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  • Financed Properties Multifamily Servicing Requirements

    Management Risk Requirements

    Existing Properties New Properties Options
    • Management plan
    • Site visit
    • Courtesy/follow-up calls
    • Management capacity
    • Board composition and qualifications
    • Compliance with reporting requirements
    • Response to tenant requests and property needs
    • Procedures (management plan)
    • Outside interest/related parties

     

     

    Market Risk Requirements

    Existing Properties New Properties Options
    • Quarterly occupancy report
    • Waiting list
    • Quarterly occupancy report
    • Market study/appraisal
    • Marketing plan
    • Updated market comparability
    • Explanation of market change/fluctuation
    • Tenant profile
    • Site visit
    • External market conditions

     

     

    Financial Risk Requirements

    Existing Properties New Properties Options
    • Annual audit
    • Capital budget
    • Quarterly occupancy report
    • Site visit
    • Budget
    • Cash flow statement
    • Cash balances
    • General ledger
    • Annual profit and loss (in lieu of audit)
    • Annual balance sheet (in lieu of audit)
    • Invoices (paid/outstanding)
    • Internal controls
    • Rent roll
    • Accounts receivable
    • Interim reporting
    • Management fees
    • Owner distributions/contributions
    • Variance explanations
    • Related party transactions

     

     

    Physical Risk Requirements

    Existing Properties New Properties Options
    • Physical inspection performed as needed
    • Physical inspection performed shortly after completion