Brokers

Capital Markets Intelligence for CRE Debt & Equity Advisory

Underwriting, structuring, pricing, and transaction execution infrastructure for capital intermediaries advising on $10M–$100M commercial real estate debt and equity placements. Underwrite the deal. Structure the capital. Execute the transaction.

Co-underwrite with your sponsor clients, size and structure across the full capital stack, negotiate from independently derived analytics, and deliver committee-grade execution packages to every counterparty.

Primary Users: CRE mortgage brokers, debt & equity advisors, capital intermediaries, investment sales professionals
Transaction Range: $10M – $100M senior debt, construction, mezzanine, preferred equity
Coverage: Multifamily, mixed-use, value-add, ground-up construction, affordable housing, capital stack advisory

Agentic Workflows

Five Agentic Workflows — Full Analytical Depth

Every workflow produces independently derived analytics, constraint-tested sizing, and committee-grade documentation. Brokers advise across the entire capital stack — transitional debt, construction, preferred equity, acquisitions — and every workflow reflects that scope.

Workflow	Scope	Pipeline
Transitional Debt	Full 17-phase underwriting pipeline: independent rent derivation, dual-scenario cash flow modeling, six-constraint sizing waterfall, 8-document deal book. Four blocking gates enforce analytical integrity at every stage.	17 phases · 4 blocking gates · 143 skills · ~60 min
Construction Lending	Ground-up and substantial rehabilitation advisory. Budget validation against RSMeans benchmarks, GC qualification analysis, draw structure design, cost-to-complete monitoring, contingency adequacy testing, and stabilization underwriting. Modified credit box with construction-specific constraints.	27 phases · Construction credit box (LTC ≤80%, DSCR ≥1.20x)
Preferred Equity	Two-pass constraint waterfall: senior debt sized per standard credit box, preferred equity sized to combined leverage limits. PIK accrual modeling, current pay structuring, waterfall integrity validation, and intercreditor mechanics analysis. Full capital stack transparency across every tranche.	Two-pass waterfall · Combined LTV ≤80% · Pref IRR ≥14%
Sponsor Acquisitions	Full acquisition advisory for sponsor clients: deal screening, max-bid pricing discipline, renovation economics, return sensitivity, and lender-ready execution packages. Five strategies: core-plus, value-add, opportunistic, lease-up, heavy repositioning.	27 stages · 5 blocking gates · 13 red flag triggers
Quick Review	Rapid 10-phase screening: six-constraint sizing, preliminary credit metrics, market snapshot, sponsor profile, and 1-page screening memo with pass/watch/decline recommendation.	10 phases · ~10 minutes · Pipeline triage

Transitional Lending Pipeline

17 phases · 4 blocking gates · 143 skills

−1

Context Brief

Document Intake

Data Pull & Deal Book

Sponsor Analysis

Market & Submarket

Rent Roll

Comparable Analysis

Lender UW Rent

Expense Normalization

Business Plan

Nuance Gates

Cash Flow UW

Valuation

Loan Sizing

Risk & Sensitivity

Credit Decision

DD & Closing

Blocking gate — upstream outputs required Standard phase

01 Credit Analysis & Co-Underwriting 12 capabilities

Independent analytical infrastructure for brokers who co-underwrite transactions with their sponsor clients. Derive lender-grade assumptions, validate business plan credibility, and identify credit risks before engaging capital sources.

