Commercial Real Estate Analysis

Armada Analytics provides high-quality commercial real estate analysis services tailored specifically to each of our clients' needs. We are committed to the timely delivery of consistent and accurate deliverables that add value by identifying and mitigating risk.

Armada Analytics, Inc. combines deep experience in all property types with extensive market knowledge and exposure to the capital markets. As the industry's only independent, one-stop commercial real estate services shop, we offer an expanding fleet of services and solutions, from sizing to securitization, and beyond.

Agency Underwriting

We are proud to call over half of all Fannie Mae DUS™ Lenders and Freddie Mac Program Plus™ Seller/Services our esteemed clients. With decades of first-hand Fannie Mae DUS™ and Freddie Mac Program Plus™ underwriting experience, our staff prides itself on its expertise in Agency underwriting. Our staff has served as senior underwriters and underwriting managers for many of the top lenders and understands the diverse needs and delicate intricacies of Agency lending. Over our ten-year history, we have performed pre-screen and full underwriting services on over 2,000 Fannie Mae, Freddie Mac and FHA transactions.

With respect to current and historical programmatic guidelines across the full gamut of multifamily product types - including affordable, seniors, manufactured and student housing - Armada Analytics provides quick, thorough, and accurate pre-screen and full underwriting services.

Sample scope of work

Full Loan Underwriting:

  • Review sizing and loan structure
  • Critically examine historical cash flows and prepare proforma underwriting in accordance with investor guidelines
  • Investigate and analyze borrower credit, history, and financials
  • Review management company experience and suitability
  • Critically review third party reports
  • Perform site inspection
  • Collect market data, analyze comparables, and interview market participants
  • Identify strengths/weaknesses and mitigants to risks
  • Prepare program waivers
  • Presentation to credit committee and delivery support

Balance Sheet Underwriting

Acting as an extension of your credit department, our underwriting team will work with your team to create a seamless integration of workflow. We have worked with balance sheet lenders to pre-screen and underwrite loans across all product types, including construction financing and loan participations. Whether you are a community bank or a large national bank, learn how Armada Analytics can help. Every bank or balance sheet lender's preference, appetite and process is different. Let us discuss what works best for you.

Sample scope of work

Full Loan Underwriting:

  • Review sizing and loan structure
  • Critically examine historical cash flows and prepare proforma underwriting in accordance with your guidelines
  • Investigate and analyze sponsor credit, history, and financials
  • Review management company experience and suitability
  • Critically review third party reports
  • Perform site inspection
  • Collect market data, analyze comparables, and interview market participants
  • Identify strengths/weaknesses and mitigants to risks
  • Presentation to credit committee

CMBS Underwriting

Our experts combine the latest local market intelligence, current sentiment, emerging trends and future forecasts to develop a customized forward-thinking execution strategy for each assignment.

A breadth of technical skills and team dedication uniquely qualifies us to address any timing challenge and all property types including:

  • Manufactured Housing
  • Single Family Rental
  • Seniors Housing
  • Multifamily
  • Self-Storage
  • Hospitality
  • Industrial
  • Retail
  • Office

Leveraging Armada Analytics' capacity, market knowledge and capital markets expertise to optimize executions, our team becomes your team; your needs and objectives are always front-of-mind in our execution of your assignment.

Our capabilities include:

  • Full or limited scope commercial real estate loan underwriting due diligence
  • Secondary Market Investor Analysis
  • Securitization & Servicing Support
  • Template & Process Design
  • Shadow Desktop Review
  • Collateral Assumptions
  • Cash Flow Modeling
  • Portfolio Packaging
  • Lease Abstracting
  • S.W.O.T. Analysis

Sample scope of work:

  • Review sizing and loan structure
  • Critically examine historical cash flows and rent roll to identify issues and prepare proforma underwriting.
  • Lease reviews, rollover and TI/LC analysis
  • Recommend credit enhancements, earn-outs, holdbacks, reserves, and appropriate release parameters.
  • Critically review third party reports
  • Investigate sponsor credit, history, and financials
  • Perform site inspection, collect market data, analyze comparables, and interview market participants.
  • Identify strengths/weaknesses and mitigants to risks.
  • Credit memorandum and asset summary preparation for presentation to credit committee.
  • Closing and securitization support.

FHA Underwriting

With decades of supportive FHA underwriting experience, our staff prides itself on its expertise with MAP™ and LEAN™ underwriting. From A7 to 221(d)(4) to 223/232f transactions, Armada Analytics has served as help for MAP and LEAN underwriters at over a dozen firms. We provide quick, thorough, and accurate pre-screen and full underwriting services.

Over the past 6 years, Armada has performed pre-screen and full underwriting services on over 500 FHA transactions.

Sample scope of work

Full Loan Underwriting:

  • Review sizing and loan structure
  • Critically examine historical cash flows and prepare proforma underwriting in accordance with investor guidelines
  • Investigate and analyze borrower credit, history, and financials
  • Review management company experience and suitability
  • Critically review third party reports
  • Perform site inspection
  • Collect market data, analyze comparables, and interview market participants
  • Identify strengths/weaknesses and mitigants to risks
  • Prepare program waivers

Zoning Reports

For lending, acquisition, and development transactions, Armada Analytics offers its signature ZIPline product to assist our clients in assessing the compliance of existing structures and the possibilities for new structures to be built in their districts.

