CMBS Underwriting

Our seasoned teams actively manage the entire process from sizing to securitization, spanning all property types.

We service CMBS & SFR portfolio lenders, B-piece investors, property owners and the brokerage community with unsurpassed reliability.

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.

Our Expert Contact me today!


Brad Harvey

Senior Vice President



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