A lot of the SOPredactedtalk here is about equity injection and seller notes. From the diligence side, the bigger change I keep running into is how much the lender's file now leans on the numbers being verifiable.
What I see credit teams asking for more often:- Tax returns that tie to the P&L the seller is showing, with the gap explained line by line- Add-backs with actual backup (invoices, payroll records), not just a broker's schedule- Bank deposits that support reported revenue, month by month- A post-close cash picture that still works after debt service, not just at closing
None of this is new on its own. What's changed is that loose spots that used to get waved through now end up shrinking the loan or slowing the approval.
For those who've closed under the new SOP: what did your lender push back on that you didn't expect?