "Specialty" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "epa-ust", "label": "EPA UST owner and operator resources", "url": "https://www.epa.gov/ust/resources-ust-owners-and-operators", "section": "Release prevention, detection, reporting and financial responsibility sections", "checked": "2026-10-21", "applicability": "Source-specific context; numerical examples and decision workflow are original hypothetical analysis." }, { "id": "epa-fr", "label": "EPA Dollars and Sense financial responsibility summary", "url": "https://www.epa.gov/ust/dollars-and-sense-financial-responsibility-requirements-underground-storage-tanks", "section": "Description of financial responsibility for corrective action and third-party damages", "checked": "2026-10-21", "applicability": "Source-specific context; numerical examples and decision workflow are original hypothetical analysis." } ], "markdown": "https://commercialdebtadvisory.com/markdown/gas-station-environmental-liability-and-loan-conditions.md" }, { "id": "CDA-077", "slug": "special-use-buildings-and-alternate-use-collateral-support", "title": "Special-use buildings: test the cash and value of an alternate use", "description": "Compare same-use replacement, conversion and sale paths after an operator leaves, including time, capital and repayment exposure.", "url": "https://commercialdebtadvisory.com/property/special-use-buildings-and-alternate-use-collateral-support/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Advanced", "assets": [ "Specialty" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-alternate", "label": "OCC Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Appendix D, owner-occupied properties, printed page 131", "checked": "2026-10-21", "applicability": "Source-specific context; numerical examples and decision workflow are original hypothetical analysis." } ], "markdown": "https://commercialdebtadvisory.com/markdown/special-use-buildings-and-alternate-use-collateral-support.md" }, { "id": "CDA-078", "slug": "data-center-property-credit-and-infrastructure-dependencies", "title": "Data center debt: reconcile power, cooling and customer commencement", "description": "Map utility capacity, usable IT load, commissioning and customer obligations before recognizing data center rent in a debt model.", "url": "https://commercialdebtadvisory.com/property/data-center-property-credit-and-infrastructure-dependencies/", "collection": "property", "type": "guide", "stage": "Underwrite property", "level": "Advanced", "assets": [ "Specialty" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "dlr-power", "label": "Digital Realty 2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm", "section": "Risk discussion of electrical capacity, power and cooling obligations", "checked": "2026-10-21", "applicability": "Issuer example; engineering capacities, prices and cost margins here are hypothetical." } ], "markdown": "https://commercialdebtadvisory.com/markdown/data-center-property-credit-and-infrastructure-dependencies.md" }, { "id": "CDA-079", "slug": "multifamily-construction-presizing-from-a-supportable-takeout", "title": "Multifamily construction debt: reverse-size from the permanent exit", "description": "Work backward from supported stabilized cash flow and net refinance proceeds to the construction balance the project can repay.", "url": "https://commercialdebtadvisory.com/property/multifamily-construction-presizing-from-a-supportable-takeout/", "collection": "property", "type": "guide", "stage": "Plan construction", "level": "Advanced", "assets": [ "Development" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fannie-takeout", "label": "Fannie Mae required underwritten cash-flow calculation", "url": "https://mfguide.fanniemae.com/fnmf-pdf/download/6346", "section": "Section203.02, Required Underwritten NCF table, PDFpages24–27; current PDF cover effective September28,2026", "checked": "2026-10-21", "applicability": "All leverage, DSCR, debt-yield and debt-constant inputs are hypothetical and do not reproduce program limits.", "sourceDateNotes": "2026-09-28" } ], "markdown": "https://commercialdebtadvisory.com/markdown/multifamily-construction-presizing-from-a-supportable-takeout.md" }, { "id": "CDA-080", "slug": "industrial-speculative-development-and-lease-up-guarantees", "title": "Speculative industrial development: distinguish preleasing from sponsor support", "description": "Map signed leases, rent commencement and guarantee obligations to the cash required before an industrial building stabilizes.", "url": "https://commercialdebtadvisory.com/property/industrial-speculative-development-and-lease-up-guarantees/", "collection": "property", "type": "guide", "stage": "Plan construction", "level": "Advanced", "assets": [ "Development" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-prelease", "label": "OCC Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Determining Project Feasibility, Preleasing, printed page 34", "checked": "2026-10-21", "applicability": "No minimum preleasing ratio or legal guarantee interpretation is asserted." } ], "markdown": "https://commercialdebtadvisory.com/markdown/industrial-speculative-development-and-lease-up-guarantees.md" }, { "id": "CDA-081", "slug": "retail-redevelopment-tenant-openings-and-draw-availability", "title": "Retail redevelopment: resolve tenant-opening and lender-draw dependencies", "description": "Build one calendar for landlord delivery, tenant opening, rent commencement and lender release conditions to expose circular funding gaps.", "url": "https://commercialdebtadvisory.com/property/retail-redevelopment-tenant-openings-and-draw-availability/", "collection": "property", "type": "guide", "stage": "Plan construction", "level": "Advanced", "assets": [ "Development" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "brx-commencement", "label": "Brixmor Property Group 2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/1581068/000158106826000007/brx-20251231.htm", "section": "Item1, Business strategy, leased versus billed occupancy and signed-not-commenced lease population", "checked": "2026-10-21", "applicability": "Issuer context only; all draw, lease remedy and timing assumptions here are hypothetical." } ], "markdown": "https://commercialdebtadvisory.com/markdown/retail-redevelopment-tenant-openings-and-draw-availability.md" }, { "id": "CDA-082", "slug": "adaptive-reuse-unknown-conditions-and-financing-contingencies", "title": "Adaptive reuse: distinguish allowances, contingencies and new equity", "description": "Track unknown building conditions through investigation, scope decisions and financing approval without counting the same reserve twice.", "url": "https://commercialdebtadvisory.com/property/adaptive-reuse-unknown-conditions-and-financing-contingencies/", "collection": "property", "type": "guide", "stage": "Plan construction", "level": "Advanced", "assets": [ "Development" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "hud-reuse", "label": "HUD Evidence Matters, Fall 2023", "url": "https://docs.huduser.gov/archives/portal/sites/default/files/pdf/EM-Newsletter-Fall-2023.pdf", "section": "Office conversion discussion of physical, legal and financial challenges", "checked": "2026-10-21", "applicability": "Research context only; no contingency percentage or property-specific technical conclusion is taken from the source." } ], "markdown": "https://commercialdebtadvisory.com/markdown/adaptive-reuse-unknown-conditions-and-financing-contingencies.md" }, { "id": "CDA-083", "slug": "phased-development-shared-infrastructure-and-collateral-releases", "title": "Phased development: fund shared infrastructure and reconcile release proceeds", "description": "Track shared costs once, distinguish accounting allocation from cash funding, and calculate what a phase sale leaves for later work.", "url": "https://commercialdebtadvisory.com/property/phased-development-shared-infrastructure-and-collateral-releases/", "collection": "property", "type": "guide", "stage": "Plan construction", "level": "Advanced", "assets": [ "Development" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-phases", "label": "OCC Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Acquisition, Development and Construction Policies, phased developments and common improvements, printed pages 23–24", "checked": "2026-10-21", "applicability": "All advance rates, release prices and retained-cash conditions are hypothetical." } ], "markdown": "https://commercialdebtadvisory.com/markdown/phased-development-shared-infrastructure-and-collateral-releases.md" }, { "id": "CDA-084", "slug": "condominium-development-presales-and-debt-repayment-sequencing", "title": "Condominium development: reconcile presales to unit-release debt repayment", "description": "Verify which contracts can close, keep deposits separate from new proceeds, and model the principal remaining after each unit sale.", "url": "https://commercialdebtadvisory.com/property/condominium-development-presales-and-debt-repayment-sequencing/", "collection": "property", "type": "guide", "stage": "Plan construction", "level": "Advanced", "assets": [ "Development" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-presales", "label": "OCC Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Determining Project Feasibility, Preleasing, printed page 34", "checked": "2026-10-21", "applicability": "No deposit-use legal conclusion or lender presale threshold is asserted." } ], "markdown": "https://commercialdebtadvisory.com/markdown/condominium-development-presales-and-debt-repayment-sequencing.md" }, { "id": "CDA-085", "slug": "cash-receipts-accrual-statements-and-lender-income-evidence", "title": "Cash receipts accrual statements and lender income evidence", "description": "Determine whether reported operating income is supported by cash collections. Includes accrual-to-cash evidence reconciliation.", "url": "https://commercialdebtadvisory.com/underwriting/cash-receipts-accrual-statements-and-lender-income-evidence/", "collection": "underwriting", "type": "guide", "stage": "Underwrite credit", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "kimco-leases", "label": "Kimco Realty — 2026 first-quarter lease accounting disclosure", "url": "https://www.sec.gov/Archives/edgar/data/765880/000162828026031287/R13.htm", "section": "Leases; Straight-Line Rents", "checked": "2026-10-21", "applicability": "One public issuer’s accounting policy illustrates timing differences; it is not a lender underwriting rule or a statement about the reader’s accounts.", "sourceDateNotes": "Reporting period ended March 31, 2026" } ], "markdown": "https://commercialdebtadvisory.com/markdown/cash-receipts-accrual-statements-and-lender-income-evidence.md" }, { "id": "CDA-086", "slug": "one-time-income-and-recurring-debt-repayment-capacity", "title": "One-time income and recurring debt repayment capacity", "description": "Decide which nonrecurring receipts should be removed from financing cash flow. Includes income recurrence classification and proceeds impact schedule.", "url": "https://commercialdebtadvisory.com/underwriting/one-time-income-and-recurring-debt-repayment-capacity/", "collection": "underwriting", "type": "guide", "stage": "Underwrite credit", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "peco-leases", "label": "Phillips Edison & Company — 2025 lease income table", "url": "https://www.sec.gov/Archives/edgar/data/1476204/000147620426000005/R33.htm", "section": "Schedule of Operating Leases and footnotes", "checked": "2026-10-21", "applicability": "Historical issuer disclosure illustrating distinct income categories; no issuer financial condition or current lender policy is inferred.", "sourceDateNotes": "Year ended December 31, 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/one-time-income-and-recurring-debt-repayment-capacity.md" }, { "id": "CDA-087", "slug": "related-party-leases-and-supportable-property-income", "title": "Related-party leases and supportable property income", "description": "Evaluate the evidence supporting rent from affiliated tenants. Includes affiliated income and payment capacity reconciliation.", "url": "https://commercialdebtadvisory.com/underwriting/related-party-leases-and-supportable-property-income/", "collection": "underwriting", "type": "guide", "stage": "Underwrite credit", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-global", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 29–30: Analysis of Borrower’s and Guarantor’s Financial Condition", "checked": "2026-10-21", "applicability": "Bank supervisory context for comprehensive cash-flow analysis; not a promise of guarantor acceptance.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/related-party-leases-and-supportable-property-income.md" }, { "id": "CDA-088", "slug": "management-fees-replacement-reserves-and-lender-ncf", "title": "Management fees replacement reserves and lender NCF", "description": "Identify adjustments between property NOI and lender net cash flow. Includes expense convention comparison with source-linked cash-flow bridge.", "url": "https://commercialdebtadvisory.com/underwriting/management-fees-replacement-reserves-and-lender-ncf/", "collection": "underwriting", "type": "guide", "stage": "Underwrite credit", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cash", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 42–43: Income-Generating Capacity; Debt-Service Coverage Ratio", "checked": "2026-10-21", "applicability": "Supervisory handbook for OCC-regulated banks; no universal borrower ratio or expense convention.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/management-fees-replacement-reserves-and-lender-ncf.md" }, { "id": "CDA-089", "slug": "insurance-renewal-quotations-and-debt-sizing-changes", "title": "Insurance renewal quotations and debt sizing changes", "description": "Quantify the effect of current insurance evidence on proceeds. Includes expiring-to-renewal insurance and debt-capacity bridge.", "url": "https://commercialdebtadvisory.com/underwriting/insurance-renewal-quotations-and-debt-sizing-changes/", "collection": "underwriting", "type": "guide", "stage": "Underwrite credit", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "naic-business", "label": "NAIC — Small Business Insurance", "url": "https://content.naic.org/consumer/small-business.htm", "section": "What is property insurance?", "checked": "2026-10-21", "applicability": "General explanation of business property coverage; actual policy and lender requirements govern coverage acceptance." } ], "markdown": "https://commercialdebtadvisory.com/markdown/insurance-renewal-quotations-and-debt-sizing-changes.md" }, { "id": "CDA-090", "slug": "property-tax-reassessment-in-acquisition-debt-underwriting", "title": "Property tax reassessment in acquisition debt underwriting", "description": "Evaluate debt capacity under acquisition-related tax changes. Includes jurisdiction-specific evidence checklist and tax sensitivity schedule.", "url": "https://commercialdebtadvisory.com/underwriting/property-tax-reassessment-in-acquisition-debt-underwriting/", "collection": "underwriting", "type": "guide", "stage": "Underwrite credit", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "ca-tax", "label": "California Board of Equalization — Change in Ownership FAQ", "url": "https://www.boe.ca.gov/proptaxes/faqs/changeinownership.htm", "section": "How does a change in ownership affect property taxes?; exclusions", "checked": "2026-10-21", "applicability": "California-specific framework; local assessment and transaction-specific exclusions require qualified review." }, { "id": "tx-tax", "label": "Texas Comptroller — Property Tax System Basics", "url": "https://comptroller.texas.gov/taxes/property-tax/basics.php", "section": "Property tax process and January 1 valuation", "checked": "2026-10-21", "applicability": "Texas system overview, not a parcel assessment, tax rate, exemption or cap determination." } ], "markdown": "https://commercialdebtadvisory.com/markdown/property-tax-reassessment-in-acquisition-debt-underwriting.md" }, { "id": "CDA-091", "slug": "utility-reimbursement-income-and-unrecovered-operating-costs", "title": "Utility reimbursement income and unrecovered operating costs", "description": "Determine the lender-supported net contribution of reimbursements. Includes reimbursement collections and expense recovery reconciliation.", "url": "https://commercialdebtadvisory.com/underwriting/utility-reimbursement-income-and-unrecovered-operating-costs/", "collection": "underwriting", "type": "guide", "stage": "Underwrite credit", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "peco-leases", "label": "Phillips Edison & Company — 2025 lease income table", "url": "https://www.sec.gov/Archives/edgar/data/1476204/000147620426000005/R33.htm", "section": "Schedule of Operating Leases and footnotes", "checked": "2026-10-21", "applicability": "Historical issuer disclosure illustrating distinct income categories; no issuer financial condition or current lender policy is inferred.", "sourceDateNotes": "Year ended December 31, 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/utility-reimbursement-income-and-unrecovered-operating-costs.md" }, { "id": "CDA-092", "slug": "repair-expenses-capital-projects-and-normalized-operating-cash", "title": "Repair expenses capital projects and normalized operating cash", "description": "Classify costs without overstating cash available for debt. Includes cost classification ledger with accounting and lending distinctions.", "url": "https://commercialdebtadvisory.com/underwriting/repair-expenses-capital-projects-and-normalized-operating-cash/", "collection": "underwriting", "type": "guide", "stage": "Underwrite credit", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "irs-tangible", "label": "IRS — Tangible Property Final Regulations", "url": "https://www.irs.gov/businesses/small-businesses-self-employed/tangible-property-final-regulations", "section": "Deductible repairs versus capital improvements; betterment, restoration and adaptation", "checked": "2026-10-21", "applicability": "Federal tax classification only; not GAAP advice or a lender’s NOI definition." } ], "markdown": "https://commercialdebtadvisory.com/markdown/repair-expenses-capital-projects-and-normalized-operating-cash.md" }, { "id": "CDA-093", "slug": "vacancy-credit-loss-and-concession-double-counting", "title": "Vacancy credit loss and concession double counting", "description": "Avoid overlapping deductions that distort lender cash flow. Includes reconciled income-loss waterfall.", "url": "https://commercialdebtadvisory.com/underwriting/vacancy-credit-loss-and-concession-double-counting/", "collection": "underwriting", "type": "guide", "stage": "Underwrite credit", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fannie-small", "label": "Fannie Mae — Small Mortgage Loan Underwritten NCF", "url": "https://mfguide.fanniemae.com/fnmf-pdf/download/3776", "section": "Required Underwritten Net Cash Flow (Small Mortgage Loans), income table, page 4", "checked": "2026-10-21", "applicability": "Small Mortgage Loan program context only; official indexed text inspected, direct fetch returned 403; no numerical minimum is generalized.", "sourceDateNotes": "Indexed PDF footer June 2, 2026" } ], "markdown": "https://commercialdebtadvisory.com/markdown/vacancy-credit-loss-and-concession-double-counting.md" }, { "id": "CDA-094", "slug": "three-lenders-three-loan-amounts", "title": "Three lenders, three loan amounts: reconcile the underwriting", "description": "Trace different commercial loan quotes to their cash-flow definitions, amortization and binding LTV, DSCR or debt-yield constraint.", "url": "https://commercialdebtadvisory.com/underwriting/three-lenders-three-loan-amounts/", "collection": "underwriting", "type": "guide", "stage": "Underwrite credit", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-sizing", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed page 43: Debt-Service Coverage Ratio; Debt Yield", "checked": "2026-10-21", "applicability": "Bank supervision context. Numerical thresholds in this article are hypothetical, not OCC limits." } ], "markdown": "https://commercialdebtadvisory.com/markdown/three-lenders-three-loan-amounts.md" }, { "id": "CDA-095", "slug": "dscr-sizing-with-actual-and-underwritten-debt-service", "title": "DSCR sizing with actual and underwritten debt service", "description": "Determine how contractual and underwriting payments produce different proceeds. Includes payment-definition and loan-capacity comparison.", "url": "https://commercialdebtadvisory.com/underwriting/dscr-sizing-with-actual-and-underwritten-debt-service/", "collection": "underwriting", "type": "guide", "stage": "Size debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fannie-dscr", "label": "Fannie Mae — Small Mortgage Loan Underwritten DSCR", "url": "https://mfguide.fanniemae.com/fnmf-pdf/download/3781", "section": "Underwritten DSCR table, item 2 and footnotes", "checked": "2026-10-21", "applicability": "Specific Small Mortgage Loan definition; official indexed text inspected, direct PDF returned 403. No current floor or minimum ratio is asserted." }, { "id": "ms-pmt", "label": "Microsoft — PMT function", "url": "https://support.microsoft.com/en-us/excel/functions/pmt-function", "section": "Syntax and remarks: periodic rate, number of payments, principal and interest", "checked": "2026-10-21", "applicability": "Calculation reference for constant-rate level payments, not commercial-loan eligibility or contractual day-count guidance." } ], "markdown": "https://commercialdebtadvisory.com/markdown/dscr-sizing-with-actual-and-underwritten-debt-service.md" }, { "id": "CDA-096", "slug": "debt-yield-sizing-and-lender-cash-flow-definitions", "title": "Debt yield sizing and lender cash-flow definitions", "description": "Evaluate debt yield without assuming consistent income definitions. Includes defined-income debt-yield reconciliation.", "url": "https://commercialdebtadvisory.com/underwriting/debt-yield-sizing-and-lender-cash-flow-definitions/", "collection": "underwriting", "type": "guide", "stage": "Size debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-totaldebt", "label": "SEC-filed agreed-upon procedures report — September 22, 2025", "url": "https://www.sec.gov/Archives/edgar/data/1547361/000153949725002434/exh1.htm", "section": "Attachment A procedures 12–14; scope and source-document notes", "checked": "2026-10-21", "applicability": "Historical report distinguishes mortgage and total debt metrics and NOI/NCF definitions. Agreed-upon procedures are not a guarantee of inputs, credit quality or another loan’s covenant.", "sourceDateNotes": "Historical report dated September 22, 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/debt-yield-sizing-and-lender-cash-flow-definitions.md" }, { "id": "CDA-097", "slug": "ltv-sizing-when-purchase-price-differs-from-appraisal", "title": "LTV sizing when purchase price differs from appraisal", "description": "Identify the collateral basis controlling proposed leverage. Includes purchase-price appraisal and loan-basis decision table.", "url": "https://commercialdebtadvisory.com/underwriting/ltv-sizing-when-purchase-price-differs-from-appraisal/", "collection": "underwriting", "type": "guide", "stage": "Size debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-value", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed page 26, footnote 28: acquisition value definition; page 44 Loan-to-Value Ratio", "checked": "2026-10-21", "applicability": "Bank supervisory framework and definition; not a universal nonbank loan offer, valuation or promise of maximum leverage.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/ltv-sizing-when-purchase-price-differs-from-appraisal.md" }, { "id": "CDA-098", "slug": "ltc-eligible-costs-and-borrower-equity-classification", "title": "LTC eligible costs and borrower equity classification", "description": "Determine which project costs count toward the lender's leverage test. Includes eligible-cost and excluded-cost sources-and-uses bridge.", "url": "https://commercialdebtadvisory.com/underwriting/ltc-eligible-costs-and-borrower-equity-classification/", "collection": "underwriting", "type": "guide", "stage": "Size debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cost", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 33–35: Project Costs, Budget and Equity", "checked": "2026-10-21", "applicability": "Bank supervisory context; actual eligible budget and equity recognition require the lender’s terms.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/ltc-eligible-costs-and-borrower-equity-classification.md" }, { "id": "CDA-099", "slug": "loan-constants-and-rate-sensitivity-in-proceeds-estimates", "title": "Loan constants and rate sensitivity in proceeds estimates", "description": "Quantify how amortization and rate assumptions alter debt capacity. Includes loan-constant sensitivity table with independent checks.", "url": "https://commercialdebtadvisory.com/underwriting/loan-constants-and-rate-sensitivity-in-proceeds-estimates/", "collection": "underwriting", "type": "guide", "stage": "Size debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "ms-pmt", "label": "Microsoft — PMT function", "url": "https://support.microsoft.com/en-us/excel/functions/pmt-function", "section": "Syntax and remarks: periodic rate, number of payments, principal and interest", "checked": "2026-10-21", "applicability": "Calculation reference for constant-rate level payments, not commercial-loan eligibility or contractual day-count guidance." } ], "markdown": "https://commercialdebtadvisory.com/markdown/loan-constants-and-rate-sensitivity-in-proceeds-estimates.md" }, { "id": "CDA-100", "slug": "interest-only-underwriting-and-the-amortizing-refinance-test", "title": "Interest-only underwriting and the amortizing refinance test", "description": "Evaluate an interest-only loan against the next loan's payment burden. Includes current-payment versus exit-payment sizing schedule.", "url": "https://commercialdebtadvisory.com/underwriting/interest-only-underwriting-and-the-amortizing-refinance-test/", "collection": "underwriting", "type": "guide", "stage": "Size debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "ms-pmt", "label": "Microsoft — PMT function", "url": "https://support.microsoft.com/en-us/excel/functions/pmt-function", "section": "Syntax and remarks: periodic rate, number of payments, principal and interest", "checked": "2026-10-21", "applicability": "Calculation reference for constant-rate level payments, not commercial-loan eligibility or contractual day-count guidance." } ], "markdown": "https://commercialdebtadvisory.com/markdown/interest-only-underwriting-and-the-amortizing-refinance-test.md" }, { "id": "CDA-101", "slug": "construction-commitment-funded-balance-and-interest", "title": "Construction commitment, funded balance and interest", "description": "Model construction interest from the draw schedule and distinguish committed principal, financed fees and sponsor-paid carrying costs.", "url": "https://commercialdebtadvisory.com/underwriting/construction-commitment-funded-balance-and-interest/", "collection": "underwriting", "type": "guide", "stage": "Size debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-reserves", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 7–8: Interest Reserves", "checked": "2026-10-21", "applicability": "Bank supervision guidance; funding order and interest mechanics remain contract-specific." } ], "markdown": "https://commercialdebtadvisory.com/markdown/construction-commitment-funded-balance-and-interest.md" }, { "id": "CDA-102", "slug": "combined-senior-and-subordinate-debt-coverage", "title": "Combined senior and subordinate debt coverage", "description": "Determine whether property cash covers all required debt payments. Includes payment-priority and combined-coverage schedule.", "url": "https://commercialdebtadvisory.com/underwriting/combined-senior-and-subordinate-debt-coverage/", "collection": "underwriting", "type": "guide", "stage": "Size debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-senior-total", "label": "Wells Fargo Commercial Mortgage Trust 2025-C64 — preliminary term sheet", "url": "https://www.sec.gov/Archives/edgar/data/2053102/000153949725000289/n4801_x6-ts.htm", "section": "Characteristics of the Mortgage Pool, section C: Additional Secured and Mezzanine Financing", "checked": "2026-10-21", "applicability": "Historical illustrative distinction between mortgage and total-debt metrics; preliminary securities disclosure is not a borrower commitment or current lending policy.", "sourceDateNotes": "Historical preliminary term sheet dated February 3, 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/combined-senior-and-subordinate-debt-coverage.md" }, { "id": "CDA-103", "slug": "net-loan-proceeds-after-fees-deposits-and-required-reserves", "title": "Net loan proceeds after fees deposits and required reserves", "description": "Identify the amount available for purchase or borrower distribution. Includes gross-to-net closing proceeds waterfall.", "url": "https://commercialdebtadvisory.com/underwriting/net-loan-proceeds-after-fees-deposits-and-required-reserves/", "collection": "underwriting", "type": "guide", "stage": "Size debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-advances", "label": "SEC-filed Dean Member LLC mezzanine loan agreement", "url": "https://www.sec.gov/Archives/edgar/data/1649096/000143774925025574/ex_849369.htm", "section": "Sections 2.02 Use of Proceeds; 2.03 Loan Advances; 4.05 Reserve Disbursements", "checked": "2026-10-21", "applicability": "One historical agreement illustrates separate uses, advances and reserve conditions; it does not govern another transaction.", "sourceDateNotes": "Historical agreement dated May 2, 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/net-loan-proceeds-after-fees-deposits-and-required-reserves.md" }, { "id": "CDA-104", "slug": "loan-sizing-with-simultaneous-constraints-and-discontinuities", "title": "Loan sizing with simultaneous constraints and discontinuities", "description": "Locate the binding constraint and identify when it changes. Includes piecewise sizing frontier showing threshold changes.", "url": "https://commercialdebtadvisory.com/underwriting/loan-sizing-with-simultaneous-constraints-and-discontinuities/", "collection": "underwriting", "type": "guide", "stage": "Size debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-advances", "label": "SEC-filed Dean Member LLC mezzanine loan agreement", "url": "https://www.sec.gov/Archives/edgar/data/1649096/000143774925025574/ex_849369.htm", "section": "Sections 2.02 Use of Proceeds; 2.03 Loan Advances; 4.05 Reserve Disbursements", "checked": "2026-10-21", "applicability": "One historical agreement illustrates separate uses, advances and reserve conditions; it does not govern another transaction.", "sourceDateNotes": "Historical agreement dated May 2, 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/loan-sizing-with-simultaneous-constraints-and-discontinuities.md" }, { "id": "CDA-105", "slug": "sponsor-net-worth-evidence-and-illiquid-asset-discounts", "title": "Sponsor net worth evidence and illiquid asset discounts", "description": "Determine which claimed assets support a credible financial statement. Includes asset evidence and liquidity classification schedule.", "url": "https://commercialdebtadvisory.com/underwriting/sponsor-net-worth-evidence-and-illiquid-asset-discounts/", "collection": "underwriting", "type": "guide", "stage": "Prepare borrower", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sba-pfs", "label": "SBA Form 413 — Personal Financial Statement", "url": "https://legacy.sba.gov/sites/default/files/2025-02/SBAForm413.pdf", "section": "Pages 2–3: assets, liabilities, contingent liabilities, securities and real estate schedules", "checked": "2026-10-21", "applicability": "An official example of financial disclosure fields, not a form required for every commercial loan or an assertion of SBA eligibility.", "sourceDateNotes": "SBA source page effective February 13, 2025; form footer 05-24" } ], "markdown": "https://commercialdebtadvisory.com/markdown/sponsor-net-worth-evidence-and-illiquid-asset-discounts.md" }, { "id": "CDA-106", "slug": "post-closing-liquidity-and-competing-borrower-commitments", "title": "Post-closing liquidity and competing borrower commitments", "description": "Evaluate liquidity after all known transaction obligations. Includes dated liquidity waterfall with contingent uses.", "url": "https://commercialdebtadvisory.com/underwriting/post-closing-liquidity-and-competing-borrower-commitments/", "collection": "underwriting", "type": "guide", "stage": "Prepare borrower", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "ncua-global", "label": "NCUA Examiner’s Guide — Financial Analysis and Credit Approval Document", "url": "https://publishedguides.ncua.gov/examiner/content/examinersguide/Commercial%26MBL/CommLoanPolicy/FinancialAnalysis.htm", "section": "Financial Analysis; Credit Approval Document — guarantor/global analysis", "checked": "2026-10-21", "applicability": "Credit-union supervisory guidance; actual lender policy, required entities and accepted evidence depend on the transaction." } ], "markdown": "https://commercialdebtadvisory.com/markdown/post-closing-liquidity-and-competing-borrower-commitments.md" }, { "id": "CDA-107", "slug": "global-cash-flow-across-properties-and-operating-companies", "title": "Global cash flow across properties and operating companies", "description": "Determine whether outside income can support the requested debt. Includes entity-to-guarantor global cash-flow reconciliation.", "url": "https://commercialdebtadvisory.com/underwriting/global-cash-flow-across-properties-and-operating-companies/", "collection": "underwriting", "type": "guide", "stage": "Prepare borrower", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "ncua-global", "label": "NCUA Examiner’s Guide — Financial Analysis and Credit Approval Document", "url": "https://publishedguides.ncua.gov/examiner/content/examinersguide/Commercial%26MBL/CommLoanPolicy/FinancialAnalysis.htm", "section": "Financial Analysis; Credit Approval Document — guarantor/global analysis", "checked": "2026-10-21", "applicability": "Credit-union supervisory guidance; actual lender policy, required entities and accepted evidence depend on the transaction." } ], "markdown": "https://commercialdebtadvisory.com/markdown/global-cash-flow-across-properties-and-operating-companies.md" }, { "id": "CDA-108", "slug": "contingent-guarantees-and-aggregate-sponsor-exposure", "title": "Contingent guarantees and aggregate sponsor exposure", "description": "Identify guarantees that may consume sponsor capacity. Includes guarantee obligation and scenario register.", "url": "https://commercialdebtadvisory.com/underwriting/contingent-guarantees-and-aggregate-sponsor-exposure/", "collection": "underwriting", "type": "guide", "stage": "Prepare borrower", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sba-pfs", "label": "SBA Form 413 — Personal Financial Statement", "url": "https://legacy.sba.gov/sites/default/files/2025-02/SBAForm413.pdf", "section": "Pages 2–3: assets, liabilities, contingent liabilities, securities and real estate schedules", "checked": "2026-10-21", "applicability": "An official example of financial disclosure fields, not a form required for every commercial loan or an assertion of SBA eligibility.", "sourceDateNotes": "SBA source page effective February 13, 2025; form footer 05-24" } ], "markdown": "https://commercialdebtadvisory.com/markdown/contingent-guarantees-and-aggregate-sponsor-exposure.md" }, { "id": "CDA-109", "slug": "real-estate-owned-schedules-and-undisclosed-financing-gaps", "title": "Real estate owned schedules and undisclosed financing gaps", "description": "Verify portfolio debt performance and upcoming capital needs. Includes property-level debt and equity obligation reconciliation.", "url": "https://commercialdebtadvisory.com/underwriting/real-estate-owned-schedules-and-undisclosed-financing-gaps/", "collection": "underwriting", "type": "guide", "stage": "Prepare borrower", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sba-pfs", "label": "SBA Form 413 — Personal Financial Statement", "url": "https://legacy.sba.gov/sites/default/files/2025-02/SBAForm413.pdf", "section": "Pages 2–3: assets, liabilities, contingent liabilities, securities and real estate schedules", "checked": "2026-10-21", "applicability": "An official example of financial disclosure fields, not a form required for every commercial loan or an assertion of SBA eligibility.", "sourceDateNotes": "SBA source page effective February 13, 2025; form footer 05-24" } ], "markdown": "https://commercialdebtadvisory.com/markdown/real-estate-owned-schedules-and-undisclosed-financing-gaps.md" }, { "id": "CDA-110", "slug": "new-sponsorship-and-evidence-of-transferable-experience", "title": "New sponsorship and evidence of transferable experience", "description": "Decide how to explain relevant experience without overstating a track record. Includes experience evidence matrix tied to required project responsibilities.", "url": "https://commercialdebtadvisory.com/underwriting/new-sponsorship-and-evidence-of-transferable-experience/", "collection": "underwriting", "type": "guide", "stage": "Prepare borrower", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-experience", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed page 32: Evaluating the Developer Borrower", "checked": "2026-10-21", "applicability": "Bank construction-credit context for ability and experience; not a universal minimum project count.