Underwriting & CMBS Investment Analysis
AD Capital Advisors Inc views due diligence, (primary market) new loan underwriting and CMBS/B-piece analysis as analytical activities that go hand-in-hand. The fundamental difference between the two disciplines is that due diligence is primarily concerned with looking back through the history of property operations up to today while underwriting is concerned with developing informed assumptions and identifying risk factors relating to the future viability of the property from today through the loan term. Our underwriting professional combines historic information and current market conditions and trends to assess and value future risk(s) to the performance of a given property.
Pre-securitization:
Services for Lenders:
- Pre-Screening of large or complex loans
- Full loan underwriting
- Tenant recovery pools
- Preparation of asset summary reports investment memorandums
Services for Investors:
- Acquisition due diligence, including lease reviews, cash flow modeling and investment memos
- ARGUS cash flow modeling and the development of sophisticated Excel‐based Tools
Post-Securitization:
Advisory:
- Investment due diligence
- Portfolio mark‐to‐market and valuation
- Servicing valuations
- Counterparty fee calculations
- Valuation model validations
Analytics:
- Customized bond cash flow modeling
- Dashboard reporting and monitoring tools
- Integration software for multiple data feeds
- Loan origination pricing grids
- Reverse engineering (RMBS, CMBS, CDO)
- Collateral quality test tools and interfaces for CDO managers
