Questions owners bring to the table.

When occupancy recovers before cash flow.

During lease-up, signed leases can rise weeks before residents move in. Collections may lag again if free rent is front-loaded. An owner reviewing a single occupancy percentage can miss all three dates.

We ask for a schedule of signed leases, move-ins and concessions by month. It shows how much of a projected increase follows from leases already signed and how much still depends on future leasing. That distinction matters when deciding whether to sell into improving operations or wait for the income to appear in the books.

Underwriting reference · Fannie Mae Multifamily Guide, Underwritten Net Cash Flow

Why a low coupon can narrow the buyer pool.

A below-market loan can be valuable to a purchaser. The outstanding balance determines how much equity the buyer must contribute. A well-priced asset with a small assumable balance may exceed the equity allocation of a buyer that otherwise likes the property.

We compare the remaining term, amortization, assumption requirements and any permitted supplemental borrowing. Then we test the transaction using the amount of equity the buyer can actually commit.

When the property can wait but a partner cannot.

A performing community can face a disposition deadline unrelated to operations. A fund may need to return capital, a joint venture may reach a decision date, or one partner may prefer liquidity while another wants to retain the asset.

Before approaching buyers, establish who can authorize a sale, what consent is required and whether a recapitalization is a realistic alternative. An agreed timing objective is more useful than a price indication that ownership cannot act on.