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/new-sponsorship-and-evidence-of-transferable-experience.md" }, { "id": "CDA-111", "slug": "joint-venture-ownership-and-lender-decision-authority", "title": "Joint venture ownership and lender decision authority", "description": "Identify who can bind the borrower and provide required guarantees. Includes authority ownership and consent responsibility map.", "url": "https://commercialdebtadvisory.com/underwriting/joint-venture-ownership-and-lender-decision-authority/", "collection": "underwriting", "type": "guide", "stage": "Prepare borrower", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "delaware-authority", "label": "Delaware Code — LLC management and voting", "url": "https://delcode.delaware.gov/title6/c018/sc04/", "section": "6 Del. C. §§18-402 and 18-404", "checked": "2026-10-21", "applicability": "Delaware LLC statutory context only; the actual agreement, entity law and counsel’s analysis govern transaction authority." } ], "markdown": "https://commercialdebtadvisory.com/markdown/joint-venture-ownership-and-lender-decision-authority.md" }, { "id": "CDA-112", "slug": "foreign-ownership-evidence-and-financing-documentation", "title": "Foreign ownership evidence and financing documentation", "description": "Identify additional verification questions without assuming universal restrictions. Includes ownership residency and document verification checklist.", "url": "https://commercialdebtadvisory.com/underwriting/foreign-ownership-evidence-and-financing-documentation/", "collection": "underwriting", "type": "guide", "stage": "Prepare borrower", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fincen-cdd", "label": "FinCEN — CDD Rule consolidated FAQs", "url": "https://www.fincen.gov/resources/statutes-and-regulations/cdd-rule-faqs", "section": "A.2 and A.5; B.1.a–b; B.7; identification and verification", "checked": "2026-10-21", "applicability": "Covered financial institutions and stated exemptions/relief; not a universal nonbank checklist or a substitute for separate BOI-reporting analysis.", "sourceDateNotes": "Relevant FAQs updated May 6, 2026, incorporating February 13, 2026 exceptive relief" } ], "markdown": "https://commercialdebtadvisory.com/markdown/foreign-ownership-evidence-and-financing-documentation.md" }, { "id": "CDA-113", "slug": "credit-events-and-a-fact-based-lender-explanation", "title": "Credit events and a fact-based lender explanation", "description": "Prepare documented context for a prior default or credit event. Includes event chronology remediation evidence and unresolved-issue memo.", "url": "https://commercialdebtadvisory.com/underwriting/credit-events-and-a-fact-based-lender-explanation/", "collection": "underwriting", "type": "guide", "stage": "Prepare borrower", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "cfpb-dispute", "label": "CFPB — Disputing a credit-report error", "url": "https://www.consumerfinance.gov/ask-cfpb/how-do-i-dispute-an-error-on-my-credit-report-en-314/", "section": "How to dispute an error: reporting company and furnisher", "checked": "2026-10-21", "applicability": "Consumer credit-report disputes; not a rule covering every business credit report or a guarantee of score improvement or loan approval.", "sourceDateNotes": "Page reviewed September 2, 2026" } ], "markdown": "https://commercialdebtadvisory.com/markdown/credit-events-and-a-fact-based-lender-explanation.md" }, { "id": "CDA-114", "slug": "sponsor-concentration-risk-across-simultaneous-projects", "title": "Sponsor concentration risk across simultaneous projects", "description": "Evaluate capital and attention demands across a pipeline. Includes concurrent obligation and liquidity stress schedule.", "url": "https://commercialdebtadvisory.com/underwriting/sponsor-concentration-risk-across-simultaneous-projects/", "collection": "underwriting", "type": "guide", "stage": "Prepare borrower", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "ncua-global", "label": "NCUA Examiner’s Guide — Financial Analysis and Credit Approval Document", "url": "https://publishedguides.ncua.gov/examiner/content/examinersguide/Commercial%26MBL/CommLoanPolicy/FinancialAnalysis.htm", "section": "Financial Analysis; Credit Approval Document — guarantor/global analysis", "checked": "2026-10-21", "applicability": "Credit-union supervisory guidance; actual lender policy, required entities and accepted evidence depend on the transaction." } ], "markdown": "https://commercialdebtadvisory.com/markdown/sponsor-concentration-risk-across-simultaneous-projects.md" }, { "id": "CDA-115", "slug": "as-is-as-complete-and-stabilized-value-in-one-debt-request", "title": "As-is as-complete and stabilized value in one debt request", "description": "Use valuation conclusions only for the conditions they assume. Includes value-premise and funding-stage reconciliation.", "url": "https://commercialdebtadvisory.com/underwriting/as-is-as-complete-and-stabilized-value-in-one-debt-request/", "collection": "underwriting", "type": "guide", "stage": "Underwrite collateral", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fed-value", "label": "Federal Reserve — Interagency Appraisal and Evaluation Guidelines", "url": "https://www.federalreserve.gov/frrs/guidance/interagency-appraisal-and-evaluation-guidelines.htm", "section": "VIII Minimum Appraisal Standards; IX Appraisal Development; XIV Validity; XV Review; Appendix D", "checked": "2026-10-21", "applicability": "Valuation principles in bank supervisory context only; historical numerical appraisal exemptions in this document are not relied upon as current law.", "sourceDateNotes": "2010 interagency guidance, hosted in the Federal Reserve Regulatory Service" } ], "markdown": "https://commercialdebtadvisory.com/markdown/as-is-as-complete-and-stabilized-value-in-one-debt-request.md" }, { "id": "CDA-116", "slug": "appraisal-conditions-that-change-financing-availability", "title": "Appraisal conditions that change financing availability", "description": "Identify assumptions and extraordinary conditions affecting proceeds. Includes appraisal-condition-to-credit-decision matrix.", "url": "https://commercialdebtadvisory.com/underwriting/appraisal-conditions-that-change-financing-availability/", "collection": "underwriting", "type": "guide", "stage": "Underwrite collateral", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fed-value", "label": "Federal Reserve — Interagency Appraisal and Evaluation Guidelines", "url": "https://www.federalreserve.gov/frrs/guidance/interagency-appraisal-and-evaluation-guidelines.htm", "section": "VIII Minimum Appraisal Standards; IX Appraisal Development; XIV Validity; XV Review; Appendix D", "checked": "2026-10-21", "applicability": "Valuation principles in bank supervisory context only; historical numerical appraisal exemptions in this document are not relied upon as current law.", "sourceDateNotes": "2010 interagency guidance, hosted in the Federal Reserve Regulatory Service" } ], "markdown": "https://commercialdebtadvisory.com/markdown/appraisal-conditions-that-change-financing-availability.md" }, { "id": "CDA-117", "slug": "cap-rate-expansion-and-refinance-equity-requirements", "title": "Cap rate expansion and refinance equity requirements", "description": "Quantify the equity consequence of a changing exit cap rate. Includes value and refinance equity sensitivity bridge.", "url": "https://commercialdebtadvisory.com/underwriting/cap-rate-expansion-and-refinance-equity-requirements/", "collection": "underwriting", "type": "guide", "stage": "Underwrite collateral", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cash", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 42–43: Income-Generating Capacity; Debt-Service Coverage Ratio", "checked": "2026-10-21", "applicability": "Supervisory handbook for OCC-regulated banks; no universal borrower ratio or expense convention.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" }, { "id": "occ-value", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed page 26, footnote 28: acquisition value definition; page 44 Loan-to-Value Ratio", "checked": "2026-10-21", "applicability": "Bank supervisory framework and definition; not a universal nonbank loan offer, valuation or promise of maximum leverage.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/cap-rate-expansion-and-refinance-equity-requirements.md" }, { "id": "CDA-118", "slug": "income-approach-sales-evidence-and-lender-reconciliation", "title": "Income approach sales evidence and lender reconciliation", "description": "Determine which valuation conflicts need resolution before approval. Includes evidence conflict register for lender appraisal questions.", "url": "https://commercialdebtadvisory.com/underwriting/income-approach-sales-evidence-and-lender-reconciliation/", "collection": "underwriting", "type": "guide", "stage": "Underwrite collateral", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fed-value", "label": "Federal Reserve — Interagency Appraisal and Evaluation Guidelines", "url": "https://www.federalreserve.gov/frrs/guidance/interagency-appraisal-and-evaluation-guidelines.htm", "section": "VIII Minimum Appraisal Standards; IX Appraisal Development; XIV Validity; XV Review; Appendix D", "checked": "2026-10-21", "applicability": "Valuation principles in bank supervisory context only; historical numerical appraisal exemptions in this document are not relied upon as current law.", "sourceDateNotes": "2010 interagency guidance, hosted in the Federal Reserve Regulatory Service" } ], "markdown": "https://commercialdebtadvisory.com/markdown/income-approach-sales-evidence-and-lender-reconciliation.md" }, { "id": "CDA-119", "slug": "above-market-leases-and-financeable-collateral-value", "title": "Above-market leases and financeable collateral value", "description": "Evaluate the debt effect of income unlikely to survive rollover. Includes contract-to-market income and collateral sensitivity.", "url": "https://commercialdebtadvisory.com/underwriting/above-market-leases-and-financeable-collateral-value/", "collection": "underwriting", "type": "guide", "stage": "Underwrite collateral", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cash", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 42–43: Income-Generating Capacity; Debt-Service Coverage Ratio", "checked": "2026-10-21", "applicability": "Supervisory handbook for OCC-regulated banks; no universal borrower ratio or expense convention.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/above-market-leases-and-financeable-collateral-value.md" }, { "id": "CDA-120", "slug": "land-value-credit-for-contributed-and-recently-purchased-land", "title": "Land value credit for contributed and recently purchased land", "description": "Determine how a lender treats contributed land in leverage calculations. Includes basis appraisal and eligible-equity reconciliation.", "url": "https://commercialdebtadvisory.com/underwriting/land-value-credit-for-contributed-and-recently-purchased-land/", "collection": "underwriting", "type": "guide", "stage": "Underwrite collateral", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cost", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 33–35: Project Costs, Budget and Equity", "checked": "2026-10-21", "applicability": "Bank supervisory context; actual eligible budget and equity recognition require the lender’s terms.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/land-value-credit-for-contributed-and-recently-purchased-land.md" }, { "id": "CDA-121", "slug": "leasehold-value-and-remaining-ground-lease-term", "title": "Leasehold value and remaining ground lease term", "description": "Evaluate how leasehold tenure affects collateral and takeout. Includes remaining-term and debt-maturity comparison.", "url": "https://commercialdebtadvisory.com/underwriting/leasehold-value-and-remaining-ground-lease-term/", "collection": "underwriting", "type": "guide", "stage": "Underwrite collateral", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fannie-ground", "label": "Fannie Mae Multifamily Guide — Property", "url": "https://mfguide.fanniemae.com/node/3041", "section": "Section 105 Ground Leased Properties; 105.04 Ground Lease Review (official indexed text; direct retrieval returned 403)", "checked": "2026-10-21", "applicability": "Specific multifamily program context. Official indexed text inspected; direct retrieval returned 403. No universal minimum remaining term is asserted." } ], "markdown": "https://commercialdebtadvisory.com/markdown/leasehold-value-and-remaining-ground-lease-term.md" }, { "id": "CDA-122", "slug": "portfolio-appraisal-allocations-and-property-release-economics", "title": "Portfolio appraisal allocations and property release economics", "description": "Assess whether allocated values support proposed release terms. Includes appraised allocation and release-proceeds comparison.", "url": "https://commercialdebtadvisory.com/underwriting/portfolio-appraisal-allocations-and-property-release-economics/", "collection": "underwriting", "type": "guide", "stage": "Underwrite collateral", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-release", "label": "SEC-filed BMO 2025-C13 mortgage loan purchase agreement", "url": "https://www.sec.gov/Archives/edgar/data/2061838/000153949725002567/exh99_6-gsmcmlpa.htm", "section": "Schedule C, exception 27 Mortgage Releases — BioMed MIT Portfolio, pages C-3–C-4", "checked": "2026-10-21", "applicability": "Transaction-specific disclosure illustrates allocated amounts, release formulas and residual tests; no disclosed percentage or right is generalized to another borrower.", "sourceDateNotes": "Historical agreement dated October 1, 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/portfolio-appraisal-allocations-and-property-release-economics.md" }, { "id": "CDA-123", "slug": "specialized-equipment-and-real-property-value-separation", "title": "Specialized equipment and real property value separation", "description": "Identify collateral value dependent on equipment or an operating business. Includes component collateral valuation evidence schedule.", "url": "https://commercialdebtadvisory.com/underwriting/specialized-equipment-and-real-property-value-separation/", "collection": "underwriting", "type": "guide", "stage": "Underwrite collateral", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-components", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed page 62: Appraisals and Evaluations — going-concern components and other acceptable collateral", "checked": "2026-10-21", "applicability": "Current handbook distinguishes real estate, personal property and intangible components; acceptance of other collateral is conditional, not automatic.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/specialized-equipment-and-real-property-value-separation.md" }, { "id": "CDA-124", "slug": "appraisal-review-disputes-and-additional-evidence-requests", "title": "Appraisal review disputes and additional evidence requests", "description": "Decide what factual evidence supports an appraisal review request. Includes comparable and factual discrepancy submission checklist.", "url": "https://commercialdebtadvisory.com/underwriting/appraisal-review-disputes-and-additional-evidence-requests/", "collection": "underwriting", "type": "guide", "stage": "Underwrite collateral", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fed-value", "label": "Federal Reserve — Interagency Appraisal and Evaluation Guidelines", "url": "https://www.federalreserve.gov/frrs/guidance/interagency-appraisal-and-evaluation-guidelines.htm", "section": "VIII Minimum Appraisal Standards; IX Appraisal Development; XIV Validity; XV Review; Appendix D", "checked": "2026-10-21", "applicability": "Valuation principles in bank supervisory context only; historical numerical appraisal exemptions in this document are not relied upon as current law.", "sourceDateNotes": "2010 interagency guidance, hosted in the Federal Reserve Regulatory Service" } ], "markdown": "https://commercialdebtadvisory.com/markdown/appraisal-review-disputes-and-additional-evidence-requests.md" }, { "id": "CDA-125", "slug": "debt-capacity-under-correlated-noi-rate-and-value-shocks", "title": "Debt capacity under correlated NOI rate and value shocks", "description": "Evaluate combinations of adverse changes rather than isolated sensitivities. Includes joint shock grid with binding-constraint output.", "url": "https://commercialdebtadvisory.com/underwriting/debt-capacity-under-correlated-noi-rate-and-value-shocks/", "collection": "underwriting", "type": "guide", "stage": "Stress financing", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fed-workout", "label": "Federal Reserve — Prudent CRE Loan Accommodations and Workouts", "url": "https://www.federalreserve.gov/frrs/guidance/policy-statement-on-prudent-commercial-real-estate-loan-accommodations-and-workouts.htm", "section": "Section IV Long-Term Loan Workout Arrangements; A Supervisory Assessment of Repayment Ability of Commercial Borrowers; B Supervisory Assessment of Guarantees and Sponsorships", "checked": "2026-10-21", "applicability": "Supervisory analysis of accommodations and workouts; examples and supervisory classifications are not borrower rights or guaranteed loan outcomes.", "sourceDateNotes": "2023 interagency policy statement" } ], "markdown": "https://commercialdebtadvisory.com/markdown/debt-capacity-under-correlated-noi-rate-and-value-shocks.md" }, { "id": "CDA-126", "slug": "break-even-collections-for-debt-service-and-required-reserves", "title": "Break-even collections for debt service and required reserves", "description": "Determine collections needed for all specified cash obligations. Includes collections threshold and expense convention schedule.", "url": "https://commercialdebtadvisory.com/underwriting/break-even-collections-for-debt-service-and-required-reserves/", "collection": "underwriting", "type": "guide", "stage": "Stress financing", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cash", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 42–43: Income-Generating Capacity; Debt-Service Coverage Ratio", "checked": "2026-10-21", "applicability": "Supervisory handbook for OCC-regulated banks; no universal borrower ratio or expense convention.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/break-even-collections-for-debt-service-and-required-reserves.md" }, { "id": "CDA-127", "slug": "interest-rate-floor-protection-and-borrower-downside", "title": "Interest-rate floor protection and borrower downside", "description": "Identify when rate declines stop lowering debt service. Includes floor-sensitive coupon and payment scenarios.", "url": "https://commercialdebtadvisory.com/underwriting/interest-rate-floor-protection-and-borrower-downside/", "collection": "underwriting", "type": "guide", "stage": "Stress financing", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "arrc-floor", "label": "ARRC — Term SOFR and SOFR Averages conventions", "url": "https://www.newyorkfed.org/medialibrary/Microsites/arrc/files/2021/Term_SOFR_Avgs_Conventions.pdf", "section": "Interest Rate Floor; new-loan and legacy-fallback conventions", "checked": "2026-10-21", "applicability": "Recommended business-loan conventions, not mandatory terms; actual benchmark, spread adjustment, floor and hedge documents control.", "sourceDateNotes": "2021 recommended conventions" } ], "markdown": "https://commercialdebtadvisory.com/markdown/interest-rate-floor-protection-and-borrower-downside.md" }, { "id": "CDA-128", "slug": "refinance-proceeds-when-lender-leverage-tightens", "title": "Refinance proceeds when lender leverage tightens", "description": "Quantify the effect of a changing credit box at maturity. Includes base-to-tightened proceeds attribution bridge.", "url": "https://commercialdebtadvisory.com/underwriting/refinance-proceeds-when-lender-leverage-tightens/", "collection": "underwriting", "type": "guide", "stage": "Stress financing", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fed-workout", "label": "Federal Reserve — Prudent CRE Loan Accommodations and Workouts", "url": "https://www.federalreserve.gov/frrs/guidance/policy-statement-on-prudent-commercial-real-estate-loan-accommodations-and-workouts.htm", "section": "Section IV Long-Term Loan Workout Arrangements; A Supervisory Assessment of Repayment Ability of Commercial Borrowers; B Supervisory Assessment of Guarantees and Sponsorships", "checked": "2026-10-21", "applicability": "Supervisory analysis of accommodations and workouts; examples and supervisory classifications are not borrower rights or guaranteed loan outcomes.", "sourceDateNotes": "2023 interagency policy statement" } ], "markdown": "https://commercialdebtadvisory.com/markdown/refinance-proceeds-when-lender-leverage-tightens.md" }, { "id": "CDA-129", "slug": "delayed-stabilization-and-additional-borrower-cash", "title": "Delayed stabilization and additional borrower cash", "description": "Determine the funding needed when operating improvement arrives late. Includes timing-shift cash deficit and interest schedule.", "url": "https://commercialdebtadvisory.com/underwriting/delayed-stabilization-and-additional-borrower-cash/", "collection": "underwriting", "type": "guide", "stage": "Stress financing", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fed-workout", "label": "Federal Reserve — Prudent CRE Loan Accommodations and Workouts", "url": "https://www.federalreserve.gov/frrs/guidance/policy-statement-on-prudent-commercial-real-estate-loan-accommodations-and-workouts.htm", "section": "Section IV Long-Term Loan Workout Arrangements; A Supervisory Assessment of Repayment Ability of Commercial Borrowers; B Supervisory Assessment of Guarantees and Sponsorships", "checked": "2026-10-21", "applicability": "Supervisory analysis of accommodations and workouts; examples and supervisory classifications are not borrower rights or guaranteed loan outcomes.", "sourceDateNotes": "2023 interagency policy statement" } ], "markdown": "https://commercialdebtadvisory.com/markdown/delayed-stabilization-and-additional-borrower-cash.md" }, { "id": "CDA-130", "slug": "expense-inflation-and-fixed-rent-debt-capacity", "title": "Expense inflation and fixed-rent debt capacity", "description": "Evaluate debt resilience when rent cannot reset with costs. Includes contractual rent and expense-growth coverage grid.", "url": "https://commercialdebtadvisory.com/underwriting/expense-inflation-and-fixed-rent-debt-capacity/", "collection": "underwriting", "type": "guide", "stage": "Stress financing", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "peco-leases", "label": "Phillips Edison & Company — 2025 lease income table", "url": "https://www.sec.gov/Archives/edgar/data/1476204/000147620426000005/R33.htm", "section": "Schedule of Operating Leases and footnotes", "checked": "2026-10-21", "applicability": "Historical issuer disclosure illustrating distinct income categories; no issuer financial condition or current lender policy is inferred.", "sourceDateNotes": "Year ended December 31, 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/expense-inflation-and-fixed-rent-debt-capacity.md" }, { "id": "CDA-131", "slug": "unfunded-capital-work-and-the-apparent-dscr-cushion", "title": "Unfunded capital work and the apparent DSCR cushion", "description": "Determine whether coverage hides required capital spending. Includes dSCR-to-cash-availability reconciliation.", "url": "https://commercialdebtadvisory.com/underwriting/unfunded-capital-work-and-the-apparent-dscr-cushion/", "collection": "underwriting", "type": "guide", "stage": "Stress financing", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "irs-tangible", "label": "IRS — Tangible Property Final Regulations", "url": "https://www.irs.gov/businesses/small-businesses-self-employed/tangible-property-final-regulations", "section": "Deductible repairs versus capital improvements; betterment, restoration and adaptation", "checked": "2026-10-21", "applicability": "Federal tax classification only; not GAAP advice or a lender’s NOI definition." }, { "id": "sec-advances", "label": "SEC-filed Dean Member LLC mezzanine loan agreement", "url": "https://www.sec.gov/Archives/edgar/data/1649096/000143774925025574/ex_849369.htm", "section": "Sections 2.02 Use of Proceeds; 2.03 Loan Advances; 4.05 Reserve Disbursements", "checked": "2026-10-21", "applicability": "One historical agreement illustrates separate uses, advances and reserve conditions; it does not govern another transaction.", "sourceDateNotes": "Historical agreement dated May 2, 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/unfunded-capital-work-and-the-apparent-dscr-cushion.md" }, { "id": "CDA-132", "slug": "tenant-default-concentration-and-liquidity-runway", "title": "Tenant default concentration and liquidity runway", "description": "Quantify cash survival after a major tenant payment stops. Includes tenant-loss cash runway and covenant impact schedule.", "url": "https://commercialdebtadvisory.com/underwriting/tenant-default-concentration-and-liquidity-runway/", "collection": "underwriting", "type": "guide", "stage": "Stress financing", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fed-workout", "label": "Federal Reserve — Prudent CRE Loan Accommodations and Workouts", "url": "https://www.federalreserve.gov/frrs/guidance/policy-statement-on-prudent-commercial-real-estate-loan-accommodations-and-workouts.htm", "section": "Section IV Long-Term Loan Workout Arrangements; A Supervisory Assessment of Repayment Ability of Commercial Borrowers; B Supervisory Assessment of Guarantees and Sponsorships", "checked": "2026-10-21", "applicability": "Supervisory analysis of accommodations and workouts; examples and supervisory classifications are not borrower rights or guaranteed loan outcomes.", "sourceDateNotes": "2023 interagency policy statement" } ], "markdown": "https://commercialdebtadvisory.com/markdown/tenant-default-concentration-and-liquidity-runway.md" }, { "id": "CDA-133", "slug": "guarantee-calls-and-portfolio-liquidity-stress", "title": "Guarantee calls and portfolio liquidity stress", "description": "Evaluate sponsor liquidity when several obligations become payable. Includes correlated guarantee-call scenario table.", "url": "https://commercialdebtadvisory.com/underwriting/guarantee-calls-and-portfolio-liquidity-stress/", "collection": "underwriting", "type": "guide", "stage": "Stress financing", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fed-workout", "label": "Federal Reserve — Prudent CRE Loan Accommodations and Workouts", "url": "https://www.federalreserve.gov/frrs/guidance/policy-statement-on-prudent-commercial-real-estate-loan-accommodations-and-workouts.htm", "section": "Section IV Long-Term Loan Workout Arrangements; A Supervisory Assessment of Repayment Ability of Commercial Borrowers; B Supervisory Assessment of Guarantees and Sponsorships", "checked": "2026-10-21", "applicability": "Supervisory analysis of accommodations and workouts; examples and supervisory classifications are not borrower rights or guaranteed loan outcomes.", "sourceDateNotes": "2023 interagency policy statement" } ], "markdown": "https://commercialdebtadvisory.com/markdown/guarantee-calls-and-portfolio-liquidity-stress.md" }, { "id": "CDA-134", "slug": "downside-trigger-levels-and-financing-contingency-actions", "title": "Downside trigger levels and financing contingency actions", "description": "Set evidence-based thresholds for action before a funding shortfall. Includes trigger-to-action financing contingency plan.", "url": "https://commercialdebtadvisory.com/underwriting/downside-trigger-levels-and-financing-contingency-actions/", "collection": "underwriting", "type": "guide", "stage": "Stress financing", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fed-workout", "label": "Federal Reserve — Prudent CRE Loan Accommodations and Workouts", "url": "https://www.federalreserve.gov/frrs/guidance/policy-statement-on-prudent-commercial-real-estate-loan-accommodations-and-workouts.htm", "section": "Section IV Long-Term Loan Workout Arrangements; A Supervisory Assessment of Repayment Ability of Commercial Borrowers; B Supervisory Assessment of Guarantees and Sponsorships", "checked": "2026-10-21", "applicability": "Supervisory analysis of accommodations and workouts; examples and supervisory classifications are not borrower rights or guaranteed loan outcomes.", "sourceDateNotes": "2023 interagency policy statement" } ], "markdown": "https://commercialdebtadvisory.com/markdown/downside-trigger-levels-and-financing-contingency-actions.md" }, { "id": "CDA-135", "slug": "cross-collateralized-pool-coverage-and-weak-property-masking", "title": "Cross-collateralized pool coverage and weak property masking", "description": "Determine whether aggregate metrics conceal an impaired property. Includes pool and standalone credit reconciliation.", "url": "https://commercialdebtadvisory.com/underwriting/cross-collateralized-pool-coverage-and-weak-property-masking/", "collection": "underwriting", "type": "guide", "stage": "Underwrite portfolios", "level": "Advanced", "assets": [ "Portfolio" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-senior-total", "label": "Wells Fargo Commercial Mortgage Trust 2025-C64 — preliminary term sheet", "url": "https://www.sec.gov/Archives/edgar/data/2053102/000153949725000289/n4801_x6-ts.htm", "section": "Section IV.A footnote (1), printed page 9: cross-collateralized group metrics use aggregate indebtedness and may mask weaker individual loans", "checked": "2026-10-21", "applicability": "Historical illustrative distinction between mortgage and total-debt metrics; preliminary securities disclosure is not a borrower commitment or current lending policy.", "sourceDateNotes": "Historical preliminary term sheet dated February 3, 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/cross-collateralized-pool-coverage-and-weak-property-masking.md" }, { "id": "CDA-136", "slug": "portfolio-debt-maturities-and-refinancing-concentration", "title": "Portfolio debt maturities and refinancing concentration", "description": "Identify timing concentrations that strain capital capacity. Includes maturity ladder and annual equity-needs schedule.", "url": "https://commercialdebtadvisory.com/underwriting/portfolio-debt-maturities-and-refinancing-concentration/", "collection": "underwriting", "type": "guide", "stage": "Underwrite portfolios", "level": "Advanced", "assets": [ "Portfolio" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "ncua-global", "label": "NCUA Examiner’s Guide — Financial Analysis and Credit Approval Document", "url": "https://publishedguides.ncua.gov/examiner/content/examinersguide/Commercial%26MBL/CommLoanPolicy/FinancialAnalysis.htm", "section": "Financial Analysis; Credit Approval Document — guarantor/global analysis", "checked": "2026-10-21", "applicability": "Credit-union supervisory guidance; actual lender policy, required entities and accepted evidence depend on the transaction." } ], "markdown": "https://commercialdebtadvisory.com/markdown/portfolio-debt-maturities-and-refinancing-concentration.md" }, { "id": "CDA-137", "slug": "intercompany-cash-transfers-and-available-guarantor-income", "title": "Intercompany cash transfers and available guarantor income", "description": "Trace income without counting the same cash more than once. Includes entity cash transfer and ownership attribution map.", "url": "https://commercialdebtadvisory.com/underwriting/intercompany-cash-transfers-and-available-guarantor-income/", "collection": "underwriting", "type": "guide", "stage": "Underwrite portfolios", "level": "Advanced", "assets": [ "Portfolio" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "ncua-global", "label": "NCUA Examiner’s Guide — Financial Analysis and Credit Approval Document", "url": "https://publishedguides.ncua.gov/examiner/content/examinersguide/Commercial%26MBL/CommLoanPolicy/FinancialAnalysis.htm", "section": "Financial Analysis; Credit Approval Document — guarantor/global analysis", "checked": "2026-10-21", "applicability": "Credit-union supervisory guidance; actual lender policy, required entities and accepted evidence depend on the transaction." } ], "markdown": "https://commercialdebtadvisory.com/markdown/intercompany-cash-transfers-and-available-guarantor-income.md" }, { "id": "CDA-138", "slug": "joint-venture-distributions-and-sponsor-cash-availability", "title": "Joint venture distributions and sponsor cash availability", "description": "Determine which reported earnings can actually reach the guarantor. Includes distribution restriction and attributable-cash schedule.", "url": "https://commercialdebtadvisory.com/underwriting/joint-venture-distributions-and-sponsor-cash-availability/", "collection": "underwriting", "type": "guide", "stage": "Underwrite portfolios", "level": "Advanced", "assets": [ "Portfolio" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "delaware-distributions", "label": "Delaware Code — LLC distributions", "url": "https://delcode.delaware.gov/title6/c018/sc06/index.html", "section": "6 Del. C. §§18-601 and 18-607", "checked": "2026-10-21", "applicability": "Delaware LLC statutory context only; governing agreements, debt restrictions, applicable law and counsel determine actual distribution rights." } ], "markdown": "https://commercialdebtadvisory.com/markdown/joint-venture-distributions-and-sponsor-cash-availability.md" }, { "id": "CDA-139", "slug": "multiple-property-currencies-and-stated-loan-currency", "title": "Multiple property currencies and stated loan currency", "description": "Evaluate currency mismatches where applicable to a US financing request. Includes currency exposure and stress translation worksheet.", "url": "https://commercialdebtadvisory.com/underwriting/multiple-property-currencies-and-stated-loan-currency/", "collection": "underwriting", "type": "guide", "stage": "Underwrite portfolios", "level": "Advanced", "assets": [ "Portfolio" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-fx", "label": "SEC Investor.gov — International Investing", "url": "https://www.investor.gov/introduction-investing/investing-basics/investment-products/international-investing", "section": "Special risks: currency exchange rates and currency controls", "checked": "2026-10-21", "applicability": "General investor education about currency risk, not a CRE loan program, FX quote, tax method or recommendation to trade derivatives." } ], "markdown": "https://commercialdebtadvisory.com/markdown/multiple-property-currencies-and-stated-loan-currency.md" }, { "id": "CDA-140", "slug": "partial-ownership-interests-and-net-worth-attribution", "title": "Partial ownership interests and net worth attribution", "description": "Determine what portion of a claimed asset supports sponsor capacity. Includes ownership debt and attributable equity calculation.", "url": "https://commercialdebtadvisory.com/underwriting/partial-ownership-interests-and-net-worth-attribution/", "collection": "underwriting", "type": "guide", "stage": "Underwrite portfolios", "level": "Advanced", "assets": [ "Portfolio" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sba-pfs", "label": "SBA Form 413 — Personal Financial Statement", "url": "https://legacy.sba.gov/sites/default/files/2025-02/SBAForm413.pdf", "section": "Pages 2–3: assets, liabilities, contingent liabilities, securities and real estate schedules", "checked": "2026-10-21", "applicability": "An official example of financial disclosure fields, not a form required for every commercial loan or an assertion of SBA eligibility.", "sourceDateNotes": "SBA source page effective February 13, 2025; form footer 05-24" } ], "markdown": "https://commercialdebtadvisory.com/markdown/partial-ownership-interests-and-net-worth-attribution.md" }, { "id": "CDA-141", "slug": "portfolio-reserve-requirements-and-capital-allocation", "title": "Portfolio reserve requirements and capital allocation", "description": "Allocate liquidity to property obligations without double counting. Includes restricted and unrestricted cash allocation ledger.", "url": "https://commercialdebtadvisory.com/underwriting/portfolio-reserve-requirements-and-capital-allocation/", "collection": "underwriting", "type": "guide", "stage": "Underwrite portfolios", "level": "Advanced", "assets": [ "Portfolio" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-advances", "label": "SEC-filed Dean Member LLC mezzanine loan agreement", "url": "https://www.sec.gov/Archives/edgar/data/1649096/000143774925025574/ex_849369.htm", "section": "Sections 2.02 Use of Proceeds; 2.03 Loan Advances; 4.05 Reserve Disbursements", "checked": "2026-10-21", "applicability": "One historical agreement illustrates separate uses, advances and reserve conditions; it does not govern another transaction.", "sourceDateNotes": "Historical agreement dated May 2, 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/portfolio-reserve-requirements-and-capital-allocation.md" }, { "id": "CDA-142", "slug": "property-additions-and-borrowing-base-eligibility", "title": "Property additions and borrowing-base eligibility", "description": "Identify how a proposed addition changes available facility credit. Includes eligibility and borrowing-base movement schedule.", "url": "https://commercialdebtadvisory.com/underwriting/property-additions-and-borrowing-base-eligibility/", "collection": "underwriting", "type": "guide", "stage": "Underwrite portfolios", "level": "Advanced", "assets": [ "Portfolio" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-base", "label": "SEC-filed LGI Homes credit agreement amendment", "url": "https://www.sec.gov/Archives/edgar/data/1580670/000158067026000080/ex101-seventhamendmentan.htm", "section": "Definitions: Borrowing Base, Borrowing Base Certificate, Borrowing Base Property, Eligible Property; sections 4.1 and 4.8", "checked": "2026-10-21", "applicability": "One homebuilder unsecured facility; illustrates eligibility, concentration and certification mechanics only. Its property categories and advance rates are not generalized to CRE loans.", "sourceDateNotes": "Seventh amendment dated October 9, 2026, including marked agreement text" } ], "markdown": "https://commercialdebtadvisory.com/markdown/property-additions-and-borrowing-base-eligibility.md" }, { "id": "CDA-143", "slug": "debt-allocated-by-asset-versus-legal-repayment-obligations", "title": "Debt allocated by asset versus legal repayment obligations", "description": "Distinguish internal allocations from enforceable liabilities. Includes allocation-to-legal-obligation reconciliation.", "url": "https://commercialdebtadvisory.com/underwriting/debt-allocated-by-asset-versus-legal-repayment-obligations/", "collection": "underwriting", "type": "guide", "stage": "Underwrite portfolios", "level": "Advanced", "assets": [ "Portfolio" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-release", "label": "SEC-filed BMO 2025-C13 mortgage loan purchase agreement", "url": "https://www.sec.gov/Archives/edgar/data/2061838/000153949725002567/exh99_6-gsmcmlpa.htm", "section": "Schedule C, exception 27 Mortgage Releases — BioMed MIT Portfolio, pages C-3–C-4", "checked": "2026-10-21", "applicability": "Transaction-specific disclosure illustrates allocated amounts, release formulas and residual tests; no disclosed percentage or right is generalized to another borrower.", "sourceDateNotes": "Historical agreement dated October 1, 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/debt-allocated-by-asset-versus-legal-repayment-obligations.md" }, { "id": "CDA-144", "slug": "portfolio-sale-sequencing-and-remaining-debt-feasibility", "title": "Portfolio sale sequencing and remaining debt feasibility", "description": "Test whether partial dispositions leave a financeable retained pool. Includes sequential sale release and retained-coverage model.", "url": "https://commercialdebtadvisory.com/underwriting/portfolio-sale-sequencing-and-remaining-debt-feasibility/", "collection": "underwriting", "type": "guide", "stage": "Underwrite portfolios", "level": "Advanced", "assets": [ "Portfolio" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-release", "label": "SEC-filed BMO 2025-C13 mortgage loan purchase agreement", "url": "https://www.sec.gov/Archives/edgar/data/2061838/000153949725002567/exh99_6-gsmcmlpa.htm", "section": "Schedule C, exception 27 Mortgage Releases — BioMed MIT Portfolio, pages C-3–C-4", "checked": "2026-10-21", "applicability": "Transaction-specific disclosure illustrates allocated amounts, release formulas and residual tests; no disclosed percentage or right is generalized to another borrower.", "sourceDateNotes": "Historical agreement dated October 1, 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/portfolio-sale-sequencing-and-remaining-debt-feasibility.md" }, { "id": "CDA-145", "slug": "financing-feasibility-before-a-commercial-purchase-offer", "title": "Financing feasibility before a commercial purchase offer", "description": "Decide what financing evidence is needed before committing to price. Includes pre-offer financing feasibility brief.", "url": "https://commercialdebtadvisory.com/execution/financing-feasibility-before-a-commercial-purchase-offer/", "collection": "execution", "type": "guide", "stage": "Acquire", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cash", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 42–43: Income-Generating Capacity; Debt-Service Coverage Ratio", "checked": "2026-10-21", "applicability": "Supervisory handbook for OCC-regulated banks; no universal borrower ratio or expense convention.