Debt and Mortgage Abstraction

Executive Summary

A one-look roll-up of the loan's economic and legal spine - parties, amount, rate, maturity, amortization, and recourse - so a reviewer can orient before reading the detail.

Recourse Structure Classification

The single-category recourse posture (non-recourse with carve-outs, full, or limited recourse) that drives how a lender underwrites and pursues the borrower.

Borrower and Guarantor Parties

The legal names of the borrower, lender, guarantors, servicer, and sponsor, captured under whatever role label the documents use; mis-identifying a party breaks every downstream notice and enforcement.

Document and Instrument Index

The full chronological chain of loan documents with execution and recording status, establishing what is in the file and what is missing.

Loan Amount and Funding

The committed and funded loan amount, future or holdback advances, purpose, and project cost - the size and shape of the debt.

Interest Rate Terms

Whether the rate is fixed or floating, the index and spread, any cap or hedge, and the default rate, with LIBOR references flagged for SOFR replacement.

Amortization and Payment Terms

The interest-only period, amortization term, payment frequency, and any balloon due at maturity - how the principal is paid down.

Key Dates and Term

The note, closing, first-payment, and maturity dates, distinguishing stated maturity from fully extended maturity so the real term is unambiguous.

Extension Options

Each extension option with its length, notice window, exercise conditions, and fee - the difference between the stated and the outside maturity.

Prepayment Provisions

The lockout, yield-maintenance, defeasance, step-down, and open-prepayment terms, with lockout-expiration and open-window dates computed from the note date.

Performance Covenants

The property-level ratio tests (debt yield, DSCR, LTV, LTC) with thresholds, test frequency, whether a breach is a default, and the remedy such as a cash sweep.

Financial Covenants

The borrower- and guarantor-level balance-sheet tests (liquidity, net worth) with the obligated party, required amount, and test frequency.

Reserves and Escrows

Every reserve or escrow (tax, insurance, replacement, TI/LC, capex, debt service, environmental, springing) with initial and ongoing deposits, caps, and release conditions.

Cash Management and Lockbox

Whether a hard, soft, or springing lockbox applies, the cash-management triggers, the sweep mechanics, and the payment waterfall.

Recourse and Guaranty

Each recourse obligation and guaranty - payment, performance, non-recourse carve-out (bad-boy), environmental indemnity, completion - with obligated party, cap, and triggers.

Cross-Default and Cross-Collateralization

Whether the loan is tied to other loans or multiple properties, and the release and release-pricing terms that govern unwinding the collateral pool.

Transfer and Assumption Provisions

Whether the property or loan can be transferred or assumed, the number of permitted transfers, assumption fee, transferee conditions, and due-on-sale trigger.