Bridgewater Bridge Loan

Ask for these

• Executed promissory note needed · Borrower
  the obligation itself
• Executed security documents — mortgage or deed of trust, security agreement, pledge agreement needed · Borrower
  an unperfected lender is an unsecured creditor
• Executed guaranty needed · Guarantors
  the recourse we underwrote
• Recorded mortgage or deed of trust, with the recording stamp needed · County recorder
  perfection is the stamp, not counsel's assurance it went out this morning
• Filed UCC-1 with the filing acknowledgment needed · Secretary of State
  same reason — the acknowledgment is the proof
• Title policy with lender's coverage needed · Title company
  read the exceptions, not the summary sheet
• Insurance certificates naming us as mortgagee / lender loss payee needed · Borrower's broker
  limits have to match the collateral and cover what actually threatens it
• Original pledged equity certificates · Borrower
  on a pledge, possession is part of perfection — physically in hand
• Escrow and reserve funding instructions needed · Our counsel and the escrow agent
  a reserve promised post-close is not a reserve
• Closing settlement statement / sources and uses needed · Escrow or title
  traces the use of proceeds to the actual wire
• The funding wire confirmation needed · Us
  in two years this is the only copy anybody will find

Not ticked off — the app can’t tell which uploaded file is which.

Capture these

• – Final amount we are wiring
  The funding instructions. Reconcile it to metric_cr_loan_amount and our Investment Amount before it goes.
  No field for this yet — put it in a note.
• – Escrow and reserve amounts actually funded at close
  The settlement statement, not the loan agreement.
  No field for this yet — put it in a note.
• – Recording and UCC-1 filing details — instrument numbers and dates
  The recorder's stamp and the filing acknowledgment.
  No field for this yet — put it in a note.
• – Insurance limits and named-insured status
  The certificates.
  No field for this yet — put it in a note.
• – Closing date
  Set on the deal.
  No field for this yet — put it in a note.

Only you can answer these

• — Do the title exceptions as they read on the policy match what we priced at Diligence, or did something get added between commitment and policy?
• — Does the use of proceeds on the settlement statement match what we underwrote? If it lands with the sponsor instead of in the asset, the skin in the game we underwrote just left the deal.
• — Is any perfection step still in flight, and are we willing to fund ahead of it? The answer is no.