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" }, { "id": "occ-value", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed page 26, footnote 28: acquisition value definition; page 44 Loan-to-Value Ratio", "checked": "2026-10-21", "applicability": "Bank supervisory framework and definition; not a universal nonbank loan offer, valuation or promise of maximum leverage.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/financing-feasibility-before-a-commercial-purchase-offer.md" }, { "id": "CDA-146", "slug": "purchase-contract-financing-deadlines-and-lender-dependencies", "title": "Purchase contract financing deadlines and lender dependencies", "description": "Align borrower obligations with the actual financing sequence. Includes contract milestone and lender dependency calendar.", "url": "https://commercialdebtadvisory.com/execution/purchase-contract-financing-deadlines-and-lender-dependencies/", "collection": "execution", "type": "guide", "stage": "Acquire", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "alta-survey", "label": "ALTA/NSPS — 2026 Land Title Survey Standards", "url": "https://www.alta.org/policies-and-standards/policy-forms/download?formID=721&type=pdf", "section": "Sections 2 Request for Survey; 3 Standards; 4 Records Research; 6 Plat or Map; 7 Certification; Table A", "checked": "2026-10-21", "applicability": "Standards for commissioned ALTA/NSPS surveys; optional scope, local requirements and actual transaction needs require coordination. No survey or title opinion is provided.", "sourceDateNotes": "Effective February 23, 2026; version November 25, 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/purchase-contract-financing-deadlines-and-lender-dependencies.md" }, { "id": "CDA-147", "slug": "earnest-money-exposure-during-lender-underwriting", "title": "Earnest money exposure during lender underwriting", "description": "Assess cash at risk before the financing decision becomes reliable. Includes deposit exposure timeline and contingency decision points.", "url": "https://commercialdebtadvisory.com/execution/earnest-money-exposure-during-lender-underwriting/", "collection": "execution", "type": "guide", "stage": "Acquire", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-advances", "label": "SEC-filed Dean Member LLC mezzanine loan agreement", "url": "https://www.sec.gov/Archives/edgar/data/1649096/000143774925025574/ex_849369.htm", "section": "Sections 2.02 Use of Proceeds; 2.03 Loan Advances; 4.05 Reserve Disbursements", "checked": "2026-10-21", "applicability": "One historical agreement illustrates separate uses, advances and reserve conditions; it does not govern another transaction.", "sourceDateNotes": "Historical agreement dated May 2, 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/earnest-money-exposure-during-lender-underwriting.md" }, { "id": "CDA-148", "slug": "acquisition-financing-with-incomplete-seller-financials", "title": "Acquisition financing with incomplete seller financials", "description": "Decide how to proceed when essential evidence is missing. Includes evidence-gap and alternative-verification plan.", "url": "https://commercialdebtadvisory.com/execution/acquisition-financing-with-incomplete-seller-financials/", "collection": "execution", "type": "guide", "stage": "Acquire", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "ncua-global", "label": "NCUA Examiner’s Guide — Financial Analysis and Credit Approval Document", "url": "https://publishedguides.ncua.gov/examiner/content/examinersguide/Commercial%26MBL/CommLoanPolicy/FinancialAnalysis.htm", "section": "Financial Analysis; Credit Approval Document — guarantor/global analysis", "checked": "2026-10-21", "applicability": "Credit-union supervisory guidance; actual lender policy, required entities and accepted evidence depend on the transaction." }, { "id": "kimco-leases", "label": "Kimco Realty — 2026 first-quarter lease accounting disclosure", "url": "https://www.sec.gov/Archives/edgar/data/765880/000162828026031287/R13.htm", "section": "Leases; Straight-Line Rents", "checked": "2026-10-21", "applicability": "One public issuer’s accounting policy illustrates timing differences; it is not a lender underwriting rule or a statement about the reader’s accounts.", "sourceDateNotes": "Reporting period ended March 31, 2026" } ], "markdown": "https://commercialdebtadvisory.com/markdown/acquisition-financing-with-incomplete-seller-financials.md" }, { "id": "CDA-149", "slug": "seller-credits-and-acquisition-closing-funds", "title": "Seller credits and acquisition closing funds", "description": "Determine how proposed credits affect permitted financing uses. Includes purchase settlement and lender sources-and-uses reconciliation.", "url": "https://commercialdebtadvisory.com/execution/seller-credits-and-acquisition-closing-funds/", "collection": "execution", "type": "guide", "stage": "Acquire", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-value", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed page 26, footnote 28: acquisition value definition; page 44 Loan-to-Value Ratio", "checked": "2026-10-21", "applicability": "Bank supervisory framework and definition; not a universal nonbank loan offer, valuation or promise of maximum leverage.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/seller-credits-and-acquisition-closing-funds.md" }, { "id": "CDA-150", "slug": "acquisition-entity-formation-and-lender-approval-timing", "title": "Acquisition entity formation and lender approval timing", "description": "Resolve entity and authority dependencies before closing. Includes entity formation consent and signing checklist.", "url": "https://commercialdebtadvisory.com/execution/acquisition-entity-formation-and-lender-approval-timing/", "collection": "execution", "type": "guide", "stage": "Acquire", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "irs-ein", "label": "IRS — Get an employer identification number", "url": "https://www.irs.gov/businesses/small-businesses-self-employed/get-an-employer-identification-number", "section": "Before you apply; entity formation; responsible party and application methods", "checked": "2026-10-21", "applicability": "Federal tax identification process; an EIN is not lender approval, legal signing authority or a choice of entity/tax structure." }, { "id": "delaware-authority", "label": "Delaware Code — LLC management and voting", "url": "https://delcode.delaware.gov/title6/c018/sc04/", "section": "6 Del. C. §§18-402 and 18-404", "checked": "2026-10-21", "applicability": "Delaware LLC statutory context only; the actual agreement, entity law and counsel’s analysis govern transaction authority." } ], "markdown": "https://commercialdebtadvisory.com/markdown/acquisition-entity-formation-and-lender-approval-timing.md" }, { "id": "CDA-151", "slug": "financing-a-purchase-with-simultaneous-asset-sales", "title": "Financing a purchase with simultaneous asset sales", "description": "Coordinate financing and equity dependent on another closing. Includes linked closing cash-flow and fallback sequence.", "url": "https://commercialdebtadvisory.com/execution/financing-a-purchase-with-simultaneous-asset-sales/", "collection": "execution", "type": "guide", "stage": "Acquire", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-payoff", "label": "SEC-filed Scynexis payoff letter", "url": "https://www.sec.gov/Archives/edgar/data/1178253/000095017023042362/scyx-ex10_1.htm", "section": "Payoff Amount; Wiring Instructions; Termination of Obligations; Lender’s Agreements", "checked": "2026-10-21", "applicability": "One non-CRE corporate payoff illustrates per diem, receipt deadlines and release conditions; its terms and amounts are not generalized.", "sourceDateNotes": "Historical business-loan payoff letter dated May 25, 2023" } ], "markdown": "https://commercialdebtadvisory.com/markdown/financing-a-purchase-with-simultaneous-asset-sales.md" }, { "id": "CDA-152", "slug": "post-acquisition-repair-obligations-in-the-financing-plan", "title": "Post-acquisition repair obligations in the financing plan", "description": "Determine how required work affects closing and available cash. Includes repair scope holdback and completion responsibility register.", "url": "https://commercialdebtadvisory.com/execution/post-acquisition-repair-obligations-in-the-financing-plan/", "collection": "execution", "type": "guide", "stage": "Acquire", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-advances", "label": "SEC-filed Dean Member LLC mezzanine loan agreement", "url": "https://www.sec.gov/Archives/edgar/data/1649096/000143774925025574/ex_849369.htm", "section": "Sections 2.02 Use of Proceeds; 2.03 Loan Advances; 4.05 Reserve Disbursements", "checked": "2026-10-21", "applicability": "One historical agreement illustrates separate uses, advances and reserve conditions; it does not govern another transaction.", "sourceDateNotes": "Historical agreement dated May 2, 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/post-acquisition-repair-obligations-in-the-financing-plan.md" }, { "id": "CDA-153", "slug": "starting-a-refinance-before-the-existing-loan-becomes-urgent", "title": "Starting a refinance before the existing loan becomes urgent", "description": "Determine the evidence and milestones for an orderly refinance. Includes backward-planned refinance schedule with decision deadlines.", "url": "https://commercialdebtadvisory.com/execution/starting-a-refinance-before-the-existing-loan-becomes-urgent/", "collection": "execution", "type": "guide", "stage": "Refinance", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fed-workout", "label": "Federal Reserve — Prudent CRE Loan Accommodations and Workouts", "url": "https://www.federalreserve.gov/frrs/guidance/policy-statement-on-prudent-commercial-real-estate-loan-accommodations-and-workouts.htm", "section": "Section II Short-Term Loan Accommodations; Section IV Long-Term Loan Workout Arrangements; A Supervisory Assessment of Repayment Ability of Commercial Borrowers; B Supervisory Assessment of Guarantees and Sponsorships", "checked": "2026-10-21", "applicability": "Supervisory analysis of accommodations and workouts; examples and supervisory classifications are not borrower rights or guaranteed loan outcomes.", "sourceDateNotes": "2023 interagency policy statement" } ], "markdown": "https://commercialdebtadvisory.com/markdown/starting-a-refinance-before-the-existing-loan-becomes-urgent.md" }, { "id": "CDA-154", "slug": "refinance-payoff-statements-per-diem-and-release-timing", "title": "Refinance payoff statements per diem and release timing", "description": "Reconcile existing obligations with the new loan closing. Includes payoff reconciliation and release responsibility checklist.", "url": "https://commercialdebtadvisory.com/execution/refinance-payoff-statements-per-diem-and-release-timing/", "collection": "execution", "type": "guide", "stage": "Refinance", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-payoff", "label": "SEC-filed Scynexis payoff letter", "url": "https://www.sec.gov/Archives/edgar/data/1178253/000095017023042362/scyx-ex10_1.htm", "section": "Payoff Amount; Wiring Instructions; Termination of Obligations; Lender’s Agreements", "checked": "2026-10-21", "applicability": "One non-CRE corporate payoff illustrates per diem, receipt deadlines and release conditions; its terms and amounts are not generalized.", "sourceDateNotes": "Historical business-loan payoff letter dated May 25, 2023" }, { "id": "fbi-wire", "label": "FBI — Digital defense against real estate fraud", "url": "https://www.fbi.gov/contact-us/field-offices/portland/news/press-releases/fbi-tech-tuesday-building-a-digital-defense-against-real-estate-fraud", "section": "Real estate business-email-compromise precautions; secondary-channel verification", "checked": "2026-10-21", "applicability": "Fraud-prevention guidance; no actual payment instructions, accounts or transfer are provided.", "sourceDateNotes": "Historical FBI educational guidance" } ], "markdown": "https://commercialdebtadvisory.com/markdown/refinance-payoff-statements-per-diem-and-release-timing.md" }, { "id": "CDA-155", "slug": "cash-out-refinance-documentation-and-permitted-distributions", "title": "Cash-out refinance documentation and permitted distributions", "description": "Determine what evidence supports a requested cash distribution. Includes cash-out purpose and sources-and-uses evidence matrix.", "url": "https://commercialdebtadvisory.com/execution/cash-out-refinance-documentation-and-permitted-distributions/", "collection": "execution", "type": "guide", "stage": "Refinance", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-advances", "label": "SEC-filed Dean Member LLC mezzanine loan agreement", "url": "https://www.sec.gov/Archives/edgar/data/1649096/000143774925025574/ex_849369.htm", "section": "Sections 2.02 Use of Proceeds; 2.03 Loan Advances; 4.05 Reserve Disbursements", "checked": "2026-10-21", "applicability": "One historical agreement illustrates separate uses, advances and reserve conditions; it does not govern another transaction.", "sourceDateNotes": "Historical agreement dated May 2, 2025" }, { "id": "delaware-distributions", "label": "Delaware Code — LLC distributions", "url": "https://delcode.delaware.gov/title6/c018/sc06/index.html", "section": "6 Del. C. §§18-601 and 18-607", "checked": "2026-10-21", "applicability": "Delaware LLC statutory context only; governing agreements, debt restrictions, applicable law and counsel determine actual distribution rights." } ], "markdown": "https://commercialdebtadvisory.com/markdown/cash-out-refinance-documentation-and-permitted-distributions.md" }, { "id": "CDA-156", "slug": "refinancing-after-a-business-plan-changes", "title": "Refinancing after a business plan changes", "description": "Explain a changed plan and support a credible repayment path. Includes original-to-revised plan and evidence reconciliation.", "url": "https://commercialdebtadvisory.com/execution/refinancing-after-a-business-plan-changes/", "collection": "execution", "type": "guide", "stage": "Refinance", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fed-workout", "label": "Federal Reserve — Prudent CRE Loan Accommodations and Workouts", "url": "https://www.federalreserve.gov/frrs/guidance/policy-statement-on-prudent-commercial-real-estate-loan-accommodations-and-workouts.htm", "section": "Section IV Long-Term Loan Workout Arrangements; A Supervisory Assessment of Repayment Ability of Commercial Borrowers; B Supervisory Assessment of Guarantees and Sponsorships", "checked": "2026-10-21", "applicability": "Supervisory analysis of accommodations and workouts; examples and supervisory classifications are not borrower rights or guaranteed loan outcomes.", "sourceDateNotes": "2023 interagency policy statement" } ], "markdown": "https://commercialdebtadvisory.com/markdown/refinancing-after-a-business-plan-changes.md" }, { "id": "CDA-157", "slug": "refinancing-with-unresolved-property-repairs", "title": "Refinancing with unresolved property repairs", "description": "Assess closing alternatives when work remains incomplete. Includes repair condition reserve and completion option matrix.", "url": "https://commercialdebtadvisory.com/execution/refinancing-with-unresolved-property-repairs/", "collection": "execution", "type": "guide", "stage": "Refinance", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-draw", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 45–46: Acquisition, Development, and Construction Credit Administration and monitoring; pages 102–103: Inspections and Disbursements", "checked": "2026-10-21", "applicability": "Bank supervisory context; actual inspection, lien-waiver, funding and completion conditions depend on the loan, contracts and applicable law.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/refinancing-with-unresolved-property-repairs.md" }, { "id": "CDA-158", "slug": "refinancing-a-recently-acquired-property-and-value-evidence", "title": "Refinancing a recently acquired property and value evidence", "description": "Identify which timing and valuation facts need lender confirmation. Includes purchase-to-refinance evidence chronology.", "url": "https://commercialdebtadvisory.com/execution/refinancing-a-recently-acquired-property-and-value-evidence/", "collection": "execution", "type": "guide", "stage": "Refinance", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fed-value", "label": "Federal Reserve — Interagency Appraisal and Evaluation Guidelines", "url": "https://www.federalreserve.gov/frrs/guidance/interagency-appraisal-and-evaluation-guidelines.htm", "section": "VIII Minimum Appraisal Standards; IX Appraisal Development; XIV Validity; XV Review; Appendix D", "checked": "2026-10-21", "applicability": "Valuation principles in bank supervisory context only; historical numerical appraisal exemptions in this document are not relied upon as current law.", "sourceDateNotes": "2010 interagency guidance, hosted in the Federal Reserve Regulatory Service" } ], "markdown": "https://commercialdebtadvisory.com/markdown/refinancing-a-recently-acquired-property-and-value-evidence.md" }, { "id": "CDA-159", "slug": "replacing-an-incumbent-lender-without-disrupting-operations", "title": "Replacing an incumbent lender without disrupting operations", "description": "Plan payoff document releases and cash-management transition. Includes lender transition and operating account checklist.", "url": "https://commercialdebtadvisory.com/execution/replacing-an-incumbent-lender-without-disrupting-operations/", "collection": "execution", "type": "guide", "stage": "Refinance", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-payoff", "label": "SEC-filed Scynexis payoff letter", "url": "https://www.sec.gov/Archives/edgar/data/1178253/000095017023042362/scyx-ex10_1.htm", "section": "Payoff Amount; Wiring Instructions; Termination of Obligations; Lender’s Agreements", "checked": "2026-10-21", "applicability": "One non-CRE corporate payoff illustrates per diem, receipt deadlines and release conditions; its terms and amounts are not generalized.", "sourceDateNotes": "Historical business-loan payoff letter dated May 25, 2023" }, { "id": "fbi-wire", "label": "FBI — Digital defense against real estate fraud", "url": "https://www.fbi.gov/contact-us/field-offices/portland/news/press-releases/fbi-tech-tuesday-building-a-digital-defense-against-real-estate-fraud", "section": "Real estate business-email-compromise precautions; secondary-channel verification", "checked": "2026-10-21", "applicability": "Fraud-prevention guidance; no actual payment instructions, accounts or transfer are provided.", "sourceDateNotes": "Historical FBI educational guidance" } ], "markdown": "https://commercialdebtadvisory.com/markdown/replacing-an-incumbent-lender-without-disrupting-operations.md" }, { "id": "CDA-160", "slug": "refinance-execution-when-proceeds-are-below-the-requested-payoff", "title": "Refinance execution when proceeds are below the requested payoff", "description": "Choose a funding response before the scheduled closing. Includes financing gap alternatives and required-party decision matrix.", "url": "https://commercialdebtadvisory.com/execution/refinance-execution-when-proceeds-are-below-the-requested-payoff/", "collection": "execution", "type": "guide", "stage": "Refinance", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fed-workout", "label": "Federal Reserve — Prudent CRE Loan Accommodations and Workouts", "url": "https://www.federalreserve.gov/frrs/guidance/policy-statement-on-prudent-commercial-real-estate-loan-accommodations-and-workouts.htm", "section": "Section IV Long-Term Loan Workout Arrangements; A Supervisory Assessment of Repayment Ability of Commercial Borrowers; B Supervisory Assessment of Guarantees and Sponsorships", "checked": "2026-10-21", "applicability": "Supervisory analysis of accommodations and workouts; examples and supervisory classifications are not borrower rights or guaranteed loan outcomes.", "sourceDateNotes": "2023 interagency policy statement" } ], "markdown": "https://commercialdebtadvisory.com/markdown/refinance-execution-when-proceeds-are-below-the-requested-payoff.md" }, { "id": "CDA-161", "slug": "construction-lender-engagement-before-final-plans", "title": "Construction lender engagement before final plans", "description": "Determine which design and budget uncertainties must be resolved first. Includes pre-application project readiness matrix.", "url": "https://commercialdebtadvisory.com/execution/construction-lender-engagement-before-final-plans/", "collection": "execution", "type": "guide", "stage": "Plan construction", "level": "Advanced", "assets": [ "Development" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-draw", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 45–46: Acquisition, Development, and Construction Credit Administration and monitoring; pages 102–103: Inspections and Disbursements", "checked": "2026-10-21", "applicability": "Bank supervisory context; actual inspection, lien-waiver, funding and completion conditions depend on the loan, contracts and applicable law.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/construction-lender-engagement-before-final-plans.md" }, { "id": "CDA-162", "slug": "guaranteed-maximum-price-contracts-and-lender-review", "title": "Guaranteed maximum price contracts and lender review", "description": "Identify contract provisions affecting construction funding confidence. Includes contract risk and lender review question register.", "url": "https://commercialdebtadvisory.com/execution/guaranteed-maximum-price-contracts-and-lender-review/", "collection": "execution", "type": "guide", "stage": "Plan construction", "level": "Advanced", "assets": [ "Development" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "aia-gmp", "label": "AIA Contract Documents — A102–2017 instructions", "url": "https://help.aiacontracts.com/hc/en-us/articles/1500009828181-instructions-a102-2017-standard-form-of-agreement-between-owner-and-contractor-where-the-basis-of-payment-is-the-cost-of-the-work-plus-a-fee-wi", "section": "Articles 4, 5 and 12: time, GMP, allowances, assumptions and payments; Exhibit A: insurance and bonds", "checked": "2026-10-21", "applicability": "Instructions for a specific licensed AIA form; executed modifications and applicable law govern. No copyrighted form language is reproduced." } ], "markdown": "https://commercialdebtadvisory.com/markdown/guaranteed-maximum-price-contracts-and-lender-review.md" }, { "id": "CDA-163", "slug": "construction-budget-validation-and-excluded-cost-discovery", "title": "Construction budget validation and excluded cost discovery", "description": "Reconcile the development budget with lender-eligible costs. Includes budget completeness and funding-gap audit schedule.", "url": "https://commercialdebtadvisory.com/execution/construction-budget-validation-and-excluded-cost-discovery/", "collection": "execution", "type": "guide", "stage": "Plan construction", "level": "Advanced", "assets": [ "Development" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cost", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 33–35: Project Costs, Budget and Equity", "checked": "2026-10-21", "applicability": "Bank supervisory context; actual eligible budget and equity recognition require the lender’s terms.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/construction-budget-validation-and-excluded-cost-discovery.md" }, { "id": "CDA-164", "slug": "equity-first-pari-passu-and-construction-funding-sequences", "title": "Equity first pari passu and construction funding sequences", "description": "Determine when borrower equity must be available. Includes alternative funding-order cash schedules.", "url": "https://commercialdebtadvisory.com/execution/equity-first-pari-passu-and-construction-funding-sequences/", "collection": "execution", "type": "guide", "stage": "Plan construction", "level": "Advanced", "assets": [ "Development" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cost", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 33–35: Project Costs, Budget and Equity", "checked": "2026-10-21", "applicability": "Bank supervisory context; actual eligible budget and equity recognition require the lender’s terms.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/equity-first-pari-passu-and-construction-funding-sequences.md" }, { "id": "CDA-165", "slug": "construction-draw-inspections-and-payment-timing", "title": "Construction draw inspections and payment timing", "description": "Plan cash needed between contractor requests and lender funding. Includes request inspection approval and funding timeline.", "url": "https://commercialdebtadvisory.com/execution/construction-draw-inspections-and-payment-timing/", "collection": "execution", "type": "guide", "stage": "Plan construction", "level": "Advanced", "assets": [ "Development" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-draw", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 45–46: Acquisition, Development, and Construction Credit Administration and monitoring; pages 102–103: Inspections and Disbursements", "checked": "2026-10-21", "applicability": "Bank supervisory context; actual inspection, lien-waiver, funding and completion conditions depend on the loan, contracts and applicable law.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/construction-draw-inspections-and-payment-timing.md" }, { "id": "CDA-166", "slug": "change-orders-and-construction-loan-availability", "title": "Change orders and construction loan availability", "description": "Determine whether changed scope is funded or requires new equity. Includes change-order funding and approval ledger.", "url": "https://commercialdebtadvisory.com/execution/change-orders-and-construction-loan-availability/", "collection": "execution", "type": "guide", "stage": "Plan construction", "level": "Advanced", "assets": [ "Development" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "aia-gmp", "label": "AIA Contract Documents — A102–2017 instructions", "url": "https://help.aiacontracts.com/hc/en-us/articles/1500009828181-instructions-a102-2017-standard-form-of-agreement-between-owner-and-contractor-where-the-basis-of-payment-is-the-cost-of-the-work-plus-a-fee-wi", "section": "Articles 4, 5 and 12: time, GMP, allowances, assumptions and payments; Exhibit A: insurance and bonds", "checked": "2026-10-21", "applicability": "Instructions for a specific licensed AIA form; executed modifications and applicable law govern. No copyrighted form language is reproduced." }, { "id": "occ-draw", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 45–46: Acquisition, Development, and Construction Credit Administration and monitoring; pages 102–103: Inspections and Disbursements", "checked": "2026-10-21", "applicability": "Bank supervisory context; actual inspection, lien-waiver, funding and completion conditions depend on the loan, contracts and applicable law.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/change-orders-and-construction-loan-availability.md" }, { "id": "CDA-167", "slug": "certificate-of-occupancy-and-permanent-conversion-prerequisites", "title": "Certificate of occupancy and permanent conversion prerequisites", "description": "Identify dependencies between completion occupancy and loan conversion. Includes completion-to-conversion condition tracker.", "url": "https://commercialdebtadvisory.com/execution/certificate-of-occupancy-and-permanent-conversion-prerequisites/", "collection": "execution", "type": "guide", "stage": "Plan construction", "level": "Advanced", "assets": [ "Development" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-construction", "label": "SEC-filed Saint George Apartments construction loan agreement", "url": "https://www.sec.gov/Archives/edgar/data/885508/000088550822000039/exhibit101constructionloan.htm", "section": "Extension conditions; Section 3.7 Retainage; Section 3.9 Interest/Operating Reserve", "checked": "2026-10-21", "applicability": "One Texas construction agreement illustrates separate completion, financial, release and reserve conditions. No percentage, waiting period or extension right is generalized.", "sourceDateNotes": "Executed July 19, 2022; historical single transaction" } ], "markdown": "https://commercialdebtadvisory.com/markdown/certificate-of-occupancy-and-permanent-conversion-prerequisites.md" }, { "id": "CDA-168", "slug": "construction-closeout-retainage-and-final-funding", "title": "Construction closeout retainage and final funding", "description": "Resolve final draw conditions without double counting remaining funds. Includes closeout retainage and reserve release reconciliation.", "url": "https://commercialdebtadvisory.com/execution/construction-closeout-retainage-and-final-funding/", "collection": "execution", "type": "guide", "stage": "Plan construction", "level": "Advanced", "assets": [ "Development" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "aia-gmp", "label": "AIA Contract Documents — A102–2017 instructions", "url": "https://help.aiacontracts.com/hc/en-us/articles/1500009828181-instructions-a102-2017-standard-form-of-agreement-between-owner-and-contractor-where-the-basis-of-payment-is-the-cost-of-the-work-plus-a-fee-wi", "section": "Articles 4, 5 and 12: time, GMP, allowances, assumptions and payments; Exhibit A: insurance and bonds", "checked": "2026-10-21", "applicability": "Instructions for a specific licensed AIA form; executed modifications and applicable law govern. No copyrighted form language is reproduced." }, { "id": "sec-construction", "label": "SEC-filed Saint George Apartments construction loan agreement", "url": "https://www.sec.gov/Archives/edgar/data/885508/000088550822000039/exhibit101constructionloan.htm", "section": "Extension conditions; Section 3.7 Retainage; Section 3.9 Interest/Operating Reserve", "checked": "2026-10-21", "applicability": "One Texas construction agreement illustrates separate completion, financial, release and reserve conditions. No percentage, waiting period or extension right is generalized.", "sourceDateNotes": "Executed July 19, 2022; historical single transaction" } ], "markdown": "https://commercialdebtadvisory.com/markdown/construction-closeout-retainage-and-final-funding.md" }, { "id": "CDA-169", "slug": "running-a-commercial-debt-placement-process", "title": "Running a commercial debt-placement process", "description": "Organize a commercial financing request around reliable evidence, comparable proposals, decision deadlines and a complete path to closing.", "url": "https://commercialdebtadvisory.com/execution/running-a-commercial-debt-placement-process/", "collection": "execution", "type": "guide", "stage": "Place debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Risk Management; Credit Administration", "checked": "2026-10-21", "applicability": "Supervisory framework for OCC-regulated banks; not a promise of borrower eligibility." }, { "id": "nist-ai", "label": "NIST — Generative AI Profile", "url": "https://nvlpubs.nist.gov/nistpubs/ai/NIST.AI.600-1.pdf", "section": "2.2 Confabulation", "checked": "2026-10-21", "applicability": "Voluntary AI risk-management guidance; not a lending rule.", "sourceDateNotes": "2024-07" } ], "markdown": "https://commercialdebtadvisory.com/markdown/running-a-commercial-debt-placement-process.md" }, { "id": "CDA-170", "slug": "lender-information-requests-and-version-control", "title": "Lender information requests and version control", "description": "Keep lender questions, document versions and underwriting changes connected so a financing package remains consistent through closing.", "url": "https://commercialdebtadvisory.com/execution/lender-information-requests-and-version-control/", "collection": "execution", "type": "guide", "stage": "Place debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "block40-financial", "label": "SEC-filed Block 40 loan agreement dated June 1, 2022", "url": "https://www.sec.gov/Archives/edgar/data/1795851/000166357726000199/ex10_30.htm", "section": "3.1.10 Financial Information", "checked": "2026-10-21", "applicability": "Historical negotiated contract example; not a universal representation or current offer.", "sourceDateNotes": "2022-06-01 agreement" }, { "id": "nist-ai", "label": "NIST — Generative AI Profile", "url": "https://nvlpubs.nist.gov/nistpubs/ai/NIST.AI.600-1.pdf", "section": "2.2 Confabulation", "checked": "2026-10-21", "applicability": "Voluntary AI risk guidance; relevant to checking extraction and summaries." } ], "markdown": "https://commercialdebtadvisory.com/markdown/lender-information-requests-and-version-control.md" }, { "id": "CDA-171", "slug": "selecting-lenders-by-credit-fit-and-execution-evidence", "title": "Selecting lenders by credit fit and execution evidence", "description": "Build a justified lender shortlist for a specific financing request. Includes fit criteria and execution evidence scorecard without unsupported rankings.", "url": "https://commercialdebtadvisory.com/execution/selecting-lenders-by-credit-fit-and-execution-evidence/", "collection": "execution", "type": "guide", "stage": "Place debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cash", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 42–43: Income-Generating Capacity; Debt-Service Coverage Ratio", "checked": "2026-10-21", "applicability": "Supervisory handbook for OCC-regulated banks; no universal borrower ratio or expense convention.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/selecting-lenders-by-credit-fit-and-execution-evidence.md" }, { "id": "CDA-172", "slug": "writing-an-executive-summary-lenders-can-test", "title": "Writing an executive summary lenders can test", "description": "Present the financing request with evidence and explicit unresolved issues. Includes annotated credit summary with traceable supporting documents.", "url": "https://commercialdebtadvisory.com/execution/writing-an-executive-summary-lenders-can-test/", "collection": "execution", "type": "guide", "stage": "Place debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cash", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 42–43: Income-Generating Capacity; Debt-Service Coverage Ratio", "checked": "2026-10-21", "applicability": "Supervisory handbook for OCC-regulated banks; no universal borrower ratio or expense convention.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/writing-an-executive-summary-lenders-can-test.md" }, { "id": "CDA-173", "slug": "explaining-credit-exceptions-before-formal-submission", "title": "Explaining credit exceptions before formal submission", "description": "Decide which exceptions need direct disclosure and supporting context. Includes exception memo with mitigating evidence and residual risk.", "url": "https://commercialdebtadvisory.com/execution/explaining-credit-exceptions-before-formal-submission/", "collection": "execution", "type": "guide", "stage": "Place debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cash", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 42–43: Income-Generating Capacity; Debt-Service Coverage Ratio", "checked": "2026-10-21", "applicability": "Supervisory handbook for OCC-regulated banks; no universal borrower ratio or expense convention.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/explaining-credit-exceptions-before-formal-submission.md" }, { "id": "CDA-174", "slug": "managing-multiple-lender-conversations-and-exclusivity-terms", "title": "Managing multiple lender conversations and exclusivity terms", "description": "Coordinate parallel discussions without violating agreed restrictions. Includes outreach status and exclusivity obligation tracker.", "url": "https://commercialdebtadvisory.com/execution/managing-multiple-lender-conversations-and-exclusivity-terms/", "collection": "execution", "type": "guide", "stage": "Place debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-advances", "label": "SEC-filed Dean Member LLC mezzanine loan agreement", "url": "https://www.sec.gov/Archives/edgar/data/1649096/000143774925025574/ex_849369.htm", "section": "Sections 2.02 Use of Proceeds; 2.03 Loan Advances; 4.05 Reserve Disbursements", "checked": "2026-10-21", "applicability": "One historical agreement illustrates separate uses, advances and reserve conditions; it does not govern another transaction.", "sourceDateNotes": "Historical agreement dated May 2, 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/managing-multiple-lender-conversations-and-exclusivity-terms.md" }, { "id": "CDA-175", "slug": "evaluating-loan-quotes-before-paying-third-party-deposits", "title": "Evaluating loan quotes before paying third-party deposits", "description": "Decide whether quote clarity justifies nonrefundable expenses. Includes deposit decision checklist with unresolved credit conditions.", "url": "https://commercialdebtadvisory.com/execution/evaluating-loan-quotes-before-paying-third-party-deposits/", "collection": "execution", "type": "guide", "stage": "Place debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-advances", "label": "SEC-filed Dean Member LLC mezzanine loan agreement", "url": "https://www.sec.gov/Archives/edgar/data/1649096/000143774925025574/ex_849369.htm", "section": "Sections 2.02 Use of Proceeds; 2.03 Loan Advances; 4.05 Reserve Disbursements", "checked": "2026-10-21", "applicability": "One historical agreement illustrates separate uses, advances and reserve conditions; it does not govern another transaction.", "sourceDateNotes": "Historical agreement dated May 2, 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/evaluating-loan-quotes-before-paying-third-party-deposits.md" }, { "id": "CDA-176", "slug": "negotiating-a-financing-timeline-with-decision-accountability", "title": "Negotiating a financing timeline with decision accountability", "description": "Establish who owns each decision and what evidence completes it. Includes lender borrower and advisor milestone responsibility map.", "url": "https://commercialdebtadvisory.com/execution/negotiating-a-financing-timeline-with-decision-accountability/", "collection": "execution", "type": "guide", "stage": "Place debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-draw", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 45–46: Acquisition, Development, and Construction Credit Administration and monitoring; pages 102–103: Inspections and Disbursements", "checked": "2026-10-21", "applicability": "Bank supervisory context; actual inspection, lien-waiver, funding and completion conditions depend on the loan, contracts and applicable law.