Please visit ZIPline for more details about why our clients tell us our service and product are a cut above the rest.

Asset Management

With expertise and capacity to handle any size asset management or due diligence assignment, Armada Analytics has assembled and trained a highly motivated team of employees that boasts expertise in all property types and markets. We service Fannie Mae, Freddie Mac, HUD/FHA, CMBS, Mezzanine, B-note and Rake positions.

Armada Analytics tailors our services to interface with each client's technology, maintaining the highest security standards.

Services include:

  • Market analysis
  • Portfolio risk rating
  • Construction management
  • Assumptions and transfers
  • Annual portfolio inspections
  • Replacement reserve and lender requests
  • Lease abstracts and expense reconciliations
  • Surveillance: loan covenant compliance; operating statement analysis.
  • Desktop "second opinion": impartial reviews of existing third party reports.
  • Loan purchase and aggregation programs, including audit, re-underwriting, closing support, and surveillance.

Insurance Coverage Review

Armada Analytics is proud to offer our Insurance Review Services to help our clients meet their compliance needs. We review the lender and/or investor's insurance requirements and provide a thorough pre-closing review report with timely follow up on any required changes. We also provide annual insurance reviews as policies renew. We can use our detailed report, your familiar format, or customize one to meet your specific needs.

Armada Analytics understands the importance of comprehensive insurance review and 100% compliance with lender and investor requirements. We have the ability and capacity to provide the rapid turnaround required in today's fast-paced real estate market.We provide services for financing through:

  • Life company
  • Fannie Mae DUS™
  • Freddie Mac Program Plus™
  • FHA HUD
  • CMBS
  • Bank balance sheet
  • Private financing

Loan Closing Services

Commercial Loan Closing Services are offered by Armada Analytics to assist our clients in completing arguably the most detail-oriented part of the loan process. As a full-service commercial real estate lending services firm, we understand the mechanics of the mortgage process and how all of the pieces must fit together to culminate in a successful closing process.

As with all products that Armada Analytics offers, we learn and follow your process for closing loans and can do as much or as little of the process as needed. Our typical closing responsibilities include:

  • Overseeing the collection of closing/legal documentation with lender's counsel and the underwriting team
  • Preparing loan commitments
  • Monitoring critical dates of the process
  • Ensuring that all required rate lock and closing requirements have been met prior to rate lock and funding.
  • Preparation of the lender's settlement statement
  • Coordinating closing/funding process with title company and collecting executed documents for funding
  • Preparing funding/wire request
  • Delivering all required documentation to post-closing/servicing department

Becky Browning heads our Closing Department and has more than 35 years of experience in commercial mortgage banking. As a consultant and as the head of loan servicing and asset management for several mortgage banking companies, Becky has an abundance of experience overseeing and performing hands-on loan closing services.

Armada Analytics understands the necessity to provide exceptional customer service to all clients, meaning both you, the lender, and your client, the borrower. Contact us regarding our competitive pricing.

We provide services for financing through:

  • Life company
  • Fannie Mae DUS™
  • Freddie Mac Program Plus™
  • FHA HUD
  • CMBS
  • Bank balance sheet
  • Private financing

Debt Advisory

Our extensive experience in debt capital strategy, implementation, and execution provides you with a trusted partner to deliver appropriate debt solutions to meet your company's objectives for your real estate investments. Our expertise representing public and private real estate owners across a diverse range of financing structures enables us to guide you through the changing and complex debt capital markets. We have experience working with all types of lenders including commercial banks, investment banks, life insurance companies, CMBS lenders, Agency lenders, debt funds, and private capital sources across all loan structures including fixed and floating-rate long-term debt, construction loans, bridge loans, and mezzanine debt. We are not a mortgage broker. In our consultative approach, we serve as the owner's advisor and representative throughout the loan transaction from analyzing and recommending loan structures and determining loan sourcing strategies to negotiating terms and loan documents all the way through closing.  We can also assist you with loan assumptions, modifications, and workouts.

Sample Scope of Work:

Loan Origination Services:

  • Loan structure analysis and recommendation
  • Preparation of loan request packages for submission to lenders/brokers
  • Broker selection and negotiation of fee agreement
  • Borrower counsel selection assistance
  • Term sheet review and negotiation
  • Lender selection
  • Coordination of lender due diligence
  • Loan document review and negotiation
  • Coordination of loan closing, document execution, and post-closing requirements
  • Lender reporting set-up and management

We also provide:

  • Loan Modification Advisory, Negotiation, and Closing
  • Loan Assumption Advisory, Negotiation, and Closing
  • Hedging Strategies
  • Workout Strategies
  • Portfolio, Property, and Guarantor Covenant Analysis

Bank Advisory

Boasting a team of FDIC-vetted professionals, Armada Analytics provides a fresh, independent assessment of the operational components and compliance challenges facing today's banking industry. Our team has been tapped by portfolio sellers and buyers as well as acquirers of regional and community banks to perform the following services:

  • Portfolio risk rating evaluation in conjunction with bank recapitalization
  • Commercial loan file review for merger and/or acquisition activity
  • Stress testing to measure and mitigate risk
  • Bank credit and operational assessment
  • Criticized assets resolution
  • Liquidation loss review
  • Impaired assets audits

Acquisition/Disposition Due Diligence

Time is of the essence in purchase and sales of commercial real estate product. On relatively short notice, Armada Analytics is capable of providing on-site assistance to complete a thorough vetting of the property being acquired or disposed.