Capability	Function	Advisory Value
Independent Rent Derivation	Lender-underwritten rent from 5+ market comparables with adjustment grids. In-place and stabilized rent conclusions derived independently of the offering memorandum.	Establish defensible rent assumptions before capital source engagement. Calibrate sponsor expectations against market evidence.
Dual-Scenario Cash Flow	Parallel proformas: Sponsor Proforma (OM assumptions) and independently derived underwrite. Variance analysis across all material revenue and expense line items.	Quantify the sizing gap between sponsor expectations and independently derived proceeds. Frame the conversation before capital allocation.
Six-Constraint Sizing Waterfall	LTV As-Is, LTV Stabilized, DSCR, Debt Yield, LTC, and program cap tested simultaneously. Most restrictive constraint governs with full calculation transparency.	Deterministic sizing anchored to credit fundamentals. Identify the binding constraint and advise clients on which levers move proceeds.
Sponsor Due Diligence	30+ page sponsor report: entity structure, track record verification, financial capacity assessment, litigation and default search, tier classification (A/B/C/D).	Position sponsor strengths and address gaps proactively. Tier classification drives structuring, pricing, and capital source selection.
Market & Submarket Research	30+ page market report: MSA economics, employment drivers, supply pipeline, submarket fundamentals, regulatory environment. Verified government data from Census, BLS, FRED.	Market intelligence that supports property valuation, rent achievability, and investment thesis across every capital source presentation.
Comparable Analysis	30+ page report with 5-7 rent comps, 3-5 sales comps, adjustment grids, and independent market rent and cap rate conclusions with MAI methodology.	Evidence-backed valuation support for every placement. Independent comp conclusions that withstand counterparty scrutiny.
Rent Roll Audit	Unit-level analysis: unit mix, rent-per-SF, occupancy, concessions, loss-to-lease, rollover exposure, economic vacancy versus physical vacancy, collection quality.	Identify revenue concentration risk, below-market units, and concession exposure. Deliver a fully analyzed rent roll with every engagement.
T-12 & Expense Normalization	Trailing 12-month operating statement audit: one-time item normalization, management fee standardization, expense benchmarking against regional peers, NOI validation.	Normalized financials with documented adjustments accelerate capital source review and reduce re-underwriting cycles.
Business Plan Evaluation	Renovation premium achievability testing against market comps, lease-up timeline validation against absorption data, budget reasonability assessment, stabilization date credibility analysis.	Validate the sponsor's thesis with market evidence. Advise on realistic assumptions before capital commitment.
Lease-Up Underwriting	Absorption velocity modeling, concession strategy evaluation, free rent quantification, interest reserve adequacy testing against the lease-up timeline and cash flow trajectory.	Right-size interest reserves and structure lease-up covenants based on market-supported absorption data.
Nuance Gate Analysis	Specialized analytical methodology for rent control, ground lease, tax abatement, Section 8, LIHTC, 721 exchange, environmental, seismic, and TIC structures.	Complex deal structures analyzed with purpose-built methodology. Advise clients and capital sources on regulatory and structural nuance with precision.
Appraisal & Third-Party Report Review	Independent review of appraisals, PCA, Phase I/II ESA, survey, and title commitments. Methodology assessment, comp selection review, and value reconciliation analysis.	Identify valuation discrepancies, physical condition risks, and environmental exposure before they surface during capital source diligence.

02 Capital Markets, Pricing & Structuring 12 capabilities

Loan pricing, rate hedging, multi-tranche structuring, and best-execution analysis for brokers managing competitive capital source processes on behalf of sponsor clients.

