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Syndicator timeline details
- 1. EAA Early Access Agreement LOI Letter of Intent Syndicator/Sponsor Timeline PSA Purchase & Sale Agreement DD Assist with Due Diligence, create entities and EINs Title Review Review and object to liens, encumbrances, easements, etc. Legal Opinion Lenders will typically require this on loans > $1.5M Lender DD UCCs, Background Checks, etc. PPM Filings with the SEC and states where capital has been accepted Closing Verify docs, prorations, and assist client with signing documents SEC / Blue Sky Filings with the SEC and states where capital has been accepted Onboard Investors
- 2. LOI Letter of Intent Syndicator Timeline PSA Purchase & Sale Agreement DD Assist with Due Diligence, create entities and EINs Title Review Review and object to liens, encumbrances, easements, etc. Legal Opinion Lenders will typically require this on loans > $1.5M Lender DD UCCs, Background Checks, etc. PPM Filings with the SEC and states where capital has been accepted Closing Verify docs, prorations, and assist client with signing documents SEC / Blue Sky Filings with the SEC and states where capital has been accepted EAA Early Access Agreement Investor presentations and teasers should start to be circulated to investors that the purchaser has identified (pursuant to 506(b), (c) or some other exemption).
- 3. LOI Letter of Intent Syndicator Timeline PSA Purchase & Sale Agreement DD Assist with Due Diligence, create entities and EINs Title Review Review and object to liens, encumbrances, easements, etc. Legal Opinion Lenders will typically require this on loans > $1.5M Lender DD UCCs, Background Checks, etc. PPM Filings with the SEC and states where capital has been accepted Closing Verify docs, prorations, and assist client with signing documents SEC / Blue Sky Filings with the SEC and states where capital has been accepted EAA Early Access Agreement Early Access Agreement are pre-LOI (usually pre- PSA) that allows a potential buyer to have limited access to the property and due diligence prior to going “hard” with earnest money via PSA.
- 4. EAA Early Access Agreement Syndicator Timeline PSA Purchase & Sale Agreement DD Assist with Due Diligence, create entities and EINs Title Review Review and object to liens, encumbrances, easements, etc. Legal Opinion Lenders will typically require this on loans > $1.5M Lender DD UCCs, Background Checks, etc. PPM Filings with the SEC and states where capital has been accepted Closing Verify docs, prorations, and assist client with signing documents SEC / Blue Sky Filings with the SEC and states where capital has been accepted LOI Letter of Intent Letter of Intent sets forth high-level terms to be used to create the PSA. While LOIs are typically non-binding, the parties will proceed as if they are binding.
- 5. EAA Early Access Agreement LOI Letter of Intent Syndicator Timeline DD Assist with Due Diligence, create entities and EINs Title Review Review and object to liens, encumbrances, easements, etc. Legal Opinion Lenders will typically require this on loans > $1.5M Lender DD UCCs, Background Checks, etc. PPM Filings with the SEC and states where capital has been accepted Closing Verify docs, prorations, and assist client with signing documents SEC / Blue Sky Filings with the SEC and states where capital has been accepted Purchase and Sale Agreement will set forth the terms of the LOI and substantially more details regarding personal property, due diligence timelines, title review/objections and closing date. PSA Purchase & Sale Agreement
- 6. EAA Early Access Agreement LOI Letter of Intent Syndicator Timeline PSA Purchase & Sale Agreement DD Assist with Due Diligence, create entities and EINs Legal Opinion Lenders will typically require this on loans > $1.5M Lender DD UCCs, Background Checks, etc. PPM Filings with the SEC and states where capital has been accepted Closing Verify docs, prorations, and assist client with signing documents SEC / Blue Sky Filings with the SEC and states where capital has been accepted Title Review Review and object to liens, encumbrances, easements, etc. Legal Opinion Lenders will typically require this on loans > $1.5M The PSA provides a timeframe upon which the buyer has the opportunity to review/object to the title commitment for liens, easements, agreements, leases, encumbrances, etc.
