Commercial Real Estate Underwriting Guides
Plain-English explainers on DSCR, NOI, SBA programs, cap-rate stress testing, and asset-class due diligence. Written for operators and brokers who'd rather skip the textbook.
10 guides · Updated regularly
Fundamentals
The DSCR Formula: How Lenders Actually Compute Debt Service Coverage
NOI ÷ annual debt service — and why your spreadsheet number does not match your lender's.
Cap Rate Stress Testing: Why a 50bps Move Kills More Deals Than Rate Shocks
How a 50bps cap-rate move kills more deals than a 200bps rate shock — and how to model both.
NOI Calculation: What Counts, What Doesn't, and Why Lenders Strip Out the Difference
The 6 line items lenders strip out of broker NOI, and the 3 reserves they add back in.
Lender Programs
Bridge Loan Underwriting: When It Fits, When It Kills You
Exit DSCR, refinance risk, and the three scenarios where bridge debt actually makes sense.
SBA 7(a) vs SBA 504: Which Program Fits Which Deal
Loan size, use of proceeds, down payment, and rate trade-offs in plain English.
Asset Class
Reading a Multifamily Rent Roll: Loss-to-Lease, Concentration Risk, and the 5 Numbers Lenders Verify
Loss-to-lease, concentration risk, lease-rollover risk, and the 5 numbers lenders verify.
RV Park Valuation: RevPAR, Seasonality, and the Numbers Lenders Actually Believe
RevPAR by site type, seasonality normalization, and the lender-defensible cap rate.
POH Ratio Explained: Why Park-Owned Homes Break MHP Loans
Why agency lenders cap park-owned-home concentration at 20% — and how to underwrite around it.
Risk & DD
Commercial Real Estate Risk Flags: The 8 Underwriting Killers
The 8 underwriting killers that stop SBA, agency, and conventional deals at submission.
Mobile Home Park Due Diligence: The 12-Item Pre-Close Checklist
The 12 items every MHP buyer must verify before close — septic, surveys, leases, and more.