Berkadia Lending Experience Map - Deal Manager
1) Soft Quote
2) Hard Quote Begins
3) Analysis
Conventional - E-mail, Phone, Operating Statement, Budget, Rent Roll
Berkadia Lending
Doing
Analyzing data in excel
Broker Requests hard Quote from DM
Narrative
Photos
App Quotes Selected
T-12
Trends
Concessions / Compromises
Budget & sizing
Exit metrics
Debt yield
Doing
Understanding & analyzing
Surrounding Real Estate,
Determining important aspects
4) Fannie Upload / Hand off
Upload template
Accept / reject model
Review
Review proposed deal
Call advisor (Luke) if there are problems / issues
Doing
Thinking
Feeling
Deal structure
Borrower issues
Credit score - 680+
Net worth (100% loan value)
Loan history
OFAC
Doing
Thinking
Feeling
Waiting for issues to review
Did I check everything?
High strung
Thinking
Feeling
24 hour turn around
5) Hard Quote End
Fannie confirms deal structure
Loan commitee review
Change and tweak details of the loan
Based on intuition and gut feeling
Usually based on other things besides property financials
Final approval
Reach out to mortgage broker
6) Application
Create application
7) UW kickoff
Post app
Meeting w/ the closing team
Review
Determine vendors
Document repository created
Sharepoint
All documents involved in the deal
Update OmniView
Commited status
Doing
Reviewing final Fannie deal
Doing
Prepping UW Kickoff
Doing
Reviewing deal
Thinking
What, if any adjustments will be made?
Thinking
The deal is no longer mine to finish
Thinking
Was this deal structured properly?
Thinking
What are the important aspects of the Property?
Feeling
Feeling
Feeling
Feeling
Check w/ deal manager
Sometimes this is the same person (FMSL)
Curious
Is the deal fair?
How do I manage risk?
8) 3rd party engagement
Request quotes
24 hour turn around
Determine NCF (net cash flow)
Appraisal
Analyze all factors
PCA Analysis
Physical properties
Report replacement reserves
Sales comps
Rent comps
On-site
Determine legal risk
Seismic & Flood
OFAC
Insurance
ESA
Can hold up a deal
9) GPO
Data entry
Analyst check work
Doing
Thinking
Feeling
Frustrated
Corrections
Wishes this was easier
Problems
Analysis
Manual Input
Value
Cognitive load
Lost perspective on deal
Frantic
Data is missed / lost
Berkadia has .3% default
Great portfolio analysis
Review
UCF
Deal structure
3rd party
Borrower
REO
Exit strategy
10) Narrative
High leverage / Loan to total value
Analysis
inspection
3rd party
Personnel reports / management team
Leases
Lease audit
Move in date
Payments
Consessions
Renewals / rent increases
Tenants
Required process / regulation
property story
How risks are mitigated
Artifacts & tools
Word
Excel
Sharepoint
11) Loan Committee
Final review
Draft commitment
Require deposoit
RateLock
Where does this deal fit?
Property Type
Renter Base
Market, Sub Market
Financials
What does this deal look like?
Focused
Driven
click to edit
Adjusting model to Fannie Specs
Is the model formatted right?
If the deal is iffy, overwhelmed
If the deal is straightforward, confident
Conferring with Fannie if there are any issues
Conferring with borrower if there are any issues
If the deal comes back adjusted, how do I keep the borrower interested?
Anxious
Borrower history
Location
Risk compared to our portfolio
Concern if there are changes to the deal
Presenting to loan comittee
Confirming final deal with MB
Relief if deal is acceptable
Update model
Send app to MB
Receive signed app
Relief