AnalyzeCommercial real estate

Underwrite the property as it really performs.Soon

Underwrite on what the property actually collects, not on what the appraisal assumes.

INVESTOR CRE · $7,200,000 · REFINANCERiverside Commons · 42-unit mixed use

LineAppraisalT12Underwritten

Gross potential rent$1,262,000$1,236,500$1,248,000

Vacancy and credit loss3%−$62,2008% observed

Effective gross income$1,224,140$1,174,300$1,148,160

Operating expenses−$443,140−$432,000−$438,600

Net operating income$781,000$742,300$709,560

The appraisal assumes 3% vacancy. Collections show 8%.

DSCR · observed1.30x

Loan to value76.1% · over 75%

Lease rollsPharmacy · Mar 2027

The property

Every unit every lease.

Rent rollEvery unit read, with what it's supposed to bring in.

Leases abstractedTenants, terms and when they roll.

Operating statementsThe T12, mapped line by line.

Income and value

Three sources, one viewThe appraisal's assumptions against what the T12 and rent roll show.

Coverage, debt yield and stressOn observed collections, not the appraisal's assumptions, and again when vacancy rises.

Value and loan to valueValue on underwritten income, against your limit.

Sponsor and tenants

The sponsorThe sponsor's global position, from every property they hold.

How tenants payCollections against the rent roll, and what's on record.

Where it fits

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