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/negotiating-a-financing-timeline-with-decision-accountability.md" }, { "id": "CDA-177", "slug": "ordering-lender-reports-with-correct-scope-and-reliance", "title": "Ordering lender reports with correct scope and reliance", "description": "Avoid reports that cannot support the intended lending decision. Includes scope reliance and reliance-letter checklist.", "url": "https://commercialdebtadvisory.com/execution/ordering-lender-reports-with-correct-scope-and-reliance/", "collection": "execution", "type": "guide", "stage": "Close debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "alta-survey", "label": "ALTA/NSPS — 2026 Land Title Survey Standards", "url": "https://www.alta.org/policies-and-standards/policy-forms/download?formID=721&type=pdf", "section": "Sections 2 Request for Survey; 3 Standards; 4 Records Research; 6 Plat or Map; 7 Certification; Table A", "checked": "2026-10-21", "applicability": "Standards for commissioned ALTA/NSPS surveys; optional scope, local requirements and actual transaction needs require coordination. No survey or title opinion is provided.", "sourceDateNotes": "Effective February 23, 2026; version November 25, 2025" }, { "id": "epa-aai", "label": "EPA — Brownfields All Appropriate Inquiries", "url": "https://www.epa.gov/brownfields/brownfields-all-appropriate-inquiries", "section": "Persons subject to AAI; timing; standards; report and environmental-professional requirements", "checked": "2026-10-21", "applicability": "CERCLA/AAI context and EPA-recognized standards; lender scope and other liability-protection requirements are separate. No site is assessed here." } ], "markdown": "https://commercialdebtadvisory.com/markdown/ordering-lender-reports-with-correct-scope-and-reliance.md" }, { "id": "CDA-178", "slug": "title-exceptions-and-lender-closing-issue-resolution", "title": "Title exceptions and lender closing issue resolution", "description": "Track title issues by financing consequence and responsible party. Includes exception resolution and funding-condition register.", "url": "https://commercialdebtadvisory.com/execution/title-exceptions-and-lender-closing-issue-resolution/", "collection": "execution", "type": "guide", "stage": "Close debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "naic-title", "label": "NAIC — Title Insurers Model Act", "url": "https://content.naic.org/sites/default/files/model-law-628.pdf", "section": "Section 3 definitions: title insurance policy and title insurance report", "checked": "2026-10-21", "applicability": "Model definitions illustrate a report/commitment versus policy distinction; actual policy and governing state law control.", "sourceDateNotes": "Model text, April 1996; not a statement of adoption by any state" } ], "markdown": "https://commercialdebtadvisory.com/markdown/title-exceptions-and-lender-closing-issue-resolution.md" }, { "id": "CDA-179", "slug": "survey-changes-and-collateral-descriptions-at-closing", "title": "Survey changes and collateral descriptions at closing", "description": "Confirm surveyed collateral matches the loan documentation. Includes survey title and collateral-description reconciliation.", "url": "https://commercialdebtadvisory.com/execution/survey-changes-and-collateral-descriptions-at-closing/", "collection": "execution", "type": "guide", "stage": "Close debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "alta-survey", "label": "ALTA/NSPS — 2026 Land Title Survey Standards", "url": "https://www.alta.org/policies-and-standards/policy-forms/download?formID=721&type=pdf", "section": "Sections 2 Request for Survey; 3 Standards; 4 Records Research; 6 Plat or Map; 7 Certification; Table A", "checked": "2026-10-21", "applicability": "Standards for commissioned ALTA/NSPS surveys; optional scope, local requirements and actual transaction needs require coordination. No survey or title opinion is provided.", "sourceDateNotes": "Effective February 23, 2026; version November 25, 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/survey-changes-and-collateral-descriptions-at-closing.md" }, { "id": "CDA-180", "slug": "insurance-evidence-and-lender-approval-before-funding", "title": "Insurance evidence and lender approval before funding", "description": "Identify required policy evidence and unresolved approval conditions. Includes insurance document and closing-condition tracker.", "url": "https://commercialdebtadvisory.com/execution/insurance-evidence-and-lender-approval-before-funding/", "collection": "execution", "type": "guide", "stage": "Close debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "ny-cert", "label": "New York DFS — Insurance Circular Letter No. 8 (1995)", "url": "https://www.dfs.ny.gov/industry_guidance/circular_letters/cl1995_08", "section": "Use of certificates as evidence rather than amendment of the policy", "checked": "2026-10-21", "applicability": "New York regulator guidance illustrates evidence-versus-coverage distinction; not a nationwide legal opinion or coverage determination.", "sourceDateNotes": "Historical New York guidance, June 7, 1995" } ], "markdown": "https://commercialdebtadvisory.com/markdown/insurance-evidence-and-lender-approval-before-funding.md" }, { "id": "CDA-181", "slug": "environmental-follow-up-work-and-financing-deadlines", "title": "Environmental follow-up work and financing deadlines", "description": "Coordinate investigation with credit and closing decisions. Includes environmental scope escalation and funding decision timeline.", "url": "https://commercialdebtadvisory.com/execution/environmental-follow-up-work-and-financing-deadlines/", "collection": "execution", "type": "guide", "stage": "Close debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "epa-aai", "label": "EPA — Brownfields All Appropriate Inquiries", "url": "https://www.epa.gov/brownfields/brownfields-all-appropriate-inquiries", "section": "Persons subject to AAI; timing; standards; report and environmental-professional requirements", "checked": "2026-10-21", "applicability": "CERCLA/AAI context and EPA-recognized standards; lender scope and other liability-protection requirements are separate. No site is assessed here." } ], "markdown": "https://commercialdebtadvisory.com/markdown/environmental-follow-up-work-and-financing-deadlines.md" }, { "id": "CDA-182", "slug": "entity-authority-legal-opinions-and-signing-readiness", "title": "Entity authority legal opinions and signing readiness", "description": "Establish that required approvals and signatures can be delivered. Includes authority opinion and execution checklist.", "url": "https://commercialdebtadvisory.com/execution/entity-authority-legal-opinions-and-signing-readiness/", "collection": "execution", "type": "guide", "stage": "Close debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "delaware-authority", "label": "Delaware Code — LLC management and voting", "url": "https://delcode.delaware.gov/title6/c018/sc04/", "section": "6 Del. C. §§18-402 and 18-404", "checked": "2026-10-21", "applicability": "Delaware LLC statutory context only; the actual agreement, entity law and counsel’s analysis govern transaction authority." }, { "id": "irs-ein", "label": "IRS — Get an employer identification number", "url": "https://www.irs.gov/businesses/small-businesses-self-employed/get-an-employer-identification-number", "section": "Before you apply; entity formation; responsible party and application methods", "checked": "2026-10-21", "applicability": "Federal tax identification process; an EIN is not lender approval, legal signing authority or a choice of entity/tax structure." } ], "markdown": "https://commercialdebtadvisory.com/markdown/entity-authority-legal-opinions-and-signing-readiness.md" }, { "id": "CDA-183", "slug": "closing-statement-changes-and-last-minute-cash-needs", "title": "Closing statement changes and last-minute cash needs", "description": "Reconcile the final settlement with approved loan proceeds. Includes version-controlled closing funds bridge.", "url": "https://commercialdebtadvisory.com/execution/closing-statement-changes-and-last-minute-cash-needs/", "collection": "execution", "type": "guide", "stage": "Close debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-payoff", "label": "SEC-filed Scynexis payoff letter", "url": "https://www.sec.gov/Archives/edgar/data/1178253/000095017023042362/scyx-ex10_1.htm", "section": "Payoff Amount; Wiring Instructions; Termination of Obligations; Lender’s Agreements", "checked": "2026-10-21", "applicability": "One non-CRE corporate payoff illustrates per diem, receipt deadlines and release conditions; its terms and amounts are not generalized.", "sourceDateNotes": "Historical business-loan payoff letter dated May 25, 2023" }, { "id": "fbi-wire", "label": "FBI — Digital defense against real estate fraud", "url": "https://www.fbi.gov/contact-us/field-offices/portland/news/press-releases/fbi-tech-tuesday-building-a-digital-defense-against-real-estate-fraud", "section": "Real estate business-email-compromise precautions; secondary-channel verification", "checked": "2026-10-21", "applicability": "Fraud-prevention guidance; no actual payment instructions, accounts or transfer are provided.", "sourceDateNotes": "Historical FBI educational guidance" } ], "markdown": "https://commercialdebtadvisory.com/markdown/closing-statement-changes-and-last-minute-cash-needs.md" }, { "id": "CDA-184", "slug": "funding-authorization-and-post-closing-deliverables", "title": "Funding authorization and post-closing deliverables", "description": "Distinguish conditions required before funding from later obligations. Includes funding authorization and post-closing evidence ledger.", "url": "https://commercialdebtadvisory.com/execution/funding-authorization-and-post-closing-deliverables/", "collection": "execution", "type": "guide", "stage": "Close debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-advances", "label": "SEC-filed Dean Member LLC mezzanine loan agreement", "url": "https://www.sec.gov/Archives/edgar/data/1649096/000143774925025574/ex_849369.htm", "section": "Sections 2.02 Use of Proceeds; 2.03 Loan Advances; 4.05 Reserve Disbursements", "checked": "2026-10-21", "applicability": "One historical agreement illustrates separate uses, advances and reserve conditions; it does not govern another transaction.", "sourceDateNotes": "Historical agreement dated May 2, 2025" }, { "id": "sec-payoff", "label": "SEC-filed Scynexis payoff letter", "url": "https://www.sec.gov/Archives/edgar/data/1178253/000095017023042362/scyx-ex10_1.htm", "section": "Payoff Amount; Wiring Instructions; Termination of Obligations; Lender’s Agreements", "checked": "2026-10-21", "applicability": "One non-CRE corporate payoff illustrates per diem, receipt deadlines and release conditions; its terms and amounts are not generalized.", "sourceDateNotes": "Historical business-loan payoff letter dated May 25, 2023" }, { "id": "fbi-wire", "label": "FBI — Digital defense against real estate fraud", "url": "https://www.fbi.gov/contact-us/field-offices/portland/news/press-releases/fbi-tech-tuesday-building-a-digital-defense-against-real-estate-fraud", "section": "Real estate business-email-compromise precautions; secondary-channel verification", "checked": "2026-10-21", "applicability": "Fraud-prevention guidance; no actual payment instructions, accounts or transfer are provided.", "sourceDateNotes": "Historical FBI educational guidance" } ], "markdown": "https://commercialdebtadvisory.com/markdown/funding-authorization-and-post-closing-deliverables.md" }, { "id": "CDA-185", "slug": "loan-assumption-application-and-buyer-approval-evidence", "title": "Loan assumption application and buyer approval evidence", "description": "Determine whether buyer approval can fit the acquisition timetable. Includes assumption submission and decision dependency map.", "url": "https://commercialdebtadvisory.com/execution/loan-assumption-application-and-buyer-approval-evidence/", "collection": "execution", "type": "guide", "stage": "Transition debt", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-transfers", "label": "SEC-filed Dean Member mezzanine loan agreement — Transfers", "url": "https://www.sec.gov/Archives/edgar/data/1649096/000143774925025574/ex_849369.htm", "section": "Article 7 Transfers; Sections 7.02–7.04 permitted transfers and additional conditions", "checked": "2026-10-21", "applicability": "One mezzanine agreement illustrates transfer conditions and documentary dependencies; its percentages, fees, permitted transfers and consent rights are not generalized.", "sourceDateNotes": "Historical agreement dated May 2, 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/loan-assumption-application-and-buyer-approval-evidence.md" }, { "id": "CDA-186", "slug": "partial-property-releases-and-lender-consent-packages", "title": "Partial property releases and lender consent packages", "description": "Prepare evidence for a release without impairing retained collateral. Includes release request and remaining-collateral analysis.", "url": "https://commercialdebtadvisory.com/execution/partial-property-releases-and-lender-consent-packages/", "collection": "execution", "type": "guide", "stage": "Transition debt", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-release", "label": "SEC-filed BMO 2025-C13 mortgage loan purchase agreement", "url": "https://www.sec.gov/Archives/edgar/data/2061838/000153949725002567/exh99_6-gsmcmlpa.htm", "section": "Schedule C, exception 27 Mortgage Releases — BioMed MIT Portfolio, pages C-3–C-4", "checked": "2026-10-21", "applicability": "Transaction-specific disclosure illustrates allocated amounts, release formulas and residual tests; no disclosed percentage or right is generalized to another borrower.", "sourceDateNotes": "Historical agreement dated October 1, 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/partial-property-releases-and-lender-consent-packages.md" }, { "id": "CDA-187", "slug": "ownership-transfers-and-change-of-control-loan-approvals", "title": "Ownership transfers and change-of-control loan approvals", "description": "Identify consent needs before changing ownership interests. Includes proposed-transfer and approval requirement register.", "url": "https://commercialdebtadvisory.com/execution/ownership-transfers-and-change-of-control-loan-approvals/", "collection": "execution", "type": "guide", "stage": "Transition debt", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-construction-consent", "label": "SEC-filed Saint George Apartments construction agreement — consents and restrictions", "url": "https://www.sec.gov/Archives/edgar/data/885508/000088550822000039/exhibit101constructionloan.htm", "section": "Sections 5.21 transfers, 5.24 single-purpose entity, 5.28–5.29 distributions, 5.30 post-closing obligations", "checked": "2026-10-21", "applicability": "One construction loan illustrates separate consent and distribution restrictions; no term is represented as universal or currently offered.", "sourceDateNotes": "Historical agreement dated July 19, 2022" }, { "id": "sec-transfers", "label": "SEC-filed Dean Member mezzanine loan agreement — Transfers", "url": "https://www.sec.gov/Archives/edgar/data/1649096/000143774925025574/ex_849369.htm", "section": "Article 7 Transfers; Sections 7.02–7.04 permitted transfers and additional conditions", "checked": "2026-10-21", "applicability": "One mezzanine agreement illustrates transfer conditions and documentary dependencies; its percentages, fees, permitted transfers and consent rights are not generalized.", "sourceDateNotes": "Historical agreement dated May 2, 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/ownership-transfers-and-change-of-control-loan-approvals.md" }, { "id": "CDA-188", "slug": "adding-a-new-guarantor-or-releasing-an-existing-guarantor", "title": "Adding a new guarantor or releasing an existing guarantor", "description": "Determine what support and approval evidence a substitution requires. Includes before-and-after guarantee and credit evidence schedule.", "url": "https://commercialdebtadvisory.com/execution/adding-a-new-guarantor-or-releasing-an-existing-guarantor/", "collection": "execution", "type": "guide", "stage": "Transition debt", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fed-workout", "label": "Federal Reserve — Prudent CRE Loan Accommodations and Workouts", "url": "https://www.federalreserve.gov/frrs/guidance/policy-statement-on-prudent-commercial-real-estate-loan-accommodations-and-workouts.htm", "section": "Section IV Long-Term Loan Workout Arrangements; A Supervisory Assessment of Repayment Ability of Commercial Borrowers; B Supervisory Assessment of Guarantees and Sponsorships", "checked": "2026-10-21", "applicability": "Supervisory analysis of accommodations and workouts; examples and supervisory classifications are not borrower rights or guaranteed loan outcomes.", "sourceDateNotes": "2023 interagency policy statement" } ], "markdown": "https://commercialdebtadvisory.com/markdown/adding-a-new-guarantor-or-releasing-an-existing-guarantor.md" }, { "id": "CDA-189", "slug": "supplemental-debt-closing-and-intercreditor-coordination", "title": "Supplemental debt closing and intercreditor coordination", "description": "Coordinate additional borrowing with existing lender restrictions. Includes consent priority and closing dependency map.", "url": "https://commercialdebtadvisory.com/execution/supplemental-debt-closing-and-intercreditor-coordination/", "collection": "execution", "type": "guide", "stage": "Transition debt", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-intercreditor", "label": "SEC-filed Dean Member mezzanine agreement — intercreditor and cash management", "url": "https://www.sec.gov/Archives/edgar/data/1649096/000143774925025574/ex_849369.htm", "section": "Sections 8.02–8.04 cash management; 13.03 Mezzanine Intercreditor", "checked": "2026-10-21", "applicability": "One agreement illustrates distinct lender relationships and borrower obligations; it is not a model of universally available supplemental debt or legal rights.", "sourceDateNotes": "Historical agreement dated May 2, 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/supplemental-debt-closing-and-intercreditor-coordination.md" }, { "id": "CDA-190", "slug": "refinancing-a-construction-loan-before-completion", "title": "Refinancing a construction loan before completion", "description": "Determine the evidence required to fund an unfinished project. Includes remaining-cost funded-debt and completion obligation reconciliation.", "url": "https://commercialdebtadvisory.com/execution/refinancing-a-construction-loan-before-completion/", "collection": "execution", "type": "guide", "stage": "Transition debt", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-draw", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 45–46: Acquisition, Development, and Construction Credit Administration and monitoring; pages 102–103: Inspections and Disbursements", "checked": "2026-10-21", "applicability": "Bank supervisory context; actual inspection, lien-waiver, funding and completion conditions depend on the loan, contracts and applicable law.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" }, { "id": "sec-construction", "label": "SEC-filed Saint George Apartments construction loan agreement", "url": "https://www.sec.gov/Archives/edgar/data/885508/000088550822000039/exhibit101constructionloan.htm", "section": "Extension conditions; Section 3.7 Retainage; Section 3.9 Interest/Operating Reserve", "checked": "2026-10-21", "applicability": "One Texas construction agreement illustrates separate completion, financial, release and reserve conditions. No percentage, waiting period or extension right is generalized.", "sourceDateNotes": "Executed July 19, 2022; historical single transaction" } ], "markdown": "https://commercialdebtadvisory.com/markdown/refinancing-a-construction-loan-before-completion.md" }, { "id": "CDA-191", "slug": "recapitalization-financing-and-distribution-approval", "title": "Recapitalization financing and distribution approval", "description": "Evaluate whether proposed investor payments comply with loan conditions. Includes recapitalization funds and permitted-distribution analysis.", "url": "https://commercialdebtadvisory.com/execution/recapitalization-financing-and-distribution-approval/", "collection": "execution", "type": "guide", "stage": "Transition debt", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-construction-consent", "label": "SEC-filed Saint George Apartments construction agreement — consents and restrictions", "url": "https://www.sec.gov/Archives/edgar/data/885508/000088550822000039/exhibit101constructionloan.htm", "section": "Sections 5.21 transfers, 5.24 single-purpose entity, 5.28–5.29 distributions, 5.30 post-closing obligations", "checked": "2026-10-21", "applicability": "One construction loan illustrates separate consent and distribution restrictions; no term is represented as universal or currently offered.", "sourceDateNotes": "Historical agreement dated July 19, 2022" }, { "id": "delaware-distributions", "label": "Delaware Code — LLC distributions", "url": "https://delcode.delaware.gov/title6/c018/sc06/index.html", "section": "6 Del. C. §§18-601 and 18-607", "checked": "2026-10-21", "applicability": "Delaware LLC statutory context only; governing agreements, debt restrictions, applicable law and counsel determine actual distribution rights." } ], "markdown": "https://commercialdebtadvisory.com/markdown/recapitalization-financing-and-distribution-approval.md" }, { "id": "CDA-192", "slug": "financing-a-portfolio-acquisition-with-staggered-closings", "title": "Financing a portfolio acquisition with staggered closings", "description": "Coordinate collateral additions and cash requirements across dates. Includes staged closing borrowing and equity schedule.", "url": "https://commercialdebtadvisory.com/execution/financing-a-portfolio-acquisition-with-staggered-closings/", "collection": "execution", "type": "guide", "stage": "Transition debt", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cash", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 42–43: Income-Generating Capacity; Debt-Service Coverage Ratio", "checked": "2026-10-21", "applicability": "Supervisory handbook for OCC-regulated banks; no universal borrower ratio or expense convention.", "sourceDateNotes": "Version 2.0 March 2022; reputation-risk references removed March 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/financing-a-portfolio-acquisition-with-staggered-closings.md" }, { "id": "CDA-193", "slug": "floating-rate-index-spread-and-floor-clauses", "title": "Floating-rate clauses: index, spread and floor order", "description": "Calculate the coupon under index floors and all-in floors, then reconcile reset dates, adjustments and the first interest invoice.", "url": "https://commercialdebtadvisory.com/structure/floating-rate-index-spread-and-floor-clauses/", "collection": "structure", "type": "guide", "stage": "Evaluate terms", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "nyfed-method", "label": "New York Fed — reference-rate methodology", "url": "https://www.newyorkfed.org/markets/reference-rates/additional-information-about-reference-rates", "section": "SOFR Averages and Index methodology", "checked": "2026-10-21", "applicability": "Source-specific context; numerical examples and decision workflow are original hypothetical analysis." } ], "markdown": "https://commercialdebtadvisory.com/markdown/floating-rate-index-spread-and-floor-clauses.md" }, { "id": "CDA-194", "slug": "interest-rate-cap-expiry-and-loan-extensions", "title": "Interest-rate cap expiry and loan extensions", "description": "Separate cap protection, replacement premium, extension conditions and required paydown before assuming a floating-rate loan can be extended.", "url": "https://commercialdebtadvisory.com/structure/interest-rate-cap-expiry-and-loan-extensions/", "collection": "structure", "type": "guide", "stage": "Evaluate terms", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "block40-extension", "label": "SEC-filed Block 40 loan agreement dated June 1, 2022", "url": "https://www.sec.gov/Archives/edgar/data/1795851/000166357726000199/ex10_30.htm", "section": "2.6.11 and 2.7.1: replacement cap and extension conditions", "checked": "2026-10-21", "applicability": "One historical negotiated agreement; thresholds and deadlines do not apply universally.", "sourceDateNotes": "2022-06-01 agreement" }, { "id": "nyfed-sofr", "label": "Federal Reserve Bank of New York — SOFR", "url": "https://www.newyorkfed.org/markets/reference-rates/sofr", "section": "Benchmark definition and publication methodology", "checked": "2026-10-21", "applicability": "Defines the overnight benchmark, not an investor's loan coupon or cap price." } ], "markdown": "https://commercialdebtadvisory.com/markdown/interest-rate-cap-expiry-and-loan-extensions.md" }, { "id": "CDA-195", "slug": "default-interest-late-charges-and-payment-allocation", "title": "Default interest, late charges and payment allocation", "description": "Trace a late payment through default triggers, accrual bases and payment application without confusing a cash transfer with a contractual cure.", "url": "https://commercialdebtadvisory.com/structure/default-interest-late-charges-and-payment-allocation/", "collection": "structure", "type": "guide", "stage": "Evaluate terms", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "block40-default", "label": "SEC-filed Block 40 loan agreement, June 1, 2022", "url": "https://www.sec.gov/Archives/edgar/data/1795851/000166357726000199/ex10_30.htm", "section": "Sections 2.2.2 and 2.3.2–2.3.5", "checked": "2026-10-21", "applicability": "Historical negotiated Florida-property agreement; legal applicability depends on actual documents and governing law." } ], "markdown": "https://commercialdebtadvisory.com/markdown/default-interest-late-charges-and-payment-allocation.md" }, { "id": "CDA-196", "slug": "origination-exit-and-unused-commitment-fees", "title": "Origination, exit and unused-commitment fees", "description": "Build a dated fee ledger that distinguishes committed, funded, repaid and unused balances, including fee credits and funding timing.", "url": "https://commercialdebtadvisory.com/structure/origination-exit-and-unused-commitment-fees/", "collection": "structure", "type": "guide", "stage": "Evaluate terms", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "block40-fee", "label": "SEC-filed Block 40 loan agreement, June 1, 2022", "url": "https://www.sec.gov/Archives/edgar/data/1795851/000166357726000199/ex10_30.htm", "section": "Section 2.8.1: Exit Fee", "checked": "2026-10-21", "applicability": "Historical agreement only; all ledger terms and percentages below are invented." } ], "markdown": "https://commercialdebtadvisory.com/markdown/origination-exit-and-unused-commitment-fees.md" }, { "id": "CDA-197", "slug": "amortization-resets-and-payment-changes-after-interest-only-periods", "title": "Payment changes after an interest-only period", "description": "Compare fresh and remaining amortization periods, payment shock and cash-flow headroom when an interest-only period ends.", "url": "https://commercialdebtadvisory.com/structure/amortization-resets-and-payment-changes-after-interest-only-periods/", "collection": "structure", "type": "guide", "stage": "Evaluate terms", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-amortization", "label": "OCC — Commercial Real Estate Lending, version 2.0, March 2022", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed page 40: Amortization", "checked": "2026-10-21", "applicability": "Bank-supervisory context; examples are not regulatory or lender thresholds." } ], "markdown": "https://commercialdebtadvisory.com/markdown/amortization-resets-and-payment-changes-after-interest-only-periods.md" }, { "id": "CDA-198", "slug": "interest-accrual-day-count-and-payment-date-conventions", "title": "Interest accrual: day counts and payment dates", "description": "Reconcile actual/360, actual/365 and 30/360 interest using explicit dates, balance changes and separate payment-day rules.", "url": "https://commercialdebtadvisory.com/structure/interest-accrual-day-count-and-payment-date-conventions/", "collection": "structure", "type": "guide", "stage": "Evaluate terms", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "nyfed-accrual", "label": "New York Fed — reference-rate methodology", "url": "https://www.newyorkfed.org/markets/reference-rates/additional-information-about-reference-rates", "section": "SOFR Averages and Index: day-count convention", "checked": "2026-10-21", "applicability": "Benchmark methodology; does not prescribe every loan convention." }, { "id": "block40-dates", "label": "SEC-filed Block 40 loan agreement, June 1, 2022", "url": "https://www.sec.gov/Archives/edgar/data/1795851/000166357726000199/ex10_30.htm", "section": "Sections 2.2.3 and 2.3.2", "checked": "2026-10-21", "applicability": "Historical agreement, not a nationwide convention." } ], "markdown": "https://commercialdebtadvisory.com/markdown/interest-accrual-day-count-and-payment-date-conventions.md" }, { "id": "CDA-199", "slug": "rate-locks-deposits-and-breakage-exposure", "title": "Rate locks, deposits and breakage exposure", "description": "Map what a rate lock fixes, what remains conditional and how deposit liquidity differs from the eventual breakage obligation.", "url": "https://commercialdebtadvisory.com/structure/rate-locks-deposits-and-breakage-exposure/", "collection": "structure", "type": "guide", "stage": "Evaluate terms", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fannie-treasury-lock", "label": "Fannie Mae — Streamlined Treasury Lock term sheet", "url": "https://multifamily.fanniemae.com/financing-options/rate-lock-and-prepay-options/streamlined-treasury-lock-term-sheet", "section": "Spread Held through Rate Lock; Documentation; Default; Breakage Fees", "checked": "2026-10-21", "applicability": "Program-specific current webpage checked October 21, 2026; hypothetical illustration is not a statement of borrower eligibility or an offered lock." } ], "markdown": "https://commercialdebtadvisory.com/markdown/rate-locks-deposits-and-breakage-exposure.md" }, { "id": "CDA-200", "slug": "cross-default-clauses-and-contagion-across-financed-assets", "title": "Cross-default clauses and risk across financed assets", "description": "Map the exact direction, trigger and cure conditions linking loans, including the difference between default and acceleration.", "url": "https://commercialdebtadvisory.com/structure/cross-default-clauses-and-contagion-across-financed-assets/", "collection": "structure", "type": "guide", "stage": "Evaluate terms", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "cross-events", "label": "SEC-filed Cross-Collateralization Agreement — Master, February 23, 2018", "url": "https://www.sec.gov/Archives/edgar/data/1698538/000119312518102231/d459228dex1027.htm", "section": "Sections 5–6", "checked": "2026-10-21", "applicability": "Historical agreement only; directed chain below uses invented clauses." } ], "markdown": "https://commercialdebtadvisory.com/markdown/cross-default-clauses-and-contagion-across-financed-assets.md" }, { "id": "CDA-201", "slug": "cross-collateralization-and-property-level-exit-flexibility", "title": "Cross-collateralization and individual property exits", "description": "Compare portfolio-wide repayment, partial release and substitution paths before committing a single asset to sale or refinance.", "url": "https://commercialdebtadvisory.com/structure/cross-collateralization-and-property-level-exit-flexibility/", "collection": "structure", "type": "guide", "stage": "Evaluate terms", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "cross-release", "label": "SEC-filed Cross-Collateralization Agreement — Master, February 23, 2018", "url": "https://www.sec.gov/Archives/edgar/data/1698538/000119312518102231/d459228dex1027.htm", "section": "Section 15: Releases of the Mortgaged Properties and Loan Assumptions", "checked": "2026-10-21", "applicability": "Historical restrictions illustrate document review only; worked portfolio is invented." } ], "markdown": "https://commercialdebtadvisory.com/markdown/cross-collateralization-and-property-level-exit-flexibility.md" }, { "id": "CDA-202", "slug": "intercreditor-standstill-rights-and-borrower-execution", "title": "Intercreditor standstills and borrower execution", "description": "Separate payment priority, enforcement timing and consent authority when senior and junior creditors share a financing structure.", "url": "https://commercialdebtadvisory.com/structure/intercreditor-standstill-rights-and-borrower-execution/", "collection": "structure", "type": "guide", "stage": "Evaluate terms", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "stonemor-intercreditor", "label": "SEC-filed StoneMor intercreditor agreement, August 26, 2022", "url": "https://www.sec.gov/Archives/edgar/data/1753886/000095017022017977/ston-ex10_2.htm", "section": "Sections 3.1(a)(i) and 4.1", "checked": "2026-10-21", "applicability": "Corporate secured-credit example, not a CRE mezzanine form; hypothetical terms below are independently specified." } ], "markdown": "https://commercialdebtadvisory.com/markdown/intercreditor-standstill-rights-and-borrower-execution.md" }, { "id": "CDA-203", "slug": "assignment-of-rents-and-property-cash-access", "title": "Assignment of rents and access to property cash", "description": "Map rent collection, permitted operating uses and debt application before assuming property cash is available to the owner.", "url": "https://commercialdebtadvisory.com/structure/assignment-of-rents-and-property-cash-access/", "collection": "structure", "type": "guide", "stage": "Evaluate terms", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fl-rents", "label": "Florida Legislature — 2026 Florida Statutes, Section 697.07", "url": "https://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0600-0699/0697/Sections/0697.07.html", "section": "Subsections (2)–(5) and (9)", "checked": "2026-10-21", "applicability": "Florida-specific illustration only; legal application and other jurisdictions require qualified review." } ], "markdown": "https://commercialdebtadvisory.com/markdown/assignment-of-rents-and-property-cash-access.md" }, { "id": "CDA-204", "slug": "ground-lease-mortgagee-protections-and-consent-rights", "title": "Ground-lease lender protections, notices and consent", "description": "Review the notice, cure, amendment, transfer and replacement-lease provisions that can preserve a lender’s leasehold collateral.", "url": "https://commercialdebtadvisory.com/structure/ground-lease-mortgagee-protections-and-consent-rights/", "collection": "structure", "type": "guide", "stage": "Evaluate terms", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "freddie-ground", "label": "Freddie Mac — February 24, 2026 redlined Guide chapter changes", "url": "https://mf.freddiemac.com/docs/guide_chapter_redlines_02.24.26.pdf", "section": "Chapter 30, the “Ground lease mortgagee protections” subsection (d), chapter pages 7–9; PDF pages 167–169", "checked": "2026-10-21", "applicability": "Dated redline illustration, not representation of complete current Guide requirements or a subject lease." } ], "markdown": "https://commercialdebtadvisory.com/markdown/ground-lease-mortgagee-protections-and-consent-rights.md" }, { "id": "CDA-205", "slug": "ucc-collateral-descriptions-and-non-real-estate-assets", "title": "UCC collateral descriptions and property-related assets", "description": "Reconcile ownership, collateral descriptions, existing claims and consent requirements for equipment, accounts and other non-real-estate assets.", "url": "https://commercialdebtadvisory.com/structure/ucc-collateral-descriptions-and-non-real-estate-assets/", "collection": "structure", "type": "guide", "stage": "Evaluate terms", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fl-ucc-description", "label": "Florida Legislature — 2026 Florida Statutes, Section 679.1081", "url": "https://www.leg.state.fl.us/STATUTES/index.cfm/index.cfm?App_mode=Display_Statute&Search_String=&URL=0600-0699/0679/Sections/0679.1081.html", "section": "Subsections (1)–(5), especially (3)", "checked": "2026-10-21", "applicability": "Florida-specific law; qualified counsel determines applicable law and legal effect." }, { "id": "fl-ucc-indication", "label": "Florida Senate — 2026 Florida Statutes, Section 679.5041", "url": "https://www.flsenate.gov/Laws/Statutes/2026/679.5041", "section": "Subsections (1)–(2)", "checked": "2026-10-21", "applicability": "State statutory example only; does not establish attachment or priority." } ], "markdown": "https://commercialdebtadvisory.com/markdown/ucc-collateral-descriptions-and-non-real-estate-assets.md" }, { "id": "CDA-206", "slug": "release-prices-substitution-rights-and-retained-collateral-tests", "title": "Release prices, substitutions and retained-collateral tests", "description": "Compare collateral swaps using value and cash-flow tests, including the paydown and acquisition cash a substitution can require.", "url": "https://commercialdebtadvisory.com/structure/release-prices-substitution-rights-and-retained-collateral-tests/", "collection": "structure", "type": "guide", "stage": "Evaluate terms", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "tomoka-release", "label": "SEC-filed Consolidated-Tomoka mortgage and security agreement, 2011", "url": "https://www.sec.gov/Archives/edgar/data/23795/000002379511000019/mortandsecagr.pdf", "section": "Section 4.17, PDF page 32: Partial Release of Mortgage", "checked": "2026-10-21", "applicability": "2011 historical agreement; all replacement assets and thresholds in this article are invented." } ], "markdown": "https://commercialdebtadvisory.com/markdown/release-prices-substitution-rights-and-retained-collateral-tests.md" }, { "id": "CDA-207", "slug": "payment-guarantees-and-negotiated-limits-of-recourse", "title": "Payment guarantees and negotiated recourse limits", "description": "Compare guarantee caps based on advances, outstanding principal and prior guarantor payments, including obligations outside the cap.", "url": "https://commercialdebtadvisory.com/structure/payment-guarantees-and-negotiated-limits-of-recourse/", "collection": "structure", "type": "guide", "stage": "Evaluate terms", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "allegiant-cap", "label": "SEC-filed Allegiant Guaranty of Payment, March 18, 2019", "url": "https://www.sec.gov/Archives/edgar/data/1362468/000136246819000023/a2019q1exhibit106.htm", "section": "Section 1.1(b): Guaranteed Obligations and recovery cap", "checked": "2026-10-21", "applicability": "Individual negotiated guarantee; illustrative 25% terms below are invented." } ], "markdown": "https://commercialdebtadvisory.com/markdown/payment-guarantees-and-negotiated-limits-of-recourse.md" }, { "id": "CDA-208", "slug": "completion-guarantees-and-unfinished-project-obligations", "title": "Completion and carry guarantees: one invoice, one funding schedule", "description": "Map overlapping completion and carry costs to unique invoice IDs, permitted reserve buckets and dated sponsor funding calls.", "url": "https://commercialdebtadvisory.com/structure/completion-guarantees-and-unfinished-project-obligations/", "collection": "structure", "type": "guide", "stage": "Evaluate terms", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "acres-completion", "label": "SEC-filed ACRES Guaranty of Completion, September 12, 2025", "url": "https://www.sec.gov/Archives/edgar/data/1332551/000119312525207376/acr-ex10_1.htm", "section": "Section 1.1(a); Section 2.15", "checked": "2026-10-21", "applicability": "Specific historical agreement; subject obligations require counsel and project-professional review." } ], "markdown": "https://commercialdebtadvisory.com/markdown/completion-guarantees-and-unfinished-project-obligations.md" }, { "id": "CDA-209", "slug": "carry-guarantees-and-operating-deficit-exposure", "title": "Carry guarantees and operating-deficit exposure", "description": "Forecast the timing of sponsor support, restricted-reserve use and continuing obligations during lease-up or an extended holding period.", "url": "https://commercialdebtadvisory.com/structure/carry-guarantees-and-operating-deficit-exposure/", "collection": "structure", "type": "guide", "stage": "Evaluate terms", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "acres-carry", "label": "SEC-filed ACRES Guaranty of Interest and Carry Costs, September 12, 