Loan tapes: what capital partners expect
A loan tape is a spreadsheet with one row per loan and one column per data field: identifiers, borrower, property, terms, balances, payment status, value and leverage. Lenders send it to capital partners, loan buyers and rating agencies so they can screen, price and monitor a group of loans without opening every file.
Key takeaways
- A loan tape is the loan-level data, one row per loan; the loan file is the evidence behind it. Buyers check one against the other.
- Use the same fields, names and formats every time, so a capital partner can load the tape straight into its own systems.
- Bridge, fix-and-flip and construction loans need holdback, draw, ARV and LTC fields; DSCR loans need DSCR and prepayment terms.
- The tape is not the remittance report or the data room: it is the summary that lets a reader decide which files to open.
- Most tape errors are ordinary: stale balances, mixed date formats, percentages stored three different ways and values that don’t match the appraisal.
What is a loan tape?
A loan tape is a data file, usually a spreadsheet or CSV, that lists a group of loans with one row per loan and one column per field. The fields describe who borrowed, what secures the loan, its terms, what is owed today, whether it is current, and the value and leverage behind it. In practice it is an Excel file or a CSV export from a servicing system.
The tape is a summary, not the evidence. The evidence is the loan file: the note, the mortgage or deed of trust, the appraisal, the title policy, the entity documents, the budget and the payment history (see the complete private loan file). A capital partner or buyer uses the tape to screen and price loans quickly, then checks a sample, or every loan, against the files.
You will use a tape in two situations: when you offer loans to a buyer or capital partner, and every month once someone else owns loans you service. The fields are largely the same. Download the template (Excel, with a field definitions sheet) or the CSV version; the three filled rows are hypothetical examples to delete before use.
How do private lenders produce loan tapes and servicing reports for their capital partners?
Most export them from a loan servicing system, or get them from a third-party servicer, using a fixed list of fields agreed with each capital partner. Each month they post every payment and draw, reconcile balances to the collection account, export the tape and send it with a remittance report and an exceptions list.
The monthly routine, the remittance report and the notices that can’t wait for month-end are covered in our guide to the servicing and reporting capital partners expect. This page focuses on the tape itself: what goes in it and how to keep it clean.
What fields belong on a loan tape?
Enough to answer, for every loan, five questions without opening the file: whose loan is it, what secures it, what are its terms, what is owed and is it being paid, and how much value stands behind it. The template groups its fields that way, and the full list with definitions is below this article.
- Identification: your loan ID, the owner’s ID and the servicer, so every party can match records.
- Borrower: entity, guarantor, credit score and verified experience.
- Property: address, type, units and occupancy. A business-purpose loan should not be on an owner-occupied home.
- Loan terms: loan type and purpose, lien position, dates, original amount and total commitment, rate, default rate, points, payment type, prepayment and extension terms.
- Balances and draws: current unpaid principal balance (UPB), holdback remaining, draws to date and any interest reserve.
- Payment status: next payment date, paid-through date, days past due and a delinquency status from one agreed list.
- Valuation and leverage: as-is value, ARV, value date, LTV, LTC, ARV LTV and DSCR. See LTV vs LTC vs ARV for how each is calculated.
- Monitoring: last inspection, insurance expiry and a notes column for anything off-plan.
Not every field applies to every loan. A DSCR rental loan has no holdback or ARV; a construction loan has no DSCR. Leave those cells blank rather than writing zero, and keep the column, so every tape has the same shape. Ask each capital partner for its own field list before the first loan funds, and map your columns to it once.
Loan tape vs remittance report vs data room
| Loan tape | Remittance report | Data room | |
|---|---|---|---|
| What it is | Loan-level data, one row per loan | The month’s cash: what was collected, applied and sent | The documents behind each loan |
| When it is used | Offering loans, then monthly once sold or placed | Monthly, with each remittance | Diligence before funding or buying |
| Main reader | Credit, pricing and portfolio teams | Accounting and treasury | Underwriters, counsel, diligence firms |
| Typical format | Excel or CSV with fixed columns | Report or spreadsheet, tied to bank statements | Folders of PDFs, one per loan |
The three should agree. The tape’s current balance should match the remittance report’s ending balance, and the tape’s value should match the appraisal in the data room. When they don’t, the reader stops trusting all three.
How buyers and rating agencies use loan tapes
Buyers use the tape first to screen: they filter out loans outside their criteria by loan type, state, size, leverage, credit score or delinquency. KBRA notes that eligibility criteria in rated RTL deals commonly limit “loan size, leverage, unfunded commitments, construction exposure” (KBRA, 2026), and every one of those is a tape field. Then they price: the rate, term, prepayment terms and expected life feed a yield calculation (see how loan buyers price bridge and DSCR loans). Morningstar DBRS lists the inputs its proposed RTL model considers, including “FICO score, Loan-To-Value ratio,” “property liquidity ratio, borrower experience, project size,” borrower liquid reserves and loan term extensions (Morningstar DBRS, 2023).
