Karl S.

Lenders don't underwrite your upside. They underwrite your downside, and most deals fail before they ever reach a term sheet. Most newer multifamily investors build their underwriting around how they hope a deal will perform. Institutional lenders don’t underwrite that way. They size deals based on downside scenarios, refinance risk, debt yield constraints, and capital stack durability. That’s where many deals break. Through my work in multifamily capital markets and ongoing conversations with private debt funds, lenders, and capital partners, I see firsthand how institutional lenders actually evaluate deals before issuing financing. My role is to help newer investors stress test their deal the same way a lender would before they spend time, money, and reputation trying to close it. The goal is simple: Determine whether the deal is financeable and whether it’s a Go or No-Go. I help clients identify the issues most likely to derail financing, including: • Excessive leverage • Weak debt coverage • Lease-up risk • Capital stack gaps • Interest reserve burn • Limited lender exit options What I Deliver I help investors turn their deal into a lender-ready investment package with clear financing paths and multiple exit scenarios. Support includes: • Institutional lender stress test of the deal • Multifamily underwriting and deal screening • Refinance and bridge loan feasibility analysis • Capital stack and sources & uses review • Downside scenario modeling and sensitivity testing • Rent roll and T-12 diagnostic review • Go / No-Go deal memo • Lender-ready investment summary