Framing the Project Quickly

• To start, briefly describe the project you need capital for, including property type, approximate size (units or square feet), and current development stage.
• Who on your team will be the primary decision-maker for financing, and who else needs to be engaged during placement and closing? Options: Managing principal, CFO / Head of Finance, Head of Capital Markets, Project manager, Legal counsel, Other
• What is your target loan or equity raise amount, expressed as a single total and an approximate split between debt and equity?
• Tell me about the last deal your team closed that most resembles this one, what worked well, and one thing that surprised you during financing.

Where the Timeline Really Bites

• If your financing slips by two months, what part of the project breaks first and why?
• What's your hard drop-dead date for having funding committed, tied to purchase options, contractor milestones, or permit deadlines? Options: Within 2 weeks, Within 4 weeks, Within 6 weeks, Within 3 months, Flexible/No hard date
• Which contractual milestones or option expirations are linked to that date and who holds them?
• How much schedule cushion do you realistically have if lender due diligence or municipal approvals take longer than expected? Options: None, 2 weeks, 4 weeks, 6+ weeks
• What single timeline failure would force you to pause or cancel the financing process?

What the Money Must Cover (and What It Must Not)

• Are there components of the project you expect to fund separately with internal capital rather than through placed debt or equity? Options: Land purchase, Certain soft costs, Tenant improvements, Contingency, No, we expect financing to cover all uses, Other
• List the primary uses the financing must cover and the approximate dollar split between them, for example acquisition, construction hard costs, interest reserve, and contingency.
• Do you have a minimum proceeds test or a maximum leverage or LTV cap that would rule out certain lenders or structures? Options: Yes, a strict maximum LTV/Leverage, Yes, minimum proceeds required, No strict caps, flexible
• If the capital raise cannot include an interest reserve or contingency you expected, would you proceed using sponsor cash, reduce scope, or pause construction? Options: Use sponsor cash, Reduce project scope, Pause construction, Seek bridge or mezzanine to fill gap
• Which single budget or capital gap would make the project infeasible to finance as currently planned?

How You Value Terms, Not Just Price

• Which trade-off matters most to you right now: lower rate, more flexible draw mechanics, lighter recourse, or faster certainty? Options: Lower rate, Flexible draw mechanics, Lighter recourse, Faster certainty, Lender familiarity with asset type
• Rank or select the top three priorities from this list: rate, term length, recourse, prepayment flexibility, funding speed, lender experience with this property type. Options: Rate, Term length, Recourse, Prepayment flexibility, Funding speed, Lender asset-type experience
• What's the maximum recourse profile you are willing to accept, for example full recourse, carved-out recourse, or non-recourse with specific guarantees? Options: Non-recourse with limited guarantees, Carved-out recourse only, Partial recourse, Full recourse
• How much incremental basis points over a benchmark rate would you accept in exchange for materially greater execution certainty or more flexible draw language? Options: 0-25 bps, 25-50 bps, 50-100 bps, 100+ bps, Undetermined
• If a lender insisted on personal guarantees on the full loan, would that requirement end this financing path? Options: Yes, deal ends, No, we can accept with protections, Maybe, depends on other terms, Unsure

What Keeps You Up at Night

• Which single project risk could make lenders walk away or materially change pricing?
• Walk through any zoning, environmental, or title issues that have come up so far and how they were or are being addressed.
• Has a lender or investor previously declined this project or a similar one, and what specific concern did they cite?
• Which of these risk items are present for your project, select all that apply. Options: Unknown subsurface conditions, Permit or entitlement delays, Pre-leasing shortfall, Contractor performance risk, Title defects, Environmental review or contamination, Rapid cost escalation, Market absorption timing
• What mitigation or evidence would most convince a cautious lender to underwrite despite the risk you just described?

The Other Paths You're Considering

• If you stayed with your current financing approach, what would have to go right for you to keep it instead of switching to outside placement?
• Which external sources are you currently speaking with or considering, for example regional banks, debt funds, insurance companies, CMBS conduits, or internal capital? Options: Regional bank, National bank, Debt fund, Insurance company, CMBS conduit, Preferred equity sponsor, Internal capital / balance sheet
• Has anyone on your team proposed solving this without an outside advisor, and if so who and what was the proposed approach? Options: Yes, internal placement via existing relationships, Yes, use in-house capital markets person, No internal proposal to date, Other
• What is the incumbent lender or internal solution's single weakest point that would prompt you to change partners for this raise?
• What would an alternative need to prove within the next week to make you stop pursuing outside placement?

