Loan tracker

Every loan, every deal

200-unit multifamily developmentOperating: month 48
$33,922,000
Apr 30, 2031Quarterly covenant test, 89 days3 of 3 met, one projected
200-unit multifamily developmentOperating: month 48
$47,032,000
Feb 29, 2032Planned funding, 394 days1 of 1 met, projected
East Bank millDesign and pricing
$27,500,000
Apr 30, 2031Quarterly covenant test, 89 days1 of 3 not met
Granary RoadEntitlement
$3,800,000
Dec 2, 2031Extension notice window opens, 305 daysNo income tests
Wedge triangleRaising
$6,200,000
Dec 31, 2031Extension notice window opens, 334 daysNo income tests

Loans across the pipeline
Deal	Type	Lender	Commitment	Drawn balance	Rate and index	Next key date	Covenants
200-unit multifamily developmentOperating: month 48	Constructionoutstanding	Sample Regional Bank	$33,922,000	$33,922,000	SOFR + 275 bp	Apr 30, 2031Quarterly covenant test, 89 days	3 of 3 met, one projected
200-unit multifamily developmentOperating: month 48	Permanentplanned	Not yet engaged	$47,032,000	Not funded	5.40% fixed	Feb 29, 2032Planned funding, 394 days	1 of 1 met, projected
East Bank millDesign and pricing	Acquisition bridgeoutstanding	Sample Bridge Lender	$27,500,000	$24,600,000	SOFR + 360 bp	Apr 30, 2031Quarterly covenant test, 89 days	1 of 3 not met
Granary RoadEntitlement	Predevelopmentoutstanding	Sample Community Bank	$3,800,000	$3,150,000	Prime + 100 bp	Dec 2, 2031Extension notice window opens, 305 days	No income tests
Wedge triangleRaising	Landoutstanding	Sample Credit Union	$6,200,000	$6,200,000	7.25% fixed	Dec 31, 2031Extension notice window opens, 334 days	No income tests

Watch: a covenant test not met, or a maturity, extension or cap date inside 90 days. No debt on Queen Ave rail stop (sourcing), Foundry block (sourcing), 54th and Lyndale (feasibility): sourcing and feasibility put no money at risk beyond time.

The next 365 days from Jan 31, 2031. Reminders are displayed only; nothing is sent.

Feb 2031Interest reset (2)
- Feb 1, 2031
  1 day
  Interest rate reset · Interest reset
  Illustrative: 200-unit multifamily development, construction loan
  SOFR resets monthly; the next reset is shown, later resets are not listed.
- Feb 1, 2031
  1 day
  Interest rate reset · Interest reset
  Sample site: East Bank mill, acquisition bridge loan
  SOFR resets monthly; the next reset is shown, later resets are not listed.
Apr 2031Covenant test (2)
- Apr 30, 2031
  89 days
  Quarterly covenant test · Covenant test
  Illustrative: 200-unit multifamily development, construction loan
  Debt service coverage 1.20x, quarter end.
- Apr 30, 2031
  89 days
  Quarterly covenant test · Covenant test
  Sample site: East Bank mill, acquisition bridge loan
  Debt service coverage 1.10x; Debt yield 7.00%; Occupancy 85.0%, quarter end.
May 2031Extension notice
- May 2, 2031
  91 days
  Extension notice window opens · Extension notice
  Illustrative: 200-unit multifamily development, construction loan
  90 days before the maturity; sample notice term.
Jul 2031Extension noticeCovenant test (2)Extension testRate cap expiryMaturity
- Jul 1, 2031
  151 days
  Extension notice due · Extension notice
  Illustrative: 200-unit multifamily development, construction loan
  Last day to give notice, 30 days before the maturity; sample notice term.
- Jul 31, 2031
  181 days
  Quarterly covenant test · Covenant test
  Illustrative: 200-unit multifamily development, construction loan
  Debt service coverage 1.20x, quarter end.
- Jul 31, 2031
  181 days
  Quarterly covenant test · Covenant test
  Sample site: East Bank mill, acquisition bridge loan
  Debt service coverage 1.10x; Debt yield 7.00%; Occupancy 85.0%, quarter end.
- Jul 31, 2031
  181 days
  Extension test · Extension test
  Illustrative: 200-unit multifamily development, construction loan
  1.15x debt service coverage on the trailing 3 months: projected 1.64x. Fee $84,806 (25 bp).
- Jul 31, 2031
  181 days
  Rate cap expires · Rate cap expiry
  Illustrative: 200-unit multifamily development, construction loan
  Strike 4.50%. Sample term: the cap runs to the maturity in force and a replacement is bought with each extension.
- Jul 31, 2031
  181 days
  Maturity, unless extended · Maturity
  Illustrative: 200-unit multifamily development, construction loan
  Extends to Jul 31, 2032 if the test is met.
Oct 2031Covenant test (2)Rate cap expiry
- Oct 31, 2031
  273 days
  Quarterly covenant test · Covenant test
  Illustrative: 200-unit multifamily development, construction loan
  Debt service coverage 1.20x, quarter end.
- Oct 31, 2031
  273 days
  Quarterly covenant test · Covenant test
  Sample site: East Bank mill, acquisition bridge loan
  Debt service coverage 1.10x; Debt yield 7.00%; Occupancy 85.0%, quarter end.
- Oct 31, 2031
  273 days
  Rate cap expires · Rate cap expiry
  Sample site: East Bank mill, acquisition bridge loan
  Strike 4.00%. Sample term: an 18-month cap bought at origination; a replacement to the initial maturity is a condition of the loan.
Dec 2031Extension notice (2)
- Dec 2, 2031
  305 days
  Extension notice window opens · Extension notice
  Sample site: Granary Road, predevelopment loan
  60 days before the maturity; sample notice term.
- Dec 31, 2031
  334 days
  Extension notice window opens · Extension notice
  Sample site: Wedge triangle, land loan
  60 days before the maturity; sample notice term.
Jan 2032Extension notice (2)Covenant test (2)Extension testMaturity
- Jan 1, 2032
  335 days
  Extension notice due · Extension notice
  Sample site: Granary Road, predevelopment loan
  Last day to give notice, 30 days before the maturity; sample notice term.
- Jan 30, 2032
  364 days
  Extension notice due · Extension notice
  Sample site: Wedge triangle, land loan
  Last day to give notice, 30 days before the maturity; sample notice term.
- Jan 31, 2032
  365 days
  Quarterly covenant test · Covenant test
  Illustrative: 200-unit multifamily development, construction loan
  Debt service coverage 1.20x, quarter end.
- Jan 31, 2032
  365 days
  Quarterly covenant test · Covenant test
  Sample site: East Bank mill, acquisition bridge loan
  Debt service coverage 1.10x; Debt yield 7.00%; Occupancy 85.0%, quarter end.
- Jan 31, 2032
  365 days
  Extension test · Extension test
  Sample site: Granary Road, predevelopment loan
  Rezoning approved by the city council before the maturity (sample). Fee $15,750 (50 bp) on the balance.
- Jan 31, 2032
  365 days
  Maturity, unless extended · Maturity
  Sample site: Granary Road, predevelopment loan
  Extends to Jul 31, 2032 if the test is met.

