The Package Is the Pitch
In commercial real estate finance, the loan package is your first impression with every lender in the market. A well-organized, honestly underwritten package signals professional sponsorship and makes the lender's job easier. A disorganized or over-optimistic package invites skepticism — and lower-quality term sheets.
What We Build Before Day One
Before we approach a single lender, we build our own underwriting model independent of the sponsor's proforma. This includes:
- Independent rent comp analysis: We pull our own comps rather than relying solely on the broker's rent schedule
- Expense normalization: We recast historical operating statements to identify one-time items and normalize management fees, reserves, and insurance to market levels
- Vacancy and credit loss assumptions: We stress vacancy at current market rates, not optimistic stabilized levels
- Debt sizing: We model the deal at debt yield, DSCR, and LTV simultaneously to identify the binding constraint for the likely lender audience
The Executive Summary
We write a concise, lender-facing executive summary that leads with the investment thesis, not the property description. Lenders read dozens of packages per week — a clear narrative that explains why this is a good credit gets read. A data dump does not.
Lender Selection
We do not blast deals to every lender in our database. We select 6–10 lenders whose current appetite, pricing, and execution characteristics match the specific deal — and we present each one a tailored package. This protects the deal's reputation in the market and generates higher-quality engagement.
Result
Sponsors who go through this process consistently receive better terms, fewer re-trades, and faster closings. The front-end work pays off at every step of the financing process.