Canonical page: https://sequoia-research.com/writing/inland-dst-reviews-loan-maturity-review-worksheet Author: Sequoia Research Published: 2026-10-18T07:30:27.486Z Updated: 2026-10-18T07:30:27.486Z Interactive tool: https://sequoia-research.com/writing/inland-dst-reviews-loan-maturity-review-worksheet#research-tool # Inland DST Reviews: Loan Maturity Review Worksheet ## What Is This Article About? This guide explains a worksheet for reviewing one loan tied to a selected Delaware statutory trust (DST) offering. It records loan terms, distinct repayment dates, extension evidence, guarantees, and repayment assumptions in eight fixed sections. The worksheet turns missing support and your review choices into focused follow-up questions. It does not fetch Inland documents, determine legal rights, or predict that refinancing will be available. ## Table of Contents - [What the Loan Maturity Worksheet Does](#what-the-loan-maturity-worksheet-does) - [Define One Loan Before Entering Evidence](#define-one-loan-before-entering-evidence) - [Keep Maturity and Repayment Targets Separate](#keep-maturity-and-repayment-targets-separate) - [Review Extension Terms and Exercise Evidence](#review-extension-terms-and-exercise-evidence) - [Separate Guarantees From Available Repayment Cash](#separate-guarantees-from-available-repayment-cash) - [Use the Source Checks and Review Assessments](#use-the-source-checks-and-review-assessments) - [Work Through the Fictional Loan Example](#work-through-the-fictional-loan-example) - [Read the Calendar Results Correctly](#read-the-calendar-results-correctly) - [Revise the File Without Carrying Old Checks Forward](#revise-the-file-without-carrying-old-checks-forward) - [Export a Complete Review Handoff](#export-a-complete-review-handoff) - [FAQ](#faq) ## What the Loan Maturity Worksheet Does The worksheet organizes a manual review of a single loan. It does not rate the lender, sponsor, property, or investment. Its useful output is a set of dated notes, source gaps, and questions that another reviewer can trace. Eight sections cover the loan's identity and payment terms, recorded contractual maturity, an earlier repayment target, possible extension terms, extension conditions, extension exercise, guarantees, and the repayment plan. They remain separate even when one document discusses several of them. You enter a conclusion or description, an optional event date, a source title, a page or clause, the source issue date, and a follow-up question. You also choose a review assessment and record whether you checked the source against the selected loan. The tool counts those states and compares eligible dates with your review cutoff. A count of completed fields measures the worksheet, not the investment. Eight checked sources do not prove that the loan will be repaid. A complete file can describe a serious problem; a partial file can simply mean that the reviewer has not yet obtained the documents. Private investments can also have limited public information. The Securities and Exchange Commission (SEC) explains that private placements do not provide the same required disclosures as registered offerings. The worksheet therefore retains missing information as a gap. It does not interpret an absent public file as proof that a loan term or reporting right does not exist. See the [SEC private-placement bulletin, updated September 21, 2026](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/private-placements-under-regulation-d-updated-investor-bulletin). ## Define One Loan Before Entering Evidence Start with the exact offering or trust, the borrower and collateral scope, and the loan and document version. A building's marketing name alone may not identify the borrower. A trust can also have a relationship with several parties whose debt obligations differ. Describe what is included. For example, a review might cover one first mortgage on a named property, including a specified amendment. It should not quietly combine that loan with a sponsor credit line or a separate property loan. The worksheet has one scope because its source checks depend on that identity. A file label is optional. It helps you name an export, but changing the label does not change the underlying loan. The review cutoff is required and cannot be later than the current date in Coordinated Universal Time (UTC). It states the point through which the source record is being reviewed. Save the context before checking a source. You may begin a file with incomplete notes, but a checked section requires all three identity fields. The tool cannot verify that the names are correct; this gate merely prevents a source check from having no defined loan to apply to. If two documents appear to concern different borrowers, keep that conflict visible. Do not merge them because the property names look alike. Resolve the identity question from the documents before using one loan's maturity or guarantee to describe another. ## Keep Maturity and Repayment Targets Separate The recorded contractual maturity belongs in its own section. If you check that section's source, an event date is required. The notes should identify the document version and any qualification attached to the date. The earlier repayment target is a different field. It might come from a business plan or a loan provision with consequences that differ from final maturity. Record what the date means. The tool does not decide whether it is binding, optional, or merely expected. This distinction prevents a common reading error: using a planned sale date as if it were the debt's final due date. It also prevents the reverse error of ignoring an earlier date that could trigger a change in loan terms. The source and explanation determine the meaning; the calendar calculation does not. The Office of the Comptroller of the Currency (OCC) discusses loan structure, repayment risk, and guarantees in its commercial real estate lending handbook. Its discussion distinguishes lower periodic payments from the risk of a large balance remaining at maturity. It also addresses a guarantor's capacity, ability, and enforceable support. That is bank-supervision guidance, not a conclusion about a DST or this worksheet. See the handbook's [loan-structure and guarantee sections, printed pages 39–40 and 54](https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf). Record dollar balances and loan formulas in the notes when relevant. The worksheet treats them as text. It does not calculate interest, amortization, payoff balances, fees, or debt coverage, and it cannot tell whether the numbers reconcile. ## Review Extension Terms and Exercise Evidence A possible