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SREO Fields

SREO Fields > LB Fields
0
Top Importance
20
Deal/Property Name
Consistency Provided
90%
Other Names
Property, Building Name/Number, Legal Name, Name of Property
Other Info
If there’s no Property Name, we will use the Address when referring to the Deal and the Property (but let the user override and put in any name)
Maturity Date
Consistency Provided
90%
Other Names
Loan Matures, Loan Maturity Date, Final Maturity, Due Date
Other Info
Can be provided in various formats, and sometimes only the year is provided.
Lender
Consistency Provided
90%
Other Names
Mortgage Holder, Mortgage Lender
Other Info
Sometimes this could be a new lender that we do not have in LB, so an Admin has to add a company to the lender list.
Current Loan Balance
Consistency Provided
90%
Other Names
Current Debt, OPB, Principal Balance, Current Amount, Outstanding, Debt Outstanding, Mortgage Outstanding, Balance of Mortgages, Mortgage Liens
Other Info
In current state, this is calculated by LB. We need to be able to calculate if provided the information to do so, OR be able to detach the field from calculations and extract an input from the file.
Street Address
Consistency Provided
30%
Other Names
Address, Location
Other Info
If there’s not additionally a property name provided, we duplicate Street Address as the property name. (But if there’s a Property Name and no Address, we do NOT copy the Deal/Property Name into the Address field - one way street there.)
City
Consistency Provided
70%
Other Names
Property City, Location, Address
Other Info
This is often provided with other fields, in the following format: Dayton, OR 97114
State
Consistency Provided
70%
Other Names
Property State, Location, Address
Other Info
This is often provided with other fields, in the following format: Dayton, OR 97114
Zip
Consistency Provided
25%
Other Info
This is often provided with other fields, in the following format: Dayton, OR 97114
MSA
Consistency Provided
0%
Other Info
We will be able to complete this if there is an address, even though it is never outright provided.
Asset Type
Consistency Provided
60%
Other Names
Property Type, Type of Community, Prop. Type, Property Description
Other Info
Typically one of the following types: Multifamily, Office, Retail, Mixed-Use, Industrial, Land. Anything that says Condo or Personal Residence means Multifamily.
Loan Type
Consistency Provided
30%
Other Names
Type, FNMA or FRE Mac Loan
Other Info
Loan Type in and of itself is rarely provided. But we can know with 100% certainty what the loan type is based on the Lender. If the Lender is Freddie Mac, the loan type is Freddie Mac. Same for Fannie.
NOI
Consistency Provided
60%
Other Names
Net Operating Income, Net Rental Income, N.O.I
Other Info
Property Financials also comes with ‘as of’ fields which are provided in the file, usually in the top lefthand corner. So the NOI is $xmm, and it is as of 12/31/2021 (for example).
Market Value
Consistency Provided
80%
Other Names
Internal Valuation, Value
Amortization Start Date
Consistency Provided
25%
Other Names
1st Amt Pmt, Commence Date, First Installment Due Date
Other Info
Sometimes the SREO just provides a binary IO/Amortizing. If IO, then this field is not needed. If Amortizing, we can assume amortization starts as of the date of the file upon the Outstanding Loan Balance, using basic assumptions such as Act/360 Daycount and a 30 year amort term.
Rate Type
Consistency Provided
45%
Other Names
Floating (Y/N), Loan Type, Fixed / Variable, Structure
Other Info
Sometimes instead of providing this, borrowers will just perform different formatting in their All-In Rate column. If fixed, they will just put x.xx%, but if floating then they will put index+spread.
All-In Rate
Consistency Provided
55%
Other Names
Interest Rate, Current Rate, Rate
Other Info
This is currently calculated by LB by running cashflows. Same as OPB, this needs to be able to be calculated if desired, but otherwise should be able to take a basic % input.
Spread
Consistency Provided
10%
Other Info
If provided, it is usually in the All-In Rate column. A typical format would look like “LIBOR + 2.00%” where 2.00% would be the spread.
