CMBS loan checklist

A CMBS loan file has four parts: what you send to get a quote (operating statements, rent roll, leases, sponsor financials), what underwriting needs (entity documents, insurance, tax bills, existing loan or purchase documents), the third-party reports the lender orders at your cost, and the closing deliverables (title, survey, estoppels, SNDAs, opinions). Use the lists below in that order.

Stage 1: To get a term sheet

Item	From	Notes
Trailing 12-month operating statement, plus the two prior calendar years	Owner or manager	Monthly detail helps; explain one-time items
Current rent roll	Owner or manager	Unit or suite, tenant, lease dates, rent, deposits, concessions
Leases and amendments for commercial tenants	Owner	Lease abstracts for large rent rolls
Year-to-date budget and capital expenditure history	Owner	What has been spent and what is planned
Sponsor personal financial statement and schedule of real estate owned	Sponsor and guarantor	Lenders check net worth and liquidity against the guaranty
Sponsor biography	Sponsor	Experience with this property type
Purchase contract (acquisition) or current loan statement and note (refinance)	Owner	The lender needs your payoff terms
Ownership chart	Sponsor	Every owner of the borrower and guarantor

Stage 2: Application and underwriting

Bank of America’s published checklist, from its underwriting standards in the BANK5 2025-5YR14 prospectus (pp. 292 to 293), is a fair picture of what every conduit lender wants:

• Rent roll
• Existing mortgage verification
• Credit references
• Certified financial statements for the borrower and its principals
• Tenant and resident leases
• Ground leases
• Property operating statements
• Real estate tax bills
• Purchase contract, if applicable
• Appraisal, engineering report, seismic report if applicable, environmental report
• Site plan
• Certificate of occupancy
• Evidence of zoning compliance
• Insurance policies
• Borrower structure and authority documents

Add to that, in practice: property management agreement, service contracts, utility bills, any existing environmental or engineering reports, litigation disclosures, and authorization for credit, background, lien, judgment and litigation searches on the sponsor and guarantor.

Stage 3: Third-party reports (lender orders, you pay)

Report	What it covers
Appraisal	Market value by an MAI-designated or state-certified appraiser, following USPAP and FIRREA Title XI
Phase I environmental site assessment	Records, interviews and inspection for environmental concerns, to ASTM standards; Phase II only if recommended
Property condition assessment	Roof, structure, mechanical, electrical and site; sets the immediate repair and replacement reserves
Seismic report	Properties in seismic zones 3 and 4; estimates probable loss
Zoning report	Legal use, conformity and open violations, or zoning letters and title endorsements instead

Lenders describe each of these in their underwriting standards in the prospectus (pp. 296 to 298). The property condition report drives reserves: Bank of America cites an upfront deposit of 100% to 125% of immediate repair costs. CMBS reserves.

Stage 4: Closing deliverables

Title and survey

• Title commitment, then a lender’s title insurance policy with endorsements
• ALTA/NSPS survey certified to the lender and title company
• Copies of recorded documents (easements, covenants, reciprocal easement agreements)

Tenants

• Estoppel certificates from major tenants, in the lender’s form
• Subordination, non-disturbance and attornment agreements (SNDAs) from major tenants
• Ground lessor estoppel, if the property is on a ground lease

Borrower and guarantor

• Certificate of formation and operating agreement with single-purpose entity provisions
• Good standing certificates, authorizing resolutions and incumbency certificates
• Guarantor financial statements, and know-your-customer and sanctions screening information
• Legal opinions from your counsel: due formation and authority, enforceability; on larger loans, a non-consolidation opinion

Property

• Insurance certificates and policies meeting the loan’s requirements. CMBS insurance requirements
• Property management agreement and the manager’s subordination of its fees
• Hotels: franchise agreement and a comfort letter from the franchisor
• Cash management: lockbox bank account details and tenant direction letters, if required. CMBS cash management

Stage 5: What the lender’s counsel drafts and you sign

• Loan agreement and promissory note
• Mortgage or deed of trust, and assignment of leases and rents
• Guaranty of recourse obligations and environmental indemnity agreement
• Cash management agreement and deposit account control agreement, if there is a lockbox
• UCC financing statements

Extra items by property type

Property	Lenders typically add
Multifamily	Unit mix, delinquency and concession reports, any affordability or tax abatement agreements
Retail	Tenant sales reports where leases require them, co-tenancy and exclusive clauses
Office	Lease abstracts, tenant improvement and leasing commission schedule, rollover schedule
Hotel	Monthly operating history, market performance reports, franchise agreement, property improvement plan
Self-storage	Occupancy and rate by unit type, move-in and move-out history
Mobile home park	Pad and home counts, park-owned homes, utility arrangements

How to move faster

• Send a complete Stage 1 package the first time; quotes based on partial data change later.
• Request estoppels and SNDAs as soon as the term sheet is signed. Late estoppels are a common reason closings slip.
• Ask the lender which existing reports it will accept and on what conditions.
• Have your counsel review the lender’s form loan agreement early, especially the carve-out guaranty and transfer provisions.

Next: the full process in how to get a CMBS loan, what it costs in CMBS loan closing costs, and how much you can borrow in the CMBS loan calculator.