Schedule of Real Estate Owned

Tim Milazzo
January 15, 2020

A Schedule of Real Estate Owned, often abbreviated to SREO, is a list of all the properties in which an investor has an ownership interest. Annotated with some other key information, this list gives an overview of the composition of the portfolio, the amount of equity, and the debt assigned to each property.

Lenders typically request this schedule early on in the underwriting process, because it helps them set context for their loan within the borrower’s portfolio. Glancing at a SREO tells a lender if the borrower owns other properties, and whether they are similar to the subject property they are underwriting. It also shows the lenders the amount of debt the borrower has taken on across their portfolio.

Components of the SREO

There is no standard industry template for the SREO, but here are the key elements that should be included.

Property Address

Be specific — lenders don’t like to play games.


What entity actually holds the deed to the property, and what percentage of that entity does the investor represent?

Acquisition Info

When was the property acquired, and for how much?

Appraisal Info

What was the effective date of the last appraisal? What value was assigned to the asset at that time?

Current Income/Value

What is the Net Operating Income (NOI) of the property currently? This should be an actual, historical number based on recent performance, not a projection.

Applying a market cap rate to the current NOI gives us the value if the property is stabilized. A recent-enough appraisal (last 90 days) can also give us the value if not determined by the income.


Finally, how much debt is in place, who holds it, and when does it mature? This can be used to determine portfolio-wide LTV and Debt Yield, and also to calculate the investor’s true equity in the properties.

Free template

No need to start from scratch if you need to build a Schedule of Real Estate Owned. StackSource provides a free template which you can download here:

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