- 7. EAA Early Access Agreement LOI Letter of Intent Syndicator Timeline PSA Purchase & Sale Agreement Title Review Review and object to liens, encumbrances, easements, etc. Legal Opinion Lenders will typically require this on loans > $1.5M Lender DD UCCs, Background Checks, etc. PPM Filings with the SEC and states where capital has been accepted Closing Verify docs, prorations, and assist client with signing documents SEC / Blue Sky Filings with the SEC and states where capital has been accepted DD Assist with Due Diligence, create entities and EINs Due diligence (if any) will typically commence from the effective date of the PSA for a negotiated period of time. Due Diligence includes rent rolls, T-12, T-6, T-3, Loss-runs, executory leases, leases, etc.
- 8. EAA Early Access Agreement LOI Letter of Intent Syndicator Timeline PSA Purchase & Sale Agreement DD Assist with Due Diligence, create entities and EINs Title Review Review and object to liens, encumbrances, easements, etc. Legal Opinion Lenders will typically require this on loans > $1.5M Lender DD UCCs, Background Checks, etc. Closing Verify docs, prorations, and assist client with signing documents SEC / Blue Sky Filings with the SEC and states where capital has been accepted PPM Filings with the SEC and states where capital has been accepted Private Placement Memorandum (PPM, Company Agreement, Investor Questionnaire, Subscription Agreement, proforma, resumes, etc.). These should be prepared and distributed to investors who have shown interest in investing.
- 9. EAA Early Access Agreement LOI Letter of Intent Syndicator Timeline PSA Purchase & Sale Agreement DD Assist with Due Diligence, create entities and EINs Title Review Review and object to liens, encumbrances, easements, etc. Legal Opinion Lenders will typically require this on loans > $1.5M Lender DD UCCs, Background Checks, etc. PPM Filings with the SEC and states where capital has been accepted Closing Verify docs, prorations, and assist client with signing documents SEC / Blue Sky Filings with the SEC and states where capital has been accepted The syndication must be filed with the SEC (Securities and Exchange Commission) shortly after accepting and receipt of the first investment capital. Blue Sky filings (state securities filings) may be necessary as well if investors are from outside the state that the fund is incorporated in.
- 10. EAA Early Access Agreement LOI Letter of Intent Syndicator Timeline PSA Purchase & Sale Agreement DD Assist with Due Diligence, create entities and EINs Title Review Review and object to liens, encumbrances, easements, etc. Legal Opinion Lenders will typically require this on loans > $1.5M PPM Filings with the SEC and states where capital has been accepted Closing Verify docs, prorations, and assist client with signing documents SEC / Blue Sky Filings with the SEC and states where capital has been accepted Lender DD UCCs, Background Checks, etc.Lender Due Diligence consists of UCC searches, credit reports, review of corporate documents, PPM, guarantors (if required).
- 11. EAA Early Access Agreement LOI Letter of Intent Syndicator Timeline PSA Purchase & Sale Agreement DD Assist with Due Diligence, create entities and EINs Title Review Review and object to liens, encumbrances, easements, etc. Lender DD UCCs, Background Checks, etc. PPM Filings with the SEC and states where capital has been accepted Closing Verify docs, prorations, and assist client with signing documents SEC / Blue Sky Filings with the SEC and states where capital has been accepted Legal Opinion Lenders will typically require this on loans > $1.5M Typically, lenders will require a legal opinion by the purchaser’s law firm opining on the structure and corporate documents being in compliance with state requirements and confirming the corporate structure and authority to execute loan documents and bind the purchaser.
- 12. EAA Early Access Agreement LOI Letter of Intent Syndicator Timeline PSA Purchase & Sale Agreement DD Assist with Due Diligence, create entities and EINs Title Review Review and object to liens, encumbrances, easements, etc. Legal Opinion Lenders will typically require this on loans > $1.5M Lender DD UCCs, Background Checks, etc. PPM Filings with the SEC and states where capital has been accepted SEC / Blue Sky Filings with the SEC and states where capital has been accepted Closing Verify docs, prorations, and assist client with signing documents Closing process will include verifying rent prorations, tax prorations, insurance and deposit proration. Additionally, signed closing documents, filing of appropriate documents with the relevant counties and funding the transaction.