For a junior debt review on an already cash-flowing multifamily property with 5+ units, prepare a T12 broken out monthly in Excel, a current rent roll, a mortgage statement and mortgage note if there is existing debt, and an SREO. Download the checklist PDF directly; no email is required.
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1. Initial five-document checklist
For existing, cash-flowing multifamily properties with 5+ units. Mark the two mortgage items not applicable when there is no debt.
Keep a printable copy
Download or print the checklist for your attorney, CPA, or seller. No email is required.
This checklist is for an operating apartment asset that needs additional capital and can support the proposed financing with its existing cash flow. The starting point is what the property earns today, together with its current debt obligations.
Junior debt is financing that sits behind senior debt in repayment priority. The appropriate structure depends on the existing loan documents and the property review. If the property has no current debt, mark the mortgage statement and mortgage note as not applicable and ask which financing structure fits.
Who this checklist is for
Owners and sponsors of existing multifamily properties with 5 or more units that already cash flow and need additional capital supported by the asset’s cash flow. Category: Cash-flowing multifamily / junior debt.
How Jaken Finance Group reads this file
We start with the monthly T12 and current rent roll to understand collected income, operating expenses and the income available for debt service. Existing mortgage information helps us review the current payment, balance and loan terms alongside the proposed additional capital.
Cash flow must support the proposed financing after considering existing obligations. Existing loan documents may restrict additional debt or require lender consent. Positive cash flow alone does not establish approval; structure and terms are subject to review. This is an initial five-document checklist; additional items may be requested during underwriting.
What delays this file
- An annual total or scanned PDF instead of a T12 broken out monthly in Excel.
- A rent roll with no date, missing units or figures that do not reconcile to the operating statement.
- An existing mortgage statement or note omitted without indicating whether there is debt.
- An outdated or incomplete Schedule of Real Estate Owned (SREO).
How to assemble the packet
- Prepare the operating records. Export the trailing 12 months of property income and expenses with a separate column for each month in Excel. Include a dated, current rent roll.
- Identify existing debt. If there is debt, include the mortgage statement and mortgage note. If there is no debt, mark both items not applicable.
- Add the ownership schedule. Include the sponsor’s current Schedule of Real Estate Owned (SREO), then label the five documents with the property name and reporting date.
- Request a review. Use the commercial loan request and identify the request as junior debt for a cash-flowing multifamily property with 5+ units. Describe the additional capital needed and its intended use.
Program page: Commercial real estate financing · Related: 5+ unit multifamily underwriting · Optional rent roll and T12 Excel tool
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