Hotel Loan Underwriting Checklist for Owners: Requirements, Ratios, and File Prep

A hotel loan underwriting checklist requires three years of historical financials, trailing-12-month P&Ls, STR benchmark reports, franchise agreements with PIP capital estimates, management contracts, and sponsor balance sheets to verify debt yield, liquidity, and DSCR targets.

Complete Hotel Loan Underwriting Checklist

• Category 1: Historical Operating Statements (Trailing 36 Months): Three consecutive calendar years of balance sheets, profit and loss statements, and filed entity tax returns. Financials must follow the Uniform System of Accounts for the Lodging Industry (USALI) to allow line-by-line revenue and expense benchmarking.
• Category 2: Trailing-12-Month (T12) Operating Statements by Month: A month-by-month profit and loss schedule detailing rooms revenue, food and beverage income, other operated departments, labor costs, energy costs, and undistributed operating expenses over the immediate prior twelve months to track operational momentum, expense creep, and seasonal revenue swings.
• Category 3: Competitive STR Benchmark Reports (36 to 60 Months): Monthly historical trend reports generated by STR covering three to five years. Reports must track Average Daily Rate (ADR), Occupancy, and Revenue Per Available Room (RevPAR) across the subject property and its designated primary competitive set.
• Category 4: Franchise Documentation and Property Improvement Plan (PIP): The executed franchise license agreement, brand comfort letter commitments, recent brand quality inspection and guest satisfaction reports, and the formal change-of-ownership PIP. This must include itemized, general contractor estimates for all mandated interior, exterior, and life-safety upgrades.
• Category 5: Property Operations and Management Agreements: Fully executed third-party hotel management agreements, base and incentive fee schedules, operator corporate profiles, and historical performance track records across comparable flagged assets in the regional submarket.
• Category 6: Historical Capital Expenditures and FF&E Ledgers: An itemized accounting of all capital improvements completed over the prior three years, explicitly distinguishing non-recurring structural repairs from routine Furniture, Fixtures, and Equipment (FF&E) replacement cycles.
• Category 7: Sponsor Financial Verification: Personal Financial Statements (PFS) for all key principals and guarantors owning 20 percent or more of the equity entity, dated within the past 90 days. Include three years of signed personal and corporate tax returns, a detailed Schedule of Real Estate Owned (SREO), credit authorizations, and verifiable bank or brokerage statements validating liquid reserves.

A complete hotel loan underwriting checklist requires three full calendar years of historical operating financials, monthly trailing-12-month (T12) operating statements, 36 to 60 months of historical STR trend reports, the executed franchise agreement and detailed Property Improvement Plan (PIP) budget, the third-party management contract, trailing 36-month capital expenditure histories, and full sponsor balance sheets. Credit committees require these verified records to size leverage against debt yield, liquidity, and amortizing debt service coverage constraints.

This intake framework applies directly to stabilized flagged properties, un-stabilized boutique acquisitions, and refinances seeking balance-sheet bank, CMBS, life insurance company, or Small Business Administration (SBA) 504 capital. Unflagged independent hotels and properties experiencing operational turnaround face additional scrutiny regarding operator track record, historical occupancy volatility, and local market demand drivers. Properties undergoing brand conversion, substantial re-flagging, or complete asset repositioning require customized bridge structures rather than conventional permanent debt.

The following document matrix outlines how institutional credit analysts map each intake item to specific credit risk determinations:

Underwriting Category	Required Verification Document	Historical Timeframe	Core Credit Metric Evaluated
Operating History	USALI Balance Sheets, P&Ls, and Federal Tax Returns	3 Full Calendar Years	Baseline Net Operating Income (NOI) stability and expense creep
Current Cash Flow	Monthly Trailing-12-Month (T12) Operating Statements	Immediate Past 12 Months	Seasonality curves and normalized baseline Gross Operating Profit (GOP)
Competitive Positioning	STR Monthly Trend and Penetration Reports	36 to 60 Consecutive Months	RevPAR Penetration Index (RGI), market share trajectory, and pricing power
Brand Compliance	Franchise License Agreement and Change-of-Ownership PIP	Current Term & Brand Audit	Upfront capital expenditure escrows and brand comfort letter eligibility
Asset Preservation	Itemized CapEx Invoices and FF&E General Ledgers	Trailing 36 Months	Historical deferred maintenance and ongoing replacement reserve adequacy
Operational Control	Third-Party Hotel Management Agreement	Fully Executed Contract	Underwritten management fee normalization (typically 3.0% to 4.0%)
Sponsor Capacity	PFS, SREO, and Verified Unencumbered Liquid Accounts	Dated within 90 Days / 3 Years Taxes	Post-closing global liquidity, net worth to loan ratio, and contingent liabilities

If you are acquiring an un-stabilized hotel asset, transitioning between franchise flags, or executing a heavy property repositioning where trailing operations do not support permanent leverage, review interim capitalization structures in our hotel acquisition bridge loan guide before seeking permanent execution.