Then they check the tape against the files. Bank regulators expect it: the OCC says a bank should perform due diligence before purchasing loans, including credit analysis independent of the seller (OCC Bulletin 2020-81), and the FDIC tells institutions to underwrite and administer purchased loans and participations as if they had originated them (FDIC FIL-49-2015). In securitization, SEC rules define due diligence services as a review of the assets for findings on, among other things, “the accuracy of the information or data about the assets provided” by the securitizer or originator (17 CFR 240.17g-10), and Morningstar DBRS ratings releases on RTL deals cite a third-party due-diligence review framework among transaction strengths.
Registered public asset-backed securities take the idea furthest: Regulation AB’s Schedule AL requires asset-level information “for each asset or security in the pool,” with defined fields such as the original loan amount and the current delinquency status in days (17 CFR 229.1125). Private loan sales don’t require it, but the principle carries over: standard fields, defined once.
Once a loan is owned, the tape is how the owner monitors it; the OCC expects buyers to obtain ongoing information for the term of the loan (OCC).
Common loan tape errors
- Stale balances. UPB that hasn’t picked up the latest draw or payment, so the tape and the remittance disagree.
- Mixed formats. Dates as text in one row and real dates in the next; rates stored as 11.5, 0.115 and “11.5%” in the same column. Pick one format per field and say what it is.
- Renamed or reordered columns, which break the owner’s import.
- Values that don’t match the file: an ARV from the borrower’s pro forma instead of the appraisal, or an LTV calculated on a different value than the one shown.
- Commitment vs funded confusion. Original loan amount, total commitment and current UPB are three different numbers on a construction loan; leverage must say which it uses.
- Delinquency status that contradicts the dates. A loan marked current with a paid-through date two months ago.
- Lost leading zeros in ZIP codes and loan IDs when a CSV is opened and re-saved in Excel. Store them as text.
- Silent exceptions. A guideline exception, extension or insurance lapse that appears nowhere on the tape. Use the notes column.
- Personal data you don’t need to send. Send only the fields the reader needs, protect the file in transit, and leave out identifiers such as Social Security numbers unless the reader truly needs them.
Check the tape before it goes out: totals that tie to the servicing system and bank statement, a few rows traced to their files, and dates and statuses that agree. This page is general information, not legal advice.
Loan tape fields, defined
The same fields as the free template, grouped the way capital partners read them.
Identification
- Loan ID:
- Your unique loan number. The same on every tape, in the servicing system and in the loan file.
- Capital partner / investor ID:
- Who owns the loan (or the investor account it sits in), using the owner’s own ID where it has one.
- Servicer:
- The company servicing the loan: the originating lender or a named third-party servicer or sub-servicer.
Borrower
- Borrower entity:
- Legal name of the borrowing entity exactly as on the note (usually an LLC or corporation).
- Guarantor:
- Name(s) of the individual or entity guarantors, as on the guarantee.
- FICO:
- Qualifying credit score of the guarantor used at underwriting, per the lender’s guidelines.
- Experience (completed projects):
- Number of comparable projects the sponsor has completed, verified with deeds, settlement statements or similar.
Property
- Property address:
- Street address of the collateral. One row per loan; list additional properties in Notes or a separate collateral tab.
- City:
- City of the collateral.
- State:
- Two-letter state code.
- ZIP:
- Five-digit ZIP code, stored as text so leading zeros are kept.
- Property type:
- For example SFR, 2-4 unit, condo, townhome, multifamily 5+, mixed-use, land.
- Units:
- Number of residential or commercial units.
- Occupancy:
- Vacant, tenant-occupied or under construction. Business-purpose loans should not be on owner-occupied homes.
Loan terms
- Loan type:
- Bridge, fix and flip, ground-up construction or DSCR rental.
- Loan purpose:
- Purchase, rate-and-term refinance or cash-out refinance.
- Lien position:
- First, for every loan on this template.
- Origination date:
- Date the loan closed and first funded.
- Maturity date:
- Current maturity date, including any extensions already exercised.
- Original loan amount:
- Amount funded at closing (the initial advance), excluding any holdback.
- Total commitment (incl. holdback):
- Maximum loan amount: initial advance plus rehab or construction holdback (and any financed interest reserve).
- Note rate:
- Current annual interest rate on the note.
- Rate type:
- Fixed or adjustable (state the index and margin in Notes).
- Default rate:
- Annual rate that applies after an event of default under the note, if any.
- Origination points:
- Points charged to the borrower at closing, as a percent of the loan amount.
- Payment type:
- Interest-only, or principal and interest with the amortization term.