2025", "url": "https://www.sec.gov/Archives/edgar/data/1332551/000119312525207376/acr-ex10_4.htm", "section": "Sections 1.1(b)–(d) and 2.15", "checked": "2026-10-21", "applicability": "Historical individual agreement; all cash-flow terms and amounts are hypothetical." } ], "markdown": "https://commercialdebtadvisory.com/markdown/carry-guarantees-and-operating-deficit-exposure.md" }, { "id": "CDA-210", "slug": "nonrecourse-carveouts-and-borrower-action-controls", "title": "Nonrecourse exceptions: delegated actions and recovery credits", "description": "Trace a delegated cash transfer and ownership change through evidence, unresolved trigger allegations and a nonduplicated recovery ledger.", "url": "https://commercialdebtadvisory.com/structure/nonrecourse-carveouts-and-borrower-action-controls/", "collection": "structure", "type": "guide", "stage": "Evaluate terms", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "block40-recourse", "label": "SEC-filed Block 40 loan agreement, June 1, 2022", "url": "https://www.sec.gov/Archives/edgar/data/1795851/000166357726000199/ex10_30.htm", "section": "Section 10.1: Exculpation; Borrower’s Recourse Liabilities; Springing Recourse Events", "checked": "2026-10-21", "applicability": "Individual historical agreement; no legal determination or nationwide standard is supplied." } ], "markdown": "https://commercialdebtadvisory.com/markdown/nonrecourse-carveouts-and-borrower-action-controls.md" }, { "id": "CDA-211", "slug": "environmental-indemnities-and-obligations-after-repayment", "title": "Environmental indemnities after repayment or transfer", "description": "Separate loan payoff from environmental indemnity duration, covered parties, exclusions and the funding of a later claim.", "url": "https://commercialdebtadvisory.com/structure/environmental-indemnities-and-obligations-after-repayment/", "collection": "structure", "type": "guide", "stage": "Evaluate terms", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "cim-environment", "label": "SEC-filed CIM/Comerica Environmental Indemnity, April 3, 2025", "url": "https://www.sec.gov/Archives/edgar/data/908311/000090831125000023/environmentalindemnitycome.htm", "section": "Sections 4, 12 and 18", "checked": "2026-10-21", "applicability": "Texas-governed historical agreement; not universal survival language." }, { "id": "cercla-allocation", "label": "Office of the Law Revision Counsel — 42 U.S.C. 9607", "url": "https://uscode.house.gov/us/usc/119-120/t42/s9607/", "section": "Subsection (e)(1)", "checked": "2026-10-21", "applicability": "Federal statutory point; counsel must analyze subject facts and other applicable law." } ], "markdown": "https://commercialdebtadvisory.com/markdown/environmental-indemnities-and-obligations-after-repayment.md" }, { "id": "CDA-212", "slug": "guarantee-burnoff-conditions-and-evidence-requirements", "title": "Guarantee burnoff conditions and release evidence", "description": "Track performance periods, occupancy definitions and required confirmation before reducing a sponsor’s recorded guarantee exposure.", "url": "https://commercialdebtadvisory.com/structure/guarantee-burnoff-conditions-and-evidence-requirements/", "collection": "structure", "type": "guide", "stage": "Evaluate terms", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "acres-cutoff", "label": "SEC-filed ACRES Guaranty of Interest and Carry Costs, September 12, 2025", "url": "https://www.sec.gov/Archives/edgar/data/1332551/000119312525207376/acr-ex10_4.htm", "section": "Section 2.15: Survival and Cut-off Date", "checked": "2026-10-21", "applicability": "Specific carry-guarantee example; hypothetical payment-cap reduction below is a different expressly invented structure." } ], "markdown": "https://commercialdebtadvisory.com/markdown/guarantee-burnoff-conditions-and-evidence-requirements.md" }, { "id": "CDA-213", "slug": "borrower-covenants-on-transfers-liens-and-additional-debt", "title": "Borrower covenants on transfers, liens and new debt", "description": "Screen proposed ownership changes, collateral grants and additional obligations against the actual consent requirements before commitment.", "url": "https://commercialdebtadvisory.com/structure/borrower-covenants-on-transfers-liens-and-additional-debt/", "collection": "structure", "type": "guide", "stage": "Evaluate terms", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "block40-actions", "label": "SEC-filed Block 40 loan agreement, June 1, 2022", "url": "https://www.sec.gov/Archives/edgar/data/1795851/000166357726000199/ex10_30.htm", "section": "Sections 4.2 and 4.3: transfers and liens", "checked": "2026-10-21", "applicability": "Historical individual agreement; numerical exceptions and scenarios are invented." } ], "markdown": "https://commercialdebtadvisory.com/markdown/borrower-covenants-on-transfers-liens-and-additional-debt.md" }, { "id": "CDA-214", "slug": "tax-and-insurance-escrows-and-annual-true-ups", "title": "Tax and insurance escrows: annual true-ups and payment timing", "description": "Reconcile monthly tax and insurance deposits with actual bill dates, opening balances and prospective escrow adjustments.", "url": "https://commercialdebtadvisory.com/structure/tax-and-insurance-escrows-and-annual-true-ups/", "collection": "structure", "type": "guide", "stage": "Manage loan", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "guggenheim-tax-escrow", "label": "SEC-filed Guggenheim term loan agreement, May 18, 2023", "url": "https://www.sec.gov/Archives/edgar/data/1527541/000152754123000028/termloanagreement-guggenhe.htm", "section": "Section 2.6(d), Tax and Insurance Escrow Fund", "checked": "2026-10-21", "applicability": "Historical individual contract; the schedule and cushion are invented." } ], "markdown": "https://commercialdebtadvisory.com/markdown/tax-and-insurance-escrows-and-annual-true-ups.md" }, { "id": "CDA-215", "slug": "replacement-reserves-and-restricted-cash-availability", "title": "Replacement reserves: eligible work and usable cash", "description": "Evaluate replacement-reserve eligibility, reimbursement timing and unrestricted funding needs before treating restricted cash as project liquidity.", "url": "https://commercialdebtadvisory.com/structure/replacement-reserves-and-restricted-cash-availability/", "collection": "structure", "type": "guide", "stage": "Manage loan", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fannie-replacement-administration", "label": "Fannie Mae Multifamily Guide: replacement reserve, effective September 28, 2026", "url": "https://mfguide.fanniemae.com/fnmf-pdf/download/6826", "section": "Part V, Section 408.04A and 408.04H–K", "checked": "2026-10-21", "applicability": "Fannie Mae program-specific servicing provisions; all project amounts and release conditions in the example are hypothetical." } ], "markdown": "https://commercialdebtadvisory.com/markdown/replacement-reserves-and-restricted-cash-availability.md" }, { "id": "CDA-216", "slug": "leasing-reserves-and-tenant-milestone-releases", "title": "Leasing reserves and tenant milestone releases", "description": "Map tenant improvement and leasing commission payments to documented reserve-release milestones and identify interim cash needs.", "url": "https://commercialdebtadvisory.com/structure/leasing-reserves-and-tenant-milestone-releases/", "collection": "structure", "type": "guide", "stage": "Manage loan", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "guggenheim-leasing", "label": "SEC-filed Guggenheim term loan agreement, May 18, 2023", "url": "https://www.sec.gov/Archives/edgar/data/1527541/000152754123000028/termloanagreement-guggenhe.htm", "section": "Schedule 2.6(b), Tenant Improvements and Leasing Commissions", "checked": "2026-10-21", "applicability": "Individual agreement; the payment timeline and allocation are invented." } ], "markdown": "https://commercialdebtadvisory.com/markdown/leasing-reserves-and-tenant-milestone-releases.md" }, { "id": "CDA-217", "slug": "lockbox-hard-cash-management-and-springing-controls", "title": "Lockboxes, hard cash management and springing controls", "description": "Trace rent receipts through collection and controlled accounts, and test how control changes affect operating payment access.", "url": "https://commercialdebtadvisory.com/structure/lockbox-hard-cash-management-and-springing-controls/", "collection": "structure", "type": "guide", "stage": "Manage loan", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "guggenheim-cash-management", "label": "SEC-filed Guggenheim term loan agreement, May 18, 2023", "url": "https://www.sec.gov/Archives/edgar/data/1527541/000152754123000028/termloanagreement-guggenhe.htm", "section": "Section 2.9, Cash Management", "checked": "2026-10-21", "applicability": "Historical contract example; all waterfall amounts and access arrangements modeled here are hypothetical." } ], "markdown": "https://commercialdebtadvisory.com/markdown/lockbox-hard-cash-management-and-springing-controls.md" }, { "id": "CDA-218", "slug": "cash-sweep-triggers-cure-periods-and-release-tests", "title": "Cash-sweep triggers, cure periods and release tests", "description": "Model entry into a cash sweep separately from exit conditions and release of accumulated funds, using an explicit measurement timeline.", "url": "https://commercialdebtadvisory.com/structure/cash-sweep-triggers-cure-periods-and-release-tests/", "collection": "structure", "type": "guide", "stage": "Manage loan", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "guggenheim-entry-exit", "label": "SEC-filed Guggenheim term loan agreement, May 18, 2023", "url": "https://www.sec.gov/Archives/edgar/data/1527541/000152754123000028/termloanagreement-guggenhe.htm", "section": "Section 2.9(a) and (d)", "checked": "2026-10-21", "applicability": "Individual agreement; hypothetical thresholds and quarter sequence are not quoted program rules." } ], "markdown": "https://commercialdebtadvisory.com/markdown/cash-sweep-triggers-cure-periods-and-release-tests.md" }, { "id": "CDA-219", "slug": "debt-service-reserves-and-replenishment-obligations", "title": "Debt-service reserves and replenishment obligations", "description": "Distinguish reserve draws, required balances, replenishment clauses and release conditions before forecasting borrower liquidity.", "url": "https://commercialdebtadvisory.com/structure/debt-service-reserves-and-replenishment-obligations/", "collection": "structure", "type": "guide", "stage": "Manage loan", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "equity-inns-reserve", "label": "SEC-filed Equity Inns loan agreement, October 25, 2007", "url": "https://www.sec.gov/Archives/edgar/data/916530/000119312515221895/d933018dex1023.htm", "section": "Section 3.10(d) and (e)", "checked": "2026-10-21", "applicability": "Historical individual agreement, filed in a later SEC exhibit; no current market-standard claim." } ], "markdown": "https://commercialdebtadvisory.com/markdown/debt-service-reserves-and-replenishment-obligations.md" }, { "id": "CDA-220", "slug": "operating-accounts-and-permitted-borrower-distributions", "title": "Operating accounts and permitted borrower distributions", "description": "Reconcile bank cash, committed operating needs and document restrictions before approving a property-owner distribution.", "url": "https://commercialdebtadvisory.com/structure/operating-accounts-and-permitted-borrower-distributions/", "collection": "structure", "type": "guide", "stage": "Manage loan", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "guggenheim-distributions", "label": "SEC-filed Guggenheim term loan agreement, May 18, 2023", "url": "https://www.sec.gov/Archives/edgar/data/1527541/000152754123000028/termloanagreement-guggenhe.htm", "section": "Section 8.23, No Cash Distributions; Section 2.9 cash-management context", "checked": "2026-10-21", "applicability": "Historical contract example; financial availability calculation is an original planning model." } ], "markdown": "https://commercialdebtadvisory.com/markdown/operating-accounts-and-permitted-borrower-distributions.md" }, { "id": "CDA-221", "slug": "commercial-loan-reporting-obligations-and-evidence-retention", "title": "Commercial loan reporting and evidence retention", "description": "Build a reporting calendar that distinguishes required delivery, completed analysis, corrections and proof of acceptance.", "url": "https://commercialdebtadvisory.com/structure/commercial-loan-reporting-obligations-and-evidence-retention/", "collection": "structure", "type": "guide", "stage": "Manage loan", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-reporting", "label": "OCC Commercial Real Estate Lending handbook, Version 2.0, March 2022", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 49–50, Income-Producing Property Credit Administration", "checked": "2026-10-21", "applicability": "Supervisory context; specific reporting obligations and deadlines depend on the loan documents." } ], "markdown": "https://commercialdebtadvisory.com/markdown/commercial-loan-reporting-obligations-and-evidence-retention.md" }, { "id": "CDA-222", "slug": "covenant-definitions-and-recurring-calculation-consistency", "title": "Covenant definitions and consistent recurring calculations", "description": "Control changes in cash-flow definitions, debt-service periods and adjustments so covenant results remain comparable and document-based.", "url": "https://commercialdebtadvisory.com/structure/covenant-definitions-and-recurring-calculation-consistency/", "collection": "structure", "type": "guide", "stage": "Manage loan", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-ratio-definitions", "label": "OCC Commercial Real Estate Lending handbook, Version 2.0, March 2022", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed page 43, Debt-Service Coverage Ratio and Debt Yield", "checked": "2026-10-21", "applicability": "General supervisory definitions; hypothetical covenant adjustments are original examples." } ], "markdown": "https://commercialdebtadvisory.com/markdown/covenant-definitions-and-recurring-calculation-consistency.md" }, { "id": "CDA-223", "slug": "servicer-consent-requests-and-approval-authority", "title": "Servicer consent requests and approval authority", "description": "Prepare a decision-ready consent request, identify who can approve it and track conditions before committing to the proposed action.", "url": "https://commercialdebtadvisory.com/structure/servicer-consent-requests-and-approval-authority/", "collection": "structure", "type": "guide", "stage": "Manage loan", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "block40-consent-routing", "label": "SEC-filed Block 40 loan agreement, June 1, 2022", "url": "https://www.sec.gov/Archives/edgar/data/1795851/000166357726000199/ex10_30.htm", "section": "Sections 10.21 and 10.26(b)", "checked": "2026-10-21", "applicability": "Historical individual agreement; review durations and costs are hypothetical." } ], "markdown": "https://commercialdebtadvisory.com/markdown/servicer-consent-requests-and-approval-authority.md" }, { "id": "CDA-224", "slug": "loan-modifications-and-changes-to-the-economic-bargain", "title": "Loan modifications and changes to the economic bargain", "description": "Compare a proposed modification across current cash requirements, payments, maturity balance, restrictions and execution conditions.", "url": "https://commercialdebtadvisory.com/structure/loan-modifications-and-changes-to-the-economic-bargain/", "collection": "structure", "type": "guide", "stage": "Manage loan", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "block40-written-modification", "label": "SEC-filed Block 40 loan agreement, June 1, 2022", "url": "https://www.sec.gov/Archives/edgar/data/1795851/000166357726000199/ex10_30.htm", "section": "Sections 10.5 and 10.26(a)", "checked": "2026-10-21", "applicability": "Individual agreement; proposed economics and all scenarios are invented." } ], "markdown": "https://commercialdebtadvisory.com/markdown/loan-modifications-and-changes-to-the-economic-bargain.md" }, { "id": "CDA-225", "slug": "waivers-reservations-of-rights-and-unresolved-defaults", "title": "Waivers, reservations of rights and unresolved defaults", "description": "Read the scope and conditions of a waiver separately from payment acceptance, temporary discussions and any remaining default issues.", "url": "https://commercialdebtadvisory.com/structure/waivers-reservations-of-rights-and-unresolved-defaults/", "collection": "structure", "type": "guide", "stage": "Manage loan", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "block40-waiver-scope", "label": "SEC-filed Block 40 loan agreement, June 1, 2022", "url": "https://www.sec.gov/Archives/edgar/data/1795851/000166357726000199/ex10_30.htm", "section": "Sections 10.5 and 10.26(a)", "checked": "2026-10-21", "applicability": "Historical agreement; legal effect in a live transaction requires document and applicable-law review." } ], "markdown": "https://commercialdebtadvisory.com/markdown/waivers-reservations-of-rights-and-unresolved-defaults.md" }, { "id": "CDA-226", "slug": "lender-transfers-and-new-servicing-relationships", "title": "Lender transfers and new servicing relationships", "description": "Reconcile loan balances, reserves, notices and pending requests when ownership or servicing changes, without assuming the economic terms changed.", "url": "https://commercialdebtadvisory.com/structure/lender-transfers-and-new-servicing-relationships/", "collection": "structure", "type": "guide", "stage": "Manage loan", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "block40-assignments", "label": "SEC-filed Block 40 loan agreement, June 1, 2022", "url": "https://www.sec.gov/Archives/edgar/data/1795851/000166357726000199/ex10_30.htm", "section": "Sections 10.21 and 10.28", "checked": "2026-10-21", "applicability": "Historical individual agreement; no universal assignment consent or economic-preservation rule asserted." } ], "markdown": "https://commercialdebtadvisory.com/markdown/lender-transfers-and-new-servicing-relationships.md" }, { "id": "CDA-227", "slug": "loan-document-amendments-and-version-control", "title": "Loan amendments and document version control", "description": "Maintain an effective-term register that connects executed amendments to calculations, deadlines and operating instructions.", "url": "https://commercialdebtadvisory.com/structure/loan-document-amendments-and-version-control/", "collection": "structure", "type": "guide", "stage": "Manage loan", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-document-amendments", "label": "OCC Commercial Real Estate Lending handbook, Version 2.0, March 2022", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed page 51, File Documentation", "checked": "2026-10-21", "applicability": "Bank supervisory context; proposed register and numerical example are original borrower workflows." } ], "markdown": "https://commercialdebtadvisory.com/markdown/loan-document-amendments-and-version-control.md" }, { "id": "CDA-228", "slug": "extension-options-and-conditions-precedent", "title": "Extension options and conditions precedent", "description": "Test notice, financial conditions, funding and required documents before treating an extension option as effective additional loan term.", "url": "https://commercialdebtadvisory.com/structure/extension-options-and-conditions-precedent/", "collection": "structure", "type": "guide", "stage": "Prepare maturity", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "block40-extension", "label": "SEC-filed Block 40 loan agreement, June 1, 2022", "url": "https://www.sec.gov/Archives/edgar/data/1795851/000166357726000199/ex10_30.htm", "section": "Section 2.7, Extension Options", "checked": "2026-10-21", "applicability": "Historical individual agreement; thresholds, fees, calendar and hedge cost in the worked example are invented." } ], "markdown": "https://commercialdebtadvisory.com/markdown/extension-options-and-conditions-precedent.md" }, { "id": "CDA-229", "slug": "maturity-default-and-a-documented-borrower-response", "title": "Maturity default and a documented borrower response", "description": "Organize the facts, cash requirements and executable repayment alternatives when a commercial loan reaches maturity without repayment.", "url": "https://commercialdebtadvisory.com/structure/maturity-default-and-a-documented-borrower-response/", "collection": "structure", "type": "guide", "stage": "Prepare maturity", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "interagency-maturity-response", "label": "Interagency policy statement on CRE accommodations and workouts, June 2023", "url": "https://www.federalreserve.gov/frrs/guidance/policy-statement-on-prudent-commercial-real-estate-loan-accommodations-and-workouts.htm", "section": "Section IV, Long-Term Loan Workout Arrangements", "checked": "2026-10-21", "applicability": "Supervisory guidance; it creates no borrower entitlement to an extension or suspension of remedies." } ], "markdown": "https://commercialdebtadvisory.com/markdown/maturity-default-and-a-documented-borrower-response.md" }, { "id": "CDA-230", "slug": "loan-accommodations-and-realistic-repayment-plans", "title": "Loan accommodations and realistic repayment plans", "description": "Test whether a proposed accommodation funds near-term deficits and leaves an achievable repayment path under a documented downside case.", "url": "https://commercialdebtadvisory.com/structure/loan-accommodations-and-realistic-repayment-plans/", "collection": "structure", "type": "guide", "stage": "Prepare maturity", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "interagency-repayment-plan", "label": "Interagency policy statement on CRE accommodations and workouts, June 2023", "url": "https://www.federalreserve.gov/frrs/guidance/policy-statement-on-prudent-commercial-real-estate-loan-accommodations-and-workouts.htm", "section": "Section IV, Long-Term Loan Workout Arrangements", "checked": "2026-10-21", "applicability": "Supervisory framework; all proposed loan terms and takeout tests are hypothetical." } ], "markdown": "https://commercialdebtadvisory.com/markdown/loan-accommodations-and-realistic-repayment-plans.md" }, { "id": "CDA-231", "slug": "discounted-payoff-proposals-and-funding-certainty", "title": "Discounted-payoff funding: coordinate escrow conditions and closing cash", "description": "Resolve circular funding conditions, distinguish prepaid costs from closing wires and test settlement deadlines with a coordinated escrow ledger.", "url": "https://commercialdebtadvisory.com/structure/discounted-payoff-proposals-and-funding-certainty/", "collection": "structure", "type": "guide", "stage": "Prepare maturity", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-dpo-deadline", "label": "SEC-filed subsequent-events note for six months ended June 30, 2024", "url": "https://www.sec.gov/Archives/edgar/data/1043000/000162828024036747/R21.htm", "section": "Loan Modification: August 5, 2024 Texas Loan Modification", "checked": "2026-10-21", "applicability": "Historical issuer-specific disclosure; no market discount expectation or universal settlement rule." } ], "markdown": "https://commercialdebtadvisory.com/markdown/discounted-payoff-proposals-and-funding-certainty.md" }, { "id": "CDA-232", "slug": "forbearance-milestones-and-borrower-compliance", "title": "Forbearance milestones and borrower compliance", "description": "Translate a forbearance agreement into dated obligations, evidence requirements and a cash forecast that shows whether each milestone is achievable.", "url": "https://commercialdebtadvisory.com/structure/forbearance-milestones-and-borrower-compliance/", "collection": "structure", "type": "guide", "stage": "Prepare maturity", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "borealis-forbearance", "label": "Borealis Foods Form 8-K, event date March 27, 2026", "url": "https://www.sec.gov/Archives/edgar/data/1852973/000121390026039351/ea0284826-8k_borealis.htm", "section": "Item 1.01, Forbearance and Amendment Agreement: Forbearance and Milestones", "checked": "2026-10-21", "applicability": "Corporate credit example, not a CRE mortgage standard; all property schedules and deadlines here are invented." } ], "markdown": "https://commercialdebtadvisory.com/markdown/forbearance-milestones-and-borrower-compliance.md" }, { "id": "CDA-233", "slug": "special-servicing-transfers-and-borrower-preparation", "title": "Special servicing transfers and borrower preparation", "description": "Prepare a reconciled borrower package for special servicing, including current obligations, property cash, requested relief and evidence of an executable resolution.", "url": "https://commercialdebtadvisory.com/structure/special-servicing-transfers-and-borrower-preparation/", "collection": "structure", "type": "guide", "stage": "Prepare maturity", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-special-servicing-report", "label": "SEC-filed commercial mortgage distribution report, March 2026", "url": "https://www.sec.gov/Archives/edgar/data/1651164/000188852426006285/wcm15l22_ex991-202603.htm", "section": "Specially Serviced Loan Detail – Part 2, loan IDs 28000747, 28000694 and 300571363", "checked": "2026-10-21", "applicability": "Historical individual loan reports; no universal transfer trigger, timing or outcome claim." } ], "markdown": "https://commercialdebtadvisory.com/markdown/special-servicing-transfers-and-borrower-preparation.md" }, { "id": "CDA-234", "slug": "debt-payoff-final-releases-and-surviving-obligations", "title": "After debt payoff: reconcile releases, refunds and surviving obligations", "description": "Audit the evidence after a payoff wire: match collateral releases, account-control termination, reserve refunds and surviving promises to their actual documents.", "url": "https://commercialdebtadvisory.com/structure/debt-payoff-final-releases-and-surviving-obligations/", "collection": "structure", "type": "guide", "stage": "Prepare maturity", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "cim-survival-payoff", "label": "SEC-filed CIM/Comerica environmental indemnity, April 3, 2025", "url": "https://www.sec.gov/Archives/edgar/data/908311/000090831125000023/environmentalindemnitycome.htm", "section": "Section 4, independence of indemnity obligations", "checked": "2026-10-21", "applicability": "Historical individual indemnity; actual survival and release scope require document-specific legal review." } ], "markdown": "https://commercialdebtadvisory.com/markdown/debt-payoff-final-releases-and-surviving-obligations.md" }, { "id": "CDA-235", "slug": "bank-versus-debt-fund-when-property-cash-flow-is-transitional", "title": "Bank versus debt fund when property cash flow is transitional", "description": "Choose a channel using a shared business plan and cash timeline. Includes normalized leverage covenant and exit comparison.", "url": "https://commercialdebtadvisory.com/comparisons/bank-versus-debt-fund-when-property-cash-flow-is-transitional/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Introduction; Real Estate Lending Standards and Interagency Guidelines", "checked": "2026-10-21", "applicability": "OCC examination and supervision context for covered banks; not a borrower approval or universal lender credit box." } ], "markdown": "https://commercialdebtadvisory.com/markdown/bank-versus-debt-fund-when-property-cash-flow-is-transitional.md" }, { "id": "CDA-236", "slug": "life-company-versus-cmbs-for-a-long-hold-with-possible-sales", "title": "Life company versus CMBS for a long hold with possible sales", "description": "Compare long-term economics with required future flexibility. Includes hold-period and partial-exit scenario table.", "url": "https://commercialdebtadvisory.com/comparisons/life-company-versus-cmbs-for-a-long-hold-with-possible-sales/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "mim-mortgages", "label": "MetLife Investment Management — Commercial Mortgage Loans", "url": "https://www.metlife.com/investments/en-us/financing-solutions/real-estate-financing/commercial-mortgage-loans/", "section": "Real Estate Finance; lending-guideline footnote", "checked": "2026-10-21", "applicability": "One manager’s published capabilities, with an explicit illustrative-guidelines qualification; not universal insurer terms or a quote." }, { "id": "benchmark-2025-b41", "label": "Benchmark 2025-B41 Mortgage Trust — Form 8-K", "url": "https://www.sec.gov/Archives/edgar/data/2080258/000153949725002184/n5230_x21-8k.htm", "section": "Item 8.01, transaction and servicing participants", "checked": "2026-10-21", "applicability": "Specific historical securitization showing separate transaction and servicing participants; not the governing agreement for another borrower.", "sourceDateNotes": "Historical transaction documents dated August 2025" } ], "markdown": "https://commercialdebtadvisory.com/markdown/life-company-versus-cmbs-for-a-long-hold-with-possible-sales.md" }, { "id": "CDA-237", "slug": "agency-versus-bank-debt-for-stabilized-multifamily", "title": "Agency versus bank debt for stabilized multifamily", "description": "Compare execution constraints using the same evidence and income. Includes common-property eligibility and proceeds matrix.", "url": "https://commercialdebtadvisory.com/comparisons/agency-versus-bank-debt-for-stabilized-multifamily/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "frsmall", "label": "Freddie Mac — Conventional Small", "url": "https://mf.freddiemac.com/docs/conventional_small.pdf", "section": "Pages 1–2, eligibility and ineligible characteristics", "checked": "2026-10-21", "applicability": "Identified April 2026 Conventional Small product; not interchangeable with historical SBL sheets." } ], "markdown": "https://commercialdebtadvisory.com/markdown/agency-versus-bank-debt-for-stabilized-multifamily.md" }, { "id": "CDA-238", "slug": "private-bridge-versus-institutional-bridge-for-a-short-deadline", "title": "Private bridge versus institutional bridge for a short deadline", "description": "Compare funding certainty evidence with all-in transaction costs. Includes deadline and cost scenario comparison.", "url": "https://commercialdebtadvisory.com/comparisons/private-bridge-versus-institutional-bridge-for-a-short-deadline/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "block40", "label": "Block 40 Property LLC — June 1, 2022 Loan Agreement", "url": "https://www.sec.gov/Archives/edgar/data/1795851/000166357726000199/ex10_30.htm", "section": "Sections 3.1.7, 3.1.10 and 3.1.13", "checked": "2026-10-21", "applicability": "Historical transaction-specific borrower representations regarding title, financial information and insurance; not a universal closing schedule or commitment.", "sourceDateNotes": "2022-06-01 historical agreement" } ], "markdown": "https://commercialdebtadvisory.com/markdown/private-bridge-versus-institutional-bridge-for-a-short-deadline.md" }, { "id": "CDA-239", "slug": "owner-occupied-sba-versus-conventional-debt-with-expansion-costs", "title": "Owner-occupied SBA versus conventional debt with expansion costs", "description": "Compare property and business funding under stated eligibility. Includes combined business-property sources-and-uses comparison.", "url": "https://commercialdebtadvisory.com/comparisons/owner-occupied-sba-versus-conventional-debt-with-expansion-costs/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sba7", "label": "SBA — 7(a) loans", "url": "https://www.sba.gov/loans/7a-loans/", "section": "What is a 7(a) loan; Am I eligible", "checked": "2026-10-21", "applicability": "Current overview of operating-business financing; lender and current SOP/regulations determine transaction eligibility." }, { "id": "sba504", "label": "SBA — 504 loans", "url": "https://www.sba.gov/loans/504-loans/", "section": "Program purpose; CDC and senior lender; permitted uses", "checked": "2026-10-21", "applicability": "Landing-page headline and body contain different maximum-loan descriptions; article does not prescribe a universal cap." } ], "markdown": "https://commercialdebtadvisory.com/markdown/owner-occupied-sba-versus-conventional-debt-with-expansion-costs.md" }, { "id": "CDA-240", "slug": "fixed-versus-floating-debt-across-alternative-holding-periods", "title": "Fixed versus floating debt across alternative holding periods", "description": "Compare rate structures under explicit rate and exit paths. Includes multi-path cash-flow comparison.", "url": "https://commercialdebtadvisory.com/comparisons/fixed-versus-floating-debt-across-alternative-holding-periods/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fnsarm", "label": "Fannie Mae — SARM Loans Term Sheet", "url": "https://multifamily.fanniemae.com/financing-options/variable-rate-financing-options/structured-adjustable-rate-mortgage/structured-adjustable-rate-mortgage-loans-sarm-loans-term-sheet", "section": "Interest Rate Adjustments; Interest Rate Cap; Conversion to Fixed Rate", "checked": "2026-10-21", "applicability": "Applies to the identified SARM product; not every adjustable-rate loan." }, { "id": "frfloat", "label": "Freddie Mac — Optigo Floating-Rate Loan", "url": "https://mf.freddiemac.com/docs/product/floating_rate.pdf", "section": "Pages 2–4, pricing index, cap options, prepayment and coverage footnote", "checked": "2026-10-21", "applicability": "April 2026 product summary; current Guide, updates and loan documents govern." } ], "markdown": "https://commercialdebtadvisory.com/markdown/fixed-versus-floating-debt-across-alternative-holding-periods.md" }, { "id": "CDA-241", "slug": "interest-only-versus-amortizing-loans-with-the-same-commitment", "title": "Interest-only versus amortizing loans with the same commitment", "description": "Evaluate cash relief and future balance risk together. Includes payments balance and refinance equity comparison.", "url": "https://commercialdebtadvisory.com/comparisons/interest-only-versus-amortizing-loans-with-the-same-commitment/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "frfixed", "label": "Freddie Mac — Optigo Fixed-Rate Loans", "url": "https://mf.freddiemac.com/docs/product/fixed_rate.pdf", "section": "Pages 1–3, product overview and conditions", "checked": "2026-10-21", "applicability": "April 2026 summary expressly does not replace the Seller/Servicer Guide." } ], "markdown": "https://commercialdebtadvisory.com/markdown/interest-only-versus-amortizing-loans-with-the-same-commitment.md" }, { "id": "CDA-242", "slug": "longer-amortization-versus-a-lower-interest-rate", "title": "Longer amortization versus a lower interest rate", "description": "Determine which quote better fits cash flow and exit requirements. Includes payment and payoff sensitivity matrix.", "url": "https://commercialdebtadvisory.com/comparisons/longer-amortization-versus-a-lower-interest-rate/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "frfixed", "label": "Freddie Mac — Optigo Fixed-Rate Loans", "url": "https://mf.freddiemac.com/docs/product/fixed_rate.pdf", "section": "Pages 1–3, product overview and conditions", "checked": "2026-10-21", "applicability": "April 2026 summary expressly does not replace the Seller/Servicer Guide." } ], "markdown": "https://commercialdebtadvisory.com/markdown/longer-amortization-versus-a-lower-interest-rate.md" }, { "id": "CDA-243", "slug": "rate-cap-versus-lower-leverage-for-floating-rate-exposure", "title": "Rate cap versus lower leverage for floating-rate exposure", "description": "Compare two ways to change downside payment risk. Includes rate-stress and borrower liquidity comparison.", "url": "https://commercialdebtadvisory.com/comparisons/rate-cap-versus-lower-leverage-for-floating-rate-exposure/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "block40cap", "label": "Block 40 Property LLC — June 1, 2022 Loan Agreement", "url": "https://www.sec.gov/Archives/edgar/data/1795851/000166357726000199/ex10_30.htm", "section": "Definition of Interest Rate Cap Agreement; Section 2.6", "checked": "2026-10-21", "applicability": "Historical transaction-specific notional, term, settlement and collateral requirements; not universal cap terms.", "sourceDateNotes": "2022-06-01 historical agreement" } ], "markdown": "https://commercialdebtadvisory.com/markdown/rate-cap-versus-lower-leverage-for-floating-rate-exposure.md" }, { "id": "CDA-244", "slug": "lower-spread-versus-lower-floor-in-a-floating-rate-quote", "title": "Lower spread versus lower floor in a floating-rate quote", "description": "Identify rate levels at which the preferred quote changes. Includes coupon crossover and debt-service table.", "url": "https://commercialdebtadvisory.com/comparisons/lower-spread-versus-lower-floor-in-a-floating-rate-quote/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fnsarm", "label": "Fannie Mae — SARM Loans Term Sheet", "url": "https://multifamily.fanniemae.com/financing-options/variable-rate-financing-options/structured-adjustable-rate-mortgage/structured-adjustable-rate-mortgage-loans-sarm-loans-term-sheet", "section": "Interest Rate Adjustments; Interest Rate Cap; Conversion to Fixed Rate", "checked": "2026-10-21", "applicability": "Applies to the identified SARM product; not every adjustable-rate loan." } ], "markdown": "https://commercialdebtadvisory.com/markdown/lower-spread-versus-lower-floor-in-a-floating-rate-quote.md" }, { "id": "CDA-245", "slug": "shorter-loan-term-versus-higher-prepayment-flexibility", "title": "Shorter loan term versus higher prepayment flexibility", "description": "Compare maturity risk with the cost of an uncertain exit date. Includes hold-period scenario and payoff-cost matrix.", "url": "https://commercialdebtadvisory.com/comparisons/shorter-loan-term-versus-higher-prepayment-flexibility/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fndeclining", "label": "Fannie Mae — Declining Prepayment Premium Term Sheet", "url": "https://multifamily.fanniemae.com/financing-options/rate-lock-and-prepay-options/declining-prepayment-premium-term-sheet", "section": "Fixed-Rate and SARM Declining Prepayment Premium Structures", "checked": "2026-10-21", "applicability": "Product-specific schedules and lockouts differ; actual executed terms and current lender confirmation govern." } ], "markdown": "https://commercialdebtadvisory.com/markdown/shorter-loan-term-versus-higher-prepayment-flexibility.md" }, { "id": "CDA-246", "slug": "step-down-prepayment-versus-yield-maintenance-terms", "title": "Step-down prepayment versus yield maintenance terms", "description": "Compare stated payoff mechanisms under explicit assumptions. Includes illustrative payoff timelines with definition limits.", "url": "https://commercialdebtadvisory.com/comparisons/step-down-prepayment-versus-yield-maintenance-terms/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fndeclining", "label": "Fannie Mae — Declining Prepayment Premium Term Sheet", "url": "https://multifamily.fanniemae.com/financing-options/rate-lock-and-prepay-options/declining-prepayment-premium-term-sheet", "section": "Fixed-Rate and SARM Declining Prepayment Premium Structures", "checked": "2026-10-21", "applicability": "Product-specific schedules and lockouts differ; actual executed terms and current lender confirmation govern." }, { "id": "fnprepayterms", "label": "Fannie Mae — Finding Prepayment Terms", "url": "https://multifamily.fanniemae.com/job-aid/payoff-calculator/finding-prepayment-terms", "section": "Where to Find Prepayment Terms", "checked": "2026-10-21", "applicability": "Legacy servicing job aid distinguishes document generations and input locations; not a universal premium formula or current payoff