Capability	Function	Advisory Value
Loan Pricing Engine	Monthly cash flow schedule with debt service, holdback mechanics, interest reserve draw, and fee income. SOFR forward curve projection with credit spread layering. Deterministic pricing across every structure.	Price transactions consistently with live market rates. Quantify borrower cost and lender yield under every structure before engaging capital sources.
Loan Sizing Agent	Deterministic six-constraint sizing waterfall with binding constraint identification and max loan output. Iterative rate, spread, and structure testing across multiple scenarios.	Pre-size against institutional credit parameters before capital source engagement. Advise clients on achievable proceeds with analytical backing.
Term Sheet Comparison	Side-by-side quantitative comparison of competing proposals: rate, spread, structure, covenants, prepayment, extension terms, reserves, recourse, and total cost of capital.	Best-execution analysis across competing capital sources. Present clients with quantified recommendations backed by consistent methodology.
Rate Cap & Hedging Analysis	Rate cap cost estimation, strike price recommendations, DSCR impact under rate stress scenarios (+100/+200/+300 bps), replacement cost at extension, and hedged versus unhedged exposure quantification.	Structure hedging strategies at origination. Quantify borrower protection and cost trade-offs across rate environments.
Interest Rate Exposure	Floating versus fixed rate sensitivity under rate shock scenarios. Break-even rate analysis. SOFR forward curve projection with basis risk assessment and margin reset modeling.	Advise clients on rate environment positioning. Quantify exactly where rate movements threaten covenant compliance or returns.
Capital Structure Advisory	Senior + mezzanine + preferred equity: blended cost of capital, combined leverage metrics, intercreditor mechanics, tranche-level coverage, and payment priority waterfall analysis.	Model the full capital stack and advise on optimal tranche sizing, subordination, and intercreditor terms across every layer.
Interest Reserve Sizing	Month-by-month shortfall method across the business plan period. Precision-sized to the cash flow trajectory with full methodology transparency.	Right-size reserves to balance return efficiency with adequate coverage. Avoid over- or under-funded reserve structures.
Extension Analysis	Extension eligibility testing at future dates: DSCR, debt yield, occupancy covenant verification. Cure path analysis. Rate cap adequacy testing through extended term.	Advise clients on realistic extension outcomes at origination. Structure covenants that borrowers can actually achieve.
Refinance & Exit Analysis	Permanent financing sizing across Agency, CMBS, bank, and life company execution. Bridge-to-perm pathway mapped at origination. Prepayment economics and disposition analysis.	Document the exit strategy before closing the bridge. Every placement has a defined takeout pathway.
Lender Return Analysis	Unlevered and levered IRR/MOIC at 12/24/36 month hold periods. Fee economics, warehouse return analysis, and spread decomposition.	Understand capital source economics. Position deal pricing to optimize execution probability and borrower cost simultaneously.
Equity Return Modeling	GP/LP return engine: unlevered IRR, levered IRR, MOIC, cash-on-cash, return on cost, and J-curve analysis across hold period scenarios.	Advise sponsor clients on equity return profiles and capital structure optimization. Quantify the impact of debt terms on sponsor economics.
Sensitivity & Stress Testing	Cap rate sensitivity, vacancy stress, rate shock (+100/+200/+300 bps), and expense growth scenarios. Named stress tests with DSCR and coverage breakpoint analysis.	Demonstrate analytical rigor to every counterparty. Identify the scenarios that break the deal before capital is committed.

03 Construction Lending Advisory 10 capabilities

Specialized analytical infrastructure for brokers advising on ground-up development and substantial rehabilitation transactions. Budget validation, GC qualification, draw structuring, and construction-specific credit analysis for capital source presentation and borrower advisory.

Capability	Function	Advisory Value
Construction Budget Analysis	Full line-item budget validation against RSMeans benchmarks by geography and building type. Hard cost, soft cost, contingency adequacy, and GC fee reasonability testing.	Validate borrower budgets against verified cost data before capital source engagement. Identify line-item risks that trigger re-underwriting.
Construction Schedule Review	Critical path schedule analysis: milestone sequencing, weather contingencies, permit timelines, trade stacking, float analysis, and interest reserve impact assessment.	Schedule drives interest reserve sizing and total project cost. Advise clients on realistic timelines and structure reserves accordingly.
Contractor Qualification Analysis	GC due diligence: GMP, cost-plus, and design-build contract analysis. Scope review, change order mechanics, retainage, bonding, and liquidated damages evaluation.	Contractor quality drives execution risk. Evaluate GC capability and contract terms before presenting to construction lenders.
Construction Credit Box	Modified constraint waterfall for construction: LTC ≤70-80% (asset-class dependent), LTV Stabilized ≤65-75%, DSCR Stabilized ≥1.20x, Debt Yield Stabilized ≥7.5-8.5%. Separate sizing methodology from transitional debt.	Size construction loans to construction-specific credit parameters. Advise clients on achievable proceeds under tighter constraints.
Draw Structure Design	Draw request protocol design: inspection requirements, retainage, holdback release conditions, change order approval workflow, stored materials handling.	Structure draw mechanics that protect all parties. Present capital sources with a defined disbursement framework at engagement.
Cost-to-Complete Analysis	Forward-looking construction exposure: remaining budget versus remaining work, contingency burn rate, completion probability assessment, and budget reforecast.	Monitor active construction engagements. Advise borrowers on budget position and communicate progress to capital sources with analytical precision.
Contingency & Change Order Tracking	Hard and soft contingency utilization tracking against project completion percentage. Change order cost impact, schedule impact, and cumulative burden analysis.	Contingency depletion and change order accumulation are the primary indicators of troubled projects. Track and report against project milestones.
Absorption & Stabilization Underwriting	Post-construction absorption modeling: lease-up velocity, concession strategy, stabilization timeline validation against market fundamentals and verified absorption data.	Bridge the gap between construction completion and stabilized cash flow. Right-size interest reserves and advise on lease-up strategy.
Bonding & Surety Analysis	Payment and performance bond adequacy, surety company rating, bond claim procedures, and subcontractor protection analysis.	Bonding is the primary contractor default protection. Verify coverage quality and adequacy before presenting to capital sources.
Construction Risk Assessment	5-component construction risk scoring: sponsor development experience, contractor quality, budget reasonability, market timing, and structural complexity. Drives pricing and monitoring recommendations.	Standardized construction risk assessment for capital source presentation. Quantified risk profile that supports pricing and structuring recommendations.