Do You Have the Docs, People, and Time to Close

• Which single missing document, approval, or corporate item would stop underwriting cold if it is not produced quickly?
• Which legal entity will sign the loan documents and are organizational and title records current and available? Options: Single purpose LLC ready, Entity needs formation or cleanup, Multiple entities, some cleanup needed, Uncertain / needs review
• Do you have a dedicated point person who can coordinate lender diligence, track requests, and deliver materials on a compressed timeline? Options: Yes, full-time coordinator, Yes, shared responsibility, No, will need to assign
• Which of these documents are ready to share now, select all that apply. Options: Title report, Survey, Phase I environmental, Operating agreement / entity docs, Construction contract and schedule, Cost certified budget, Pro forma and rent roll, Existing lender/replacement payoffs
• If key documents are missing, how quickly can they be assembled to meet a six week closing target? Options: Less than 1 week, 1-2 weeks, 2-4 weeks, More than 4 weeks, Cannot meet 6 week target

What Will Make You Say Yes

• If presented with three realistic term sheets that reflect your priorities, what single condition would make you sign within seven days?
• Which fee structure do you prefer for advisory placement: success fee only, partial retainer plus success fee, or hourly advisory until placement? Options: Success fee only, Partial retainer + success fee, Hourly advisory + success fee, Open to any reasonable structure
• Who internally must approve final terms and what is their typical approval timeline once a recommended term sheet is presented? Options: CFO (1-2 business days), Managing principal (1 week), Investment committee (2+ weeks), Single signatory (same day), Other
• What are the non-negotiable acceptance criteria for any lender you will select, for example maximum covenants, rate threshold, recourse limits, or funding speed?
• If we can present qualified capital structures and named lender partners that meet your top criteria within two weeks, would you be prepared to enter a short exclusivity window to accelerate execution? Options: Yes, prepared to enter exclusivity, Maybe, need to see term sheets first, No, not prepared
• When would you like us to schedule a follow-up to review candidate capital structures and next steps? Options: Within 48 hours, Within one week, Within two weeks, Later than two weeks

• Capital Strategy Review

• Confirm the current state and its cost to your team
• You confirm the demonstrated scenarios quantify the financing gap and its impact on schedule and budget.
• Provide final project budget, construction draw schedule, and latest sponsor track record summary.
• You agree on a single prioritized capital-stack to pursue and accept its explicit trade-offs on recourse, pricing, and draw mechanics.
• Apply your project metrics to two capital-stack scenarios
• Deliver a prioritized lender outreach list with rationale and expected term ranges before the follow-up session.
• You identify the remaining evidence needed to market to lenders and commit to the next deliverables and timeline.
• Map lender appetite to the scenarios
• Run and deliver an updated pro forma sensitivity for the chosen capital-stack scenario showing covenant headroom and return splits.
• Recommend a prioritized target structure and trade-offs
• Confirm your decision timeline and the committee members who will review term sheets.
• Validate that the recommendation matches your needs

• Capital Strategy Review
• Capital Strategy Review Deck
• Capital Strategy Solution Brief

• meeting
• slides
• document

• Deliver project financial model with sensitivity analyses
• Prepare capital-stack structures and term scenarios
• Prepare investor offering memorandum and marketing package
• Solicit and collect lender and investor term sheets
• Negotiate lender and investor term sheets to commitments
• Secure construction loan commitments and document draw mechanics
• Prepare and submit lender diligence and underwriting package
• Secure mezzanine and preferred equity commitments
• Arrange and negotiate joint-venture equity agreements
• Secure permanent financing term sheets and commitments
• Draft financing documents and deliver closing package
• Develop cash-flow waterfalls and investor return schedules
• Procure title, survey, and environmental reports for lenders

Deliver project financial model with sensitivity analyses

• Do you have an existing sources-and-uses and pro forma to seed the financial model? Options: Yes, No, Partial
• Which sensitivity scenarios should be modeled (select all that apply)? Options: Interest-rate +/- 100 bps, Construction cost +10%, Lease-up slower by 3-12 months, Exit cap-rate shift, Occupancy stress scenario, Other
• Who on your team will provide construction budget and schedule inputs for the model?
• What target lender metrics must the model demonstrate (examples: debt-service coverage ratio, loan-to-cost, loan-to-value, debt yield)?
• Provide the preferred file format and any modeling standards we must follow (for example, linked workbooks, version control, audit tabs). Options: Excel (.xlsx), Google Sheets, Both, Other
• What evidence will validate the model as final (for example, reconciled sources-and-uses, audited assumptions, CFO sign-off)?
• Are monthly cash-flow waterfalls and explicit interest-reserve draw logic required for lender underwriting? Options: Yes, No

