We provide lender-ready capital raise packaging and debt or equity placement support for business owners and buyers looking to secure serious term sheets and close funding on a defined timeline.
For business owners and acquirers pursuing private debt or equity, submit your deal for review. We revert within one working day with next steps and either a quote for our services.
For pre-submission discussions, we offer paid consultations. To initiate underwriting and lender outreach, submit the deal.
AI Lender Match helps business owners, investors, and sponsors identify lenders that fit their deal profile without wasting weeks on cold outreach. Get a smarter starting point for acquisitions, commercial real estate, trade finance, and structured debt transactions.
Good commercial real estate underwriting is not just about filling in a model. It is the discipline of testing income durability, lease quality, operating resilience, capital expenditure exposure, exit assumptions, and debt capacity before the lender does it for you.
Commercial real estate underwriting is the process of determining whether a property can support debt and generate an acceptable risk-adjusted return. In practice, that means reviewing the asset, the sponsorship, the rent roll, the market, the historical operating statements, and the forward cash flow assumptions as one integrated credit story.
Weak underwriting usually shows up in the same places: inflated rent assumptions, ignored rollover risk, unrealistic expense growth, sloppy capital expenditure treatment, and exit values that only work on paper. Strong underwriting does the opposite. It strips the story down to what the property can actually produce under lender scrutiny.
If the objective is financing, the underwriting file should not read like marketing copy. It should read like a lender-ready credit case with support for every major assumption.
Start with submarket fundamentals, supply pipeline, vacancy, absorption, tenant demand, rent comps, and economic drivers. A property is never underwritten in isolation. It sits inside a local leasing market that can either support your assumptions or destroy them.
The building condition matters because deferred maintenance, outdated systems, structural issues, and code exposure eventually hit cash flow. Review property condition reports, environmental items, zoning, deferred capex, and any near-term spend required to stabilize the asset.
Pull apart trailing operating statements, tax bills, insurance, repairs and maintenance, payroll, utilities, and management fees. The goal is to normalize net operating income, not simply repeat the seller’s version of it.
Underwrite rents, concessions, downtime, tenant improvements, leasing commissions, bad debt, reserves, and operating expense growth. Then test DSCR, debt yield, loan-to-value, and refinance or sale outcomes under conservative scenarios.
| Step | What To Review | Why It Matters |
|---|---|---|
| Rent Roll Review | Tenant names, lease terms, expiries, rollover schedule, concessions, arrears, vacancy, and tenant concentration. | Income is only as strong as the leases supporting it. Concentration and near-term rollover can materially weaken the deal. |
| Operating Statement Analysis | Historical revenue and expenses, normalized NOI, non-recurring items, real estate taxes, insurance, and repairs. | Seller-provided NOI often overstates performance. Lenders care about sustainable cash flow, not presentation adjustments. |
| Capital Expenditure Review | Roof, HVAC, elevators, façade, paving, life safety systems, unit upgrades, and deferred maintenance. | Ignoring capital costs creates fake yield. Real underwriting prices in future cash leakage. |
| Market Rent Testing | Comparable leases, submarket asking rents, concessions, vacancy, and demand drivers. | Underwriting above-market rents without evidence is one of the fastest ways to break a deal. |
| Debt Capacity Testing | DSCR, debt yield, LTV, amortization, interest rate sensitivity, reserve requirements, and refinance assumptions. | This shows whether the asset can actually carry the capital stack being requested. |
| Exit Analysis | Exit cap rate, disposition costs, terminal NOI, and sensitivity around valuation compression. | The entry story can look fine while the exit story quietly destroys projected returns. |
Office underwriting is heavily exposed to tenant credit, lease rollover, re-leasing costs, and market depth. You need to model downtime, tenant improvements, commissions, and the real cost of backfilling space, especially where hybrid work has weakened demand.
Retail assets live or die on traffic, anchor stability, tenant mix, and trade area quality. Review co-tenancy provisions, rent step structure, local competition, and whether the center is genuinely convenient or simply over-rented.
Multifamily underwriting usually turns on rent roll quality, delinquency, concessions, turnover costs, payroll, repairs, and achievable rent growth. Unit mix, affordability, and local new supply matter more than optimistic rent bump narratives.
Transitional deals need tighter treatment of lease-up timing, burn rate, capex draw schedule, and contingency. If the business plan depends on perfect execution, the underwriting should show what happens when the execution is merely average.
One of the worst mistakes in commercial real estate underwriting is using a polished narrative to hide weak debt service coverage. Lenders usually find the weakness quickly. It is better to present a tight downside case than a fake upside case.
A usable commercial real estate underwriting model should include monthly or annual cash flow by period, rent roll detail, expense line items, replacement reserves, debt service, DSCR, debt yield, loan proceeds sizing, sensitivity cases, and a clean exit bridge. For value-add or transitional deals, it should also include lease-up timing, renovation timing, capex deployment, and carry costs during stabilization.
The model is not the final output by itself. The real deliverable is a lender-ready package that combines the model, an underwriting memo, source data, and a coherent explanation of why the asset can support the requested debt.
Commercial Real Estate financing decisions are rarely made on enthusiasm alone. They are made on cash flow durability, sponsor credibility, downside protection, and clarity of execution. Good underwriting improves more than the odds of approval. It also improves pricing discussions, speeds diligence, reduces credibility gaps, and gives the sponsor a much stronger negotiating position.
Financely helps structure and prepare commercial real estate financing files for transactions that need a tighter underwriting story, cleaner packaging, and a more credible submission to capital providers.
