Notes from the underwriting desk.

Practical writing on CRE analysis, financing, and decision-making — from a principal who does this work daily.

Financing

Cash-Out Refinance at Today's Rates: When It Makes Sense and When It Doesn't

Should you pull equity out of a stabilized property at today's rates? A framework using actual lender term sheets and real cash flow impact.

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Underwriting

5 Pro Forma Mistakes That Make Experienced Investors Lose Money

Five common pro forma mistakes experienced CRE investors make — aggressive rent growth, ignored reserves, seller pro formas, single-scenario analysis, and misaligned assumptions.

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Decision Support

Should You Sell a Property Mid-Construction or Finish the Project?

A framework for the mid-construction crossroads: modeling the sale at multiple price points against the cost and returns of completing the project.

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Financing

What Bridge Lenders Actually Look for in a Loan Package

What bridge lenders actually evaluate in a loan package — and how to assemble a file that gets to a term sheet.

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Keep Learning

New to CRE underwriting?

Start with our plain-English guide to cap rates, DSCR, IRR, pro formas, and valuation methods.

Read the Underwriting Guide
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