04 Preferred Equity & Capital Stack Advisory 7 capabilities

Two-pass sizing, PIK modeling, waterfall integrity testing, and full capital stack analysis for brokers structuring preferred equity tranches and advising clients on multi-layer capital structures.

Capability	Function	Advisory Value
Two-Pass Sizing Waterfall	Pass 1: Senior debt sized per standard six-constraint credit box. Pass 2: Preferred equity sized to combined constraints — Combined LTV As-Is ≤80%, Combined LTV Stabilized ≤80%, Combined LTC ≤85%, Max Pref $25M.	Deterministic two-pass sizing ensures senior and pref equity are structured independently with combined leverage validated. Advise clients on achievable pref proceeds with analytical precision.
Preferred Equity Returns Analysis	Pref IRR (≥14% floor), MOIC (≥1.40x floor), current pay coupon (6-8%), PIK accrual mechanics (quarterly compounding). Flags PIK accrual exceeding 50% of original pref investment.	Full return profile with PIK sensitivity across hold period and exit scenarios. Quantify pref economics for both the pref provider and the common equity sponsor.
Waterfall Integrity Validation	Distribution waterfall: senior debt service, pref current pay, pref PIK accrual, common equity residual. Tests sponsor equity minimum (≥10% of cost) and pref-to-common ratio (≤2.0x).	Capital stack integrity validated at structuring. Sponsor skin-in-the-game enforced structurally before capital source engagement.
Pref Equity Sensitivity Analysis	IRR/MOIC sensitivity across exit cap rate, hold period, NOI growth, and interest rate scenarios for the pref tranche specifically. Break-even analysis on pref recovery.	Quantify downside protection and break-even assumptions for pref equity providers. Present risk-adjusted returns with structured sensitivity analysis.
Combined Capital Stack Analysis	Senior + preferred + mezzanine + common equity: combined leverage, blended cost of capital, payment priority waterfall, intercreditor mechanics. Each tranche analyzed independently and in combination.	Full capital structure transparency with proper subordination and payment priority documented for every counterparty in the transaction.
Intercreditor Mechanics	Intercreditor and subordination agreement analysis: standstill periods, purchase rights, consent requirements, default remedies, and payment priority enforcement.	Multi-tranche transactions require clean intercreditor frameworks. Advise clients on structural protections and negotiate terms with analytical support.
GP Residual Impact Analysis	Sponsor equity return modeling with pref equity overlay: GP promote economics, residual cash flow after pref service, hold period optimization, and pref payoff scenario analysis.	Quantify the impact of preferred equity on sponsor returns before committing to the structure. Advise on optimal pref sizing and terms.

05 Deal Packaging & Document Production 8 capabilities

Committee-grade analytical packages, offering materials, and advisory deliverables produced with consistent formatting and independently sourced data. Every document reflects the analytical depth of the underlying work.