It is the process of analyzing a commercial property’s income, expenses, market position, physical condition, sponsor profile, and debt capacity to determine whether the deal is financeable on acceptable risk terms.
The main ones are normalized NOI, DSCR, debt yield, loan-to-value, tenant concentration, lease rollover exposure, and the realism of the exit assumptions. The exact weighting changes by lender and asset type.
Yes. Office, retail, multifamily, industrial, hospitality, and mixed-use assets all have different demand drivers, expense profiles, lease structures, and capex exposure. Using the same lens for all of them is sloppy work.
Yes. A decent asset with a weak package can still lose momentum with lenders. Poorly supported assumptions, inconsistent numbers, and missing documentation can damage credibility and slow or derail the process.
Financely acts as a transaction-led capital advisory platform. Financing outcomes remain subject to underwriting, due diligence, legal review, KYC and AML checks, sanctions screening, counterparty acceptance, and final lender approvals.
Submit your deal using our secure intake form, and receive a quote within 1-3 business days. Existing clients can connect with their relationship manager through our secure web portal.
All submissions are
promptly reviewed, and all communications are conducted through the intake form or the client portal for a seamless and secure process.
Thank you for considering working with us. A nominal fee of US$500 is required upon completion of each form. This fee covers the time and effort we invest in reviewing your submission and crafting a thorough proposal. We receive numerous inquiries and prioritize those that carry this fee, ensuring serious applicants receive prompt attention.
Tap into solutions like letters of credit, bank guarantees, and payment facilitation. We address the challenge of global transaction risk through structured strategies that foster cross-border growth. Complete the form to unlock streamlined funding aligned with your commercial objectives.
Submit a RequestAccess non-recourse funding for infrastructure, renewable energy, or other capital-intensive ventures. We mitigate capital constraints by isolating project assets and focusing on risk management. Provide your details to receive a structure that drives growth and maximizes returns.
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Submit a RequestOnce we receive your submission, our team will review your information to determine feasibility. If eligible, you will receive a proposal or term sheet within 1–3 business days. Visit our FAQ and Procedure pages for more information.
Disclaimer: Financely provides financing based on due diligence and feasibility. Approval is not guaranteed, and past performance does not predict future outcomes. All terms are subject to review. Financely primarily assists with structuring and distribution. Qualified parties carry out the project if the client approves the proposal.
Financely advises growth-focused businesses on accessing capital by introducing their opportunities to professional investors. Financely is not a securities broker or dealer. Where appropriate, engagements are coordinated with regulated broker-dealers, investment banks, legal counsel, and other specialists.
Financely does not solicit, offer, or accept orders to buy or sell securities and makes no assurance regarding capital-raising outcomes.
Services are strictly business-to-business. Financely does not provide personal finance, consumer credit, or retail advisory services.
Advisory services are reserved for post-revenue companies that recognize the time and resources required for professional underwriting.
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All mandates start with an RFQ. We review submissions, issue a brief Go/No-Go memo, and where bankable, release a Term Sheet that leads to funding. We arrange capital across Senior Secured, Unitranche, Second Lien/Mezzanine, Preferred Equity, and Gap Solutions. We do not process deals by email or chat.
Letters of Credit, Standby LCs, Confirmations, Receivables Finance, and Inventory Lines with control.
Funding arranged for trade flows with instruments sized to your cycle and aligned to delivery and settlement.
Move forward to secure working capital and keep goods moving. Submit the RFQ to start underwriting for funding.
Limited or non-recourse structures for energy and infrastructure with lender-ready materials.
Funding solutions aligned to project cash flows with credible covenants and conditions to reach notice to proceed.
Advance the file to termable status. Submit the RFQ so we can underwrite and secure funding.
Debt and Preferred solutions anchored on cash flow, Quality of Earnings, and clear closing mechanics.
Funding across senior, unitranche, and preferred to match stable cash flows and acquisition timelines.
Get financed on workable terms for closing. Submit the RFQ to start underwriting.
Acquisition, development, bridge, and refinance with lender-ready packs and third-party reports managed.
Funding calibrated to DSCR, leverage, and tenancy with terms designed to close.
Move to a financeable package. Submit the RFQ to initiate underwriting for funding.
KYC and Source of Funds required. Engagements are best-efforts and subject to underwriting. Preference for operating companies with meaningful revenue. See our FAQ and Procedure.
Financely Inc. (“Financely”) provides corporate-finance advice and is wholly owned by Aurora Bay Trust, a trust formed under Bahamian law, together with its authorized affiliates. Depending on deal structure, jurisdiction, and local rules, engagements may be carried out through Financely Group LLC, a non-deposit-taking, non-banking financial company; Ashford Capital Advisory LLC; or another related entity.
Financely and its affiliates are not registered as securities broker-dealers and do not execute securities transactions or hold client funds or securities. When a mandate involves the purchase or sale of securities and a registered intermediary is required, any orders are introduced to and executed by one or more independent U.S. broker-dealers registered with the SEC and FINRA. Those broker-dealers are solely responsible for trade execution, custody, and related regulatory obligations. Nothing in this material constitutes an offer, solicitation, or recommendation to buy or sell any security or to engage in any specific transaction. Before engaging Financely Group LLC, Ashford Capital Advisory LLC, or any affiliate, you are responsible for confirming that such engagement complies with your own legal, regulatory, tax, and other requirements. In the United States, certain advisory activities may be conducted in reliance on exemptions available under the Investment Advisers Act of 1940, including the “foreign private adviser” exemption where applicable. Our services and regulatory status may vary by jurisdiction and by transaction type.
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