Commercial Real Estate Credit · Hub
Independent Commercial Real Estate Debt & Credit Advisory
Independent analysis for organizations that lend against, buy or hold commercial real estate credit. We test the collateral, the income behind the debt and the refinancing path, and we document what the evidence does and does not support.
Watch the institutional credit & company overview
Free reports cover the existing up-to-five-metro programme; regional credit coverage is set by agreed research scope.
Meet Wert-Berater · 2:00 overview
Wert-Berater: Commercial Real Estate Credit & Investment Intelligence
Company overview of Wert-Berater, an independent market intelligence and feasibility advisory firm established in 1998, and its commercial real estate credit and investment intelligence services for institutional lenders and credit investors.
Firm-wide engagement figures are distinct from project-specific findings and their stated source periods.
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Wert-Berater is an independent market intelligence and feasibility advisory firm, established in 1998. Our Commercial Real Estate Credit and Investment Intelligence practice applies the same evidence standards to debt.
We work for organizations that lend against, buy or hold commercial real estate credit: banks and mortgage lenders, debt and private-credit funds, CMBS participants, servicers engaging us as clients, insurers, pension funds and asset managers.
Independent loan underwriting begins with the income. We reconcile operating statements, the rent roll and leases, then recalculate DSCR, debt yield, loan to value and loan to cost, and test refinancing at maturity.
Loan portfolio due diligence screens every loan on the tape, maps concentration and the maturity wall, and reports individual loan exceptions, with default and recovery scenarios that are estimates, not guarantees.
Credit surveillance compares actual performance with the underwriting case, recalculates ratios from supplied data, and flags watchlist loans with recorded reasons. It complements our existing asset and portfolio monitoring programme.
European credit intelligence is desk-based, cross-border screening. Every source, period, currency and geography is stated. We do not claim local offices, proprietary European datasets or transaction coverage.
Since 1998, the firm has completed more than four thousand engagements, including over thirteen hundred SBA studies accepted by lenders, and has evaluated forty three point eight billion dollars in project value.
Wert-Berater does not lend, service loans, issue ratings, or provide regulated investment advice. Discuss an institutional mandate at wert-berater.com.
Discuss an Institutional Mandate Explore Asset & Portfolio Performance Monitoring
Scope
What this work is for
Credit committees, investment committees and portfolio managers increasingly want a view of collateral that does not originate with the borrower, the sponsor or the seller of a loan. Wert-Berater has prepared lender-grade feasibility and market analysis since 1998; this practice applies the same evidence standards to debt.
Engagements range from a single loan underwriting to a pool of loans under review for acquisition, a watchlist that needs re-underwriting, or a cross-border screen of European exposure. Each engagement is scoped to the decision in front of the client, not sold as a fixed product.
Inputs & analysis
What we examine
Distinguishing reported figures, modelled estimates and assumptions throughout.
| Area | What we test |
|---|---|
| Underwriting | Historical and projected NOI, rent roll, leases, expenses and capex, with DSCR, debt yield, LTV and LTC under stated scenarios. |
| Debt due diligence | Independent review of a lender's or seller's underwriting file against market and operating evidence. |
| Portfolio analysis | Concentration, maturity, collateral and exception analysis across a loan tape. |
| Collateral and credit risk | Market position, tenant and sector exposure, physical and functional obsolescence signals referred to specialists where needed. |
| Refinancing | Maturity-date debt capacity under rate, NOI and cap-rate sensitivity. |
| Surveillance | Actual versus underwritten performance, watchlist triggers and periodic re-underwriting. |
| Distressed analytical support | Hold, refinance, restructure and disposition scenarios with recovery ranges. Not enforcement or special servicing. |
| Financial scenarios | Base, downside and severe-downside cases with every assumption visible. |
Process
How an engagement runs
- 01
Define the decision
Credit approval, acquisition bid, watchlist action, refinance or exposure review.
- 02
Agree scope and data
Inputs, sample size, geography, valuation dates and what will not be reviewed.
- 03
Test the evidence
Supplied figures compared with market, operating and historical evidence.
- 04
Run scenarios
Ratios recalculated under base and stressed assumptions.
- 05
Report exceptions
Data gaps, unsupported assumptions and risks stated plainly.
- 06
Optional monitoring
A framework for measuring the same assumptions after closing.
Pilot engagement
Start with one credit review
Commercial Real Estate Credit Review — Pilot Engagement. A bounded first assignment that lets a credit team judge the work on one loan or a small sample before a wider mandate.
| Scope | Review of supplied data for an agreed loan or small sample: relevant ratios and refinancing capacity, market evidence, base and downside sensitivities, risks and exceptions. |
|---|---|
| Inputs | Operating statements, rent roll, debt terms and valuation reference, transferred securely only after engagement terms are agreed. |
| Output | Analytical report, plus an optional monitoring framework for the same assumptions. |
| Limitations | Analysis relies on supplied data; no legal, engineering, environmental or document opinions. |
| Schedule & fee | Agreed in writing after a scoping conversation about data availability and depth of review. There is no published fixed price. |
Work product
What you receive
- Credit analysis report with an executive summary written for committee review
- Ratio tables (DSCR, debt yield, LTV, LTC where relevant) by scenario
- Market and collateral evidence with sources and dates
- Exception and data-gap register
- Optional surveillance framework aligned with the existing monitoring programme
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.