How Do Lenders Underwrite Hotel Financial Statements and USALI Standards?

Hospitality underwriters normalize property cash flows under the Uniform System of Accounts for the Lodging Industry (USALI) to isolate recurring operational Net Operating Income from non-operational items. Credit committees strip out owner-discretionary distributions, personal add-backs, and non-recurring revenues. They also deduct normalized management fees, enforce mandatory FF&E reserve holdbacks, and step up real estate taxes to match post-closing assessed valuations.

Uniform System of Accounts for the Lodging Industry (USALI) is defined as the standardized accounting framework used by hospitality operators and commercial lenders to categorize hotel revenues, departmental expenses, and undistributed costs into consistent operational reporting line items. Unlike stabilized multifamily assets where leases run 12 months or longer, hotels experience daily lease turnover. This operational volatility forces lenders to calculate Net Operating Income after accounting for full-cycle property preservation, third-party operational takeover costs, and local municipal property tax reassessments.

When our team reviews an operating statement, we make three consistent normalization adjustments before presenting cash flows to an institutional credit committee:

• Mandatory FF&E Reserve Deduction: Even if a borrower’s historical books or franchise license agreement mandates an FF&E escrow of only 2.0% or 3.0% of total revenue, institutional underwriters apply a minimum 4.0% to 5.0% above-the-line deduction to account for recurring guest room soft-goods and case-goods degradation.
• Normalized Management Fee: If an owner-operator manages the property without taking a formal line-item management fee, lenders deduct an imputed management fee equal to 3.0% to 4.0% of gross operating revenue. This deduction reflects the cost of installing a professional third-party management company if the lender must step in following an uncured event of default.
• Ad Valorem Property Tax Adjustment: Lenders discard historical property tax line items. Instead, credit teams apply local municipal millage rates against the expected post-closing transaction purchase price or capitalized valuation, modeling the step-up in fixed expenses that occurs post-closing.

Worked Financial Statement Normalization Example

Consider a 120-key select-service franchised hotel in a growing secondary submarket under review for a conventional permanent refinance. The owner-operator presents trailing-12-month financials showing a reported Net Operating Income of $1,850,000 based on the following self-reported operational figures:

• Gross Rooms Revenue: $4,500,000
• Meeting Space, Food & Beverage, and Ancillary Income: $500,000
• Total Gross Operating Revenue: $5,000,000
• Departmental Expenses (Rooms, F&B, Telecom): $1,400,000
• Undistributed Operating Expenses (Administrative, Sales, Utilities, Maintenance): $1,700,000
• Reported Gross Operating Profit (GOP): $1,900,000 (38.0% GOP Margin)
• Reported Fixed Expenses (Insurance, Licenses): $50,000
• Owner’s Self-Reported Net Operating Income: $1,850,000

The institutional underwriter normalizes these financials to establish the true Net Operating Income available for debt service:

Line Item Category	Owner’s Submitted Amount	Underwriter Normalized Amount	Underwriting Rationale / Adjustment Standard
Total Gross Revenue	$5,000,000	$5,000,000	Verified against trailing room tax receipts and bank statements
Total Departmental & Undistributed	$3,100,000	$3,100,000	Audited for recurring payroll, contract labor, and utility costs
Gross Operating Profit (GOP)	$1,900,000	$1,900,000	Unadjusted baseline operational margin
Base Management Fee	$0 (Self-Managed)	($175,000)	Imputed at 3.5% of Gross Revenue for third-party operations
FF&E Reserve Holdback	$0 (Reported below NOI)	($200,000)	Standard 4.0% of Gross Revenue deduction for capital maintenance
Real Estate Taxes (Post-Closing)	$100,000 (Historical)	($175,000)	Adjusted for reassessment based on recent county transaction benchmarks
Property & Casualty Insurance	$50,000	($50,000)	Verified against binding insurance quotes for the upcoming year
Underwritten Sizing NOI	$1,850,000	$1,200,000	Net variance of ($650,000) in sizing cash flow

This normalization process reduces cash flow available for debt service from the owner’s reported $1,850,000 down to an underwritten sizing baseline of $1,200,000. Failure to normalize these lines during your internal financial modeling can lead to overestimating loan proceeds by millions of dollars. To evaluate how institutional credit committees model property capitalizations and income adjustments across commercial sectors, review our comprehensive framework on commercial real estate valuation formulas and underwriting insights.

