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(Annual Property Inspections) |
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PAGE PERFORMING LOAN
SECONDARY MARKET INVESTOR DILIGENCE |
The primary purpose of our on-site
diligence is to accommodate the client's underwriting needs. The
client may choose our typical reporting format described herein, or
submit it's particular private label format and/or it's scope of work
(SOW). Upon client's request, RESG can insert the client's logo
and/or name on RESG's typical format and create a client specific
private label for it's reports only. The reporting format and scope of work for our typical Commercial Property Inspection - Performing Loan (aka Annual Property Inspection Report) is described as follows: Our
Commercial
Property Inspections - Performing Loan Collateral (PL) is a current
qualitative risk assessment. This qualitative risk
assessment will
focus on the primary characteristics of the property and its current
level
of competitiveness in the marketplace. The primary property
characteristics
typically include; location, construction quality, design amenities,
condition
of the improvements, physical occupancy, leasing activity, tenant
quality, and
the overall property management ownership diligence. This
inspection
includes a walking tour of the interior/exterior of the improvements,
common
area and a representative sample of the vacant tenant space (apartment
units,
office space, retail shops, industrial space, or hospitality
rooms).
Favorable and/or unfavorable property characteristics will be
noted.
Contact with the owner and/or property manager will be made to
coordinate the
inspection and to verify material items such as; current occupancy,
rent
schedule, existing deferred maintenance, recently cured deferred
maintenance,
and recent capital improvements. Follow-up requests are also made for
the most
current operating data and rent rolls, when these borrower submission
items are outstanding.
This
inspection will also include a driving tour of the Subject neighborhood
and the
inspector's estimate of the Property's current level of
competitiveness. The
inspection report will be prepared on a modified CMSA / MBA Standard
Inspection Report format. The Addendum will include; photos of
the
Subject improvements and neighboring properties, assessor's plat maps,
summary
of public record information, and neighborhood location maps.
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