# CRE underwriting input checklist

Educational worksheet • Updated 20 September 2026

Record the source, effective date and responsible reviewer beside every assumption. A calculated result does not establish financing eligibility.

## Income reconciliation

- [ ] Current rent roll reconciles to trailing operating statements.
- [ ] Scheduled rent, vacancy, concessions and credit loss are separately identified.
- [ ] Other income is supported and not counted twice.
- [ ] Property taxes, insurance, management and recurring operating expenses are included.
- [ ] Capital expenditures and debt service are excluded from operating NOI.
- [ ] Reserve deductions, actual deposits and capital spending are distinguished.
- [ ] Each lender adjustment has a documented basis; identify whether sizing uses NOI or post-reserve NCF.

## Loan sizing

- [ ] Value, purchase price and total project cost have distinct labels.
- [ ] Requested balance, initial funding, future advances and subordinate debt are identified.
- [ ] Debt-yield target, DSCR minimum and LTV maximum come from the applicable quote or program.
- [ ] Note rate and underwriting rate are distinguished.
- [ ] Payment frequency, amortization, term and interest-only treatment are documented.
- [ ] DY, DSCR and LTV limits are computed separately; the lowest modeled limit is identified.
- [ ] Fees, reserves, holdbacks and equity needs beyond purchase price are included in a separate sources-and-uses budget.

## Structure and exit

- [ ] Covenant definitions, test dates, cure rights and cash sweep triggers match the documents.
- [ ] Refinance analysis uses a supported exit-income scenario and payoff balance.
- [ ] Prepayment or defeasance costs are confirmed under the actual loan documents.
- [ ] Sponsor, property, market and legal eligibility have been reviewed independently of calculator results.
- [ ] Downside income and rate scenarios are evaluated.

Companion workbook: https://debtyieldcalculation.com/downloads/cre-loan-sizing-workbook.xlsx

Worked example: https://debtyieldcalculation.com/blog/cre-loan-sizing-example