quote." } ], "markdown": "https://commercialdebtadvisory.com/markdown/step-down-prepayment-versus-yield-maintenance-terms.md" }, { "id": "CDA-247", "slug": "defeasance-versus-continued-ownership-before-sale", "title": "Defeasance versus continued ownership before sale", "description": "Evaluate information and cost estimates needed for a sale decision. Includes specialist quote and hold-versus-sale decision worksheet.", "url": "https://commercialdebtadvisory.com/comparisons/defeasance-versus-continued-ownership-before-sale/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fndefeasance", "label": "Fannie Mae — Fixed-Rate Defeasance Multifamily MBS Prospectus, 26001", "url": "https://capitalmarkets.fanniemae.com/media/document/pdf/jan-1-2026-mf-prospectus-fixed-rate-defeasance.pdf", "section": "Printed pages58–59, Defeasance or Prepayment of a Mortgage Loan", "checked": "2026-10-21", "applicability": "2026 prospectus template for the identified securities framework; source says actual prospectus date is issue date. Borrower documents and transaction-specific quote govern." } ], "markdown": "https://commercialdebtadvisory.com/markdown/defeasance-versus-continued-ownership-before-sale.md" }, { "id": "CDA-248", "slug": "assuming-existing-debt-versus-arranging-a-new-loan", "title": "Assuming existing debt versus arranging a new loan", "description": "Compare approval risk usable proceeds and remaining loan restrictions. Includes assumption and new-financing normalized cash-flow table.", "url": "https://commercialdebtadvisory.com/comparisons/assuming-existing-debt-versus-arranging-a-new-loan/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fnfixed", "label": "Fannie Mae — Fixed-Rate Mortgage Loans Term Sheet", "url": "https://multifamily.fanniemae.com/financing-options/fixed-rate-mortgage-loans-term-sheet", "section": "Eligibility; Prepayment Availability; Rate Lock; Accrual", "checked": "2026-10-21", "applicability": "Product summary checked on research date; current guide and transaction documents control." } ], "markdown": "https://commercialdebtadvisory.com/markdown/assuming-existing-debt-versus-arranging-a-new-loan.md" }, { "id": "CDA-249", "slug": "extension-versus-refinance-when-the-property-is-improving", "title": "Extension versus refinance when the property is improving", "description": "Compare available time cash requirements and performance conditions. Includes extension and refinance scenario schedule.", "url": "https://commercialdebtadvisory.com/comparisons/extension-versus-refinance-when-the-property-is-improving/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "block40extension", "label": "Block 40 Property LLC — June 1, 2022 Loan Agreement", "url": "https://www.sec.gov/Archives/edgar/data/1795851/000166357726000199/ex10_30.htm", "section": "Section 2.7, Extension Options", "checked": "2026-10-21", "applicability": "Historical transaction-specific notice, default, replacement-cap, performance and fee conditions; not a current extension offer or universal requirement.", "sourceDateNotes": "2022-06-01 historical agreement" } ], "markdown": "https://commercialdebtadvisory.com/markdown/extension-versus-refinance-when-the-property-is-improving.md" }, { "id": "CDA-250", "slug": "more-senior-debt-versus-additional-borrower-equity", "title": "More senior debt versus additional borrower equity", "description": "Evaluate coverage and liquidity effects of the leverage choice. Includes senior leverage and equity cash-flow scenarios.", "url": "https://commercialdebtadvisory.com/comparisons/more-senior-debt-versus-additional-borrower-equity/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Introduction; Real Estate Lending Standards and Interagency Guidelines", "checked": "2026-10-21", "applicability": "OCC examination and supervision context for covered banks; not a borrower approval or universal lender credit box." } ], "markdown": "https://commercialdebtadvisory.com/markdown/more-senior-debt-versus-additional-borrower-equity.md" }, { "id": "CDA-251", "slug": "mezzanine-debt-versus-preferred-equity-payment-obligations", "title": "Mezzanine debt versus preferred equity payment obligations", "description": "Compare actual contractual obligations beyond the instrument label. Includes payment control redemption and downside matrix.", "url": "https://commercialdebtadvisory.com/comparisons/mezzanine-debt-versus-preferred-equity-payment-obligations/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "mezzcontract", "label": "Dean Owner LLC / MF1 Capital LLC — May 2, 2025 Multifamily Loan and Security Agreement", "url": "https://www.sec.gov/Archives/edgar/data/1649096/000143774925025574/ex_849368.htm", "section": "Article 13, particularly 13.03 Mezzanine Intercreditor", "checked": "2026-10-21", "applicability": "Historical transaction-specific contract filed with the SEC; illustrates why borrower rights cannot be inferred from intercreditor arrangements." }, { "id": "fnpref", "label": "Fannie Mae — Preferred Equity Operating Procedures Job Aid", "url": "https://mfguide.fanniemae.com/fnmf-documents/download/1251476", "section": "June 2026 job aid, checklist and data submissions", "checked": "2026-10-21", "applicability": "Indexed official text read; direct retrieval returned403. Supports existence of differentiated preferred-equity review, not current numerical underwriting limits." } ], "markdown": "https://commercialdebtadvisory.com/markdown/mezzanine-debt-versus-preferred-equity-payment-obligations.md" }, { "id": "CDA-252", "slug": "seller-financing-versus-outside-subordinate-debt", "title": "Seller financing versus outside subordinate debt", "description": "Compare consent execution and payment burden. Includes subordinate capital compatibility and cost table.", "url": "https://commercialdebtadvisory.com/comparisons/seller-financing-versus-outside-subordinate-debt/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "deanliens", "label": "Dean Owner LLC / MF1 Capital LLC — May 2, 2025 Multifamily Loan and Security Agreement", "url": "https://www.sec.gov/Archives/edgar/data/1649096/000143774925025574/ex_849368.htm", "section": "Section 6.18(a); Schedule 1 definition of Permitted Encumbrances", "checked": "2026-10-21", "applicability": "Historical agreement restricts liens with defined exceptions; not permission for a seller note or another borrower’s junior debt.", "sourceDateNotes": "2025-05-02 historical agreement" } ], "markdown": "https://commercialdebtadvisory.com/markdown/seller-financing-versus-outside-subordinate-debt.md" }, { "id": "CDA-253", "slug": "c-pace-assessment-versus-mortgage-funded-improvements", "title": "C-PACE assessment versus mortgage-funded improvements", "description": "Compare approval requirements and combined payment exposure. Includes improvement funding and debt-service schedule.", "url": "https://commercialdebtadvisory.com/comparisons/c-pace-assessment-versus-mortgage-funded-improvements/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "ctpace", "label": "Connecticut Green Bank — C-PACE FAQ", "url": "https://www.ctgreenbank.com/resources/c-pace-faq/", "section": "C-PACE Eligibility; How does C-PACE work with my existing mortgage or capital stack?", "checked": "2026-10-21", "applicability": "Connecticut Green Bank program example only; FAQ expressly distinguishes its procedures from third-party lenders and other jurisdictions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/c-pace-assessment-versus-mortgage-funded-improvements.md" }, { "id": "CDA-254", "slug": "blanket-portfolio-debt-versus-separate-property-loans", "title": "Blanket portfolio debt versus separate property loans", "description": "Compare funding and exit flexibility at pool and property level. Includes property addition release and refinance scenarios.", "url": "https://commercialdebtadvisory.com/comparisons/blanket-portfolio-debt-versus-separate-property-loans/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fnfacility", "label": "Fannie Mae — Credit Facility Term Sheet", "url": "https://multifamily.fanniemae.com/financing-options/affordable-loans/credit-facility-term-sheet", "section": "Life Cycle; Core Features", "checked": "2026-10-21", "applicability": "One large multifamily facility product illustrating collateral additions, substitutions and releases; not a universal blanket-loan offer." } ], "markdown": "https://commercialdebtadvisory.com/markdown/blanket-portfolio-debt-versus-separate-property-loans.md" }, { "id": "CDA-255", "slug": "equal-commitments-different-usable-proceeds", "title": "Equal commitments, different usable proceeds", "description": "Compare commercial loan proposals by funded balance, restricted cash, future advances, fees and the timing of usable proceeds.", "url": "https://commercialdebtadvisory.com/comparisons/equal-commitments-different-usable-proceeds/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "block40-advances", "label": "SEC-filed Block 40 loan agreement dated June 1, 2022", "url": "https://www.sec.gov/Archives/edgar/data/1795851/000166357726000199/ex10_30.htm", "section": "2.10.1 Advance Conditions", "checked": "2026-10-21", "applicability": "Historical example of conditional future advances; the hypothetical offers below are original and unrelated.", "sourceDateNotes": "2022-06-01 agreement" } ], "markdown": "https://commercialdebtadvisory.com/markdown/equal-commitments-different-usable-proceeds.md" }, { "id": "CDA-256", "slug": "lower-loan-coupon-versus-greater-closing-certainty", "title": "Lower loan coupon versus greater closing certainty", "description": "Compare expected cash cost under explicit delay scenarios. Includes quote economics and delay exposure decision table.", "url": "https://commercialdebtadvisory.com/comparisons/lower-loan-coupon-versus-greater-closing-certainty/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Introduction; Real Estate Lending Standards and Interagency Guidelines", "checked": "2026-10-21", "applicability": "OCC examination and supervision context for covered banks; not a borrower approval or universal lender credit box." } ], "markdown": "https://commercialdebtadvisory.com/markdown/lower-loan-coupon-versus-greater-closing-certainty.md" }, { "id": "CDA-257", "slug": "cash-out-now-versus-staged-supplemental-financing", "title": "Cash-out now versus staged supplemental financing", "description": "Compare distributions conditions and future financing uncertainty. Includes immediate and staged capital availability schedule.", "url": "https://commercialdebtadvisory.com/comparisons/cash-out-now-versus-staged-supplemental-financing/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fnsupp", "label": "Fannie Mae — Supplemental Mortgage Loans Term Sheet", "url": "https://multifamily.fanniemae.com/financing-options/tools-existing-loans/supplemental-mortgage-loans-term-sheet", "section": "Eligibility; Term; Prepayment Availability", "checked": "2026-10-21", "applicability": "Program-specific summary; HTML and linked PDF showed different maximum LTV values, so article does not prescribe a numerical limit." } ], "markdown": "https://commercialdebtadvisory.com/markdown/cash-out-now-versus-staged-supplemental-financing.md" }, { "id": "CDA-258", "slug": "one-lender-relationship-versus-multiple-lending-relationships", "title": "One lender relationship versus multiple lending relationships", "description": "Evaluate concentration coordination and future capital access. Includes relationship dependency and execution responsibility map.", "url": "https://commercialdebtadvisory.com/comparisons/one-lender-relationship-versus-multiple-lending-relationships/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Introduction; Real Estate Lending Standards and Interagency Guidelines", "checked": "2026-10-21", "applicability": "OCC examination and supervision context for covered banks; not a borrower approval or universal lender credit box." } ], "markdown": "https://commercialdebtadvisory.com/markdown/one-lender-relationship-versus-multiple-lending-relationships.md" }, { "id": "CDA-259", "slug": "paying-for-rate-certainty-before-final-credit-approval", "title": "Paying for rate certainty before final credit approval", "description": "Decide when a rate commitment is justified by approval evidence. Includes lock timing and deposit exposure comparison.", "url": "https://commercialdebtadvisory.com/comparisons/paying-for-rate-certainty-before-final-credit-approval/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "frlock", "label": "Freddie Mac — Lock Options", "url": "https://mf.freddiemac.com/financing/lock-options", "section": "Standard Delivery; Early Rate-Lock; Index Lock FAQ", "checked": "2026-10-21", "applicability": "Distinguishes index-only and full-rate procedures; borrower eligibility and actual agreements require confirmation." }, { "id": "frerl", "label": "Freddie Mac — Early Rate-Lock Option", "url": "https://mf.freddiemac.com/docs/product/early_rate_lock.pdf", "section": "Pages1–2, preliminary review, rate-lock and subsequent full underwriting", "checked": "2026-10-21", "applicability": "May2025 product summary currently linked by official Lock Options page; not a substitute for current Guide or executed agreement. Numerical adjustment tolerances are not adopted.", "sourceDateNotes": "2025-05 publication" } ], "markdown": "https://commercialdebtadvisory.com/markdown/paying-for-rate-certainty-before-final-credit-approval.md" }, { "id": "CDA-260", "slug": "bridge-financing-versus-reduced-purchase-price-and-bank-debt", "title": "Bridge financing versus reduced purchase price and bank debt", "description": "Compare financing and negotiation paths for the same acquisition. Includes purchase-price leverage and execution scenario table.", "url": "https://commercialdebtadvisory.com/comparisons/bridge-financing-versus-reduced-purchase-price-and-bank-debt/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occadc", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages5–6, Acquisition, Development, and Construction Lending", "checked": "2026-10-21", "applicability": "Supervisory description for covered banks; borrower conversion conditions and advance rates depend on the actual lender and executed documents." } ], "markdown": "https://commercialdebtadvisory.com/markdown/bridge-financing-versus-reduced-purchase-price-and-bank-debt.md" }, { "id": "CDA-261", "slug": "construction-loan-versus-rehabilitation-bridge-for-adaptive-reuse", "title": "Construction loan versus rehabilitation bridge for adaptive reuse", "description": "Match actual scope and draw needs to the financing structure. Includes scope funding and completion condition comparison.", "url": "https://commercialdebtadvisory.com/comparisons/construction-loan-versus-rehabilitation-bridge-for-adaptive-reuse/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occadc", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages5–6, Acquisition, Development, and Construction Lending", "checked": "2026-10-21", "applicability": "Supervisory description for covered banks; borrower conversion conditions and advance rates depend on the actual lender and executed documents." } ], "markdown": "https://commercialdebtadvisory.com/markdown/construction-loan-versus-rehabilitation-bridge-for-adaptive-reuse.md" }, { "id": "CDA-262", "slug": "refinance-versus-sale-when-debt-proceeds-disappoint", "title": "Refinance versus sale when debt proceeds disappoint", "description": "Compare financing gap funding with a supported disposition scenario. Includes net cash and retained-risk decision matrix.", "url": "https://commercialdebtadvisory.com/comparisons/refinance-versus-sale-when-debt-proceeds-disappoint/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "irs544", "label": "IRS — Publication544 (2025), Sales and Other Dispositions of Assets", "url": "https://www.irs.gov/publications/p544", "section": "Gain or Loss From Sales and Exchanges; Amount realized", "checked": "2026-10-21", "applicability": "Tax publication distinguishes amount realized and adjusted basis; this article’s model is before tax and does not determine an owner’s taxable gain." } ], "markdown": "https://commercialdebtadvisory.com/markdown/refinance-versus-sale-when-debt-proceeds-disappoint.md" }, { "id": "CDA-263", "slug": "cross-collateral-release-versus-whole-portfolio-refinance", "title": "Cross-collateral release versus whole-portfolio refinance", "description": "Compare the cash and approval demands of a partial exit. Includes release and refinance sources-and-uses comparison.", "url": "https://commercialdebtadvisory.com/comparisons/cross-collateral-release-versus-whole-portfolio-refinance/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fnfacility", "label": "Fannie Mae — Credit Facility Term Sheet", "url": "https://multifamily.fanniemae.com/financing-options/affordable-loans/credit-facility-term-sheet", "section": "Life Cycle; Core Features", "checked": "2026-10-21", "applicability": "One large multifamily facility product illustrating collateral additions, substitutions and releases; not a universal blanket-loan offer." } ], "markdown": "https://commercialdebtadvisory.com/markdown/cross-collateral-release-versus-whole-portfolio-refinance.md" }, { "id": "CDA-264", "slug": "recourse-pricing-concession-versus-additional-nonrecourse-equity", "title": "Recourse pricing concession versus additional nonrecourse equity", "description": "Evaluate the cost of transferring payment risk to the sponsor. Includes borrower obligation and equity requirement comparison.", "url": "https://commercialdebtadvisory.com/comparisons/recourse-pricing-concession-versus-additional-nonrecourse-equity/", "collection": "comparisons", "type": "comparison", "stage": "Compare options", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fnfixed", "label": "Fannie Mae — Fixed-Rate Mortgage Loans Term Sheet", "url": "https://multifamily.fanniemae.com/financing-options/fixed-rate-mortgage-loans-term-sheet", "section": "Eligibility; Prepayment Availability; Rate Lock; Accrual", "checked": "2026-10-21", "applicability": "Product summary checked on research date; current guide and transaction documents control." }, { "id": "acresguaranty", "label": "ACRES Commercial Realty Corp. — September2025 Form8-K", "url": "https://www.sec.gov/Archives/edgar/data/1332551/000119312525207376/acr-20250912.htm", "section": "Item1.01, separate guaranty and environmental indemnity descriptions", "checked": "2026-10-21", "applicability": "Historical issuer filing illustrates layered obligations; summaries are expressly qualified by actual agreements. No state-law or universal enforcement rule is inferred." } ], "markdown": "https://commercialdebtadvisory.com/markdown/recourse-pricing-concession-versus-additional-nonrecourse-equity.md" }, { "id": "CDA-265", "slug": "underwritten-cash-flow-reconciler", "title": "Underwritten cash-flow reconciler", "description": "Reconcile operating cash flow with explicit lender adjustments. Includes editable adjustment ledger with reproducible totals and exports.", "url": "https://commercialdebtadvisory.com/tools/underwritten-cash-flow-reconciler/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "Fannie Mae: Underwritten debt service coverage ratio", "url": "https://mfguide.fanniemae.com/node/1541" }, { "label": "Fannie Mae Multifamily Selling and Servicing Guide", "url": "https://mfguide.fanniemae.com/" } ], "markdown": "https://commercialdebtadvisory.com/markdown/underwritten-cash-flow-reconciler.md" }, { "id": "CDA-266", "slug": "binding-constraint-loan-sizer", "title": "Binding-constraint loan sizer", "description": "Identify the binding loan constraint under stated assumptions. Includes interactive DSCR LTV debt-yield and optional LTC sizing calculation.", "url": "https://commercialdebtadvisory.com/tools/binding-constraint-loan-sizer/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "OCC: Commercial Real Estate Lending handbook", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/index-commercial-real-estate-lending.html" }, { "label": "Fannie Mae: Underwritten debt service coverage ratio", "url": "https://mfguide.fanniemae.com/node/1541" } ], "markdown": "https://commercialdebtadvisory.com/markdown/binding-constraint-loan-sizer.md" }, { "id": "CDA-267", "slug": "debt-service-convention-comparator", "title": "Debt-service convention comparator", "description": "Compare proceeds under different underwriting payment conventions. Includes side-by-side payment convention and loan-capacity outputs.", "url": "https://commercialdebtadvisory.com/tools/debt-service-convention-comparator/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "Fannie Mae: Underwritten debt service coverage ratio", "url": "https://mfguide.fanniemae.com/node/1541" } ], "markdown": "https://commercialdebtadvisory.com/markdown/debt-service-convention-comparator.md" }, { "id": "CDA-268", "slug": "amortization-interest-only-schedule", "title": "Amortization and interest-only schedule", "description": "Calculate payments balances and balloon through an interest-only transition. Includes exportable dated principal and interest schedule.", "url": "https://commercialdebtadvisory.com/tools/amortization-interest-only-schedule/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "OCC: Commercial Real Estate Lending handbook", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/index-commercial-real-estate-lending.html" }, { "label": "Fannie Mae Multifamily Selling and Servicing Guide", "url": "https://mfguide.fanniemae.com/" } ], "markdown": "https://commercialdebtadvisory.com/markdown/amortization-interest-only-schedule.md" }, { "id": "CDA-269", "slug": "loan-offer-cash-flow-comparison", "title": "Loan-offer cash-flow comparison", "description": "Normalize the economics of multiple loan offers. Includes comparable dated cash flows with fees holdbacks and payoff assumptions.", "url": "https://commercialdebtadvisory.com/tools/loan-offer-cash-flow-comparison/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "OCC: Commercial Real Estate Lending handbook", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/index-commercial-real-estate-lending.html" }, { "label": "Fannie Mae Multifamily Selling and Servicing Guide", "url": "https://mfguide.fanniemae.com/" } ], "markdown": "https://commercialdebtadvisory.com/markdown/loan-offer-cash-flow-comparison.md" }, { "id": "CDA-270", "slug": "floating-rate-floor-cap-stress", "title": "Floating-rate floor and cap stress tool", "description": "Calculate payment effects of rate paths floors and stated caps. Includes editable rate scenarios with coupon and debt-service outputs.", "url": "https://commercialdebtadvisory.com/tools/floating-rate-floor-cap-stress/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "New York Fed: Reference-rate methodology", "url": "https://www.newyorkfed.org/markets/reference-rates/additional-information-about-reference-rates" }, { "label": "Fannie Mae Multifamily Selling and Servicing Guide", "url": "https://mfguide.fanniemae.com/" } ], "markdown": "https://commercialdebtadvisory.com/markdown/floating-rate-floor-cap-stress.md" }, { "id": "CDA-271", "slug": "interest-accrual-convention-comparator", "title": "Interest accrual convention comparator", "description": "Reconcile interest under explicit day-count conventions. Includes calendar-based interest comparison with visible formulas.", "url": "https://commercialdebtadvisory.com/tools/interest-accrual-convention-comparator/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "OCC: Commercial Real Estate Lending handbook", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/index-commercial-real-estate-lending.html" }, { "label": "Fannie Mae Multifamily Selling and Servicing Guide", "url": "https://mfguide.fanniemae.com/" } ], "markdown": "https://commercialdebtadvisory.com/markdown/interest-accrual-convention-comparator.md" }, { "id": "CDA-272", "slug": "reserves-and-holdbacks-funding-bridge", "title": "Reserves and holdbacks funding bridge", "description": "Calculate cash usable at closing and later funded stages. Includes committed-to-funded proceeds waterfall with separate restricted funds.", "url": "https://commercialdebtadvisory.com/tools/reserves-and-holdbacks-funding-bridge/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "OCC: Commercial Real Estate Lending handbook", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/index-commercial-real-estate-lending.html" }, { "label": "Fannie Mae Multifamily Selling and Servicing Guide", "url": "https://mfguide.fanniemae.com/" } ], "markdown": "https://commercialdebtadvisory.com/markdown/reserves-and-holdbacks-funding-bridge.md" }, { "id": "CDA-273", "slug": "refinance-sources-and-uses", "title": "Refinance sources-and-uses workbench", "description": "Calculate refinance cash required or available after all stated uses. Includes balanced refinancing sources-and-uses export.", "url": "https://commercialdebtadvisory.com/tools/refinance-sources-and-uses/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "OCC: Commercial Real Estate Lending handbook", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/index-commercial-real-estate-lending.html" }, { "label": "Fannie Mae Multifamily Selling and Servicing Guide", "url": "https://mfguide.fanniemae.com/" } ], "markdown": "https://commercialdebtadvisory.com/markdown/refinance-sources-and-uses.md" }, { "id": "CDA-274", "slug": "maturity-gap-sensitivity", "title": "Maturity gap sensitivity grid", "description": "Calculate payoff funding gaps across NOI value and rate changes. Includes interactive joint-shock grid with binding loan constraints.", "url": "https://commercialdebtadvisory.com/tools/maturity-gap-sensitivity/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "OCC: Commercial Real Estate Lending handbook", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/index-commercial-real-estate-lending.html" }, { "label": "Fannie Mae Multifamily Selling and Servicing Guide", "url": "https://mfguide.fanniemae.com/" } ], "markdown": "https://commercialdebtadvisory.com/markdown/maturity-gap-sensitivity.md" }, { "id": "CDA-275", "slug": "lease-rollover-refinance-test", "title": "Lease-rollover refinance test", "description": "Estimate refinance capacity under renewal and vacancy assumptions. Includes tenant timing and loan proceeds scenarios.", "url": "https://commercialdebtadvisory.com/tools/lease-rollover-refinance-test/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "OCC: Commercial Real Estate Lending handbook", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/index-commercial-real-estate-lending.html" }, { "label": "Fannie Mae Multifamily Selling and Servicing Guide", "url": "https://mfguide.fanniemae.com/" } ], "markdown": "https://commercialdebtadvisory.com/markdown/lease-rollover-refinance-test.md" }, { "id": "CDA-276", "slug": "sponsor-post-closing-liquidity", "title": "Sponsor post-closing liquidity test", "description": "Calculate remaining liquidity after transaction and contingent uses. Includes liquidity waterfall separating unrestricted restricted and contingent cash.", "url": "https://commercialdebtadvisory.com/tools/sponsor-post-closing-liquidity/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "OCC: Commercial Real Estate Lending handbook", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/index-commercial-real-estate-lending.html" }, { "label": "Fannie Mae Multifamily Selling and Servicing Guide", "url": "https://mfguide.fanniemae.com/" } ], "markdown": "https://commercialdebtadvisory.com/markdown/sponsor-post-closing-liquidity.md" }, { "id": "CDA-277", "slug": "senior-subordinate-debt-cash-flow", "title": "Senior and subordinate debt cash-flow model", "description": "Calculate combined payment obligations and coverage by priority. Includes multi-tranche debt-service and balance schedule.", "url": "https://commercialdebtadvisory.com/tools/senior-subordinate-debt-cash-flow/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Advanced", "assets": [ "All commercial", "Development", "Portfolio" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "OCC: Commercial Real Estate Lending handbook", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/index-commercial-real-estate-lending.html" }, { "label": "Fannie Mae Multifamily Selling and Servicing Guide", "url": "https://mfguide.fanniemae.com/" } ], "markdown": "https://commercialdebtadvisory.com/markdown/senior-subordinate-debt-cash-flow.md" }, { "id": "CDA-278", "slug": "construction-draw-interest-reserve", "title": "Construction draw and interest-reserve model", "description": "Calculate drawn principal interest and reserve use through construction. Includes explicit draw-timing and capitalized-interest ledger.", "url": "https://commercialdebtadvisory.com/tools/construction-draw-interest-reserve/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Advanced", "assets": [ "All commercial", "Development", "Portfolio" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "OCC: Commercial Real Estate Lending handbook", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/index-commercial-real-estate-lending.html" }, { "label": "Fannie Mae Multifamily Selling and Servicing Guide", "url": "https://mfguide.fanniemae.com/" } ], "markdown": "https://commercialdebtadvisory.com/markdown/construction-draw-interest-reserve.md" }, { "id": "CDA-279", "slug": "construction-cost-overrun-equity", "title": "Construction cost-overrun equity test", "description": "Calculate additional cash needed after a budget change. Includes cost contingency and available-debt reconciliation.", "url": "https://commercialdebtadvisory.com/tools/construction-cost-overrun-equity/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Advanced", "assets": [ "All commercial", "Development", "Portfolio" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "OCC: Commercial Real Estate Lending handbook", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/index-commercial-real-estate-lending.html" }, { "label": "Fannie Mae Multifamily Selling and Servicing Guide", "url": "https://mfguide.fanniemae.com/" } ], "markdown": "https://commercialdebtadvisory.com/markdown/construction-cost-overrun-equity.md" }, { "id": "CDA-280", "slug": "lease-up-funding-runway", "title": "Lease-up funding runway", "description": "Calculate cash survival during a defined lease-up. Includes monthly revenue expense debt and liquidity schedule.", "url": "https://commercialdebtadvisory.com/tools/lease-up-funding-runway/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Advanced", "assets": [ "All commercial", "Development", "Portfolio" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "OCC: Commercial Real Estate Lending handbook", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/index-commercial-real-estate-lending.html" }, { "label": "Fannie Mae Multifamily Selling and Servicing Guide", "url": "https://mfguide.fanniemae.com/" } ], "markdown": "https://commercialdebtadvisory.com/markdown/lease-up-funding-runway.md" }, { "id": "CDA-281", "slug": "bridge-exit-feasibility", "title": "Bridge exit feasibility test", "description": "Test whether a defined permanent loan can repay bridge obligations. Includes exit sizing and payoff funding-gap calculation.", "url": "https://commercialdebtadvisory.com/tools/bridge-exit-feasibility/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Advanced", "assets": [ "All commercial", "Development", "Portfolio" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "OCC: Commercial Real Estate Lending handbook", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/index-commercial-real-estate-lending.html" }, { "label": "Fannie Mae Multifamily Selling and Servicing Guide", "url": "https://mfguide.fanniemae.com/" } ], "markdown": "https://commercialdebtadvisory.com/markdown/bridge-exit-feasibility.md" }, { "id": "CDA-282", "slug": "extension-condition-scenario-checker", "title": "Extension-condition scenario checker", "description": "Test user-specified financial conditions for an extension. Includes transparent condition results with explicit contractual assumptions.", "url": "https://commercialdebtadvisory.com/tools/extension-condition-scenario-checker/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Advanced", "assets": [ "All commercial", "Development", "Portfolio" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "FDIC: Interagency CRE loan accommodations and workouts", "url": "https://www.fdic.gov/news/financial-institution-letters/2023/fil23034.html" }, { "label": "Fannie Mae Multifamily Selling and Servicing Guide", "url": "https://mfguide.fanniemae.com/" } ], "markdown": "https://commercialdebtadvisory.com/markdown/extension-condition-scenario-checker.md" }, { "id": "CDA-283", "slug": "prepayment-timing-comparison", "title": "Prepayment timing comparison", "description": "Compare dated financing alternatives using supplied payoff costs. Includes break-even and cash-flow comparison without fabricated payoff quotes.", "url": "https://commercialdebtadvisory.com/tools/prepayment-timing-comparison/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Advanced", "assets": [ "All commercial", "Development", "Portfolio" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "Fannie Mae: Calculation of total prepayment premium", "url": "https://mfguide.fanniemae.com/node/8241" } ], "markdown": "https://commercialdebtadvisory.com/markdown/prepayment-timing-comparison.md" }, { "id": "CDA-284", "slug": "loan-assumption-equity", "title": "Loan-assumption equity calculator", "description": "Calculate acquisition equity with assumed and supplemental debt. Includes assumption sources-and-uses and required-equity output.", "url": "https://commercialdebtadvisory.com/tools/loan-assumption-equity/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Advanced", "assets": [ "All commercial", "Development", "Portfolio" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "OCC: Commercial Real Estate Lending handbook", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/index-commercial-real-estate-lending.html" }, { "label": "Fannie Mae Multifamily Selling and Servicing Guide", "url": "https://mfguide.fanniemae.com/" } ], "markdown": "https://commercialdebtadvisory.com/markdown/loan-assumption-equity.md" }, { "id": "CDA-285", "slug": "portfolio-collateral-release", "title": "Portfolio collateral-release workbench", "description": "Calculate the retained pool after proposed asset releases. Includes sequential release payoff collateral and coverage schedule.", "url": "https://commercialdebtadvisory.com/tools/portfolio-collateral-release/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Advanced", "assets": [ "All commercial", "Development", "Portfolio" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "OCC: Commercial Real Estate Lending handbook", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/index-commercial-real-estate-lending.html" }, { "label": "Fannie Mae Multifamily Selling and Servicing Guide", "url": "https://mfguide.fanniemae.com/" } ], "markdown": "https://commercialdebtadvisory.com/markdown/portfolio-collateral-release.md" }, { "id": "CDA-286", "slug": "cash-sweep-waterfall", "title": "Cash-sweep waterfall simulator", "description": "Calculate operating payments trapped cash and potential distributions. Includes user-defined priority waterfall across cash-management states.", "url": "https://commercialdebtadvisory.com/tools/cash-sweep-waterfall/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Advanced", "assets": [ "All commercial", "Development", "Portfolio" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "OCC: Commercial Real Estate Lending handbook", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/index-commercial-real-estate-lending.html" }, { "label": "Fannie Mae Multifamily Selling and Servicing Guide", "url": "https://mfguide.fanniemae.com/" } ], "markdown": "https://commercialdebtadvisory.com/markdown/cash-sweep-waterfall.md" }, { "id": "CDA-287", "slug": "covenant-headroom", "title": "Covenant headroom monitor", "description": "Measure current performance against explicitly defined thresholds. Includes covenant headroom and sensitivity outputs.", "url": "https://commercialdebtadvisory.com/tools/covenant-headroom/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Advanced", "assets": [ "All commercial", "Development", "Portfolio" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "OCC: Commercial Real Estate Lending handbook", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/index-commercial-real-estate-lending.html" }, { "label": "Fannie Mae Multifamily Selling and Servicing Guide", "url": "https://mfguide.fanniemae.com/" } ], "markdown": "https://commercialdebtadvisory.com/markdown/covenant-headroom.md" }, { "id": "CDA-288", "slug": "rate-lock-timing-scenarios", "title": "Rate-lock timing scenario comparison", "description": "Compare explicit lock delay and rate-change scenarios. Includes dated cash cost and break-even calculations.", "url": "https://commercialdebtadvisory.com/tools/rate-lock-timing-scenarios/", "collection": "tools", "type": "tool", "stage": "Calculate", "level": "Advanced", "assets": [ "All commercial", "Development", "Portfolio" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "label": "OCC: Commercial Real Estate Lending handbook", "url": "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/index-commercial-real-estate-lending.html" }, { "label": "Fannie Mae Multifamily Selling and Servicing Guide", "url": "https://mfguide.fanniemae.com/" } ], "markdown": "https://commercialdebtadvisory.com/markdown/rate-lock-timing-scenarios.md" }, { "id": "CDA-289", "slug": "multifamily-acquisition-with-concessions-hidden-in-headline-rent", "title": "Case: Multifamily acquisition with concessions hidden in headline rent", "description": "Decide whether the price remains financeable after collections reconciliation. Includes hypothetical unit-level income bridge and revised equity requirement.", "url": "https://commercialdebtadvisory.com/cases/multifamily-acquisition-with-concessions-hidden-in-headline-rent/", "collection": "cases", "type": "case", "stage": "Acquire", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Income-Generating Capacity of CRE and Debt-Service Coverage Ratio, printed pp.42–43", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/multifamily-acquisition-with-concessions-hidden-in-headline-rent.md" }, { "id": "CDA-290", "slug": "grocery-anchored-acquisition-with-an-anchor-renewal-deadline", "title": "Case: Grocery-anchored acquisition with an anchor renewal deadline", "description": "Compare financing paths before the renewal outcome is known. Includes hypothetical anchor-loss coverage and loan-choice scenarios.", "url": "https://commercialdebtadvisory.com/cases/grocery-anchored-acquisition-with-an-anchor-renewal-deadline/", "collection": "cases", "type": "case", "stage": "Acquire", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Income-Generating Capacity, pp.42–43; Retail, pp.120–121", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/grocery-anchored-acquisition-with-an-anchor-renewal-deadline.md" }, { "id": "CDA-291", "slug": "owner-user-warehouse-purchase-with-an-operating-expansion", "title": "Case: Owner-user warehouse purchase with an operating expansion", "description": "Determine whether the business can fund the property transition. Includes hypothetical global cash-flow and occupancy transition schedule.", "url": "https://commercialdebtadvisory.com/cases/owner-user-warehouse-purchase-with-an-operating-expansion/", "collection": "cases", "type": "case", "stage": "Acquire", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Loans Secured by Owner-Occupied Properties, printed