The quick read: A schedule of real estate owned (SREO) is a signed list of every property you and each guarantor hold an ownership interest in, with one row per property showing your share, value, loan balance, payment, income and maturity. Lenders use it to judge your track record, to find debt you owe beyond the new loan, and to test whether your whole portfolio can carry it. Fill it in property by property from your deeds, loan statements and tax returns, and make every total tie to your personal financial statement.
Document name: schedule of real estate owned, SREO, or real estate schedule
Who signs it: each owner and each guarantor the lender names; SBA Form 413 lists each proprietor, general partner, managing member, each owner of 20% or more, and any guarantor
What it covers: all real estate assets, not only the asset type you are financing (Fannie Mae Multifamily Guide, Section 306)
What lenders analyze: non-multifamily properties, underperforming properties, upcoming maturities and recourse debt (Fannie Mae Multifamily Guide, Section 306)
What it must agree with: the real estate and mortgage lines on your personal financial statement (SBA Form 413)
This page covers the one document, field by field. For the full package a first-time borrower assembles, see what a first-time CRE borrower should prepare before requesting lender matches.
What is a schedule of real estate owned on a commercial loan application?
A schedule of real estate owned is a certified list of every real estate equity interest a borrower, sponsor or guarantor owns, showing each property's value, debt, payment and income so a lender can judge experience and exposure. Fannie Mae's multifamily guide defines the SREO in almost exactly those words, and calls it a certified document.
The form goes by several names. Fannie Mae's Multifamily Selling and Servicing Guide (effective September 28, 2026) calls it the Schedule of Real Estate Owned, Form 4526. Freddie Mac's multifamily guide calls its version Form 1116, Real Estate Schedule. The SBA does not use a separate form: Section 4 of SBA Form 413, the Personal Financial Statement, is titled Real Estate Owned and asks you to list each parcel separately.
One naming trap. Inside a bank, "real estate owned" or "other real estate owned" (OREO) usually means property the bank took back through foreclosure. The OCC's Comptroller's Handbook on commercial real estate lending uses OREO that way. Your schedule of real estate owned has nothing to do with foreclosed assets: it is your list of what you own.
Banks, credit unions, life companies, debt funds and private lenders each use their own spreadsheet, but the columns converge on the same set, because every lender is answering the same three questions about you.
Which official forms ask for a schedule of real estate owned?
Three public agency documents set out what a schedule of real estate owned must contain and how it is checked: SBA Form 413 Section 4, Fannie Mae's Form 4526 under Guide Section 306, and Freddie Mac's Form 1116 under Guide Section 11.6. Most lender-branded templates are built on the same fields.
Public SREO requirements by agency (read 2026-10-07):
| Source and date | Who must complete it | What it requires | How it is checked |
|---|---|---|---|
| SBA Form 413, edition 05-24, OMB expiration 08/31/2027 | For 7(a) and 504: each proprietor, general partner, LLC managing member, each owner of 20% or more, and any guarantor | Section 4, Real Estate Owned: type, address, date purchased, original cost, present market value, mortgage holder, account number, balance, payment, status of mortgage | The SBA uses Form 413 as one of several data sources on repayment ability and creditworthiness |
| Fannie Mae Multifamily Guide, Section 306, effective 09/28/2026 | Sponsor (if not the Key Principal or Guarantor), Key Principal and Guarantor | Form 4526 for all real estate assets, completed per its Instructions tab | Lender must analyze non-multifamily properties, underperforming properties, upcoming maturities and recourse debt |
| Freddie Mac Multifamily Guide, Section 11.6, updated 08/25/2026 | Verification applies to the Key Borrower Principal with Ultimate Control and Guarantors who are first-time, rapid-growth or limited-multifamily-experience sponsors | Form 1116, Real Estate Schedule, with each party's ownership role in each asset | Ten assets or fewer: verify ownership in all (other than a personal residence); more than ten: a sample of ten |
The agency documents are the useful benchmark because they are public and dated. A bank or private lender uses its own form and can ask for more.
What goes in each column of a schedule of real estate owned?