Capability	Function	Advisory Value
8-Document Deal Book	Complete analytical file: Sponsor Analysis, Market Research, Comparable Analysis, Rent Roll Audit, T-12 & Expense Review, Business Plan Evaluation, Cash Flow Underwriting, and Investment Committee Memo. Consistent formatting throughout.	Deliver a complete credit file with every placement. Capital sources engage faster when the analytical work is already done.
Offering Memorandum Package	Structured OM assembly: property profile, market narrative, financial analysis, sponsor background, comp support, and investment thesis — sourced data and consistent formatting.	Capital source marketing materials with consistent production quality. Position every transaction for competitive execution.
Investment Committee Memo	20+ page capstone credit memo: recommendation, credit metrics, risk assessment, returns analysis, sensitivity, and conditions. References all supporting analytical documents.	Deliver the memo that capital sources would produce internally. Reduce their re-underwriting burden and accelerate credit decisions.
Term Sheet Generator	Draft term sheets from sizing output: rate, spread, structure, covenants, reserves, fees, extension terms, recourse, and prepayment provisions — formatted for counterparty review.	Structured term proposals that establish the negotiation framework. Accelerate execution with professionally formatted documentation.
Sources & Uses	Balanced S&U table: total capital requirement, senior debt, mezzanine, preferred equity, sponsor equity, reserves. Full dollar format with structural integrity validation.	Properly formatted capital structure documentation in every submission. Sources equal uses — structurally validated.
Deal Comparison Memo	Side-by-side comparison of multiple financing options or acquisition targets on common metrics: returns, risk, structure, cost of capital, and execution timeline.	Present clients with quantified alternatives backed by consistent analytical methodology. Quantified alternatives backed by consistent analytical methodology.
Short-Form Screening Memo	1-page screening summary: property snapshot, sponsor profile, market context, sources & uses, credit metrics, key risks, and preliminary recommendation.	Professional pipeline screening documentation for internal evaluation and capital source distribution.
Engagement Letter Generator	Broker engagement documentation: scope of services, fee schedule, exclusivity terms, timeline, deal parameters, and counterparty obligations.	Professional engagement documentation that defines the advisory relationship and protects fee entitlements.

06 Affordable Housing & Specialty Programs 6 capabilities

Analytical infrastructure for brokers placing affordable housing transactions — LIHTC credit calculation, rent ceiling modeling, AMI verification, and layered capital structuring across tax credit equity, soft debt, and conventional financing.

Capability	Function	Advisory Value
LIHTC Credit Calculation	4% versus 9% credit computation: eligible basis (including QCT/DDA 130% boost), qualified basis, applicable fraction, annual credit amount, and 10-year delivery schedule.	Precise credit quantum drives equity pricing, syndication proceeds, and the entire capital stack. Accurate basis calculation is non-negotiable.
Rent Ceiling Calculator	Maximum allowable rent by AMI tier (30/50/60/80%), deducting utility allowances. Income averaging per Revenue Procedure 2022-14. Restricted revenue projection over compliance period.	Revenue constraints modeled accurately before financial projections. Rent ceiling errors trigger IRS noncompliance — precision is mandatory.
AMI & Income Limits	Real-time Area Median Income lookup by household size at all AMI tiers. QCT/DDA status verification and 130% basis boost eligibility from HUD data.	Current-year limits from authoritative government sources. Affordable deal eligibility verified automatically for every placement.
Layered Capital Structuring	Tax credit equity + soft debt + conventional debt + gap funding. Waterfall modeling with 6-10 sources, deferred developer fee, and operating reserve sizing across the full capital stack.	Affordable transactions require multi-source capital stacks. Model every tranche with payment priority transparency and gap identification.
Section 8 & PBRA Analysis	HAP contract analysis, rent comparability studies, OCAF adjustment factors, Section 8 rent ceiling methodology, and contract renewal and termination risk assessment.	Subsidy-dependent revenue analyzed with regulatory-specific methodology. HAP contract mechanics drive valuation and capital source appetite.
QAP Scoring Intelligence	State-specific Qualified Allocation Plan deadline tracking, scoring criteria analysis, competitive positioning assessment, and set-aside preference mapping.	Competitive intelligence for 9% allocation applications. Advise developer clients on point optimization and competitive positioning strategy.

07 Transaction Execution & Diligence 7 capabilities

Closing coordination, diligence management, and transaction execution infrastructure for brokers managing multi-party capital markets transactions from engagement through funding.