Core Hospitality Credit Metrics: DSCR, Debt Yield, and LTV Benchmarks

Institutional hospitality lenders size mortgages using Debt Service Coverage Ratio (DSCR), minimum Debt Yield, and maximum Loan-to-Value (LTV) constraints, with the final proceeds dictated by whichever metric produces the lowest loan balance. Target underwriting metrics require debt yields between 10.5% and 12.5% for flagged select-service properties, DSCR thresholds between 1.30x and 1.50x on amortizing debt, and leverage limits capped at 55% to 65% LTV for conventional bank or CMBS debt.

Debt Yield is defined as a property’s annual underwritten Net Operating Income divided by the total proposed loan amount, expressed as a percentage, representing the lender’s unleveraged rate of cash return if they were to take possession of the real estate following a foreclosure. Because debt yield excludes amortization schedules and market interest rate shifts from the denominator, credit committees rely on it as an objective measure of fundamental property leverage.

Comparison: Hotel Loan Capital Sources and Underwriting Benchmarks

Loan Structure	Target LTV / LTC	Min. Debt Yield	Min. Underwritten DSCR	Typical Closing Timeline
Conventional Regional Bank	55% – 65% LTV	11.0% – 12.5%	1.30x – 1.40x	45 – 60 Days
CMBS Conduit Loan	60% – 65% LTV	11.5% – 13.0%	1.35x – 1.45x	60 – 75 Days
Life Insurance Company	50% – 60% LTV	10.5% – 12.0%	1.40x – 1.50x	60 – 90 Days
SBA 504 (Owner-Operator)	Up to 80% LTC	9.5% – 10.5%	1.25x – 1.35x	60 – 90 Days
Hospitality Bridge Loan	65% – 75% LTC	8.5% – 9.5% (Exit DY)	Interest-Only / As-Is N/A	30 – 45 Days

Credit terms vary across lending sources based on property classification, capitalization, and operating structure:

• Debt Yield Requirements: Flagged, select-service properties (such as national extended-stay and limited-service brands) require a debt yield between 10.5% and 12.5%. Independent, boutique, or full-service assets with substantial food, beverage, and banquet operations introduce higher operating leverage; these properties generally face debt yield requirements between 12.5% and 14.5%.
• Debt Service Coverage Ratio (DSCR): Base DSCR hurdles range from 1.30x to 1.50x calculated on a 25-year amortization schedule. In higher interest rate environments, institutional lenders frequently stress-test coverage by adding 100 to 200 basis points to the quoted note rate to ensure the property maintains sufficient coverage during broader market shifts.
• Loan-to-Value (LTV) and Loan-to-Cost (LTC): Conventional balance-sheet banks and CMBS conduits cap leverage at 55% to 65% of the appraised as-is value. In contrast, owner-operators utilizing the federal SBA 504 program can secure up to 75% to 80% LTC for acquisitions and expansion, provided the real estate meets all federal operational occupancy guidelines.
• Financing Timelines: Conventional balance-sheet bank originations typically require 45 to 60 calendar days from a signed term sheet to loan closing. CMBS executions, life insurance company placements, and SBA 504 multi-party transactions require 60 to 90 calendar days to accommodate third-party reports, franchise comfort letters, and formal credit review.

To see how these constraints dictate final debt sizing in practice, consider our previous select-service property with a normalized Net Operating Income of $1,200,000:

Hospitality Sizing Constraint Example:
Normalized Sizing NOI: $1,200,000
Appraised Property Value: $16,000,000
Lender Underwriting Terms: 7.00% Interest Rate, 25-Year Amortization (Annual Debt Service Constant: 8.481%), 1.35x Minimum DSCR, 11.00% Minimum Debt Yield, 65% Maximum LTV.

