Office loan packages and lender matching
The office lender pool is narrower and pickier than it was. Many lenders will still look at the right building with the right tenancy, but they underwrite lease rollover and re-leasing cost harder than any other asset. Pitching the wrong lender wastes weeks you do not have.
What lenders scrutinize on office.
Lease rollover
How much of the rent expires during the loan term, and when. A large tenant rolling in year two can define the deal.
Tenant credit
Who pays the rent, how strong they are, and whether leases are guaranteed.
Leasing costs
Tenant improvements, leasing commissions and free rent needed to re-lease vacant or rolling space.
Building quality and location
Class, amenities and submarket vacancy. Lenders separate assets tenants are moving to from assets they are leaving.
Reserves and structure
TI/LC reserves, cash management triggers and recourse are common asks.
What goes in the package
- Rent roll with lease expirations and options
- Lease abstracts for major tenants
- T-12 operating statement
- Tenant financials or credit information where available
- TI/LC and capital expenditure budget
- Appraisal
- Sponsor bio and track record
- Leasing comps and submarket data
Metrics lenders size on
| DSCR | Often 1.30x–1.50xVaries by lender, loan program and market. |
| LTV | Often 55%–65%Varies by lender, loan program and market. |
| Debt yield | Often 9%–12%Varies by lender, loan program and market. |
Illustrative ranges, not a quote or a commitment from any lender.
Terms used on this page
Questions
Are lenders still lending on office?
Some are, selectively. That is why scoring against each lender's real box matters: a hard fail on asset class saves you the call.
What makes an office package stronger?
A clear rollover schedule, lease abstracts for the major tenants, a realistic TI/LC budget, and a sponsor plan for vacant space.
Does Dori handle office deals?
Yes. Office is a supported property type for extraction, matching and package generation.
One closed deal covers the year.
Start on the introductory rate and see a package come out of a real deal this week.