Estoppels and SNDAs, tenant by tenant.
On a multi-tenant deal, collecting estoppels and SNDAs from many tenants at once can pace the whole closing. Download a tracker with requested and received columns for both, plus a field to flag conflicts with the rent roll.
An estoppel and SNDA tracker for multi-tenant deals: one row per tenant, with requested and received columns for both documents plus a discrepancies field to flag conflicts with the rent roll.
Downloads a CSV you can open in Excel or Google Sheets. Built in your browser; nothing is uploaded.
Why estoppel collection paces deals
A lender needs estoppels confirming lease terms and SNDAs governing priority from major tenants, and on a multi-tenant property that means chasing many parties on their own timelines.
The tracker's discrepancies column is the important one: an estoppel that contradicts the rent roll is exactly the kind of surprise that surfaces late and slows a closing.
From tracker to live list
A tracker CSV keeps the collection organized, and it lives on one person's machine unless the whole team can see it. Multi-party collection is precisely where a live shared list beats a spreadsheet.
Run the same tracker as a live checklist and each tenant's items show status and owner to everyone, instead of living across a dozen email threads.
What the tracker tracks
On a multi-tenant deal, estoppels and SNDAs are collected tenant by tenant, and the state of each is easy to lose. The tracker keeps one row per tenant with a column for every step.
| Column | Purpose |
|---|---|
| Tenant / Suite | Identifies each tenant to collect from |
| Estoppel requested / received | Tracks the estoppel round per tenant |
| SNDA requested / received | Tracks the SNDA round per tenant |
| Discrepancies | Flags conflicts with the rent roll |
| Status | The live state of each tenant, open or closed |
What to do with a discrepancy
The point of collecting estoppels is to find the ones that disagree with the lease file. A tenant claiming a different rent, an unrecorded amendment, an unpaid allowance or an offset right is information the landlord's files did not show. Each one should be logged against the rent roll and resolved before closing, either by correcting the underwriting or by getting the landlord and tenant to agree the facts in writing.
Questions lenders ask
- What is an estoppel and SNDA tracker for?
- To manage collecting tenant estoppel certificates and SNDAs across a multi-tenant deal, tracking requested and received status per tenant and flagging any conflicts with the rent roll.
- Why do estoppels slow closings?
- Because they require chasing many tenants at once, each on their own timeline, and any estoppel that contradicts the rent roll creates a discrepancy to resolve before closing.
- What is the difference between an estoppel and an SNDA?
- An estoppel certificate confirms the current facts of a lease. An SNDA, the subordination, non-disturbance, and attornment agreement, governs what happens to the tenant if the lender forecloses. On multi-tenant deals, lenders often collect both from the same tenants, which is why the tracker has columns for each.
- How early should estoppel collection start?
- As early as possible. Estoppels depend on third parties, the tenants, who have no stake in the lender's timeline, so collection routinely paces the closing. Starting the requests early and tracking them per tenant keeps them from becoming the last item holding up funding.
- What should happen when an estoppel disagrees with the rent roll?
- Log the discrepancy, find out which document is right, and resolve it before closing by correcting the rent roll and underwriting or by documenting agreement between landlord and tenant.
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