How to Calculate Sizing Constraints Step-by-Step

Credit committees determine maximum allowable loan proceeds using a three-tier constraint formula:

1. Calculate Maximum Loan-to-Value (LTV Sizing): Multiply the appraised property value by the maximum permitted loan-to-value percentage.
   $16,000,000 Appraised Value × 65% = $10,400,000
2. Calculate Minimum Debt Yield Sizing: Divide the underwritten normalized Net Operating Income by the target minimum debt yield threshold.
   $1,200,000 Normalized NOI ÷ 11.00% Debt Yield = $10,909,091
3. Calculate Maximum Debt Service Coverage (DSCR Sizing): Divide normalized NOI by the minimum DSCR to find maximum annual debt service, then divide by the annual mortgage constant.
   $1,200,000 Normalized NOI ÷ 1.35 DSCR = $888,889 Maximum Annual Debt Service
$888,889 ÷ 8.481% Loan Constant = $10,480,945
4. Select the Binding Metric: Compare the outputs of the three sizing calculations; the lowest resulting loan balance represents the maximum insurable credit commitment ($10,400,000 capped by LTV).

In this scenario, Constraint A (LTV) limits loan proceeds to $10,400,000. However, if market interest rates rose to 8.00% (increasing the annual loan constant to 9.261%), the DSCR constraint would cap proceeds at $9,598,196. This shift illustrates why sponsors must stress-test their capital stack across coverage metrics rather than relying solely on high-level leverage percentages.

How Does a Property Improvement Plan (PIP) Impact Loan Sizing and Escrows?

A brand-mandated Property Improvement Plan (PIP) increases upfront equity requirements because institutional lenders factor total renovation costs into loan-to-cost metrics and routinely escrow 100% to 125% of the estimated capital budget at closing. These renovation funds are held in lender-controlled reserve accounts and released through formal draw inspections as general contractors reach verified milestones.

Property Improvement Plan (PIP) is defined as a formal action plan issued by a hotel franchisor detailing all architectural, design, technological, and life-safety renovations an owner must complete to maintain brand compliance during an acquisition, franchise license renewal, or ownership transfer. Depending on the franchise flag and the property’s lifecycle phase, PIP mandates typically range from $8,000 to $25,000 per key for select-service assets, and can exceed $40,000 per key for full-service hotels.

When structuring a capital package that involves a mandatory PIP, commercial lenders handle the renovation obligations through specific underwriting provisions:

• Total Capitalization Sizing: Lenders evaluate the total project cost—the purchase price plus the verified PIP budget. While leverage on acquisitions is often quoted as up to 65% LTV, lenders typically cap total exposure at 60% to 70% of total project cost (LTC), preventing borrowers from over-leveraging through deferred capital expenditures.
• Upfront Cash Escrow Requirements: Lenders generally do not allow borrowers to fund PIP requirements gradually from future operating cash flow. Instead, credit committees require 100% to 125% of the general contractor’s approved PIP estimate to be deposited into an escrow account at loan closing. The additional 15% to 25% contingency buffer protects the lender against cost overruns and construction delays.
• Disbursement Protocols: Escrowed PIP funds are released through formal draw requests supported by third-party architect or engineering inspections, general contractor payment applications, and executed interim lien waivers from all subcontractors.
• Franchisor Comfort Letter Alignment: The primary hotel lender requires an executed Tri-Party Comfort Letter signed by the franchisor, borrower, and lender. This agreement grants the lender cure rights, access to the franchise flag following an event of default, and extended operational timelines to complete outstanding PIP milestones without risking license revocation.

Consider an investor acquiring an existing 100-key select-service hotel for $12,000,000. The franchisor’s change-of-ownership PIP inspection requires guestroom case-goods replacement, common corridor renovations, and exterior facade modernizations totaling $1,500,000 ($15,000 per key). If the incoming balance-sheet lender agrees to provide a $7,800,000 senior acquisition loan (65% of the purchase price) and requires a 115% PIP escrow funded at closing, the capital requirements are as follows:

• Acquisition Purchase Price: $12,000,000
• Mandatory PIP Renovation Budget: $1,500,000
• Lender Required Escrow Holdback (115% of PIP): $1,725,000
• Senior Loan Proceeds: ($7,800,000)
• Total Required Borrower Upfront Cash Equity: $5,925,000 (Purchase Equity + PIP Escrow)

If the borrower models only the $4,200,000 down payment on the acquisition price without accounting for the $1,725,000 upfront lender-controlled escrow, the transaction faces an immediate financing shortfall at closing. Sponsors managing multi-property portfolios can see how capital reserves compare to other asset classes by reviewing our analysis of mid-market non-recourse financing requirements.

