In one sentence
The process of collecting tenant estoppel certificates and SNDAs across a multi-tenant property before closing.
The longer version
On multi-tenant deals, lenders need estoppels confirming lease terms and SNDAs governing priority from many tenants at once. Collecting them is a parallel workflow that often paces the closing.
Tracking dozens of estoppels and SNDAs across tenants is exactly the kind of multi-party chase a live checklist handles better than email.
In Prodeal
Estoppel and SNDA collection runs as one tracked list, with each tenant's items showing status and owner instead of living across a dozen email threads.
Common questions
- Why is estoppel and SNDA tracking hard?
- Because each tenant responds on its own schedule, often with markups, and a large property may have dozens of tenants. Without a tracker, it is unclear which are outstanding.
- Which tenants need estoppels and SNDAs?
- Usually major tenants and those above thresholds set in the loan terms, by square footage or percentage of rent.
- What should an estoppel tracker capture?
- Each tenant, the date requested, the date returned, any discrepancies against the lease and rent roll, and whether the SNDA is signed.
Keep reading
- The due diligence checklist, built to be runChecklists as systems, not documents.
- The commercial loan closing checklistWhat goes on the list and who owns each line.
- Setting up a data room for a loan closingThe folder skeleton and the first hour.
- Estoppel tracker templateTrack every estoppel out and back.