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All the same metrics. You’ll just be more concerned with lease roll over, for instance if it’s a two tenants building and 1 tenant has a lease expire in year 4 of your 5 year loan, you’ll structure around that. You may structure the loan so cash flow is swept for TI / LC / other leasing costs so there is money to re-lease the space, or you may give a 7 year term instead of a 5 to make sure the borrower has enough time to re-lease the space. Otherwise it’s more or less similar.
Agree with above. Industrial is super easy because usually leases are usually on triple net basis and you'll often deal with single tenant building which won't take much time to underwrite. Where I struggle sometimes is qualifying the tenant's financial strength when they are not public & don't provide statements.
Assuming you haven’t hit the ‘DD’ process of the deal. But most leases for institutional assets (if you work in institutiinal) will require some form of financials to get a small picture of liquidity, financials, etc. Are you not getting financials in DD?
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