SERVICES
Our core competencies include debt and equity underwriting, capital markets and securitization, asset management and servicing, credit and litigation searches/KYC, insurance reviews, lease administration, property accounting, and dedicated staffing solutions.
Debt and Equity Underwriting
Leverage our team of over 350 skilled real estate professionals experienced in real estate finance, including debt, equity, and development.
Debt Underwriting including CMBS, Agency/GSE, Bridge, Mezzanine, Construction, LIHTC, Warehouse, and Syndication Loan Underwriting.
Agreed Upon Procedures (AUP) -detailed CPA financial testing and account reconciliations across all asset classes.
Debt/Equity Loan/Asset Initial Transaction Sizing
Commercial & industrial (C&I) secured and unsecured credit underwriting, credit reviews, risk ratings, and expected loss given default
Rent Roll/Lease Auditing
Detailed CAM/RET Recovery Calculators
Reconciliations for bank statements, utility bills, RET bills and more.)
Third Party Reviews (ESA/PCA/Appraisal)
Credit Committee Presentations (i.e. Lender Credit Memos Asset Summary Reports, Equity Investment Reports, Draft OMs, etc..)
Assumption Underwriting (i.e. Loan Purchase, Equity UW, etc..)
Transaction and Data Room Management (i.e. Administrative Support, Due Diligence Inventory Tracking, etc.)
Equity Cash Flow Modeling (ARGUS, Excel) Development, inclusive of waterfall and return analysis
Transaction/Pricing Analysis
In Depth Market Analysis (including but not limited to the collection of asset based market performance data, market participant intel, assessment of comparable properties for competitive benchmarking, etc.)
Site Inspections and On-site Lease Auditing
VBA programming, Statistical Analysis, and Database Management
Capital Markets and Securitization
Our in-depth experience across multiple transactions including CRE CLOs, Conduit and SASB, Agency, and Small Balance. Our team handles re-underwriting and ASRs, prelim and accounting tapes, term sheets, and clearing exceptions on the back end.
Securitization deal management for all transaction issuances, including CMBS Conduit and SASB, CRE CLOs, Agency, and Small Balance.
Pre Securitization-Set up – Work with clients to help set up securitization platforms.
Accounting Tape Creation & Tie-Out
Large Loan Write-ups & SASB Term Sheets
Underwriting & ASR Completion
Annex A Creation & Tie-Out, Annex B and Schedule AL
CLO/CMBS Offering Documents Completion
Article 7 of the EU Securitization Regulation
REG ABII Reviews
Performing/Non-Performing Loan Analysis and Pricing
B-Piece Re-Underwriting
Risk Retention Investment Analysis
Asset Management and Servicing
Seasoned real estate professionals with experience at every level of the cap stack from senior debt to managing equity and across all property types. While other third-party service providers focus on volume, we are committed to customized solutions for each client.
Full-Service Asset Management (Equity and Debt) Fully outsourced asset management via dedicated personnel working on-site or based in a Spring11 office
Primary Loan Servicing and Treasury Provided in conjunction with AM offerings “under one umbrella” by our in-house team that all have asset management experience
Quarterly Asset Reviews and Reporting We provide comprehensive solutions to asset reporting from collection of financial reporting packages, financial spreading and qualitative analysis in Client’s form or in a customized form we develop based on Client’s specific needs
Asset Reviews and Re-Underwriting These services are performed annually or as-needed using a client’s form or a custom form developed by Spring11
Warehouse Line Administration A suite of services for warehouse lending clients including, debt service billing, waterfall administration, margin call calculations, surveillance, and reporting at the asset, counterparty and portfolio levels
Asset and Portfolio Management Strategies Asset and portfolio level business plan development, implementation and surveillance
Technology and Systems Implementations Evaluation of technology and system selections, implementation, and ongoing data management
Operating Statement Analysis Input, analysis and normalization of property level operating statements, rent rolls and budgets
Financial and Debt Covenant Compliance Determine covenants, monitor on an on-going basis and provide quarterly covenant report
Construction Lending and Capital/Leasing Reserve Management Determine funding requirements and review each draw request (lien waivers, invoices, lender engineer report, etc.) to determine compliance and summarize in a recommendation memo to Client
Loan Modifications and Lender Approvals Analysis and recommendation of modifications to existing loan documents, lease approvals, and loan assumption underwriting
Property and Market Inspection Physical inspections of the property, market and comparable analysis, property management company assessment
Equity Asset Management:
Asset Surveillance
Lease Review, Negotiation, and Tenant Coordination
Capital Project Oversight and Management
Lender Management
Establish Business Plan and monitor relative performance
Asset Disposition
Asset and Portfolio level Investor reporting
Monthly leasing reporting
Workout Services Development and implementation of resolution strategies and management through workout, receivership, foreclosure and disposition
REO Services Operation of REO properties including execution of liquidation strategies
Credit and Litigation Searches/KYC
Our team will perform a comprehensive review of the ownership structure and all necessary credit searches together with a comprehensive database search, bankruptcy, legal and foreclosure research and a detailed financial review.
