Fernandes & Company provides outsourced commercial real estate underwriting for sponsors, lenders, brokers, and owners nationwide. Every engagement produces a full pro forma model — NOI, debt sizing, cash flows, returns, capex, scenarios, and sensitivities — delivered in 24–48 hours for most deals, at a flat fee quoted on a complimentary call. Lending shop? See outsourced CRE underwriting for lenders: full loan-file underwriting, borrower credit analysis, and committee-ready credit packages.
A complete underwrite covers financial modeling (NOI, DSCR, IRR, equity multiple, cash-on-cash), market and rent comp analysis, financing structure (LTV, debt yield, amortization, rate scenarios), operating assumptions, and sensitivity analysis across rent growth, vacancy, exit cap, and interest rate shocks. Deliverables are lender- and LP-ready.
NOI build-up, debt sizing, levered and unlevered cash flows, returns (IRR, equity multiple, cash-on-cash), capex schedule, and hold-period analysis.
Rent and sales comps, market assumptions documented and defensible — so the model stands up to lender and LP scrutiny.
Stress tests across rent growth, vacancy, exit cap, and rate shocks — see exactly how returns move before you commit.
Due diligence reads, independent valuations, market studies, feasibility studies, highest and best use, resale analysis.
Independent third party credit underwriting for committees: borrower strength, global cash flow, risk. Learn more →
Deal level and borrower level packages assembled the way lenders and LPs expect. Learn more →
Founded by Mark Fernandes, an investor-operator with 300+ closed transactions and $5B+ in assets underwritten. Analysis built by someone who has sat on your side of the table — not a modeling factory. Most deliverables in 24–48 hours. Beyond analysis, we broker CRE debt, so the underwrite can flow straight into financing.
See a real example: a portfolio refinance analysis built on actual lender term sheets — or view sample underwriting deliverables.
Flat fee per engagement, quoted on a complimentary consultation call based on asset type and complexity — typically a fraction of the cost of an in-house analyst.
24–48 hours for most deals. Complex development or portfolio models: one to two weeks.
Typically the OM or deal summary, T-12, rent roll, and debt terms if known. We standardize messy files as part of the work.
Yes — based in New Jersey, serving clients in all 50 states.
Describe the deal on a complimentary consultation call and get a flat-fee quote on the spot.
Schedule a ConsultationNo commitment. No pressure. Just a straight conversation.