Capital MRI · Resources

Loan Readiness Self-Guide

Organize refinance questions across sponsor experience, property operations, existing-loan compliance, and lender document preparation.

Preparation prompts only—not Capital MRI’s property-specific numeric assessment, underwriting, or lender approval. Some items support preparation rather than numeric refinance analysis.

Covers

Sponsor / borrower readiness
Property / operations
Existing-loan compliance
Lender document preparation

These prompts support preparation only; they are not underwriting, lender approval, or Capital MRI’s property-specific numeric assessment.

Part 1 of 8

Owner objectives and constraints

What the owner wants, and what the current loan, partners and regulations allow.

Goal decided: refinance, cash-out, recapitalize, extend or sellCritical

Hold period and exit plan set

Prepayment cost on the current loan known: yield maintenance, defeasance, lockout, exit fees

Partner and LP consents mapped: who must approve and how long it takesCritical

Tax constraints reviewed: 1031, recapture, basis, distributions

Recourse you will accept on the new loan decided: non-recourse, carve-outs only, or full

Legal and regulatory limits known: ground lease, rent regulation, affordability or abatement agreements

Decision made on adding capital or giving up equityCritical

Part 2 of 8

Property operations and condition

A lender or investor will find the issues. Better that you find them first.

Current T-12 and year-to-date, reconciled to bank statementsCritical

Current rent roll that ties to the T-12Critical

Occupancy and leasing trend known for the last 24 months

Collections and delinquency known

Physical condition known: age of roof, HVAC and paving; recent inspection or PCA

Capex history recorded and 3 to 5 year needs budgeted

Part 3 of 8

Future cash flow

Lenders size the loan on cash flow they believe will last. Anything that lowers income or raises costs during the loan term reduces proceeds.

Tax abatements and phase-ins mapped: when they burn off and the tax at full assessmentCritical

Reassessment risk known if the refinance or a recent sale triggers a new valuation

Free rent and concessions known: lenders underwrite cash collected, not contract rent

Tenant improvements and leasing commissions owed under signed leases funded or reserved

Cost to re-lease upcoming rollover budgeted: downtime, TIs, commissions, free rent

Rents compared to market: above-market leases that roll down identified

Expense growth projected: insurance, taxes, utilities, payroll

Landlord obligations under leases known: roof, structure, parking, expense caps

Part 4 of 8

Leases and tenants

Anything that lets a tenant leave, stop paying or buy the property reduces proceeds.

Lease expirations mapped against the new loan's maturity; no major rollover during the termCritical

Major tenant credit known and lease guarantor entity confirmed

Tenant concentration known: share of rent from the largest tenants

Early termination, go-dark, co-tenancy and casualty rights identified

Tenant purchase rights reviewed: any ROFR, ROFO or option excludes foreclosureCritical

No open tenant notices: closure, rent relief, assignment, sublease or default

Estoppels and SNDAs obtainable on the lender's timeline

Special-use property: re-tenanting risk understood if the operator leaves

Part 5 of 8

Title, zoning and environmental

The issues that surface late in underwriting and stop closings.

Title clean: no liens, encroachments or exceptions that affect use or value

Survey current; no boundary, access or easement issues

Zoning conforms and certificate of occupancy matches use; rebuild rights known if nonconformingCritical

Phase I under 180 days old or update ordered; no open environmental conditionsCritical

Phase II risk assessed for higher-risk uses: auto service, fuel, dry cleaning, industrial

Existing reports usable by a new lender: reliance letters or updates budgeted

Flood zone and seismic exposure known; insurance cost reflected in NOI

No open litigation, code violations or casualty claims

Part 6 of 8

Capital position

What is possible today: value, loan size, the gap, and who could fill it.

Current loan terms known: balance, rate, maturity, extension options and their conditionsCritical

Value estimated on in-place NOI at a market cap rate and supported by recent sales

New loan sized on LTV, DSCR and debt yield; binding test knownCritical

Equity gap sized in dollarsCritical

Sources to fill the gap identified: sponsor cash, pref, mezz, JV equity

Cost basis known; any cash-out above basis explained

Current loan documents read end to end and operations comply with them; no breach that could trigger cash management or turn non-recourse into full recourseCritical

Self-guide progress

0/ 100

Not ready. 17 critical items open

This directional score combines self-reported preparation items and document collection. It is not an underwriting result or a final refinance determination.

Objectives0%

Property0%

Cash flow0%

Leases0%

Legal and env.0%

Capital0%

Sponsor0%

Documents0%

Look into these first

Goal decided: refinance, cash-out, recapitalize, extend or sell (not answered)
Partner and LP consents mapped: who must approve and how long it takes (not answered)
Decision made on adding capital or giving up equity (not answered)
Current T-12 and year-to-date, reconciled to bank statements (not answered)
Current rent roll that ties to the T-12 (not answered)
Tax abatements and phase-ins mapped: when they burn off and the tax at full assessment (not answered)
46 more open items
34 documents still to collect

Start with the assessment

The intake asks for property and loan details, a current income statement / T-12, a current rent roll, and the existing loan agreement.

Open intake form

This is a self-assessment, not automated underwriting or a financing commitment. AI supports recurring analysis; a human reviews results when a client requests a paid review. If engaged, execution is led with Max Benjamin Partners.

Loan Readiness Self-Guide

Owner objectives and constraints

Property operations and condition

Future cash flow

Leases and tenants

Title, zoning and environmental

Capital position

Document checklist

Property financials

Property legal and physical

Existing debt

Sponsor and borrower

Equity raise (add if raising equity)

Loan Readiness Self-Guide

Owner objectives and constraints

Property operations and condition

Future cash flow

Leases and tenants

Title, zoning and environmental

Capital position

Sponsor and borrower strength

Document checklist

Property financials

Property legal and physical

Existing debt

Sponsor and borrower

Equity raise (add if raising equity)