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![ClarenceWongCRE Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::2882321918.png) Clarence Wong, CCIM [@ClarenceWongCRE](/creator/twitter/ClarenceWongCRE) on x 9581 followers
Created: 2025-07-23 16:47:21 UTC

For a recapitalization (“recap”), we did provide below for potential LPs at GP firms I’ve worked at. 

Even for institutional LPs, sharing below is helpful. For more unsophisticated LPs, it’s even more important.  

So sharing “baseline underwriting” with potential LPs even though they may tweak / do their own underwriting.

Great reminder & breakdown, Jonathan Livi. Thanks for sharing. 

1) A built out financial model built at the valuation you are trying to achieve (5 year proforma at least)
2) Sources and uses showing where all funds in the transaction are going to go
3) A corporate deck on your firm
4) A narrative on the history of the property, how lease-up is progressing, and why you expect lease-up to excel
5) Clear senior debt terms
6) A RR and T12

![](https://pbs.twimg.com/media/GwjoaiWbMAAUxZO.jpg)

XXXXX engagements

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**Related Topics**
[mergers and acquisitions](/topic/mergers-and-acquisitions)

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