Prepare capital-stack structures and term scenarios

• Do you have a target capital-stack priority (for example, first mortgage, mezzanine, preferred equity, sponsor equity) for the current raise? Options: Yes, No, Open to options
• Which leverage thresholds should we test in scenarios (select all)? Options: Loan-to-Cost (LTC), Loan-to-Value (LTV), Debt Yield, Combined LTC/LTV stress, Other
• Who will set the acceptable recourse and guarantee structure (for example, full recourse, carve-outs, non-recourse with customary exceptions)?
• How should preferred return and promote waterfalls be modeled for investor equity schedules?
• Provide the target pricing ranges for debt and equity instruments (for example, floating rate + spread range, fixed coupon %, preferred return %).
• Are there investor or lender restrictions we should model (for example, no mezzanine, no junior liens, sanction lists)? Options: Yes, No
• Do you require a terms comparison table for each capital-stack scenario? Options: Yes, No

Prepare investor offering memorandum and marketing package

• Is there an existing offering memorandum or pitch deck we should adapt? Options: Yes, No
• List the borrower and projected performance metrics to highlight on the cover page (for example, projected stabilized net operating income, internal rate of return, occupancy ramp).
• Identify the owner of site photography, floor plans, and the current rent roll for inclusion in the marketing package.
• Select the investor categories you want us to target with the marketing package. Options: Regional banks, Insurance companies, Debt funds, CMBS conduit, Mezzanine/preferred equity funds, Family offices, Joint-venture equity partners
• Do you require a blind summary versus a full-property offering memorandum for initial marketing? Options: Blind summary only, Full offering memorandum, Start blind then provide full on NDA
• Specify the target go-to-market date and desired cadence for lender and investor meetings.
• List any disclosure items or sensitivities to exclude from public marketing (for example, tenant confidentiality, acquisition price).

Solicit and collect lender and investor term sheets

• Name the internal owners who will review incoming term sheets and approve responses.
• Identify non-negotiable term-sheet elements (for example, recourse, interest-only period, construction holdback).
• Do you prefer receiving term sheets in a standard template or as free-form emails/platform uploads? Options: Standard template, Free-form email, Platform upload only
• Specify the minimum information required on a term sheet for it to be considered by your team (for example, rate, fees, covenants, commitment date).
• Will electronic signatures on term sheets be acceptable for initial commitments? Options: Yes, No, Need wet-sign original later
• Choose the documents you will accept as evidence to proceed to underwriting (select all). Options: Signed term sheet, Executed commitment letter, Good-faith deposit, Facsimile signature acceptable, Other
• How quickly can you review and return counter-term comments (standard turnaround in business days)? Options: 1-2 business days, 3-5 business days, More than 5 business days

Negotiate lender and investor term sheets to commitments

• Identify who will be authorized to negotiate terms and sign commitment letters for your entity.
• State the required timeline from first term-sheet receipt to a signed commitment (number of days).
• Indicate specific covenant thresholds you will not accept (for example, minimum DSCR, maximum LTC).
• Will you require a lender legal review period and set comment turnaround time before accepting a commitment? Options: Yes, No
• Prioritize the deal points for negotiation (pricing, fees, construction holdbacks, covenants).
• Do you plan to provide a commitment deposit or bridge funding as part of the negotiated commitment? Options: Yes, No, Case-by-case
• Describe how you will evaluate trade-offs between cost (spread/fees) and execution certainty (speed, lender relationship).

Secure construction loan commitments and document draw mechanics

• Name the project construction manager whose schedule and budget will drive the draw mechanics.
• Select the preferred draw schedule cadence for construction disbursements. Options: Monthly, Milestone-based, Weekly early then monthly, Other
• State whether an interest reserve is required and how it should be funded and documented.
• Outline the third-party deliverables lenders must receive to release each draw (for example, lien waivers, inspector reports, sworn payment application).
• Indicate whether retainage and contingency holds are expected by intended lenders and at what percentages.
• Describe the process for handling change orders against scheduled draws to protect both borrower and lender.
• Enumerate the items that must be present for you to consider a construction loan commitment fully executed (for example, signed commitment letter, lender conditions precedent listed, confirmed funding date).

Prepare and submit lender diligence and underwriting package

• Is there an existing checklist of lender diligence items already prepared (title commitment, ALTA survey, Phase I environmental, construction contracts)? Options: Yes, No, Partial
• Confirm the environmental deliverables lenders require for your property type and locality (for example, Phase I, Phase II, remediation plan).
• Attach the contact names and roles for the title company, surveyor, environmental consultant, and project accountant who will assemble diligence.
• Do any intended lenders require hard copies or notarized originals for due diligence items? Options: Yes, No
• Detail the financial statements and tax years you will include for sponsor-level due diligence.
• When can certified rent-roll and operating statements be delivered to lenders (date or lead time)?
• Clarify conditional items that can be delivered post-commitment but pre-funding (for example, final certificate of occupancy, updated lien searches).