Capability	Function	Advisory Value
Due Diligence Coordination	Comprehensive DD checklist by category: physical, financial, legal, environmental, market. Document tracker with status, accountability, and outstanding items across all transaction parties.	Defined diligence scope and timeline established at engagement. Shared accountability across borrower, broker, and capital source accelerates closing.
Third-Party Report Coordination	Appraisal, PCA, Phase I/II ESA, survey, title — scope definition, timeline management, cost expectations, and independent review of all third-party deliverables.	Manage the third-party report process from ordering through review. Identify issues in reports before they reach the capital source diligence team.
Closing Conditions Tracker	Credit committee conditions through closing: requirement fulfillment, outstanding items with responsible parties, waiver requests, and resolution documentation.	Audit trail from credit approval to funding. Every condition tracked to resolution with defined accountability and timeline.
Term Sheet Review & Negotiation Support	Reviews capital source term sheets: identifies material terms, compares against market benchmarks, flags unusual provisions, and quantifies economic impact of structural differences.	Negotiate from analytical position. Quantify the economic impact of every material term for informed client advisory.
PSA & Legal Document Support	Purchase & Sale Agreement analysis: key terms, contingency periods, deposit structure, closing timeline, assignment provisions, and representations & warranties evaluation.	Evaluate transaction documentation systematically. Identify material terms and advise clients on risk allocation before execution.
Pipeline Analytics	Deal flow analytics across the advisory practice: submissions, placements, conversion rates, average spread, transaction volume, and turn time by capital source and deal type.	Measure origination performance with structured pipeline analytics. Optimize capital source relationships and pipeline conversion.
Settlement & Closing Verification	Settlement statement reconciliation: sources versus uses balance, fee verification, proration accuracy, and funding authorization documentation.	Clean closings with verified settlement figures. Every fee, proration, and funding amount reconciled before wire release.

08 Data Infrastructure 25 verified feeds

Verified government data feeds integrated into every analytical output — Census, BLS, FRED, FEMA, EPA, HUD. Sourced, current, and embedded in every analytical output.

Source	Function	Advisory Value
Live Rate Feeds	SOFR, Treasury curve (2Y/5Y/10Y), Fed Funds, CPI — verified government data from FRED, updated in real-time. Forward curve projections for pricing and hedging analysis.	Price every transaction with verified current rates. 63 basis points matters on a $50M loan — precision is a competitive advantage.
Property Context	Demographics, employment, flood zone, environmental, Walk Score — instant property profile from Census, BLS, FEMA, EPA for any U.S. address.	Property-level data embedded in every analytical output. Verified context that elevates the quality of every capital source presentation.
Market Intelligence	Census, BLS, FRED data for any MSA or submarket. HUD Fair Market Rents, AMI income limits, QCT/DDA status, Opportunity Zone eligibility.	Government-sourced market data anchors every rent assumption, valuation conclusion, and market thesis to verified fundamentals.
Construction Cost Benchmarks	RSMeans-based construction cost data by geography and building type. Renovation budget validation, hard cost benchmarking, and contingency adequacy testing.	Validate borrower construction budgets against verified cost data. Budget credibility drives capital source confidence and execution speed.
Macro & Rate Environment	Complete rate environment snapshot: SOFR, Treasury curve, Fed Funds, CPI, building permits, mortgage rates — consolidated in a single data pull from verified government sources.	Advise clients on rate environment positioning and timing strategy with real-time market intelligence from authoritative sources.

Execution

Capital Markets Execution Process

From inbound opportunity through funded transaction — Full-cycle analytics, capital structure advisory, and committee-grade execution at every stage of the placement lifecycle.

Screen & Size

10-minute screening, six-constraint sizing, preliminary credit metrics. Evaluate the opportunity and advise the client with independently derived analytics.

Underwrite & Structure

Co-underwrite with the sponsor. Independent rent derivation, dual-scenario cash flow, capital stack modeling, pricing analysis, and hedging strategy across the full capital structure.

Package & Execute

8-document deal book, offering materials, term sheet negotiation support, diligence coordination, and closing execution — committee-grade production quality for every counterparty.

Capital markets infrastructure built for institutional CRE advisory.

Underwrite, structure, price, and execute transactions across the full capital stack — debt, equity, construction, and preferred equity.

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