Written to be forwarded to a credit officer unedited, without characterizations of your own. It sets out what is actually being asked and separates, in the first table, what is senior to the mortgage from what is not: the annual installment then due, not the outstanding balance, which does not accelerate and does not prime. That is the single most consequential point on the sheet, because a credit analysis treating the full balance as priming will overstate the effect by an order of magnitude. Then the effect on collateral — this is a different fact pattern from subordinate debt funding a distribution, where proceeds leave the asset — the effect on total leverage, six structural characteristics relevant to credit, what consent covers and does not, the documentation the lender receives, and a routing table for questions.
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