Each column on a schedule of real estate owned answers one underwriting question: what you own, how much of it you control, what it is worth, what is owed, when the debt comes due, and whether the property pays for itself. The table pairs each column with the check an underwriter runs on it.
Schedule of real estate owned, column by column:
| Column | What to enter | What the underwriter checks |
|---|---|---|
| Property and address | Street address, property type, units or square feet | Whether you have operated this asset type before |
| Ownership share and role | Your percentage and role (general partner, managing member, limited partner, member) | Control versus passive investment; Freddie Mac verifies this role |
| Owning entity | Legal name of the LLC, partnership or trust that holds title | Ties to the deed, tax bill and Schedule K-1 |
| Acquisition date and cost | Date purchased and original cost | Hold period and how much equity is real versus appraised |
| Current value and basis | Present market value and how you got it (appraisal, broker opinion, your estimate) | Whether values are realistic and match your financial statement |
| Loan balance | Unpaid principal on every lien, including mezzanine and seller notes | Total leverage and the debt side of net worth |
| Lender type | Bank, credit union, agency, CMBS, life company, debt fund, private, seller | Refinance risk and how the debt behaves at maturity |
| Rate and rate type | Note rate, fixed or floating, any rate cap | Payment shock if rates move |
| Maturity date | When the loan comes due, including extensions | Maturities inside the term of the loan you are requesting |
| Monthly debt service | Principal and interest, plus required reserves | Global cash flow and coverage per property |
| NOI or gross rent | Annual net operating income, or gross rent with expenses | Whether each property carries its own debt |
| Occupancy | Current percentage leased or occupied | Underperforming properties that may need your cash |
| Recourse | Full recourse, limited, or non-recourse with carve-outs, and who guaranteed | Contingent liabilities that could land on you |
Two columns do most of the work. Recourse tells the lender what you could owe if another property fails, and maturity tells it when that could happen. Leave either blank and expect the file to come back with questions.
How do lenders use the schedule once they have it?
Lenders use the schedule of real estate owned for four jobs: to prove experience with the asset type, to find contingent liabilities such as guarantees, to build a global cash flow across every property, and to flag near-term maturities that could pull cash away from the new loan.
Experience comes first. Fannie Mae's guide tells lenders to review Form 4526 with the financial statements to decide whether the Key Principal and any Guarantor have sufficient multifamily expertise to manage the loan and the property, and the unencumbered financial wherewithal to support both.
Contingent liabilities come next. The OCC's Comptroller's Handbook on commercial real estate lending (Version 2.0, with reputation-risk references removed as of March 20, 2025) says a guarantor assessment should consider the total number and amount of guarantees currently extended to all lenders. Your recourse column is where those guarantees show up.
Global cash flow is the third job. The same handbook says cash flows should be assessed on a global basis, integrating business statements, tax returns and Schedule K-1 forms, and that a comprehensive global analysis should be run even when the borrower holds significant liquid assets, because those assets may be needed for other actual or contingent liabilities. The schedule is the map that tells the analyst which K-1s to expect.
Maturities are the fourth. Fannie Mae requires lenders to fully analyze upcoming maturities on the SREO. A loan on another property that matures next year can force a refinance, a paydown or a sale, and the lender wants to know you can absorb it. If liquidity is the open question, see how much liquidity and net worth commercial lenders require.
What red flags do underwriters look for on a schedule of real estate owned?
The red flags underwriters look for on a schedule of real estate owned are numbers that disagree with your other documents, debt that matures inside the new loan's term, recourse you did not disclose, and properties whose income does not cover their own payments. Each one turns into a condition or a decline.
The common ones:
Values that do not tie: SBA Form 413 asks for real estate on the asset side and mortgages on the liability side, each described in Section 4. If the schedule's total value or total debt differs from your financial statement, the lender assumes one of them is wrong.
Ownership that cannot be proven: Freddie Mac lets a lender verify ownership role with a tax bill, title policy or deed plus organizational documents, or with a Schedule K-1. If a lender cannot verify an owner's role or finds a discrepancy, the guide says it must contact Freddie Mac Underwriting.
