Verify portfolio debt performance and upcoming capital needs.
A real-estate-owned schedule should do more than total property values and mortgage balances. It should expose the sponsor’s ownership, all financing layers, recurring cash after obligations, future capital needs, and maturity funding gaps. A schedule can show substantial equity while omitting a subordinate loan or cash call that changes the next financing decision.
SBA Form 413’s real-estate schedule asks for separate parcels, values, mortgage holders, balances, payments, and status. This is a useful official disclosure example, not a universal commercial-loan form. The expanded original worksheet below adds debt-layer reconciliation and a maturity test to those core identifiers.
Define the property and ownership perimeter
Use a unique property identifier and legal owner for each row. Show the sponsor’s direct and indirect ownership and any different economic rights. A portfolio joint venture should not appear once as an entity interest and again as wholly owned properties without an elimination explaining the overlap.
Record valuation source and date separately from debt statement date. List current funded principal, undrawn commitment, collateral, maturity, amortization, and repayment terms for each facility. If one loan covers several properties, link the rows to the same facility identifier rather than multiplying the full loan balance across every asset.
Include subordinate debt, seller financing, mezzanine loans, and other obligations in their appropriate categories. A loan secured by entity interests may not appear in a first-mortgage statement but can still consume the cash available to the sponsor.
Reconcile a three-property example
Assume a fictional wholly owned portfolio with the following annual cash figures. Values are supplied assumptions, not appraisals. The initial schedule includes only the senior loans.
| Hypothetical property | Value | Senior debt | Cash before debt | Senior debt service | Capital/reserve use | Residual cash |
|---|---|---|---|---|---|---|
| A | $4,000,000 | $2,500,000 | $300,000 | $200,000 | $25,000 | $75,000 |
| B | $6,000,000 | $4,200,000 | $420,000 | $360,000 | $90,000 | −$30,000 |
| C | $3,000,000 | $1,200,000 | $180,000 | $120,000 | $20,000 | $40,000 |
| Total | $13,000,000 | $7,900,000 | $900,000 | $680,000 | $135,000 | $85,000 |
The initial apparent equity is $5.1 million. Property B already requires support despite positive cash before debt. The portfolio’s $85,000 residual assumes the other entities may transfer their surplus and excludes personal uses and any unlisted obligations.
Add the missing financing layer
Suppose the ownership records and lender statements reveal a $600,000 mezzanine obligation associated with Property B, requiring $72,000 annual current-pay interest. Total debt becomes $8.5 million, apparent equity falls to $4.5 million, and annual residual cash falls to $13,000.
The mezzanine obligation was not created by the reconciliation; it was omitted from the initial schedule. Explain the correction and attach the source evidence. Avoid describing a sponsor as deceptive merely because a first draft lacked a financing layer; establish what the documents show and correct the analysis.
If Property C also has $500,000 of undrawn availability under a larger facility, list that amount separately. It is not current funded debt in this example, but future draws can increase obligations. Its existence also does not make $500,000 unrestricted sponsor liquidity without satisfying the actual draw conditions.
Expose the maturity funding need
Assume Property B’s $4.2 million senior and $600,000 mezzanine balances both require repayment in 120 days. A hypothetical replacement financing supports $3.8 million gross, with 2% of principal consumed by financing costs. Net funds are $3.724 million, leaving a $1.076 million gap against the $4.8 million payoff.
The portfolio’s $4.5 million apparent equity does not itself supply that cash. Identify an executable source by the required date, such as a permitted distribution, committed equity, a sale, or another approved financing. Evaluate costs, restrictions, and effects on the remaining portfolio instead of adding a speculative source to make the schedule balance.
This maturity exhibit should sit beside the annual cash column. The $13,000 annual residual cannot meaningfully explain a seven-figure near-term payoff gap, even though each property has a positive gross value.
Cross-check the schedule against independent records
Reconcile lender names and balances to current statements, debt documents, entity financials, and relevant public collateral records where appropriate. Public records can lag or omit obligations that are not secured by the property, so they are one source rather than a complete debt registry.
Match debt service to actual payment schedules, including upcoming resets or the end of interest-only periods. Reconcile capital uses to signed commitments and condition reports. If the sponsor’s personal statement lists a different equity total, explain ownership attribution, valuation dates, and liability differences.
Keep uncertain fields marked as unresolved. A blank maturity date or unknown subordinate balance should not be treated as zero. Assign an owner and deadline for obtaining the missing evidence.
The finished schedule becomes a financing-risk register rather than a marketing list of assets. It should show which properties generate support, which consume it, which obligations mature soon, and where additional cash must come from. That is the information a new lender needs to understand the sponsor’s actual ability to support another transaction.
Sources and evidence
- SBA Form 413 — Personal Financial StatementPages 2–3: assets, liabilities, contingent liabilities, securities and real estate schedules · Checked 2026-10-21 · An official example of financial disclosure fields, not a form required for every commercial loan or an assertion of SBA eligibility.
Source dates and applicability matter. Report an error or a changed source.