STR Trend Reports: How Underwriters Evaluate RevPAR Penetration and Index Ratios

Underwriters analyze STR benchmark reports across 36 to 60 consecutive months to determine whether a hotel’s historical revenue performance is driven by genuine pricing power or temporary market tailwinds. Credit analysts focus on three primary indices: Market Penetration Index (MPI), Average Rate Index (ARI), and the Revenue Generation Index (RGI). Sustained RGI scores below 100.0 indicate underperformance against the competitive set, which typically leads to downward Net Operating Income adjustments and lower loan proceeds.

Revenue Generation Index (RGI), also called the RevPAR Penetration Index, is defined as a property’s Revenue Per Available Room divided by the average Revenue Per Available Room of its primary competitive set, multiplied by 100, measuring whether a hotel captures more or less than its fair share of market room revenue. A score of 100.0 represents an exact fair-share capture, scores above 100.0 indicate market leadership, and scores below 100.0 indicate underperformance relative to peer properties.

During credit review, analysts assess the competitive positioning of the property using these three core metrics:

• Market Penetration Index (MPI): Evaluates occupancy capture:
  MPI = (Subject Occupancy ÷ Competitive Set Occupancy) × 100
  An MPI above 100.0 demonstrates that the sales team and front-desk distribution capture more occupancy than direct market competitors. However, an elevated MPI paired with a depressed rate index indicates the property is discounting rates to maintain volume.
• Average Rate Index (ARI): Evaluates relative pricing power:
  ARI = (Subject ADR ÷ Competitive Set ADR) × 100
  An ARI above 100.0 shows that guests are willing to pay a premium over competing options, often reflecting higher brand equity, recent capital renovations, or superior location advantages.
• Revenue Generation Index (RGI / RevPAR Penetration): The primary overall benchmark:
  RGI = (Subject RevPAR ÷ Competitive Set RevPAR) × 100
  Underwriters look for an RGI trajectory that is stable or expanding over a trailing three-year period. A property with an RGI declining from 108.0 to 94.0 over 36 months signals deferred maintenance, competitive new supply, or weakening brand equity.

The table below illustrates how credit analysts interpret common index combinations within a competitive set:

MPI (Occupancy)	ARI (Average Rate)	RGI (RevPAR)	Credit Analyst Assessment	Underwriting Impact
108.5	104.2	113.1	Strong market leader; commands pricing power while outperforming competitors on occupancy.	Full sizing credit awarded to historical trailing revenues; target debt yield hurdles applied.
118.0	81.5	96.2	Discounting strategy; sacrificing room rates to drive occupancy, which increases operational wear and payroll expenses.	Underwriter normalizes departmental room costs higher; discounts projected rate growth.
84.0	114.0	95.8	Rate-premium positioning with low occupancy; high rates fail to generate sufficient fair-share market capture.	Revenue volatility penalized; underwriter stress-tests break-even occupancy assumptions.
88.0	89.0	78.3	Severe property underperformance; physical obsolescence, weak management, or disadvantageous location.	Deemed un-stabilized; conventional debt declined; requires bridge debt or heavy equity injection.

When requesting competitive set trend reports from STR, ensure the report includes monthly historical data for at least 36 consecutive months, along with trailing-12-month composite views. In addition, review the composition of the competitive set with your advisory team. If the selected competitors do not align with the property’s chain scale or geography, credit committees will require an updated report with a re-screened competitive set, which can add two to three weeks to the underwriting process.

Next Steps: Review Your Capital Structure and Submit a Deal

Preparing a complete hospitality underwriting package requires aligning operational USALI books, brand Property Improvement Plans, competitive market penetration indices, and sponsor balance sheets with lender credit standards. Taking the time to normalize operating expenses, address PIP requirements, and reconcile STR data before approaching credit committees prevents unexpected loan re-trades and speeds up execution.

Commercial lenders evaluate hospitality packages against strict cash flow and leverage standards. Whether you are refinancing a stabilized select-service hotel, acquiring a full-service hospitality asset, or planning a portfolio repositioning, organizing your documentation into a complete intake package helps demonstrate property viability and sponsor capacity.

Review how our advisory team structures balance-sheet, agency, and institutional debt by visiting our commercial real estate debt financing guide for sponsors. When your operating statements, STR historical trends, and property improvement budgets are organized, reach out to our team to submit a deal for a preliminary debt yield evaluation, DSCR stress test, and customized financing game plan.

Frequently Asked Questions

What debt yield do lenders require on hotel loans?

Institutional lenders generally require an underwriting debt yield between 10.5% and 12.5% for flagged select-service hotels and between 12.0% and 14.5% for independent or full-service hospitality properties. Debt yield is calculated by dividing stabilized underwritten Net Operating Income by the proposed total loan amount.

