Commercial Real Estate Credit · Surveillance
Independent Commercial Real Estate Credit Surveillance
Surveillance that measures a loan against the assumptions it was approved on. Actual NOI, occupancy, rents and expenses are compared with underwriting, ratios are recalculated, and loans that drift are flagged for attention.
Free reports cover the existing up-to-five-metro programme; regional credit coverage is set by agreed research scope.
Scope
What this work is for
Credit surveillance is the credit-focused application of the firm's existing asset and portfolio monitoring programme. It does not replace that programme; it adds lender-specific measures such as DSCR, debt yield, maturity and covenant tests to the same reporting discipline.
Surveillance relies on data the client or borrower supplies. Where covenant tests are included, we calculate them from supplied figures against definitions the client provides; we do not interpret loan documents as legal opinions.
Inputs & analysis
What we examine
Distinguishing reported figures, modelled estimates and assumptions throughout.
| Area | What we test |
|---|---|
| Actual versus underwriting | Periodic operating results compared with the approval case. |
| NOI, occupancy, rents and expenses | Trend and variance by line. |
| DSCR and debt yield | Recalculated each reporting period on consistent definitions. |
| Maturity | Months to maturity and refinance capacity at current assumptions. |
| Covenants | Tests calculated from supplied data and client-provided definitions. |
| Collateral and market updates | Supply, demand and rent evidence refreshed for the collateral market. |
| Watchlists | Loans flagged against agreed triggers, with the reason recorded. |
| Portfolio concentrations | Exposure by sector, geography and ratio band over time. |
Process
How an engagement runs
- 01
Baseline
Underwriting case and triggers recorded.
- 02
Collect
Supplied periodic data checked for completeness.
- 03
Measure
Variance and ratios recalculated.
- 04
Flag
Watchlist candidates identified with reasons.
- 05
Re-underwrite
Scenario update for flagged loans when scoped.
- 06
Report
Loan and portfolio surveillance report.
Relationship to existing monitoring
Built on the firm's asset & portfolio monitoring programme
The single home for asset and portfolio monitoring remains Asset & Portfolio Performance Monitoring. Credit surveillance complements it with loan-level credit measures; it is not a separate or replacement programme.
Cadence. Quarterly reporting aligns with the existing monitoring delivery. Other cadences are available only where capacity is confirmed during scoping.
Work product
What you receive
- Quarterly surveillance report by loan and portfolio
- Watchlist with triggers and reasons
- Ratio and variance tables against underwriting
- Maturity schedule with refinance sensitivity
- Re-underwriting notes for flagged loans where scoped
Scope boundary. Models do not independently verify supplied inputs, and recovery or value scenarios are analytical estimates, not guarantees. Legal, title, environmental, engineering and loan-document review require qualified specialists where outside the agreed engagement. Wert-Berater does not lend, originate, service or special-service loans, issue ratings, or provide regulated investment advice or legal opinions.
Scope the credit question before you commit to it.
A scoping conversation covers the decision, the data available and the depth of review. There is no obligation, and nothing is subscribed.