Solutions do not occur in a bubble. Armada Analytics brings formidable skills to bear in developing insightful advice for better investment decisions. In addition to our in-house staff, we draw on a vast network of resources, ensuring exceptional local knowledge and reach.

Typical scope includes:

  • Property and entity-level due diligence including revenue enhancement assessment
  • Site inspections -
    • Exterior: Assessment of the quality and condition of the buildings, grounds and common areas including a detailed listing of all issues and deferred maintenance items
    • Interior: Door-by-door assessment of the general quality and condition of every unit interior including a detailed listing of all issues and deferred maintenance items
  • Lease audits/Tenant interviews - identify rent roll discrepancies and tenant-specific information
  • Market assessments and independent comp analysis
  • Expense recovery analyses (operating expenses, real estate taxes, CPI escalations, porters wage, HVAC)
  • Management assessment and review of existing and proposed contracts

Through Armada's strategic relationships, we can provide Physical Needs Assessments, Environmental Phase I and II Reports, Radon Testing and all types of special property reports - including our own ZIPline zoning reports - custom tailored to meet your needs and prepared on your own proprietary forms. These services can be priced as a package, saving money and providing a well-coordinated set of third party reports relating to your loan transaction.

Broker Offering Memorandum Packaging

Armada Analytics' experience can help you prepare a concise and accurate offering for your investment sale, equity raise, or loan package. You can leverage Armada's capacity, market knowledge and capital markets expertise to optimize executions.

A breadth of technical skills and team dedication uniquely qualifies us to address any timing challenge and all property types, including:

  • Manufactured Housing
  • Seniors Housing
  • Multifamily
  • Self-Storage
  • Hospitality
  • Industrial
  • Retail
  • Office

Equipped with experience in preparing loans financed through Agency, CMBS, and Life Insurance, Armada Analytics will work with your Capital Markets team to create a custom loan package.

We provide services for financing through:

  • Life Companies
  • Fannie Mae DUS™
  • Freddie Mac Program Plus™
  • FHA HUD
  • CMBS
  • Bank balance sheet
  • Private financing

Sample scope of work:

  • Market Analysis
  • Critically examine historical cash flows and rent roll to identify issues and prepare cash flow model
  • Lease reviews, rollover and TI/LC analysis, abstracting
  • Perform site inspection, collect market data, analyze comparable and interview market participants
  • S.W.O.T. Analysis
  • Offering memorandum and asset summary preparation

Site Inspections

Armada provides origination and annual inspection services for CMBS and Agency transactions covering affordable, seniors, student, manufactured housing and market rate multifamily as well as hospitality, retail, office, industrial, warehouse and self-storage assets.

Armada Analytics' inspection division is led by Thom Ruffin, a co-designer and instructor of MBA/FNMA's inspection certification program. Armada Analytics' thoroughly-trained inspection staff are also seasoned analysts and underwriters that have been exposed to all property types and are uniquely qualified to identify life safety issues, deferred maintenance, and trends in local property management. We deliver timely, accurate and thorough inspections to lenders, servicers, property managers and investors.

Additionally, through its partnership with S2, Armada gains access to a trusted nationwide network of experienced site inspectors for annual site inspection work, allowing us to reach far and wide and move quickly.

Armada is skilled at providing customized inspection reports for all your investment, surveillance and asset management compliance needs including:

Other types of inspection expertise:

  • Insurance and reserve draw request confirmation
  • Watchlist and default risk management
  • Annual portfolio compliance
  • Acquisition due diligence
  • B-piece investor review
  • Baseline inspections
  • Custom reports

Armada also offers construction inspections to determine exactly how your project is progressing based upon budget and stabilization expectations. In addition to inspecting the construction site, our experts review AIA Forms, budgets and loan documents in order to confirm that draw requests are an accurate reflection of progress.

Staff Augmentation

As a natural outgrowth of a deep bench of industry expertise, Armada Analytics is in a strategic position to offer clients additional, customized staffing options to address variable work flow as well as long-term hiring requirements.

Specializing in analyst, underwriter, asset manager, closing & securitization support, Armada Analytics can provide project-based, interim or permanent talent options.

Armada Analytics is capable of screening, vetting, on-boarding and payroll administration of candidates - whether it's for off-balance sheet human resource management or internal recruitment needs.

Call us today to discuss your needs.