p.131", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/owner-user-warehouse-purchase-with-an-operating-expansion.md" }, { "id": "CDA-292", "slug": "hotel-purchase-with-a-mandatory-franchise-improvement-plan", "title": "Case: Hotel purchase with a mandatory franchise improvement plan", "description": "Determine how required work changes purchase equity and debt fit. Includes hypothetical PIP funding and operating cash-flow case.", "url": "https://commercialdebtadvisory.com/cases/hotel-purchase-with-a-mandatory-franchise-improvement-plan/", "collection": "cases", "type": "case", "stage": "Acquire", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Hospitality, printed pp.123–125", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." }, { "id": "occ-refinance", "label": "OCC Bulletin 2024-29 — Refinance Risk", "url": "https://www.occ.treas.gov/news-issuances/bulletins/2024/bulletin-2024-29.html", "section": "Transaction-Level Risk Management and Risk-Rating Considerations", "checked": "2026-10-21", "applicability": "October 3, 2024 publication; OCC-supervised bank context. No fictional underwriting threshold is prescribed by the bulletin." } ], "markdown": "https://commercialdebtadvisory.com/markdown/hotel-purchase-with-a-mandatory-franchise-improvement-plan.md" }, { "id": "CDA-293", "slug": "mixed-use-acquisition-with-incomplete-commercial-leases", "title": "Case: Mixed-use acquisition with incomplete commercial leases", "description": "Decide which evidence must be obtained before paying lender deposits. Includes hypothetical document-gap and contingent financing decision record.", "url": "https://commercialdebtadvisory.com/cases/mixed-use-acquisition-with-incomplete-commercial-leases/", "collection": "cases", "type": "case", "stage": "Acquire", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Income-Generating Capacity of CRE, printed p.42; File Documentation, p.51", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/mixed-use-acquisition-with-incomplete-commercial-leases.md" }, { "id": "CDA-294", "slug": "assumed-loan-creates-a-purchase-equity-gap", "title": "Case: Assumed loan creates a purchase equity gap", "description": "Compare assumption with newly originated acquisition debt. Includes hypothetical assumption approval and funding-gap comparison.", "url": "https://commercialdebtadvisory.com/cases/assumed-loan-creates-a-purchase-equity-gap/", "collection": "cases", "type": "case", "stage": "Acquire", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fannie-assumption", "label": "Fannie Mae — Fixed-Rate Mortgage Loans Term Sheet", "url": "https://multifamily.fanniemae.com/financing-options/fixed-rate-mortgage-loans-term-sheet", "section": "Assumption", "checked": "2026-10-21", "applicability": "Current product summary checked October 21, 2026. Approval depends on the actual transaction; the case is a fictional generic loan, not a Fannie offer." } ], "markdown": "https://commercialdebtadvisory.com/markdown/assumed-loan-creates-a-purchase-equity-gap.md" }, { "id": "CDA-295", "slug": "refinance-noi-value-rate-shock", "title": "Refinance stress: NOI, value and rate shocks", "description": "A hypothetical commercial refinance isolates cash-flow, value and rate changes, then measures their combined effect on debt repayment.", "url": "https://commercialdebtadvisory.com/cases/refinance-noi-value-rate-shock/", "collection": "cases", "type": "case", "stage": "Refinance", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-refinance", "label": "OCC Bulletin 2024-29 — Refinance Risk", "url": "https://www.occ.treas.gov/news-issuances/bulletins/2024/bulletin-2024-29.html", "section": "Transaction-Level Risk Management and Risk-Rating Considerations and Portfolio-Level Analysis", "checked": "2026-10-21", "applicability": "Bank supervisory context; hypothetical stress inputs are not forecasts or regulatory minimums." } ], "markdown": "https://commercialdebtadvisory.com/markdown/refinance-noi-value-rate-shock.md" }, { "id": "CDA-296", "slug": "self-storage-refinance-after-promotions-mask-collected-rent", "title": "Case: Self-storage refinance after promotions mask collected rent", "description": "Reconcile economic occupancy with refinance expectations. Includes hypothetical storage rent ledger and lender sizing bridge.", "url": "https://commercialdebtadvisory.com/cases/self-storage-refinance-after-promotions-mask-collected-rent/", "collection": "cases", "type": "case", "stage": "Refinance", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "psa-metrics", "label": "Public Storage — 2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/1393311/000162828026007696/psa-20251231.htm", "section": "Item 7, Same Store Facilities footnotes (c) and (d), printed p.32", "checked": "2026-10-21", "applicability": "Issuer-specific definitions for the year ended December 31, 2025, not lender income-recognition rules." }, { "id": "occ-refinance", "label": "OCC Bulletin 2024-29 — Refinance Risk", "url": "https://www.occ.treas.gov/news-issuances/bulletins/2024/bulletin-2024-29.html", "section": "Transaction-Level Risk Management and Risk-Rating Considerations", "checked": "2026-10-21", "applicability": "October 3, 2024 publication; OCC-supervised bank context. No fictional underwriting threshold is prescribed by the bulletin." } ], "markdown": "https://commercialdebtadvisory.com/markdown/self-storage-refinance-after-promotions-mask-collected-rent.md" }, { "id": "CDA-297", "slug": "office-refinance-before-two-large-lease-expirations", "title": "Case: Office refinance before two large lease expirations", "description": "Evaluate refinance timing and tenant retention capital. Includes hypothetical lease-expiry and equity-needs scenarios.", "url": "https://commercialdebtadvisory.com/cases/office-refinance-before-two-large-lease-expirations/", "collection": "cases", "type": "case", "stage": "Refinance", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Income-Generating Capacity and DSCR, printed pp.42–43", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." }, { "id": "occ-refinance", "label": "OCC Bulletin 2024-29 — Refinance Risk", "url": "https://www.occ.treas.gov/news-issuances/bulletins/2024/bulletin-2024-29.html", "section": "Transaction-Level Risk Management and Risk-Rating Considerations", "checked": "2026-10-21", "applicability": "October 3, 2024 publication; OCC-supervised bank context. No fictional underwriting threshold is prescribed by the bulletin." } ], "markdown": "https://commercialdebtadvisory.com/markdown/office-refinance-before-two-large-lease-expirations.md" }, { "id": "CDA-298", "slug": "cash-out-request-limited-by-lender-reserves", "title": "Case: Cash-out request limited by lender reserves", "description": "Determine how much quoted cash-out is actually distributable. Includes hypothetical commitment reserve and net-cash waterfall.", "url": "https://commercialdebtadvisory.com/cases/cash-out-request-limited-by-lender-reserves/", "collection": "cases", "type": "case", "stage": "Refinance", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "block40-cash", "label": "Block40 Property LLC — loan agreement dated June 1, 2022", "url": "https://www.sec.gov/Archives/edgar/data/1795851/000166357726000199/ex10_30.htm", "section": "Article6; §§6.12 and6.16", "checked": "2026-10-21", "applicability": "Historical negotiated contract example, filed in 2026. Its reserve and cash-allocation terms are not market-standard conditions; the case uses different invented terms." }, { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Covenants, printed p.41", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/cash-out-request-limited-by-lender-reserves.md" }, { "id": "CDA-299", "slug": "recently-acquired-property-refinanced-above-purchase-price", "title": "Case: Recently acquired property refinanced above purchase price", "description": "Evaluate the evidence supporting a changed value and leverage basis. Includes hypothetical basis valuation and eligible-equity reconciliation.", "url": "https://commercialdebtadvisory.com/cases/recently-acquired-property-refinanced-above-purchase-price/", "collection": "cases", "type": "case", "stage": "Refinance", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Value Analysis and Loan-to-Value Ratio, printed pp.43–44; Appraisal and Evaluation Program, pp.63–64; Appraisal and Evaluation Reviews, pp.64–65", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/recently-acquired-property-refinanced-above-purchase-price.md" }, { "id": "CDA-300", "slug": "portfolio-refinance-with-mismatched-loan-maturities", "title": "Case: Early portfolio refinance or a temporary liquidity facility?", "description": "Compare the cost and repayment dependency of refinancing early versus borrowing temporarily to preserve a portfolio cash floor.", "url": "https://commercialdebtadvisory.com/cases/portfolio-refinance-with-mismatched-loan-maturities/", "collection": "cases", "type": "case", "stage": "Refinance", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-refinance", "label": "OCC Bulletin 2024-29 — Refinance Risk", "url": "https://www.occ.treas.gov/news-issuances/bulletins/2024/bulletin-2024-29.html", "section": "Transaction-Level Risk Management and Risk-Rating Considerations", "checked": "2026-10-21", "applicability": "October 3, 2024 publication; OCC-supervised bank context. No fictional underwriting threshold is prescribed by the bulletin." }, { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Analysis of Borrower’s and Guarantor’s Financial Condition, printed pp.29–30", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/portfolio-refinance-with-mismatched-loan-maturities.md" }, { "id": "CDA-301", "slug": "multifamily-construction-debt-limited-by-permanent-takeout", "title": "Case: Multifamily construction debt limited by permanent takeout", "description": "Determine the construction budget supported by the exit loan. Includes hypothetical reverse sizing and required-equity calculation.", "url": "https://commercialdebtadvisory.com/cases/multifamily-construction-debt-limited-by-permanent-takeout/", "collection": "cases", "type": "case", "stage": "Plan construction", "level": "Advanced", "assets": [ "Development" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Underwriting ADC Loans, printed pp.30–32; Income-Generating Capacity, pp.42–43", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/multifamily-construction-debt-limited-by-permanent-takeout.md" }, { "id": "CDA-302", "slug": "construction-interest-reserve-exhausted-by-a-delay", "title": "Case: Construction interest reserve exhausted by a delay", "description": "Decide how to fund the extended construction period. Includes hypothetical monthly draws interest and reserve exhaustion schedule.", "url": "https://commercialdebtadvisory.com/cases/construction-interest-reserve-exhausted-by-a-delay/", "collection": "cases", "type": "case", "stage": "Plan construction", "level": "Advanced", "assets": [ "Development" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Interest Reserves, printed pp.7–8; Monitoring Commercial Construction Projects, pp.46–47", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/construction-interest-reserve-exhausted-by-a-delay.md" }, { "id": "CDA-303", "slug": "industrial-development-without-the-expected-prelease", "title": "Case: Industrial development without the expected prelease", "description": "Reassess funding and guarantee support after a lease delay. Includes hypothetical preleasing downside and sponsor support case.", "url": "https://commercialdebtadvisory.com/cases/industrial-development-without-the-expected-prelease/", "collection": "cases", "type": "case", "stage": "Plan construction", "level": "Advanced", "assets": [ "Development" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Monitoring Commercial Construction Projects and Disbursement Processes, printed pp.46–48", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/industrial-development-without-the-expected-prelease.md" }, { "id": "CDA-304", "slug": "adaptive-reuse-discovers-an-unbudgeted-structural-repair", "title": "Case: Adaptive reuse discovers an unbudgeted structural repair", "description": "Allocate contingency and identify remaining funding gaps. Includes hypothetical change-order funding and approval chronology.", "url": "https://commercialdebtadvisory.com/cases/adaptive-reuse-discovers-an-unbudgeted-structural-repair/", "collection": "cases", "type": "case", "stage": "Plan construction", "level": "Advanced", "assets": [ "Development" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Construction Concerns, printed p.31; Monitoring and Disbursement, pp.45–48", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/adaptive-reuse-discovers-an-unbudgeted-structural-repair.md" }, { "id": "CDA-305", "slug": "phased-project-sells-collateral-before-infrastructure-is-complete", "title": "Case: Phased project sells collateral before infrastructure is complete", "description": "Determine whether proposed releases leave enough funding. Includes hypothetical phase release and shared-cost reconciliation.", "url": "https://commercialdebtadvisory.com/cases/phased-project-sells-collateral-before-infrastructure-is-complete/", "collection": "cases", "type": "case", "stage": "Plan construction", "level": "Advanced", "assets": [ "Development" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Monitoring Construction and Disbursement Processes, printed pp.46–49", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/phased-project-sells-collateral-before-infrastructure-is-complete.md" }, { "id": "CDA-306", "slug": "construction-conversion-delayed-by-occupancy-evidence", "title": "Case: Construction conversion delayed by occupancy evidence", "description": "Plan liquidity between completion and permanent conversion. Includes hypothetical conversion conditions and interim cash runway.", "url": "https://commercialdebtadvisory.com/cases/construction-conversion-delayed-by-occupancy-evidence/", "collection": "cases", "type": "case", "stage": "Plan construction", "level": "Advanced", "assets": [ "Development" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Monitoring Commercial Construction Projects, printed pp.46–47; Income-Generating Capacity, pp.42–43", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/construction-conversion-delayed-by-occupancy-evidence.md" }, { "id": "CDA-307", "slug": "industrial-rollover-bank-versus-bridge", "title": "Industrial rollover: a bank structure versus a bridge", "description": "A hypothetical two-year industrial acquisition compares equity, operating deficits, amortization and takeout proceeds under two financing structures.", "url": "https://commercialdebtadvisory.com/cases/industrial-rollover-bank-versus-bridge/", "collection": "cases", "type": "case", "stage": "Stabilize", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-refinance", "label": "OCC Bulletin 2024-29 — Refinance Risk", "url": "https://www.occ.treas.gov/news-issuances/bulletins/2024/bulletin-2024-29.html", "section": "Transaction-Level Risk Management and Risk-Rating Considerations", "checked": "2026-10-21", "applicability": "Provides refinance-risk context; every property, loan and return figure in this case is hypothetical." } ], "markdown": "https://commercialdebtadvisory.com/markdown/industrial-rollover-bank-versus-bridge.md" }, { "id": "CDA-308", "slug": "retail-co-tenancy-event-during-a-value-add-loan", "title": "Case: Retail co-tenancy event during a value-add loan", "description": "Evaluate the effect of a triggered rent reduction on funding and covenants. Includes hypothetical clause event and cash-flow consequence schedule.", "url": "https://commercialdebtadvisory.com/cases/retail-co-tenancy-event-during-a-value-add-loan/", "collection": "cases", "type": "case", "stage": "Stabilize", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Retail, printed pp.120–121; Covenants and Income-Generating Capacity, pp.41–43", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/retail-co-tenancy-event-during-a-value-add-loan.md" }, { "id": "CDA-309", "slug": "apartment-lease-up-has-positive-noi-but-negative-cash-flow", "title": "Case: Apartment lease-up has positive NOI but negative cash flow", "description": "Determine whether remaining liquidity supports stabilization. Includes hypothetical NOI debt service capital and cash runway reconciliation.", "url": "https://commercialdebtadvisory.com/cases/apartment-lease-up-has-positive-noi-but-negative-cash-flow/", "collection": "cases", "type": "case", "stage": "Stabilize", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Income-Generating Capacity, printed p.42; Monitoring Commercial Construction Projects, pp.46–47", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/apartment-lease-up-has-positive-noi-but-negative-cash-flow.md" }, { "id": "CDA-310", "slug": "vacant-office-redevelopment-needs-more-leasing-capital", "title": "Case: Vacant office redevelopment needs more leasing capital", "description": "Reconcile funded reserves with revised landlord obligations. Includes hypothetical leasing reserve and sponsor cash-needs schedule.", "url": "https://commercialdebtadvisory.com/cases/vacant-office-redevelopment-needs-more-leasing-capital/", "collection": "cases", "type": "case", "stage": "Stabilize", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Income-Generating Capacity, printed p.42; construction leasing monitoring, pp.46–47", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/vacant-office-redevelopment-needs-more-leasing-capital.md" }, { "id": "CDA-311", "slug": "bridge-exit-requires-more-amortization-than-current-debt", "title": "Case: Bridge exit requires more amortization than current debt", "description": "Quantify the payment convention impact on takeout proceeds. Includes hypothetical interest-only-to-amortizing exit gap.", "url": "https://commercialdebtadvisory.com/cases/bridge-exit-requires-more-amortization-than-current-debt/", "collection": "cases", "type": "case", "stage": "Stabilize", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Loan Structure, printed pp.39–41", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." }, { "id": "occ-refinance", "label": "OCC Bulletin 2024-29 — Refinance Risk", "url": "https://www.occ.treas.gov/news-issuances/bulletins/2024/bulletin-2024-29.html", "section": "Transaction-Level Risk Management and Risk-Rating Considerations", "checked": "2026-10-21", "applicability": "October 3, 2024 publication; OCC-supervised bank context. No fictional underwriting threshold is prescribed by the bulletin." } ], "markdown": "https://commercialdebtadvisory.com/markdown/bridge-exit-requires-more-amortization-than-current-debt.md" }, { "id": "CDA-312", "slug": "hotel-seasonal-recovery-misses-a-debt-service-test", "title": "Case: Hotel seasonal recovery misses a debt-service test", "description": "Evaluate liquidity and lender reporting before a covenant breach. Includes hypothetical monthly cash coverage and covenant decision record.", "url": "https://commercialdebtadvisory.com/cases/hotel-seasonal-recovery-misses-a-debt-service-test/", "collection": "cases", "type": "case", "stage": "Stabilize", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Hospitality, printed pp.123–125; Income-Generating Capacity, p.42", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." }, { "id": "occ-refinance", "label": "OCC Bulletin 2024-29 — Refinance Risk", "url": "https://www.occ.treas.gov/news-issuances/bulletins/2024/bulletin-2024-29.html", "section": "Transaction-Level Risk Management and Risk-Rating Considerations", "checked": "2026-10-21", "applicability": "October 3, 2024 publication; OCC-supervised bank context. No fictional underwriting threshold is prescribed by the bulletin." } ], "markdown": "https://commercialdebtadvisory.com/markdown/hotel-seasonal-recovery-misses-a-debt-service-test.md" }, { "id": "CDA-313", "slug": "blanket-loan-release-weakens-the-retained-property-pool", "title": "Case: Blanket loan release weakens the retained property pool", "description": "Evaluate a sale under actual remaining-collateral constraints. Includes hypothetical release price and retained-coverage calculation.", "url": "https://commercialdebtadvisory.com/cases/blanket-loan-release-weakens-the-retained-property-pool/", "collection": "cases", "type": "case", "stage": "Structure capital", "level": "Advanced", "assets": [ "Portfolio", "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Loan Structure, printed pp.39–43; borrower and guarantor analysis, pp.29–30", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." }, { "id": "occ-refinance", "label": "OCC Bulletin 2024-29 — Refinance Risk", "url": "https://www.occ.treas.gov/news-issuances/bulletins/2024/bulletin-2024-29.html", "section": "Transaction-Level Risk Management and Risk-Rating Considerations", "checked": "2026-10-21", "applicability": "October 3, 2024 publication; OCC-supervised bank context. No fictional underwriting threshold is prescribed by the bulletin." } ], "markdown": "https://commercialdebtadvisory.com/markdown/blanket-loan-release-weakens-the-retained-property-pool.md" }, { "id": "CDA-314", "slug": "mezzanine-debt-solves-closing-equity-but-strains-cash-flow", "title": "Case: Mezzanine debt solves closing equity but strains cash flow", "description": "Compare closing feasibility with ongoing combined debt coverage. Includes hypothetical senior and mezzanine payment waterfall.", "url": "https://commercialdebtadvisory.com/cases/mezzanine-debt-solves-closing-equity-but-strains-cash-flow/", "collection": "cases", "type": "case", "stage": "Structure capital", "level": "Advanced", "assets": [ "Portfolio", "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Borrower and guarantor analysis, printed pp.29–30; Loan Structure, pp.39–41", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." }, { "id": "occ-refinance", "label": "OCC Bulletin 2024-29 — Refinance Risk", "url": "https://www.occ.treas.gov/news-issuances/bulletins/2024/bulletin-2024-29.html", "section": "Transaction-Level Risk Management and Risk-Rating Considerations", "checked": "2026-10-21", "applicability": "October 3, 2024 publication; OCC-supervised bank context. No fictional underwriting threshold is prescribed by the bulletin." } ], "markdown": "https://commercialdebtadvisory.com/markdown/mezzanine-debt-solves-closing-equity-but-strains-cash-flow.md" }, { "id": "CDA-315", "slug": "preferred-equity-redemption-arrives-before-refinance-capacity", "title": "Case: Partial preferred redemption or full one-year deferral?", "description": "Compare partial preferred redemption with full deferral, preserving accrued-return allocation, the amended return base and retained cash.", "url": "https://commercialdebtadvisory.com/cases/preferred-equity-redemption-arrives-before-refinance-capacity/", "collection": "cases", "type": "case", "stage": "Structure capital", "level": "Advanced", "assets": [ "Portfolio", "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Borrower and guarantor analysis, printed pp.29–30; Loan Structure, pp.39–41", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." }, { "id": "occ-refinance", "label": "OCC Bulletin 2024-29 — Refinance Risk", "url": "https://www.occ.treas.gov/news-issuances/bulletins/2024/bulletin-2024-29.html", "section": "Transaction-Level Risk Management and Risk-Rating Considerations", "checked": "2026-10-21", "applicability": "October 3, 2024 publication; OCC-supervised bank context. No fictional underwriting threshold is prescribed by the bulletin." } ], "markdown": "https://commercialdebtadvisory.com/markdown/preferred-equity-redemption-arrives-before-refinance-capacity.md" }, { "id": "CDA-316", "slug": "seller-note-terms-prevent-the-planned-institutional-takeout", "title": "Case: Seller note terms prevent the planned institutional takeout", "description": "Identify note changes and consent needed for a credible exit. Includes hypothetical seller-debt and takeout compatibility analysis.", "url": "https://commercialdebtadvisory.com/cases/seller-note-terms-prevent-the-planned-institutional-takeout/", "collection": "cases", "type": "case", "stage": "Structure capital", "level": "Advanced", "assets": [ "Portfolio", "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-refinance", "label": "OCC Bulletin 2024-29 — Refinance Risk", "url": "https://www.occ.treas.gov/news-issuances/bulletins/2024/bulletin-2024-29.html", "section": "Transaction-Level Risk Management and Risk-Rating Considerations", "checked": "2026-10-21", "applicability": "October 3, 2024 publication; OCC-supervised bank context. No fictional underwriting threshold is prescribed by the bulletin." }, { "id": "historical-debt-covenant", "label": "Block 40 Property loan agreement dated June 1, 2022", "url": "https://www.sec.gov/Archives/edgar/data/1795851/000166357726000199/ex10_30.htm", "section": "Section 4.21; definition of Indebtedness", "checked": "2026-10-21", "applicability": "Historical contract illustration only. Its actual permitted-debt provisions are not the invented takeout policy in this case." } ], "markdown": "https://commercialdebtadvisory.com/markdown/seller-note-terms-prevent-the-planned-institutional-takeout.md" }, { "id": "CDA-317", "slug": "two-simultaneous-closings-compete-for-sponsor-liquidity", "title": "Case: Two simultaneous closings compete for sponsor liquidity", "description": "Sequence cash commitments without double counting reserves. Includes hypothetical dated liquidity allocation ledger.", "url": "https://commercialdebtadvisory.com/cases/two-simultaneous-closings-compete-for-sponsor-liquidity/", "collection": "cases", "type": "case", "stage": "Structure capital", "level": "Advanced", "assets": [ "Portfolio", "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Borrower and guarantor analysis, printed pp.29–30", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/two-simultaneous-closings-compete-for-sponsor-liquidity.md" }, { "id": "CDA-318", "slug": "ground-lease-expiration-changes-the-available-debt-term", "title": "Case: Ground lease expiration changes the available debt term", "description": "Compare leasehold financing options under remaining tenure. Includes hypothetical lease-tail and loan-maturity scenario table.", "url": "https://commercialdebtadvisory.com/cases/ground-lease-expiration-changes-the-available-debt-term/", "collection": "cases", "type": "case", "stage": "Structure capital", "level": "Advanced", "assets": [ "Portfolio", "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fannie-ground-documents", "label": "Fannie Mae — loan-document index", "url": "https://multifamily.fanniemae.com/doing-business-us/loan-documents?order=field_text_id&page=13&sort=asc", "section": "Forms 6479 and 6495", "checked": "2026-10-21", "applicability": "Index confirms separate ground-lease review and lessor-estoppel documents. It does not establish the hypothetical ten-year tail requirement." }, { "id": "occ-refinance", "label": "OCC Bulletin 2024-29 — Refinance Risk", "url": "https://www.occ.treas.gov/news-issuances/bulletins/2024/bulletin-2024-29.html", "section": "Transaction-Level Risk Management and Risk-Rating Considerations", "checked": "2026-10-21", "applicability": "October 3, 2024 publication; OCC-supervised bank context. No fictional underwriting threshold is prescribed by the bulletin." } ], "markdown": "https://commercialdebtadvisory.com/markdown/ground-lease-expiration-changes-the-available-debt-term.md" }, { "id": "CDA-319", "slug": "rate-cap-expires-before-a-requested-loan-extension", "title": "Case: Rate cap expires before a requested loan extension", "description": "Determine the cash and contractual conditions for extending debt. Includes hypothetical cap replacement and extension financing plan.", "url": "https://commercialdebtadvisory.com/cases/rate-cap-expires-before-a-requested-loan-extension/", "collection": "cases", "type": "case", "stage": "Prepare maturity", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "historical-cap-extension", "label": "Block 40 Property loan agreement dated June 1, 2022", "url": "https://www.sec.gov/Archives/edgar/data/1795851/000166357726000199/ex10_30.htm", "section": "Sections 2.6.11 and 2.7.1(d)", "checked": "2026-10-21", "applicability": "Historical example of extension-linked replacement-cap delivery, not a current offer or universal requirement." }, { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Loan Structure, printed pp.39–41", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/rate-cap-expires-before-a-requested-loan-extension.md" }, { "id": "CDA-320", "slug": "lender-cash-sweep-begins-while-the-property-remains-solvent", "title": "Case: Lender cash sweep begins while the property remains solvent", "description": "Reconcile operating cash with blocked investor distributions. Includes hypothetical sweep trigger and operating cash waterfall.", "url": "https://commercialdebtadvisory.com/cases/lender-cash-sweep-begins-while-the-property-remains-solvent/", "collection": "cases", "type": "case", "stage": "Prepare maturity", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "historical-cash-control", "label": "Block 40 Property loan agreement dated June 1, 2022", "url": "https://www.sec.gov/Archives/edgar/data/1795851/000166357726000199/ex10_30.htm", "section": "Sections 6.12 and 6.16", "checked": "2026-10-21", "applicability": "Historical illustration of cash collateral and a priority of payments during a trigger; the case uses its own fictional waterfall." }, { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Income-Generating Capacity, printed p.42; monitoring, pp.49–50", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/lender-cash-sweep-begins-while-the-property-remains-solvent.md" }, { "id": "CDA-321", "slug": "maturity-extension-requires-a-principal-paydown", "title": "Case: Maturity extension requires a principal paydown", "description": "Compare extension cash needs with refinance and sale alternatives. Includes hypothetical payoff extension and disposition decision matrix.", "url": "https://commercialdebtadvisory.com/cases/maturity-extension-requires-a-principal-paydown/", "collection": "cases", "type": "case", "stage": "Prepare maturity", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "interagency-workouts", "label": "Interagency policy statement on prudent CRE loan accommodations and workouts", "url": "https://www.federalreserve.gov/frrs/guidance/policy-statement-on-prudent-commercial-real-estate-loan-accommodations-and-workouts.htm", "section": "IV. Long-Term Loan Workout Arrangements", "checked": "2026-10-21", "applicability": "June 2023 policy statement. Does not entitle a borrower to an accommodation or impose the hypothetical terms." }, { "id": "occ-refinance", "label": "OCC Bulletin 2024-29 — Refinance Risk", "url": "https://www.occ.treas.gov/news-issuances/bulletins/2024/bulletin-2024-29.html", "section": "Transaction-Level Risk Management and Risk-Rating Considerations", "checked": "2026-10-21", "applicability": "October 3, 2024 publication; OCC-supervised bank context. No fictional underwriting threshold is prescribed by the bulletin." } ], "markdown": "https://commercialdebtadvisory.com/markdown/maturity-extension-requires-a-principal-paydown.md" }, { "id": "CDA-322", "slug": "borrower-proposes-a-discounted-payoff-with-uncertain-funding", "title": "Case: Borrower proposes a discounted payoff with uncertain funding", "description": "Identify which evidence makes the proposal executable. Includes hypothetical payoff funding and contingency record.", "url": "https://commercialdebtadvisory.com/cases/borrower-proposes-a-discounted-payoff-with-uncertain-funding/", "collection": "cases", "type": "case", "stage": "Prepare maturity", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "interagency-workouts", "label": "Interagency policy statement on prudent CRE loan accommodations and workouts", "url": "https://www.federalreserve.gov/frrs/guidance/policy-statement-on-prudent-commercial-real-estate-loan-accommodations-and-workouts.htm", "section": "IV. Long-Term Loan Workout Arrangements", "checked": "2026-10-21", "applicability": "June 2023 policy statement. Does not entitle a borrower to an accommodation or impose the hypothetical terms." } ], "markdown": "https://commercialdebtadvisory.com/markdown/borrower-proposes-a-discounted-payoff-with-uncertain-funding.md" }, { "id": "CDA-323", "slug": "construction-guarantor-faces-calls-on-several-projects", "title": "Case: Accelerating a construction draw to meet competing guarantee calls", "description": "Reconcile settled sponsor cash and test whether an authorized project reimbursement can arrive before competing construction calls.", "url": "https://commercialdebtadvisory.com/cases/construction-guarantor-faces-calls-on-several-projects/", "collection": "cases", "type": "case", "stage": "Prepare maturity", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "interagency-workouts", "label": "Interagency policy statement on prudent CRE loan accommodations and workouts", "url": "https://www.federalreserve.gov/frrs/guidance/policy-statement-on-prudent-commercial-real-estate-loan-accommodations-and-workouts.htm", "section": "IV. Long-Term Loan Workout Arrangements", "checked": "2026-10-21", "applicability": "June 2023 policy statement. Does not entitle a borrower to an accommodation or impose the hypothetical terms." }, { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Borrower and guarantor analysis, printed pp.29–30; construction monitoring, pp.45–48", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/construction-guarantor-faces-calls-on-several-projects.md" }, { "id": "CDA-324", "slug": "a-forbearance-deadline-arrives-before-a-tenant-opens", "title": "Case: A forbearance deadline arrives before a tenant opens", "description": "Assess the evidence and actions required to preserve financing time. Includes hypothetical milestone compliance and revised repayment analysis.", "url": "https://commercialdebtadvisory.com/cases/a-forbearance-deadline-arrives-before-a-tenant-opens/", "collection": "cases", "type": "case", "stage": "Prepare maturity", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "interagency-workouts", "label": "Interagency policy statement on prudent CRE loan accommodations and workouts", "url": "https://www.federalreserve.gov/frrs/guidance/policy-statement-on-prudent-commercial-real-estate-loan-accommodations-and-workouts.htm", "section": "IV. Long-Term Loan Workout Arrangements", "checked": "2026-10-21", "applicability": "June 2023 policy statement. Does not entitle a borrower to an accommodation or impose the hypothetical terms." }, { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending, version 2.0", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Income-Generating Capacity, printed pp.42–43; construction and lease-up monitoring, pp.45–48", "checked": "2026-10-21", "applicability": "Bank supervisory context. March 2022 publication, with March 20, 2025 reputation-risk edits. All case amounts, thresholds and contractual conditions are invented teaching assumptions." } ], "markdown": "https://commercialdebtadvisory.com/markdown/a-forbearance-deadline-arrives-before-a-tenant-opens.md" }, { "id": "CDA-325", "slug": "financing-request-brief", "title": "A financing request brief that separates the ask from the evidence", "description": "Editable financing brief with blank and completed examples covering the loan request, usable proceeds, equity, timing, repayment and unresolved conditions.", "url": "https://commercialdebtadvisory.com/templates/financing-request-brief/", "collection": "templates", "type": "template", "stage": "Prepare borrower", "level": "Foundation", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-file", "label": "OCC — CRE lending file documentation", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed page 51: File Documentation", "checked": "2026-10-21", "applicability": "Handbook version 2.0 published March 2022. Supervisory context for recording purpose, repayment and decision evidence. This publication’s template is optional and is not an official lender form." } ], "markdown": "https://commercialdebtadvisory.com/markdown/financing-request-brief.md" }, { "id": "CDA-326", "slug": "sponsor-experience-and-owned-real-estate-schedule", "title": "Sponsor experience and owned real estate: a schedule of roles and obligations", "description": "Prepare an editable REO and experience schedule that distinguishes property totals, ownership shares, actual sponsor roles and guaranty obligations.", "url": "https://commercialdebtadvisory.com/templates/sponsor-experience-and-owned-real-estate-schedule/", "collection": "templates", "type": "template", "stage": "Prepare borrower", "level": "Foundation", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-sponsor", "label": "OCC — Borrower and guarantor financial condition", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 29–30: Analysis of Borrower’s and Guarantor’s Financial Condition", "checked": "2026-10-21", "applicability": "Handbook version 2.0 published March 2022. Supports evaluating liquidity, cash flow and contingent obligations; no universal sponsor threshold is asserted." } ], "markdown": "https://commercialdebtadvisory.com/markdown/sponsor-experience-and-owned-real-estate-schedule.md" }, { "id": "CDA-327", "slug": "ownership-entity-and-guarantor-responsibility-diagram", "title": "Map ownership, signing authority and guarantor obligations separately", "description": "An editable relationship map distinguishes economic ownership, management authority and proposed credit support, with a completed hypothetical entity diagram.", "url": "https://commercialdebtadvisory.com/templates/ownership-entity-and-guarantor-responsibility-diagram/", "collection": "templates", "type": "template", "stage": "Prepare borrower", "level": "Foundation", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-entities", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 29–30: borrower and guarantor analysis; page 51: file documentation", "checked": "2026-10-21", "applicability": "Handbook version 2.0 published March 2022. Supervisory context; the template and all example values are original optional working aids, not required lender forms." } ], "markdown": "https://commercialdebtadvisory.com/markdown/ownership-entity-and-guarantor-responsibility-diagram.md" }, { "id": "CDA-328", "slug": "rent-roll-evidence-and-collections-reconciliation", "title": "Reconcile tenant receivables without confusing deposits with rent", "description": "Editable tenant-period roll-forward ties billed rent, credits, cash applied and closing receivables to evidence and flags unexplained differences.", "url": "https://commercialdebtadvisory.com/templates/rent-roll-evidence-and-collections-reconciliation/", "collection": "templates", "type": "template", "stage": "Prepare borrower", "level": "Foundation", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-income", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 42–43: Income-Generating Capacity of CRE; page 51: file documentation", "checked": "2026-10-21", "applicability": "Handbook version 2.0 published March 2022. Supervisory context; the template and all example values are original optional working aids, not required lender forms." } ], "markdown": "https://commercialdebtadvisory.com/markdown/rent-roll-evidence-and-collections-reconciliation.md" }, { "id": "CDA-329", "slug": "operating-statement-normalization-schedule", "title": "Maintain an adjustment register that preserves the original operating statement", "description": "Editable normalization schedule records signed NOI changes, acceptance status and offset cash