On today’s show we are talking about how to interact with a lender. 

If you’re in the game of real estate, chances are you’ve borrowed money. Lenders come in all shapes and sizes from the traditional community and regional banks, to the larger agency debt like Fannie Mae or Freddie Mac, to the government sponsored loans from HUD or SBA. There are then numerous private options including debt funds, CMBS loans, preferred equity, CPACE  and mezzanine lenders. 

They all have one thing in common. They will go through an underwriting process that requires you to provide documentation about the borrower, the guarantor if it’s a recourse loan and the property. 

Those requirements will be listed generally on a term sheet, and then perhaps later in the process in a commitment letter, or a closing checklist.

On today’s show I’m going to share what we believe are best practices, or at least I’m going to share how we manage this process in our development company. 

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