Index
Consistency Provided
10%
Other Info
Close Date
Consistency Provided
25%
Other Names
Origination Date, Date of Loan, Date Loan Closed
Other Info
This is NOT the same as Acquisition Year - sometimes those are easy to confuse based on their naming. This can also sometimes be provided in just a year (no month or day).
Loan Amount
Consistency Provided
25%
Other Names
Use of “Original” or “Initial” before Balance, Loan Amount, Funding, Mortgage
Secondmost Importance
4
Square Footage
Consistency Provided
40%
Other Names
Square Feet, SF, SQ, Sq. Ft, SF/Units, Units/SF, Units / Sq. Ft.
Other Info
Often provided in the same cell as units. This could result in 2 numbers in the same cell, or it could mean something different dependent on property type. In a split cell like that, 100 probably refers to multifamily units, whereas 25,000 probably refers to square footage of an industrial asset.
Units
Consistency Provided
85%
Other Names
Multifamily Units, SF/Units, Units/SF, Units / Sq. Ft.
Other Info
Often provided in the same cell as square footage. This could result in 2 numbers in the same cell, or it could mean something different dependent on property type. In a split cell like that, 100 probably refers to multifamily units, whereas 25,000 probably refers to square footage of an industrial asset.
Occupancy
Consistency Provided
45%
Other Names
Occ. %, Physical Occupancy
Year Acquired
Consistency Provided
75%
Other Names
Date Acquired, Year of Initial Ownership, Acquisition Date, Owned Since,
Nice to Have
6
Year Built
Consistency Provided
40%
Other Names
Built, Constructed
Other Info
Often the same as Acquisition Date, but could trail by a year or two if ground up construction. Also often provided as only a year (no month or day).
Ownership %
Consistency Provided
70%
Other Names
%LLP Ownership, % of Prop Ownership
Other Info
In LoanBoss, Ownership is represented in a schedule format under the Property - slightly different mapping than just to a regular field. Owners can be individuals and/or the company LLC, which is usually called out. If not called out, it’s assumed to be ownership of the company.
Purchase Cost
Consistency Provided
40%
Other Names
Cost, Acquisition Cost, Acquisition Price, Acq. Cost, Total Cost of Acquisition
Recourse
Consistency Provided
45%
Other Names
NR/R, Recourse (Y/N), Recourse %
Other Info
In LoanBoss, we reflect Recourse under Guaranty as several different types, the type usually not being specified on an SREO (so assuming ‘General’ is fine). The actual recourse metric could be a % or a $, and it is represented in a schedule format in the Guarantor section - it can be assumed it is company recourse unless an individual is specified.
EGI
Consistency Provided
25%
Other Names
Effective Gross Income, Total Income, Net Income
Other Info
A singular field does not exist in LB today, though we capture line items in Lender Compliance tools. This represents total income of a property.
Operating Expenses
Consistency Provided
25%
Other Names
Op Expense, Property Expense, Expense
Other Info
A singular field does not exist in LB today, though we capture line items in Lender Compliance tools. This represents total expense of a property.
Calculated by LB
5
Debt Service
Consistency Provided
65%
Other Names
Annual Payment, Mortgage Pmts.
Other Info
Calculated by running cashflows today. This can ideally be a field we are able to disconnect from calculation and just put an input into.
Cap Rate
Consistency Provided
20%
Other Names
Capitalization Rate, % Cap
Other Info
Calculated by running cashflows and inputting NOI today. This can ideally be a field we are able to disconnect from calculation and just put an input into.
Value per Unit
Consistency Provided
10%
Other Names
Market Value / Apartment Unit
Other Info
Calculated today by diving OPB by units. Not a big deal to disconnect this one. Low helpfulness as a field anyway.
LTV
Consistency Provided
45%
Other Names
Loan to Value
Other Info
Calculated by diving OPB & Market Value fields, so cashflows must be running. This is an important field, so ideally can be disconnected and just have an input put into.
DSCR
Consistency Provided
50%
Other Names
DSC, Debt Service Coverage Ratio
Other Info
Calculated by running cashflows today. This can ideally be a field we are able to disconnect from calculation and just put an input into.
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