How the dates are set

Maturities, extension notice windows and tests, rate cap expiries, covenant tests and the next rate reset; later monthly resets are not listed. The other deals' sample loans are dated on the same clock as the 200-unit multifamily development, so one as-of serves every row; the pipeline board dates its gates from today and the two sample clocks are not reconciled.

Each test against the latest reading, actual where reported, projected where the loan has not funded.

Illustrative: 200-unit multifamily development, construction loan

3 of 3 met, one projected

Debt service coverage, covenant
Actual, trailing 3 months to month 48 (Q4 reported); plan 1.60x
Tested quarterly from stabilization (month 36). Sample text: below the minimum, excess cash is held by the lender until two consecutive quarters are back above it.
1.58xtest 1.20x
Met
0.38x above
Debt service coverage, extension test
Actual, trailing 3 months to month 48
The extension is not granted below the test.
1.58xtest 1.15x
Met
0.43x above
Extension test at month 54
Projected, trailing 3 months to month 54, from the monthly series, projected
Required: the base case refinances in month 61, after this maturity.
1.64xtest 1.15x
Met
0.49x above
Debt yield
Actual NOI, trailing 12 months to month 48, over the drawn balance
10.99%no test
No test
Occupancy
Actual, Q4 average
94.9%no test
No test

Illustrative: 200-unit multifamily development, permanent loan

1 of 1 met, projected

Debt service coverage
Projected, first loan year (months 61 to 72), from the monthly series, projected
Tested annually.
1.26xtest 1.20x
Met
0.06x above
Debt yield
Projected, refinance NOI over the loan as sized at month 61
8.05%no test
No test
Occupancy
No occupancy test in the assumed terms
Noneno test
No test

Sample site: East Bank mill, acquisition bridge loan

1 of 3 not met

Debt service coverage
Actual, trailing 12 months (sample)
Sample text: below the minimum, a cash sweep starts and runs until two consecutive quarters are back above it. Units offline for renovation are the cause.
1.09xtest 1.10x
Not met
0.01x below
Debt yield
Actual NOI, trailing 12 months, over the drawn balance (sample)
Also the extension condition.
7.24%test 7.00%
Met
24 bp above
Occupancy
Actual, physical, latest rent roll (sample)
Sample text: tested on units not offline for renovation.
86.9%test 85.0%
Met
1.9 pts above

Sample site: Granary Road, predevelopment loan

No income tests

Debt service coverage
Land: no income to test
Noneno test
No test
Debt yield
Land: no income to test
Noneno test
No test
Occupancy
Land: nothing to occupy
Noneno test
No test

Sample site: Wedge triangle, land loan

No income tests

Debt service coverage
Land: no income to test
Noneno test
No test
Debt yield
Land: no income to test
Noneno test
No test
Occupancy
Land: nothing to occupy
Noneno test
No test

Every loan, every deal

Covenants

Term sheet

Documents

Covenants

Balance

Term sheet

Documents

Covenants

Term sheet

Documents

Covenants

Balance

Term sheet

Documents

Covenants

Balance

Term sheet

Documents

Illustrative: 200-unit multifamily development, construction loan

Illustrative: 200-unit multifamily development, permanent loan

Sample site: East Bank mill, acquisition bridge loan

Sample site: Granary Road, predevelopment loan

Sample site: Wedge triangle, land loan

Every loan, every deal

Dates and covenants