extension has three distinct parts in this worksheet: the terms, the conditions, and the evidence of exercise or lender response. None is a substitute for the others. The terms section describes what the cited clause appears to permit. A possible later end date can be entered there. The conditions section records matters such as notice, fees, performance tests, required documents, or consent. Use the source's actual wording and explain unresolved questions. The exercise section then records what happened. An owner presentation that mentions an extension is not the same record as a timely notice or a lender's response. If those later documents are missing, leave that section unresolved rather than treating the option as exercised. The worksheet never replaces the recorded maturity with an extension date. Even when you mark every extension question addressed, it displays the dates separately. A new effective maturity should be supported by the actual revised loan package and reviewed as such. For several extension conditions, describe each in the notes and attach precise references. The tool does not parse a list of conditions or determine whether each has been met. Its fixed section is a place to organize the review, not an automated contract reader. ## Separate Guarantees From Available Repayment Cash A guarantee can concern a narrow obligation, a capped amount, or particular conduct. Its existence alone does not supply money for a loan payoff. Record who gives the support, what it covers, any limit, and the evidence behind the description. Keep capacity separate from scope. A signed promise and current financial resources answer different questions. The guarantee section can refer to both, but its source check does not authenticate either document or decide enforceability. The repayment-plan section records the proposed source of funds and its assumptions. A sale plan, refinancing plan, or other resource should state what evidence supports the expected amount and timing. If no binding funding or sale record has been obtained, say so. Do not add a guarantee cap to an expected sale price and call the result available cash. The worksheet performs no such sum. It also does not decide whether a DST can take a new loan or enter a proposed transaction under its governing documents and tax structure. Those questions require the actual facts and qualified review. FINRA, the Financial Industry Regulatory Authority, tells covered member firms to investigate private placements with reasonable care, including underlying records and material assumptions. Its notice cautions against sole reliance on an issuer's statements. This worksheet supports organized questions; it does not establish that a firm has satisfied its duties. See [FINRA Regulatory Notice 23-08](https://www.finra.org/rules-guidance/notices/23-08). ## Use the Source Checks and Review Assessments Each section has a source check and a separate assessment. They answer different questions. The check records that you reviewed the entry against its cited source and the exact saved loan scope. The assessment records where you think the question stands. The three assessments are **Not reviewed**, **Open question**, and **Reader addressed**. They are mutually exclusive for each section. A checked source can still support an open question. For example, a clause may be clear while the required lender response remains missing. A source check requires recorded notes, a source title or file reference, a locator, and a source issue date. A checked maturity also needs an event date. Other sections may be checked with no event date because some terms do not have a useful single date. The source issue date cannot follow the review cutoff. Future event dates are allowed: a loan document issued last month can describe a maturity years away. Dates must be real calendar dates from 1900 through 2200. A missing issue date stays blank; it prevents the check rather than becoming today's date. Reader addressed requires a valid source check. It remains your assertion. The tool does not read the notes and judge whether your conclusion is persuasive. Explain the conclusion and its limits so a later reviewer can assess it. The output provides tailored prompts for sections that are not marked addressed. It also lists missing support and includes your own question. Marking a section addressed does not erase a follow-up question you typed; that text remains in the output until you revise it. ## Work Through the Fictional Loan Example Load the fictional example to see the workflow. It concerns invented Alder Cove DST and one fictional borrower and mortgage. No amount, clause, date, or source in the example describes an actual Inland offering. The cutoff is October 18, 2026. The example has five source-checked sections. Two are marked Reader addressed, four Open question, and two Not reviewed. Those assessment counts total eight. The five source checks overlap those categories; they are not five additional sections. The checked earlier repayment target is June 30, 2027. The checked recorded maturity is December 31, 2027. The checked possible extension end is December 31, 2028. Relative to the cutoff, the dates are 255, 439, and 805 calendar days away. The extension end is 366 days after the recorded maturity because 2028 is a leap year. That arithmetic does not establish that the borrower can obtain the extension. The example deliberately leaves conditions and exercise evidence unresolved. The conditions and repayment-plan sections also contain September 30, 2027 dates, but their source checks are absent. Those dates remain visible in the section records. They do not enter the reader-checked date list or receive a calculated calendar offset. The guarantee section is source checked but remains an open question. It records a described limited guarantee while leaving capacity and enforceability unassessed. This illustrates why a completed source reference is not the same as a resolved economic or legal question. Edit the example only after identifying the section you intend to change. If you enter real notes, replace the fictional context and source references as well. Mixing real facts with fictional checked clauses would defeat the purpose of the file. ## Read the Calendar Results Correctly Calendar offsets compare an entered event date with the saved cutoff using UTC dates. A positive result means days after the cutoff. A negative result means days before it. Zero means the same calendar day. The calculation does not skip weekends or holidays. It does not compute a legal notice deadline, business-day adjustment, grace period, or