Situs Warehouse Lending Support Capabilities

WAREHOUSE LENDING IS A LINE OF CREDIT GIVEN TO A LOAN ORIGINATOR THAT IS COLLATERALIZED BY THE ORIGINATOR’S LOANS. SITUS HAS OVER 30 YEARS OF EXPERIENCE SUPPORTING THE FULL LIFE CYCLE OF THESE LOANS, FROM ORIGINATION TO WHEN IT IS SOLD INTO THE SECONDARY MARKET, EITHER DIRECTLY OR THROUGH SECURITIZATION.

ADVISORY SERVICES – Warehouse Underwriting Review

Situs reviews the borrower’s (originator’s) ASR and UW, performs a high-level credit review of the due diligence provided, and prepares a summary report customized to the client’s needs.

General Procedures

— Obtain standard due diligence documents/information from the Originator, including term sheet, historical operating statements and budget, current rent roll, lease and legal abstracts and final appraisal
— Perform high level review of due diligence provided
— Review Asset Summary Report for completeness and accuracy
— Summarize loan terms
— Provide collateral summary

• Rent Roll / Occupancy / Lease Review
• Historical Operating Statements /
Appraisal CF / Underwriting
• Market Analysis
• Third Party Reports
• Warehouse UW Summary Report – Deliverable

SITUS EXPERTISE

In 2017, our warehouse lending team reviewed 133 deals and 355 properties/ leases and our greater advisory team performed work on over 3,000 properties representing over $52 billion in real estate value.

Servicing Solutions 

Situs Asset Management offers Warehouse Lenders extensive service features specifically designed for administration of either a facility line or specific Note-on-Note pledge including:

— Delivery of closing information
— Receipts and distributions
— Process all facility cash movements & disbursements
— Index tracking (ARM Loans) – for individual pledged mortgage loans
— Records Management / Asset Files
— System administration; maintain and reconcile shadow record of
pledged mortgage loans
— Agreed-upon extracts / reports
— Provide customized reports

Treasury Solutions 

— Systematic accumulation and confirmation of mortgage payments from seller servicer(s)
— Automated daily balancing of cash receipts and segregation interest and principal collections
— Integrated waterfall administration to ensure timely distribution of funds

Situs Expertise

— Over 25 years loan servicing & treasury management experience and established working relationship with industry leaders

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