Limited/Pre-Qualifier (24 hrs)
OFAC
Regulatory Databases
Sanction Lists
Relevant Media
Criminal Records
Real Time Incarceration Records
Standard Due Diligence (3 to 5 business days)
Limited/Pre-Qualifier Plus
Credit Report
Federal Litigation
County Litigation
Federal Criminal
County Criminal
United States Tax Court
Bankruptcy
Liens and Judgments
Foreclosure Records
UCC
Corporate Filings
Enhanced Due Diligence (up to 7 business days)
Limited/Pre Qualifier Plus
Standard Due Diligence Plus
Professional Licenses
Business and Corporate Affiliations
Additional Docket and Litigation Research/Risk Summary
Credit Risk Assessment
Our team of experts use their knowledge and experience to enhance the basis of your business decisions with their perspective on Credit Risk (e.g. default risk of potential tenants), and thereby improving your risk-return metric.
Our suite of Corporate Credit Risk Assessments is designed to navigate the complexities of credit risk through a multifaceted approach that includes both qualitative and quantitative analyses. Our services are anchored by the innovative Tearsheet-product (T/S), a standardized rating scorecard model that facilitates comprehensive risk evaluation and management.
Corporate Credit Risk Assessments
Our Tearsheet product (T/S) enables detailed reviews to manage tenant-related credit risks, addressing needs from potential new acquisitions to rating downgrades and significant corporate events. For an even deeper dive, we offer In-depth Credit Risk Memos, providing a more granular analysis.
Ongoing Risk Control
Our Market Risk analysis through Bloomberg Launchpad is enhanced by our maintenance of a Watchlist exceeding 500 entities. Automation in T/S reviews is driven by dashboard-implemented trigger functions for efficiency and timeliness.
Reporting
Our reporting framework is built on the backbone of a custom-built Dashboard that not only summarizes the status of T/S reviews for a comprehensive overview of b/s transactions but also encompasses regular watchlist reporting, special projects, and other key tasks.
Regularly scheduled team calls ensure alignment between clients' credit and/or underwriting teams. Furthermore, we provide monthly summarized rating migration reports, uphold public rating validations for top entities identified by ARI, and ensure regular financial performance updates for top tenants.
Insurance Reviews
Provide detailed insurance risk analysis on GSE (Government Sponsored Enterprise Loans), HUD, Construction, Bridge, CMBS and Balance Sheet Loans.
Provide detailed insurance risk analysis on GSE (Government Sponsored Enterprise Loans), HUD, Construction, Bridge, CMBS and Balance Sheet Loans.
Draft waivers and provide alternative recommendations on coverage deficiencies
Recognize the deadline-driven nature of transactions and help make the complexities of insurance more understandable while keeping pace with the deal to close loans efficiently and on time.
Create a blanket analysis to determine if coverages are sufficient in the event of a catastrophic loss
Provide recommendations for environmental coverages based upon the asset’s region
Analyze 3rd party reports to determine if special coverages are required (i.e. Flood, Equipment Breakdown, Earthquake, etc.)
Analyze flood certificates from FEMA to determine if the appropriate coverage is required prior to loan closure
Lease Administration and Property Accounting
With our experienced team dedicated to commercial real estate, we utilize a powerful onshore/offshore model to deliver quality products.
Lease Administration
Lease abstraction
Lease set-up
Set-up of options, clauses and recoveries
Monthly and special billings
Cash application
Collections support
Lease and database audits
Annual CAM audits
Estoppel and SNDA preparation
Property Accounting
Accounts receivable
Accounts payable
General ledger account reconciliations
Monthly closing packages and workbooks
Review of third party statements
Budgeting and forecasting
Accounting and finance projects
Accounting system setup and implementation
Roll-up and consolidations
Dedicated Staffing Solutions
We offer our clients innovative, cost-effective, and flexible staffing solutions through on-site and off-site teams.
Due Diligence and Loan Underwriting
Financial Modeling (ARGUS, Excel)
Capital Markets and Securitization Support
Closing Administration
Asset Management/Loan Workouts/Special Servicing Support
Acquisitions and Dispositions Support