loan interest accrual. Enter a deadline only after determining its meaning from the applicable source. A date before the cutoff is not automatically a default. It could describe a target, a past notice, an expired option, or a term changed by another document. The title, notes, and source must remain beside the number. The date list is sorted by event date for reading convenience. The earliest listed event is not labeled the controlling deadline. The tool does not choose which date governs when two records disagree. An unchecked date has no offset in the report. That is different from zero days. Likewise, a blank date means no date was entered, not that the obligation has no deadline. The full export retains both the entered value and the reason the comparison was withheld. ## Revise the File Without Carrying Old Checks Forward Editing evidence can make an earlier check stale. The worksheet therefore clears a section's source check and assessment when you edit its notes, event date, source reference, locator, issue date, or follow-up question. Your text remains in place for review. Changing the offering, borrower, loan scope, or cutoff has a wider effect. After a successful context save, all eight saved checks are cleared and assessments return to Not reviewed. The open section's check and assessment are also cleared, including if it was loaded while context edits were pending. A file-label change alone does not reset checks. Labels organize files; they do not define the underlying loan. Saving an invalid cutoff or source date rejects the update and preserves the saved data. The entered form remains available to correct. Build and export require saved forms. Unsaved context or section changes clear the old results and disable downloads. Save or discard those edits before building again. This prevents an old report from appearing to describe new text that has not been accepted. Reset, example loading, and discarding edits use an on-page Confirm or Cancel prompt. Typing or taking another action cancels a pending confirmation. Discarding a section restores that section; it does not discard an unrelated context form. Updates replace the current saved section. There is no version history. If an earlier conclusion matters, download it before making changes and retain the dated source package with it. ## Export a Complete Review Handoff Build the worksheet after saving your entries. A display filter can show all sections, those not marked addressed, or those with an entered event date. Filtering changes the view only. Both downloads retain all eight sections and the full date and question output. The JSON file is structured for later inspection. The text file is easier to read or copy into a review packet. Neither is an authenticated loan record, and the worksheet has no import function. Keep the cited source files with the export. Nothing is fetched from a URL entered as a reference. User text is displayed literally rather than executed as page code. The tool sends no messages, stores no account data outside the open page, and offers no automatic saving. Reloading or closing the page loses the working state. Text fields have length limits, and the full JSON must fit within one megabyte, defined here as 1,048,576 UTF-8 bytes. A rejected save leaves the prior saved state intact. Use concise notes and source locators rather than pasting a full loan agreement. A useful handoff identifies the exact loan, the review cutoff, what has been read, and the next evidence needed. A clean export can make that discussion easier. It cannot replace the professional judgment needed to interpret contracts, financing options, or investment consequences. ## FAQ ### Does the worksheet contain current Inland loan data? No. You enter the selected offering's records yourself. The built-in example is entirely fictional. The tool does not access a portal, retrieve a filing, contact a lender, or confirm that a referenced document is genuine or current. ### Does a later extension date become the new maturity? No. Possible extension terms and exercise evidence remain separate from the recorded maturity. The tool displays their dates independently. It cannot determine that an option was validly exercised or that a lender changed the loan. ### Can I mark a guarantee addressed without checking its source? No. Reader addressed requires notes, source support, and your applicability check. Even then, it is your recorded assessment, not a finding that the guarantee is enforceable, adequately funded, or sufficient to repay the loan. ### Why is an entered date missing from the calendar list? The calendar list includes only source-checked event dates. An unchecked date remains in its section, with its comparison withheld. A blank date remains unknown. Neither state is treated as a zero-day deadline or proof that no obligation exists. ### Can a past maturity date prove that the loan is in default? No. The offset only describes calendar order relative to your cutoff. Amendments, payment records, legal terms, and other facts may affect the loan's status. Review those records rather than treating a negative day count as a legal conclusion. ### Can the worksheet tell me whether refinancing will be available? No. It organizes the repayment plan and missing support. It does not model loan sizing, financing costs, tax eligibility, lender consent, property value, or market availability. A possible source of future funds remains an assumption until the relevant evidence supports it. ## About Sequoia Research Sequoia Research, LLC provides independent research on DSTs and other real estate investment offerings. This educational library explains how to examine documents, calculations, and research limits. Its worksheets organize evidence and questions without replacing advice based on complete transaction records. ## Sources - [SEC: Private Placements Under Regulation D](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/private-placements-under-regulation-d-updated-investor-bulletin). August 17, 2022; updated September 21, 2026. Limited disclosure context. - [OCC Comptroller's Handbook: Commercial Real Estate Lending](https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf). Version 2.0, March 2022; cover notes reputation-risk references removed March 20, 2025. Printed pages 39–40 and 54; selected bank-supervision concepts, not DST legal conclusions. - [FINRA Regulatory Notice 23-08](https://www.finra.org/rules-guidance/notices/23-08). May 9, 2023. Reasonable investigation by covered member firms. Sources read October 18, 2026. No actual offering's loan or owner account was inspected for this tool.