uses, with a control that prevents capital reclassification from hiding cash needs.", "url": "https://commercialdebtadvisory.com/templates/operating-statement-normalization-schedule/", "collection": "templates", "type": "template", "stage": "Prepare borrower", "level": "Foundation", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-operating", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 42–43: Income-Generating Capacity of CRE", "checked": "2026-10-21", "applicability": "Handbook version 2.0 published March 2022. Supervisory context; the template and all example values are original optional working aids, not required lender forms." } ], "markdown": "https://commercialdebtadvisory.com/markdown/operating-statement-normalization-schedule.md" }, { "id": "CDA-330", "slug": "lender-evidence-ledger", "title": "A lender evidence ledger that separates facts from acceptance", "description": "An editable evidence ledger with a completed example, source-level fields and a process for resolving conflicting lender submission data.", "url": "https://commercialdebtadvisory.com/templates/lender-evidence-ledger/", "collection": "templates", "type": "template", "stage": "Prepare borrower", "level": "Foundation", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "nist-provenance", "label": "NIST — Generative AI Profile", "url": "https://nvlpubs.nist.gov/nistpubs/ai/NIST.AI.600-1.pdf", "section": "MAP 2.2, action MP-2.2-001; 2.2 Confabulation", "checked": "2026-10-21", "applicability": "Voluntary AI risk guidance supporting source provenance; this ledger is an original workflow, not a lender-required form.", "sourceDateNotes": "2024-07" } ], "markdown": "https://commercialdebtadvisory.com/markdown/lender-evidence-ledger.md" }, { "id": "CDA-331", "slug": "noi-to-underwritten-ncf-bridge-template", "title": "Carry one NOI starting point into separate lender cash-flow definitions", "description": "An editable definition bridge shows how the same normalized NOI can become different underwriting numerators and separates reserve expense from actual reserve deposits.", "url": "https://commercialdebtadvisory.com/templates/noi-to-underwritten-ncf-bridge-template/", "collection": "templates", "type": "template", "stage": "Underwrite credit", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fn-ncf", "label": "Fannie Mae — Net Cash Flow glossary", "url": "https://mfguide.fanniemae.com/fnmf-pdf/download/6626", "section": "Net Cash Flow glossary entry; effective September 28, 2026; PDF page 37 of 43", "checked": "2026-10-21", "applicability": "Directly retrieved dated program glossary points to the operative income-analysis section and product rules; the template conventions are hypothetical.", "sourceDateNotes": "2026-09-28" }, { "id": "occ-dscr", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed page 42: Income-Generating Capacity of CRE; page 43: Debt-Service Coverage Ratio", "checked": "2026-10-21", "applicability": "Handbook version 2.0 published March 2022. Supervisory context; the template and all example values are original optional working aids, not required lender forms." } ], "markdown": "https://commercialdebtadvisory.com/markdown/noi-to-underwritten-ncf-bridge-template.md" }, { "id": "CDA-332", "slug": "financing-sources-and-uses", "title": "A financing sources-and-uses schedule that balances by phase", "description": "Build an editable financing budget that reconciles deposits, closing funds, future advances and sponsor equity without counting the same dollar twice.", "url": "https://commercialdebtadvisory.com/templates/financing-sources-and-uses/", "collection": "templates", "type": "template", "stage": "Underwrite credit", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-funding", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Acquisition, Development, and Construction Lending: funding plans and equity contributions, printed page 34", "checked": "2026-10-21", "applicability": "Bank supervisory guidance; the downloadable schedule is an original sponsor planning template." } ], "markdown": "https://commercialdebtadvisory.com/markdown/financing-sources-and-uses.md" }, { "id": "CDA-333", "slug": "existing-debt-and-maturity-schedule", "title": "Separate debt balances, commitments and maturity obligations in one schedule", "description": "Editable facility-level debt schedule tracks funded principal, undrawn commitments, maturity balances, payoff additions and extension conditions without duplicating collateral debt.", "url": "https://commercialdebtadvisory.com/templates/existing-debt-and-maturity-schedule/", "collection": "templates", "type": "template", "stage": "Underwrite credit", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-debt", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 29–30: Borrower and Guarantor Financial Condition; pages 39–41: Loan Structure", "checked": "2026-10-21", "applicability": "Handbook version 2.0 published March 2022. Supervisory context; these original templates are optional and do not establish lender policy." } ], "markdown": "https://commercialdebtadvisory.com/markdown/existing-debt-and-maturity-schedule.md" }, { "id": "CDA-334", "slug": "equity-and-post-closing-liquidity-schedule", "title": "Show which cash remains available after closing and competing commitments", "description": "Editable liquidity bridge distinguishes gross account values, valuation haircuts, restrictions, closing equity and other cash commitments, preserving shortfalls.", "url": "https://commercialdebtadvisory.com/templates/equity-and-post-closing-liquidity-schedule/", "collection": "templates", "type": "template", "stage": "Underwrite credit", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-liquidity", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 29–30: Analysis of Borrower’s and Guarantor’s Financial Condition", "checked": "2026-10-21", "applicability": "Handbook version 2.0 published March 2022. Supervisory context; these original templates are optional and do not establish lender policy." } ], "markdown": "https://commercialdebtadvisory.com/markdown/equity-and-post-closing-liquidity-schedule.md" }, { "id": "CDA-335", "slug": "credit-exception-explanation-memo", "title": "Explain a credit exception without implying that a mitigant erases it", "description": "Editable exception memo separates the policy departure, measured impact, proposed mitigants, remaining risk and actual decision authority.", "url": "https://commercialdebtadvisory.com/templates/credit-exception-explanation-memo/", "collection": "templates", "type": "template", "stage": "Underwrite credit", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-exceptions", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 28–29: Exceptions to General Lending Policy", "checked": "2026-10-21", "applicability": "Handbook version 2.0 published March 2022. Supervisory context; these original templates are optional and do not establish lender policy." } ], "markdown": "https://commercialdebtadvisory.com/markdown/credit-exception-explanation-memo.md" }, { "id": "CDA-336", "slug": "downside-scenario-and-financing-contingency-memo", "title": "Turn a downside model into a funded contingency decision", "description": "Editable scenario memo connects stressed cash flow, refinancing proceeds, required uses and available equity to a dated decision and responsible owner.", "url": "https://commercialdebtadvisory.com/templates/downside-scenario-and-financing-contingency-memo/", "collection": "templates", "type": "template", "stage": "Underwrite credit", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-stress", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 42–43: Income-Generating Capacity of CRE and Debt-Service Coverage Ratio", "checked": "2026-10-21", "applicability": "Handbook version 2.0 published March 2022. Supervisory context; these original templates are optional and do not establish lender policy." } ], "markdown": "https://commercialdebtadvisory.com/markdown/downside-scenario-and-financing-contingency-memo.md" }, { "id": "CDA-337", "slug": "comparable-lender-offer-matrix", "title": "Build a lender-offer matrix with one consistent funding definition", "description": "Editable comparison matrix normalizes closing proceeds, fees, reserves and annual service while preserving proposal status and unresolved conditions.", "url": "https://commercialdebtadvisory.com/templates/comparable-lender-offer-matrix/", "collection": "templates", "type": "template", "stage": "Place debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-structure", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 39–43: loan structure, covenants and coverage", "checked": "2026-10-21", "applicability": "Handbook version 2.0 published March 2022. Supervisory context; these original templates are optional and do not establish lender requirements." } ], "markdown": "https://commercialdebtadvisory.com/markdown/comparable-lender-offer-matrix.md" }, { "id": "CDA-338", "slug": "term-sheet-questions-and-unresolved-terms-register", "title": "Turn an ambiguous term sheet into specific questions with decision consequences", "description": "Editable unresolved-terms register links exact language, competing interpretations, cash impact and the evidence needed to close each question.", "url": "https://commercialdebtadvisory.com/templates/term-sheet-questions-and-unresolved-terms-register/", "collection": "templates", "type": "template", "stage": "Place debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-terms", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 39–43: Loan Structure and Covenants; page 51: File Documentation", "checked": "2026-10-21", "applicability": "Handbook version 2.0 published March 2022. Supervisory context; these original templates are optional and do not establish lender requirements." } ], "markdown": "https://commercialdebtadvisory.com/markdown/term-sheet-questions-and-unresolved-terms-register.md" }, { "id": "CDA-339", "slug": "lender-questions-and-response-tracker", "title": "Track lender information responses by evidence version and recipient", "description": "Editable request tracker connects a lender question to its answer, supporting version, delivery record and remaining acceptance status.", "url": "https://commercialdebtadvisory.com/templates/lender-questions-and-response-tracker/", "collection": "templates", "type": "template", "stage": "Place debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-file", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed page 51: File Documentation", "checked": "2026-10-21", "applicability": "Handbook version 2.0 published March 2022. Supervisory context; these original templates are optional and do not establish lender requirements." } ], "markdown": "https://commercialdebtadvisory.com/markdown/lender-questions-and-response-tracker.md" }, { "id": "CDA-340", "slug": "third-party-report-scope-and-responsibility-matrix", "title": "Assign report scope, reliance and review before ordering third-party work", "description": "Editable report matrix separates engagement, subject property, intended use, information dependencies, delivery and lender review responsibilities.", "url": "https://commercialdebtadvisory.com/templates/third-party-report-scope-and-responsibility-matrix/", "collection": "templates", "type": "template", "stage": "Place debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-reports", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 63–65: Appraisal and Evaluation Program; Appraisal and Evaluation Reviews", "checked": "2026-10-21", "applicability": "Handbook version 2.0 published March 2022. Supervisory context; these original templates are optional and do not establish lender requirements." } ], "markdown": "https://commercialdebtadvisory.com/markdown/third-party-report-scope-and-responsibility-matrix.md" }, { "id": "CDA-341", "slug": "closing-conditions-owners-and-deadlines-tracker", "title": "Track funding conditions by clearance evidence and dependencies", "description": "Editable closing-condition tracker separates delivery from clearance, records decision authority and shows how one unresolved item can block funding.", "url": "https://commercialdebtadvisory.com/templates/closing-conditions-owners-and-deadlines-tracker/", "collection": "templates", "type": "template", "stage": "Place debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-closing", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed page 51: File Documentation; pages 48–49: Disbursement Processes", "checked": "2026-10-21", "applicability": "Handbook version 2.0 published March 2022. Supervisory context; these original templates are optional and do not establish lender requirements." } ], "markdown": "https://commercialdebtadvisory.com/markdown/closing-conditions-owners-and-deadlines-tracker.md" }, { "id": "CDA-342", "slug": "construction-draw-package-and-change-order-register", "title": "Reconcile a construction draw to approved work, retainage and budget changes", "description": "Editable draw register distinguishes approved changes, completed eligible work, retainage, prior funding and the current request, with a hypothetical pending change order.", "url": "https://commercialdebtadvisory.com/templates/construction-draw-package-and-change-order-register/", "collection": "templates", "type": "template", "stage": "Place debt", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-draw", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 45–49: Monitoring Progress of Construction Projects and Disbursement Processes", "checked": "2026-10-21", "applicability": "Handbook version 2.0 published March 2022. Supervisory context; these original templates are optional and do not establish lender requirements." } ], "markdown": "https://commercialdebtadvisory.com/markdown/construction-draw-package-and-change-order-register.md" }, { "id": "CDA-343", "slug": "loan-covenant-and-reporting-calendar", "title": "Build a loan-obligation calendar from the documents that actually apply", "description": "Editable covenant calendar records testing periods, delivery deadlines, event-driven consents, internal preparation dates and evidence of completion.", "url": "https://commercialdebtadvisory.com/templates/loan-covenant-and-reporting-calendar/", "collection": "templates", "type": "template", "stage": "Manage loan", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-reporting", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 41–43: Covenants and DSCR; pages 49–50: Credit Administration", "checked": "2026-10-21", "applicability": "Handbook version 2.0 published March 2022. Supervisory context; the template is an original optional working aid." } ], "markdown": "https://commercialdebtadvisory.com/markdown/loan-covenant-and-reporting-calendar.md" }, { "id": "CDA-344", "slug": "reserve-and-holdback-release-request-package", "title": "Support a reserve release without requesting the same cost twice", "description": "Editable release schedule ties eligible costs to invoices, prior reimbursements and other funding, then reconciles the request with the reserve balance and conditions.", "url": "https://commercialdebtadvisory.com/templates/reserve-and-holdback-release-request-package/", "collection": "templates", "type": "template", "stage": "Manage loan", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-release", "label": "SEC exhibit — Block 40 Property loan agreement", "url": "https://www.sec.gov/Archives/edgar/data/1795851/000166357726000199/ex10_30.htm", "section": "Section 6.5.2: Release of Capital Expenditure Funds", "checked": "2026-10-21", "applicability": "Agreement dated June 1, 2022; historical negotiated example only. Its terms do not govern the reader’s loan." } ], "markdown": "https://commercialdebtadvisory.com/markdown/reserve-and-holdback-release-request-package.md" }, { "id": "CDA-345", "slug": "cash-management-and-sweep-reconciliation", "title": "Reconcile operating cash and trapped cash without losing transfers", "description": "Editable account reconciliation separates external payments from transfers into reserves and cash-collateral accounts and flags a bank-balance discrepancy.", "url": "https://commercialdebtadvisory.com/templates/cash-management-and-sweep-reconciliation/", "collection": "templates", "type": "template", "stage": "Manage loan", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sec-waterfall", "label": "SEC exhibit — Block 40 Property loan agreement", "url": "https://www.sec.gov/Archives/edgar/data/1795851/000166357726000199/ex10_30.htm", "section": "Sections 6.16.1–6.16.3: Property Cash Flow Allocation", "checked": "2026-10-21", "applicability": "Agreement dated June 1, 2022; historical negotiated example only. Its terms do not govern the reader’s loan." } ], "markdown": "https://commercialdebtadvisory.com/markdown/cash-management-and-sweep-reconciliation.md" }, { "id": "CDA-346", "slug": "annual-lender-reporting-package", "title": "Assemble an annual lender package with consistent periods and versions", "description": "Editable reporting index records each required file, reporting basis, reconciliation checks, certification and delivery status, with a completed hypothetical package.", "url": "https://commercialdebtadvisory.com/templates/annual-lender-reporting-package/", "collection": "templates", "type": "template", "stage": "Manage loan", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-annual", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 49–50: Income-Producing Property Credit Administration", "checked": "2026-10-21", "applicability": "Handbook version 2.0 published March 2022. Supervisory context; the template is an original optional working aid." }, { "id": "sec-annual", "label": "SEC exhibit — Block 40 Property loan agreement", "url": "https://www.sec.gov/Archives/edgar/data/1795851/000166357726000199/ex10_30.htm", "section": "Section 4.9: Financial Reporting", "checked": "2026-10-21", "applicability": "Agreement dated June 1, 2022; historical negotiated example only. Its terms do not govern the reader’s loan." } ], "markdown": "https://commercialdebtadvisory.com/markdown/annual-lender-reporting-package.md" }, { "id": "CDA-347", "slug": "refinance-and-maturity-preparation-schedule", "title": "Work backward from maturity using decisions and evidence milestones", "description": "Editable maturity schedule ties contractual dates, financing evidence, equity decisions and fallback actions to named owners and completion criteria.", "url": "https://commercialdebtadvisory.com/templates/refinance-and-maturity-preparation-schedule/", "collection": "templates", "type": "template", "stage": "Manage loan", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-maturity", "label": "OCC — Commercial Real Estate Lending", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 39–43: Loan Structure and Repayment Capacity", "checked": "2026-10-21", "applicability": "Handbook version 2.0 published March 2022. Supervisory context; the template is an original optional working aid." } ], "markdown": "https://commercialdebtadvisory.com/markdown/refinance-and-maturity-preparation-schedule.md" }, { "id": "CDA-348", "slug": "extension-or-workout-information-package", "title": "Prepare a workout package that connects the request to a credible repayment path", "description": "Editable information package records the requested change, current financial condition, accessible support, repayment milestones and unresolved risks.", "url": "https://commercialdebtadvisory.com/templates/extension-or-workout-information-package/", "collection": "templates", "type": "template", "stage": "Manage loan", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fed-workout", "label": "Interagency — Prudent CRE Loan Accommodations and Workouts", "url": "https://www.federalreserve.gov/frrs/guidance/policy-statement-on-prudent-commercial-real-estate-loan-accommodations-and-workouts.htm", "section": "Sections III–IV, especially IV: Long-Term Loan Workout Arrangements", "checked": "2026-10-21", "applicability": "2023 interagency supervisory statement, transmitted by Federal Reserve SR 23-5 dated June 30, 2023. It does not require approval of a particular borrower request." } ], "markdown": "https://commercialdebtadvisory.com/markdown/extension-or-workout-information-package.md" }, { "id": "CDA-349", "slug": "benchmark-rates-and-loan-coupons", "title": "Benchmark rates, loan coupons and the interest actually paid", "description": "Translate a floating-rate benchmark into a loan coupon and payment with explicit floors, spreads, reset dates and day-count assumptions.", "url": "https://commercialdebtadvisory.com/references/benchmark-rates-and-loan-coupons/", "collection": "references", "type": "reference", "stage": "Verify evidence", "level": "Foundation", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "nyfed-sofr", "label": "Federal Reserve Bank of New York — SOFR", "url": "https://www.newyorkfed.org/markets/reference-rates/sofr", "section": "Benchmark definition", "checked": "2026-10-21", "applicability": "Defines overnight SOFR; not a current CRE loan quote." }, { "id": "nyfed-averages", "label": "Federal Reserve Bank of New York — SOFR Averages and Index", "url": "https://www.newyorkfed.org/markets/reference-rates/sofr-averages-and-index", "section": "SOFR averages and index definitions", "checked": "2026-10-21", "applicability": "Administrator definitions for compounded SOFR averages and the cumulative index." }, { "id": "arrc-guide", "label": "ARRC — A User’s Guide to SOFR", "url": "https://www.newyorkfed.org/medialibrary/Microsites/arrc/files/2019/Users_Guide_to_SOFR.pdf", "section": "Simple versus compound interest and in-advance versus in-arrears conventions, pages 6–8", "checked": "2026-10-21", "applicability": "Historical methodology explanation; current executed contract controls the loan and no current benchmark value is asserted.", "sourceDateNotes": "2019-04" } ], "markdown": "https://commercialdebtadvisory.com/markdown/benchmark-rates-and-loan-coupons.md" }, { "id": "CDA-350", "slug": "sofr-overnight-averages-and-term-rate-distinctions", "title": "Which SOFR does your loan use? A benchmark identity and timing audit", "description": "Distinguish overnight SOFR, historical compounded averages and forward-looking Term SOFR using an observation register and a checked compounding example.", "url": "https://commercialdebtadvisory.com/references/sofr-overnight-averages-and-term-rate-distinctions/", "collection": "references", "type": "reference", "stage": "Verify evidence", "level": "Foundation", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "nyfed-method", "label": "New York Fed — reference-rate methodology", "url": "https://www.newyorkfed.org/markets/reference-rates/additional-information-about-reference-rates", "section": "Calculation Methodology for the SOFR Averages and Index; Details on Publication and Revisions", "checked": "2026-10-21", "applicability": "Administrator methodology; observation and publication dates differ. No live rate values are used. Source page last updated October5,2026; this is not a stated effective date for every methodology provision." }, { "id": "cme-term-statement", "label": "CME Group — Term SOFR benchmark statement", "url": "https://www.cmegroup.com/market-data/files/cme-term-sofr-reference-rates-benchmarks.pdf", "section": "Introduction, PDF page 2", "checked": "2026-10-21", "applicability": "Identifies forward-looking tenors and administrator conventions, not a borrower loan quote. Benchmark statement publication date November13,2025; not a loan or methodology effective-date assertion." } ], "markdown": "https://commercialdebtadvisory.com/markdown/sofr-overnight-averages-and-term-rate-distinctions.md" }, { "id": "CDA-351", "slug": "treasury-benchmarks-interpolation-and-loan-quote-dates", "title": "Treasury benchmarks: reconcile the tenor, observation and loan quote", "description": "Audit a Treasury-based CRE quote with a dated benchmark register, an explicit interpolation convention and a worked separation of market movement from spread changes.", "url": "https://commercialdebtadvisory.com/references/treasury-benchmarks-interpolation-and-loan-quote-dates/", "collection": "references", "type": "reference", "stage": "Verify evidence", "level": "Foundation", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "treasury-method", "label": "U.S. Treasury — Treasury Yield Curve Methodology", "url": "https://home.treasury.gov/policy-issues/financing-the-government/interest-rate-statistics/treasury-yield-curve-methodology", "section": "Methodology description, paragraphs 1–3 and publication timing", "checked": "2026-10-21", "applicability": "Official par-curve construction. The article’s straight-line loan-quote interpolation is a separate hypothetical convention. Methodology description revised and updated February18,2025; no separate effective date is inferred." } ], "markdown": "https://commercialdebtadvisory.com/markdown/treasury-benchmarks-interpolation-and-loan-quote-dates.md" }, { "id": "CDA-352", "slug": "loan-measurement-conventions-and-units-reference", "title": "A unit audit for CRE debt models: periods, percentages and balances", "description": "Catch annual/monthly mismatches, basis-point errors and funded-versus-committed denominator changes with a worked unit audit for commercial debt calculations.", "url": "https://commercialdebtadvisory.com/references/loan-measurement-conventions-and-units-reference/", "collection": "references", "type": "reference", "stage": "Verify evidence", "level": "Foundation", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-cre", "label": "OCC — Commercial Real Estate Lending handbook", "url": "https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf", "section": "Printed pages 42–43: Income-Generating Capacity of CRE; Debt-Service Coverage Ratio", "checked": "2026-10-21", "applicability": "Bank supervisory discussion; contractual covenant calculations may differ from underwriting calculations. Handbook version2.0 published March2022; publication date is not a transaction-specific effective date." } ], "markdown": "https://commercialdebtadvisory.com/markdown/loan-measurement-conventions-and-units-reference.md" }, { "id": "CDA-353", "slug": "reading-program-guides-and-bulletins", "title": "Reading commercial loan program guides and bulletins", "description": "Trace a financing rule to its governing program, section and effective trigger, including an October 2026 Freddie Mac bulletin example.", "url": "https://commercialdebtadvisory.com/references/reading-program-guides-and-bulletins/", "collection": "references", "type": "reference", "stage": "Verify evidence", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "freddie-bulletin", "label": "Freddie Mac — Bulletin M2026-5", "url": "https://mf.freddiemac.com/docs/ss_gb_cover_letter_10_20_26.pdf", "section": "Effective Dates, page 1; Insurance, page 2", "checked": "2026-10-21", "applicability": "Freddie Mac Multifamily Seller/Servicer Guide; dates apply to the specific changes and transaction categories identified.", "sourceDateNotes": "2026-10-20; insurance changes have separate future triggers" }, { "id": "freddie-redlines", "label": "Freddie Mac — October 20, 2026 redlined Guide changes", "url": "https://mf.freddiemac.com/docs/guide_chapter_redlines_10.20.26.pdf", "section": "Appendix B introductory notes, page 2", "checked": "2026-10-21", "applicability": "Changed chapters only; use with the bulletin, updates spreadsheet and official electronic Guide.", "sourceDateNotes": "2026-10-20 bulletin; see individual changes" } ], "markdown": "https://commercialdebtadvisory.com/markdown/reading-program-guides-and-bulletins.md" }, { "id": "CDA-354", "slug": "reading-bank-real-estate-lending-standards-as-a-borrower", "title": "Reading bank lending standards before requesting CRE debt", "description": "Classify regulatory requirements, supervisory limits, bank policy and negotiated terms before treating a published number as available commercial leverage.", "url": "https://commercialdebtadvisory.com/references/reading-bank-real-estate-lending-standards-as-a-borrower/", "collection": "references", "type": "reference", "stage": "Verify evidence", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "occ-34-62", "label": "12 CFR 34.62 — Real estate lending standards", "url": "https://www.ecfr.gov/current/title-12/section-34.62", "section": "Paragraphs (a), (b) and (c)", "checked": "2026-10-21", "applicability": "Requirements addressed to national banks, not a borrower entitlement to financing. Current displayed text checked October 21, 2026." }, { "id": "occ-appendix", "label": "Interagency Guidelines for Real Estate Lending", "url": "https://www.ecfr.gov/current/title-12/chapter-I/part-34/subpart-D/appendix-Appendix%20A%20to%20Subpart%20D%20of%20Part%2034", "section": "Underwriting Standards; Supervisory Loan-to-Value Limits; Loans in Excess of the Supervisory Loan-to-Value Limits", "checked": "2026-10-21", "applicability": "Read with the applicable institution’s regulatory framework and internal credit policy; not a universal offered loan term." } ], "markdown": "https://commercialdebtadvisory.com/markdown/reading-bank-real-estate-lending-standards-as-a-borrower.md" }, { "id": "CDA-355", "slug": "appraisal-requirements-evaluations-and-lender-policy-sources", "title": "Does this loan require an appraisal? Verify the rule, exception and lender policy", "description": "Use a source-applicability worksheet to separate a bank appraisal threshold, required evaluation, program requirement and lender policy without confusing loan amount with property value.", "url": "https://commercialdebtadvisory.com/references/appraisal-requirements-evaluations-and-lender-policy-sources/", "collection": "references", "type": "reference", "stage": "Verify evidence", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "frb-225-63", "label": "Federal Reserve — 12 CFR 225.63 appraisal requirements", "url": "https://www.federalreserve.gov/frrs/regulations/section-22563-appraisals-required-transactions-requiring-a-state-certified-or-licensed-appraiser.htm", "section": "Paragraphs (a)(14), (b), (c) and (d)(2)", "checked": "2026-10-21", "applicability": "Federal Reserve Regulatory Service reproduction. Applies within the regulation’s institutional scope; lender and program requirements may be stricter." }, { "id": "frb-225-62", "label": "Federal Reserve — 12 CFR 225.62 definitions", "url": "https://www.federalreserve.gov/frrs/regulations/section-22562-definitions.htm", "section": "Paragraphs (e), (g), (k) and (o)", "checked": "2026-10-21", "applicability": "Defines transaction categories and transaction value for this subpart; do not substitute a marketing label." } ], "markdown": "https://commercialdebtadvisory.com/markdown/appraisal-requirements-evaluations-and-lender-policy-sources.md" }, { "id": "CDA-356", "slug": "reading-sba-occupancy-and-business-eligibility-rules", "title": "Verify an SBA owner-user claim: occupancy is one test, not the whole decision", "description": "Trace SBA existing-building, new-construction and eligible-passive-company claims to the correct rule and procedural version with an evidence worksheet and phased-occupancy example.", "url": "https://commercialdebtadvisory.com/references/reading-sba-occupancy-and-business-eligibility-rules/", "collection": "references", "type": "reference", "stage": "Verify evidence", "level": "Advanced", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "sba-120-131", "label": "13 CFR 120.131 — Leasing part of a building", "url": "https://www.ecfr.gov/current/title-13/section-120.131", "section": "Paragraphs (a) and (b)", "checked": "2026-10-21", "applicability": "Existing-building and new-construction occupancy rules for 7(a)/504. Does not by itself establish eligibility." }, { "id": "sba-120-110", "label": "13 CFR 120.110 — Ineligible businesses", "url": "https://www.ecfr.gov/current/title-13/section-120.110", "section": "Paragraph (c)", "checked": "2026-10-21", "applicability": "Passive-business exclusion expressly points to the Eligible Passive Company exception." }, { "id": "sba-120-111", "label": "13 CFR 120.111 — Eligible Passive Company conditions", "url": "https://www.ecfr.gov/current/title-13/section-120.111", "section": "Opening paragraphs and (a)(1)–(6)", "checked": "2026-10-21", "applicability": "Related property and operating entities require a complete conditions review; entity formation alone is insufficient." }, { "id": "sba-sop-index", "label": "SBA — SOP 50 10 document register", "url": "https://legacy.sba.gov/document/sop-50-10-lender-development-company-loan-programs", "section": "Current document and variations table", "checked": "2026-10-21", "applicability": "Landing page directly inspected: version 8.1 with Technical Updates effective October 1, 2026. Download could not be inspected in this research pass; no procedural claim is attributed to its body.", "sourceDateNotes": "2026-10-01" } ], "markdown": "https://commercialdebtadvisory.com/markdown/reading-sba-occupancy-and-business-eligibility-rules.md" }, { "id": "CDA-357", "slug": "verifying-lender-identity-and-authorized-lending-channels", "title": "Verify the lender behind a proposal: identity, channel and transaction authority", "description": "Use a claim-to-evidence worksheet to verify an institution, an intermediary’s role and a stated agency channel without treating a registry listing as financing approval.", "url": "https://commercialdebtadvisory.com/references/verifying-lender-identity-and-authorized-lending-channels/", "collection": "references", "type": "reference", "stage": "Verify evidence", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fdic-identity", "label": "FDIC — Scammers and Fake Banks", "url": "https://www.fdic.gov/consumer-resource-center/2023-10/scammers-and-fake-banks", "section": "Am I dealing with a legitimate, FDIC-insured bank?", "checked": "2026-10-21", "applicability": "Official indexed text inspected; direct retrieval returned403. Supports BankFind website/name verification, not the approval of any individual lender. Article dated October2023; this publication date is not an effective date." }, { "id": "fannie-dus-directory", "label": "Fannie Mae — DUS Lenders", "url": "https://multifamily.fanniemae.com/about-multifamily/our-partners/dus-lenders", "section": "DUS lender directory and links to specialty lender categories", "checked": "2026-10-21", "applicability": "Current directory inspected; no named institution is endorsed by this resource. Directory status alone does not prove a proposed transaction is approved." }, { "id": "freddie-borrower-directory", "label": "Freddie Mac — Borrowers and approved lenders", "url": "https://mf.freddiemac.com/borrowers", "section": "Ready to Get Started? Find One of Our Approved Lenders", "checked": "2026-10-21", "applicability": "Distinguishes conventional, targeted affordable and seniors housing channels. Verify current relevant product/geography and exact entity." } ], "markdown": "https://commercialdebtadvisory.com/markdown/verifying-lender-identity-and-authorized-lending-channels.md" }, { "id": "CDA-358", "slug": "tracing-loan-document-definitions-through-amendments", "title": "Trace a loan calculation through its definitions and amendments", "description": "Build a definition map that connects an executed agreement, amendments, schedules and effective conditions to the exact calculation version used for covenant reporting.", "url": "https://commercialdebtadvisory.com/references/tracing-loan-document-definitions-through-amendments/", "collection": "references", "type": "reference", "stage": "Verify evidence", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "cedar-2018-amendment", "label": "Cedar Realty Trust — Second Amendment to Loan Agreement", "url": "https://www.sec.gov/Archives/edgar/data/761648/000156459018018893/cdr-ex103_127.htm", "section": "Recitals; sections1,7 and12; guarantor consent", "checked": "2026-10-21", "applicability": "Historical negotiated contract datedJuly24,2018. Used only to demonstrate definition replacement and document linkage, not current standard loan terms. Historical amendment made as of July24,2018; effectiveness for another transaction is not inferred." } ], "markdown": "https://commercialdebtadvisory.com/markdown/tracing-loan-document-definitions-through-amendments.md" }, { "id": "CDA-359", "slug": "resolving-conflicting-sources-in-commercial-debt-research", "title": "When two financing sources disagree: a claim-level resolution process", "description": "Use an actual observed term-sheet discrepancy to build a conflict ledger, preserve uncertainty and update dependent pages and models without inventing a controlling rule.", "url": "https://commercialdebtadvisory.com/references/resolving-conflicting-sources-in-commercial-debt-research/", "collection": "references", "type": "reference", "stage": "Verify evidence", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fannie-supplemental-html", "label": "Fannie Mae — Supplemental Mortgage Loans HTML term sheet", "url": "https://multifamily.fanniemae.com/financing-options/tools-existing-loans/supplemental-mortgage-loans-term-sheet", "section": "Maximum LTV; linked PDF", "checked": "2026-10-21", "applicability": "Observed HTML/PDF discrepancy as ofOctober21,2026. This record does not determine the controlling transaction limit." }, { "id": "fannie-supplemental-pdf", "label": "Fannie Mae — Supplemental Mortgage Loans PDF term sheet", "url": "https://multifamily.fanniemae.com/media/document/pdf/supplemental-loans-term-sheet", "section": "Page2: Maximum LTV; footer copyright2026", "checked": "2026-10-21", "applicability": "Current PDF linked from the HTML. Copyright year is not treated as an effective date; no universal program limit is inferred." } ], "markdown": "https://commercialdebtadvisory.com/markdown/resolving-conflicting-sources-in-commercial-debt-research.md" }, { "id": "CDA-360", "slug": "dating-market-evidence-without-presenting-it-as-a-loan-quote", "title": "Date market evidence without turning it into a loan quote", "description": "Separate observation periods, publication dates, retrieval dates and offer expirations in a four-record evidence example for CRE financing research.", "url": "https://commercialdebtadvisory.com/references/dating-market-evidence-without-presenting-it-as-a-loan-quote/", "collection": "references", "type": "reference", "stage": "Verify evidence", "level": "Intermediate", "assets": [ "All commercial" ], "status": "published", "published": "2026-10-21", "updated": "2026-10-21", "sources": [ { "id": "fed-sloos", "label": "Federal Reserve — Senior Loan Officer Opinion Survey", "url": "https://www.federalreserve.gov/data/sloos.htm", "section": "Survey description and release-date archive", "checked": "2026-10-21", "applicability": "Survey of changes in lending standards, terms and demand; not a set of executable borrower-specific loan offers." }, { "id": "sec-edgar-data", "label": "SEC — EDGAR Application Programming Interfaces", "url": "https://www.sec.gov/search-filings/edgar-application-programming-interfaces", "section": "Submissions history; XBRL Data APIs; frames and calendar periods", "checked": "2026-10-21", "applicability": "Public filing and reported financial-fact access; extraction does not remove entity, period or unit limitations. Documentation dated June6,2024 and marked reviewed or updated April8,2025; these are publication/review dates, not rule effective dates." } ], "markdown": "https://commercialdebtadvisory.com/markdown/dating-market-evidence-without-presenting-it-as-a-loan-quote.md" } ] }