What documents are needed for hotel loan underwriting?

A complete hotel underwriting package requires 3 full years of USALI-formatted P&Ls and tax returns, trailing-12-month operating statements by month, a 36- to 60-month STR trend report, the current franchise agreement with PIP cost schedules, third-party management contracts, historical CapEx schedules, and sponsor balance sheets with REO schedules.

How does a Property Improvement Plan affect hotel financing?

A Property Improvement Plan (PIP) dictates required brand renovation outlays that directly influence loan proceeds and upfront closing equity. Lenders evaluate PIP budgets and typically escrow 100% to 125% of estimated renovation costs at closing, releasing funds across verified draw inspections as work is completed.

What DSCR is required for a commercial hotel mortgage?

Most commercial hospitality lenders require a minimum Debt Service Coverage Ratio (DSCR) between 1.30x and 1.50x based on underwritten amortizing debt service. Credit committees routinely stress-test debt service payments using interest rates 100 to 200 basis points above prevailing market quotes.

References

Sources reviewed while researching hotel loan underwriting checklist for owners, taken from the US search results on 2026-10-29.

1. Hotel Conventional Loan Checklist — scicap.com
   Last statements for checking and saving account, Last mortgage statement for all. Purchase and Sale agreement Last quality inspection
2. Buying a hotel? Financing a hotel? 10 things every … — lexology.com
   Buying a hotel? Financing a hotel? 10 things every borrower should know. (part 1) · 1. Franchise Agreements; Comfort Letters · 2. Hotel Management …
3. Buying a Hotel: A Financial Checklist | Verdant Blog – Copeland — verdant.copeland.com
   # Buying a Hotel: Financial Checklist
   ## 3. Is there a Hotel Management Agreement?
   Many [hotel owners](https://verdant.copeland.com/hospitality-case-studies/) often choose to outsource the management of their property.

   ## 4. Are there any Subordination, Nondisturbance, and Attornment Agreements (SNDAs)?
   Hotel owners a

4. Hotel Loans Explained: Financing Guide for Developers & … — avanacapital.com
   When underwriting hotel loans, lenders consider projected cash flows, brand strength, management capability, and seasonality in addition to the …
5. 10 Questions to Ask Hotel Lenders Before Signing – Bridge — bridgemarketplace.com
   1. What Is the Debt Yield Floor and How Is My NOI Calculated? · 2. What DSCR Do I Need at Closing, and Under Stress Testing? · 3. What Are the …
6. Commercial Real Estate Lending | Comptroller’s Handbook — occ.gov
   # Verification Procedures
   #### Appendixes
   ##### Appendix D: Underwriting Considerations by Property Type
   ###### Hospitality
   food and beverage.

   hotels.

   ###### Loans Secured by Owner-Occupied Properties
   Properties such as hospitals, golf courses, recreational facilities, and car washes are Hotels, motels, dormitories,

7. Hotel Financing Underwriting Checklist | PDF | Credit History — scribd.com
   The document lists 17 items required to underwrite hotel/hospitality financing. These include the most recent 12-month income/expense statement, the last 3 …
8. Loan Underwriting Checklist for Loan Officers in 2026 — riskinmind.ai
   Checklist items include a certified appraisal report, title search and title insurance commitment, flood zone determination, hazard insurance …
9. Top 10 Hotel Loan Factors Lenders Consider – Largo Capital — largocapital.com
   Top 10 Factors Lenders Consider When Evaluating a Hotel Loan · NOI & Debt Yield · Performance Against Comp Set · Debt Service Coverage Ratio (DSCR) …
10. Underwriting Checklist — commerciallendingusa.com
    We have developed an Underwriting checklist for our Borrowers and Brokers to enhance their understanding of the loan programs and required documentation.

SERP features this page targets

Feature	Likelihood	How this page wins it
Featured Snippet (List / Paragraph)	85%	An H2 titled ‘Complete Hotel Loan Underwriting Checklist’ directly followed by a 7-point bulleted list covering property financials, STR reports, PIP requirements, and sponsor qualifications.
People Also Ask Accordion	90%	An FAQ section built with H3 tags and schema markup answering specific questions on hotel debt yield, PIP reserve escrow, and trailing-12-month metrics.
Google AI Overview	75%	A structured overview block detailing essential hospitality borrower documentation, standard target metrics (DSCR, Debt Yield, LTV), and lender verification protocols.
Underwriting Document Matrix	65%	An HTML table cross-referencing underwriting category, required documentation, required historical timeframe, and the specific credit metric it supports.