Maturities inside the term: a balloon on another property due before the new loan matures is a refinance you have not yet solved.
Undisclosed guarantees: a carve-out or full-recourse guarantee missing from the recourse column can surface in the credit report, title search or the other lender's documents, and it looks worse found than disclosed.
Properties that need your cash: low occupancy or income below debt service means the property may draw on the same liquidity the lender is counting on. Fannie Mae asks lenders to identify and mitigate underperforming properties for that reason.
What does a filled-in schedule of real estate owned look like?
A filled-in schedule of real estate owned is one row per property, totaled at the bottom, with values and balances that tie to your personal financial statement and lender types instead of lender names. The sample below is illustrative only: the borrower, entities, addresses and figures are fictional.
Illustrative schedule of real estate owned (fictional sponsor, figures invented for this example):
| Property | Share and role | Entity | Acquired / cost | Value and basis | Loan balance | Lender type | Rate / maturity | Monthly debt service | Annual NOI | Occupancy | Recourse |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 24-unit apartment, Sample City | 100%, managing member | Example Oak LLC | 2019 / $2,400,000 | $3,100,000, 2025 appraisal | $1,850,000 | Agency | 4.1% fixed / 2029 | $10,700 | $205,000 | 95% | Non-recourse, carve-out guaranty |
| 8,000 sf retail strip, Sample Town | 50%, general partner | Example Elm LP | 2021 / $1,600,000 | $1,700,000, broker opinion | $1,050,000 | Community bank | Floating / 2027 | $8,200 | $118,000 | 88% | Full recourse, 50% several guaranty |
| Land parcel, Sample County | 100%, member | Example Pine LLC | 2023 / $400,000 | $400,000, cost basis | none | none | none | none | none | n/a | none |
Read it the way an underwriter would. The retail strip's floating-rate bank loan matures in 2027, inside almost any new loan term, and it is full recourse, so it lands in the contingent-liability analysis. The apartment covers its debt comfortably. The land produces no income, so its carrying costs come out of the sponsor's cash.
How do you fill out a schedule of real estate owned step by step?
You fill out a schedule of real estate owned by pulling each property's facts from source documents rather than memory, entering one row per property, totaling value, debt and payments, and reconciling those totals to your personal financial statement before you sign and date it.
Work through it in this order:
Step 1, list every interest: include properties held through partnerships and LLCs, and land. Fannie Mae requires all real estate assets, including non-multifamily ones.
Step 2, pull the debt facts: take balances, rates, maturities and payments from the latest loan statements, not from closing memory.
Step 3, state the value basis: write whether each value is an appraisal, a broker opinion or your estimate, with its date.
Step 4, mark recourse honestly: note which loans you personally guaranteed and on what terms, including carve-out guarantees on non-recourse debt. Our glossary entry on the personal guaranty explains the forms.
Step 5, reconcile and sign: make the totals match your personal financial statement, then sign and date it. SBA Form 413 says each attachment must be identified as part of the statement and signed.
Keep the file current. A schedule dated six months before closing will be refreshed anyway, so update it whenever a loan, a sale or a refinance changes a row.
Is your schedule of real estate owned ready for a lender?
Your schedule of real estate owned is ready for a lender when every property you or your guarantors own is on it, each row ties to a deed, loan statement or K-1, the recourse and maturity columns are complete, and the totals match your personal financial statement to the dollar.
YieldStack is a commercial mortgage brokerage, not a lender. It costs Zero upfront to submit a deal and review offers; YieldStack's broker fee is 0.50–1.00% of the loan amount and is paid only at closing. Every credit decision is made by the lender; YieldStack arranges the introductions and negotiates on the borrower's side, and no loan, rate, or closing is guaranteed.
When the schedule is done, submit your deal through pre-submit with the subject property, the loan you want and your schedule of real estate owned attached.
The bottom line
A schedule of real estate owned is a signed, property-by-property list of everything you and your guarantors own, with value, debt, payment, income, maturity and recourse on every row. Lenders use it to test experience, contingent liabilities, global cash flow and refinance risk. Build it from source documents, disclose every guarantee, and make its totals match your personal financial statement.