Secure mezzanine and preferred equity commitments

• Do you anticipate requiring mezzanine or preferred equity layers in the capital stack? Options: Mezzanine, Preferred equity, Both, None
• Detail the return hurdles and liquidation preferences to model for preferred equity investors.
• Designate the negotiator for mezzanine interest rate, payment-in-kind (PIK) provisions, and warrants.
• Will convertible features or equity kickers be acceptable to you for mezzanine financing? Options: Yes, No, Case-by-case
• Outline the minimum investor documentation required to satisfy preferred equity underwriters (for example, investor accreditation, KYC, proof-of-funds).
• Clarify the desired control rights and board observation terms for preferred equity in the partnership agreement.
• Approximate the lead time mezzanine or preferred investors require for subscription documentation (days or weeks).

Arrange and negotiate joint-venture equity agreements

• Do you plan to bring a joint-venture equity partner for this project? Options: Yes, No, Maybe
• Enumerate the JV governance items that must be non-negotiable (for example, sponsor vetoes, capital call mechanics, distribution waterfalls).
• Designate which party will be operating partner versus capital partner and how management fees should be allocated.
• Confirm whether preferred returns, catch-up provisions, or sponsor promote structures are required in the JV term sheet. Options: Yes, No, Case-by-case

• Non-Disclosure Agreement (NDA)
• Exclusive Placement Agreement
• Master Services Agreement (MSA)
• Statement of Work (SOW)
• Success Fee & Fee Schedule
• Client Authorization to Solicit Lenders and Share Materials
• Conflict Disclosure & Consent

• Post-close Go-live Health Check (weeks 1-4)
• First Measurement, Draw & Covenant Review (weeks 4-10)
• Acceptance Gate, 90-day Performance Review
• Ongoing Portfolio & Performance Review (quarterly)

• Close resolved post-close tickets in the shared channel and escalate any items without progress for executive attention.
• Produce a root-cause diagnostic for any draw timing delays and a proposed process fix or documentation checklist.
• Prepare a covenant compliance pack that includes lender confirmations, reserve statements, and remediation plans where relevant.
• Restate acceptance criteria and numeric targets
• Produce a documented acceptance decision (pass, pass with conditions, or fail) against the Financing Scope targets and archive it in the shared workspace.
• For any failed or conditional criteria, capture remediation actions with owners and firm resolution dates.
• Confirm the ongoing monitoring cadence, required reports, and escalation path for post-close issues.
• Publish the signed acceptance memo or documented buyer decision into the shared workspace and notify stakeholders.
• Create a remediation tracker for any conditional items with owners, milestones, and a re-check date.
• Finalize the quarterly reporting template and delivery schedule for ongoing performance reviews.
• Quarterly performance dashboard
• Confirm whether scheduled principal repayment compliance rate and draw timing variance remain within the tolerances recorded in Financing Scope, or record deviations and mitigation plans.
• Ensure all material covenant or funding risks are owned and have remediation timelines.
• Keep the shared post-close channel current by closing resolved tickets and reassigning any outstanding items.
• Publish the quarterly lender performance pack including draw reconciliation, covenant pack, and forecast.
• Update the draw and repayment forecast with revised dates and amounts and distribute to stakeholders.
• Confirm executed financing terms vs documented targets
• Confirm whether executed financing documents match the commercial terms recorded in Financing Scope or document each deviation for remediation.
• Validate initial funding and at least one draw path end-to-end, and create the shared post-close communication channel.
• Produce an inventory of outstanding lender conditions with target cure dates.
• Publish an executed-terms summary that highlights any variances from Financing Scope.
• Confirm and distribute final wire/escrow instructions and contact details for the escrow agent.
• Create the shared post-close channel and circulate onboarding guidance for how to report draws, draws exceptions, and covenant items.
• Assign owners and target dates for each outstanding lender condition and circulate the inventory.
• Present first-period draw performance vs Financing Scope targets
• Determine whether draw completion rate and draw-timing variance meet the numeric targets recorded in Financing Scope, or document the performance gap and its cause.
• Identify any covenant items at risk and agree immediate remediation steps with completion dates.
• Establish the deliverables and timeline required to reach the acceptance gate at day 90.
• Deliver a reconciled draw report with timestamps and supporting documents for each funded draw by the next checkpoint.
• Covenant compliance and material events
• Present 90-day outcome data against each criterion
• Review draw-timing variance and root causes
• Validate initial funding and escrow mechanics
• Open post-close issues and remediation status
• Check covenant and reserve status
• Document pass/fail per criterion and discuss remediation
• Test draw mechanics and reporting cadence
• Forecast updates and near-term funding needs
• Establish shared post-close channel and escalation path
• Capture formal acceptance decision
• Surface post-close operational issues
• Agree next steps for ongoing monitoring
• Inventory outstanding lender/post-close conditions
• Agree corrective actions and timelines
• Agree next-quarter actions and reporting deliverables