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Commercial Real Estate Credit · Portfolio Diligence
Independent Due Diligence for Commercial Real Estate Loan Portfolios
Due diligence on a pool of commercial real estate loans, organised around the portfolio: where risk concentrates, which loans fall outside the pattern, and what the data and documents can and cannot support.
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
Project-level investment due diligence asks whether one asset is a sound investment; that service remains at our investment due diligence page. Portfolio diligence asks a different question: how the loans behave together, and where the tape itself is unreliable.
We screen every loan on the tape for completeness and outliers, then concentrate analytical depth on the loans and segments that drive portfolio risk. The sample and the depth of review are agreed in scope before work begins.
Inputs & analysis
What we examine
Distinguishing reported figures, modelled estimates and assumptions throughout.
| Area | What we test |
|---|---|
| Acquisition screening | Initial pass across the full tape to set priorities and pricing questions. |
| Loan tape review | Field completeness, internal consistency and outlier detection. |
| Collateral | Property type, location, condition indicators and valuation dates. |
| Income and market assumptions | Tape NOI and values tested against market evidence for sampled loans. |
| Borrower and property risk | Sponsor concentration, tenant exposure and property-level warning signs. |
| Concentration | Exposure by sector, geography, borrower, vintage, maturity and ratio band. |
| Maturity and refinancing | Maturity wall and refinance capacity by year. |
| Default and recovery scenarios | Scenario-based loss ranges; not guarantees of recovery. |
Process
How an engagement runs
- 01
Tape intake
Fields mapped and exceptions logged.
- 02
Full-tape screen
Ratios recalculated and outliers flagged.
- 03
Segment
Concentrations and maturity profile summarised.
- 04
Sample review
Agreed loans underwritten in depth.
- 05
Scenarios
Default and recovery ranges by segment.
- 06
Report
Portfolio summary plus individual-loan exceptions.
Portfolio-level view
Concentrations and exceptions, not 200 separate studies
The output is a portfolio view: how exposure clusters by sector, geography, sponsor, vintage and maturity, and which loans or tape fields fall outside the pattern. Individual loans receive full underwriting only where they drive portfolio risk or are in the agreed sample.
Hypothetical exception examples. Not drawn from any client portfolio.
| Type | Example finding | Typical treatment |
|---|---|---|
| Data exception | Maturity date missing for loans in one segment | Request servicer file; exclude from maturity wall until resolved |
| Document exception | Valuation date older than agreed threshold | Flag value as stale; refresh market evidence for LTV |
| Concentration | Single sponsor across several loans in one metro | Aggregate exposure and test correlated downside |
| Individual-loan exception | Tape NOI well above market-supported NOI | Full underwriting of the loan in the sample |
Work product
What you receive
- Portfolio summary with concentration and maturity tables
- Data and document exception register for the tape
- Individual-loan exception notes for sampled or flagged loans
- Scenario-based default and recovery ranges by segment
- Prioritised list of loans requiring legal, engineering or environmental specialist review
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.