- Prepayment terms:
- Prepayment penalty, minimum interest or exit fee, e.g. none, 3 months minimum interest, 3/2/1 step-down.
- Extension options / used:
- Extensions allowed under the note and how many have been used, e.g. 2 / 0. Fees and conditions go in Notes.
Balances and draws
- Current UPB:
- Unpaid principal balance as of the tape date, including draws funded.
- Rehab holdback remaining:
- Undisbursed rehab or construction funds still to be released.
- Draws to date:
- Total holdback funds released to date.
- Interest reserve balance:
- Remaining balance of any prepaid or financed interest reserve.
Payment status
- Next payment date:
- Due date of the next scheduled payment.
- Paid-through date:
- Date through which interest has been paid.
- Days past due:
- Days the oldest unpaid scheduled payment is past its due date, as of the tape date.
- Delinquency status:
- Current, 30-59, 60-89, 90+, matured unpaid, in foreclosure, REO or paid off. Use one agreed list.
Valuation and leverage
- As-is value:
- Current-condition value from the appraisal (or the valuation the guidelines allow).
- ARV:
- After-repair (or as-completed) value from the appraisal.
- Value date:
- Effective date of the valuation used for the values above.
- LTV:
- Original loan amount divided by as-is value (for DSCR loans, loan amount divided by value).
- LTC:
- Total commitment divided by total project cost (purchase price or land basis plus budget).
- ARV LTV:
- Total commitment divided by ARV.
- DSCR:
- Rent (or net operating income, per the guidelines) divided by the loan’s scheduled debt service, at underwriting.
Monitoring
- Last inspection date:
- Date of the most recent site or draw inspection.
- Insurance expiry:
- Expiry date of the hazard or builder’s risk policy naming the lender as mortgagee and loss payee.
- Notes / exceptions:
- Anything off-plan: late payments, extension or modification requests, insurance or tax issues, stalled work, guideline exceptions.
Frequently asked questions
What is a loan tape?
A loan tape is a spreadsheet or CSV that lists a group of loans with one row per loan and one column per field: borrower, property, terms, balance, payment status, value and leverage. Lenders send it to capital partners, loan buyers and rating agencies to screen, price and monitor loans.
What is the difference between a loan tape and a data tape?
Usually none: “loan tape,” “data tape” and “loan-level data file” are used interchangeably for the same one-row-per-loan file. Ask each capital partner which fields and format it wants, whatever it calls the file.
What fields should a loan tape include for bridge and DSCR loans?
Both need loan ID, borrower, guarantor, property, loan type, dates, amounts, rate, current balance, payment status, value and LTV. Bridge, fix-and-flip and construction loans add total commitment, holdback, draws, ARV, LTC and inspection dates. DSCR loans add DSCR, amortization and prepayment terms.
How often should a lender send a loan tape to its capital partner?
Monthly is the common cadence for loans a capital partner owns, sent with the remittance report on the date the servicing agreement sets. A tape is also sent whenever loans are offered for sale or placement. Urgent events, such as a default, should be reported separately and promptly.
Is the loan tape template free to use?
Yes, Lender Capital’s loan tape template is free. Download the Excel or CSV version, delete the three hypothetical example rows, and adapt the fields to what each capital partner or buyer asks for. It is a starting point, not a required standard, and it is not legal advice.
Where Lender Capital fits
Lender Capital places first-lien, business-purpose real estate loans with capital partners. You apply once, then submit each loan with the full file. We send it only to capital partners whose criteria it fits, one partner funds the whole loan at closing and it is assigned to them. You keep your points (less the placement fee), earn the spread above the partner’s rate and service the loan. You pay a placement fee only when a loan funds.
Sources
- 17 CFR § 229.1125 (Regulation AB, Item 1125), Schedule AL: asset-level information for registered asset-backed securities
- 17 CFR § 240.17g-10, definition of “due diligence services” for asset-backed securities (accuracy of asset data, conformity with underwriting guidelines, collateral value, compliance)
- Office of the Comptroller of the Currency, Bulletin 2020-81: Risk Management of Loan Purchase Activities
- FDIC, FIL-49-2015: Effective Risk Management Practices for Purchased Loans and Purchased Loan Participations
- Morningstar DBRS, Requests Comments on Proposed Methodologies for Residential Transition Loans (July 11, 2023)
- Morningstar DBRS, ratings release on ROC Mortgage Trust 2025-RTL1 (March 4, 2025), an example of a rated RTL securitization listing a third-party due-diligence review framework among its strengths
- KBRA, Laying the Foundation: The Evolution of RTL Lending (July 30, 2026)
The template is a starting point, not a standard required by any buyer; each capital partner or buyer may ask for its own fields and format. The example rows are hypothetical. General information, not legal or accounting advice.