Independent Investment Intelligence for Investors & Capital Providers
Independent Intelligence for Capital Decisions
Market intelligence, investment due diligence, feasibility, underwriting and performance monitoring for organizations deploying, financing and managing capital.
More than two decades of independent analysis for lenders, agencies and investors.
Across feasibility, market intelligence, underwriting and monitoring.
Fees are never contingent on findings, financing or closing.
Evidence, assumptions and stress tests organized for reviewers.
Studies prepared for SBA and USDA program requirements. Not an agency approval.
Capital decision lifecycle
Twelve stages. One continuous analytical record.
Select a stage to see the question it raises and the Wert-Berater analysis that answers it. Each stage builds on the assumptions established in the one before.
- 01Discover
- 02Screen
- 03Plan
- 04Select
- 05Acquire
- 06Develop
- 07Transform
- 08Stabilize
- 09Operate
- 10Finance
- 11Monitor
- 12Exit
Stage 01 of 12 · Discover
Market Intelligence
Where is demand forming, and where is it already priced in?
Stage 02 of 12 · Screen
Investment Screening
Does this opportunity deserve a diligence budget?
Stage 03 of 12 · Plan
Feasibility
Can the concept be supported by its market and its costs?
Stage 04 of 12 · Select
Due Diligence
Which assumptions survive independent testing?
Stage 05 of 12 · Acquire
Acquisition Analysis
Is the price supported by current and achievable operations?
Stage 06 of 12 · Develop
Development Feasibility
Will the completed project reach the rents, occupancy and cost the budget assumes?
Stage 07 of 12 · Transform
Repositioning / Adaptive Reuse
Does the capital plan close a real competitive gap?
Stage 08 of 12 · Stabilize
Stabilization Analysis
When does the asset reach supportable, recurring NOI?
Stage 09 of 12 · Operate
Performance Analysis
Are operations tracking the plan, and why or why not?
Stage 10 of 12 · Finance
Underwriting / Refinance
What capital structure does today's NOI actually support?
Stage 11 of 12 · Monitor
Asset & Portfolio Monitoring
Is performance still consistent with the original underwriting?
Stage 12 of 12 · Exit
Disposition / Exit Analysis
Hold, refinance or sell, and on what evidence?
Who we serve
Capital decision-makers, by mandate
- 01
Family Offices
Independent analytical capacity without building every function in-house.
- 02
Institutional Investors
A reference point that does not originate with the manager.
- 03
Pension Funds
Documented, independent underwriting and monitoring for staff and boards.
- 04
Endowments & Foundations
The financial case stated plainly beside the mission case.
- 05
Private Equity
Value creation attributed, tested and tracked to exit.
- 06
Real Estate Funds
Fund-level variance against acquisition underwriting.
- 07
REITs
Uses of capital compared on consistent evidence.
- 08
Insurance Investors
Property performance and risk surveillance for equity and mortgage exposure.
- 09
Banks
Lender-grade feasibility, underwriting support and loan monitoring.
- 10
SBA Lenders
Feasibility responsive to the applicable SBA SOP and transaction.
- 11
CDCs
SBA 504 feasibility and portfolio monitoring.
- 12
USDA Lenders
Studies prepared under RD Staff Instruction 5001.
- 13
Private Credit
Business plans, collateral and stabilization tested and monitored.
- 14
Debt Funds
Construction, watchlist and portfolio surveillance.
- 15
Developers
Independent analysis that capital providers take seriously.
- 16
Property Owners
Reposition, refinance, hold or sell, on evidence.
Investment analytical services
Eight services, eight distinct questions
- 01
Market Intelligence
“What is happening in the market?”
Demand, supply, pricing and absorption evidence for a defined market area.
- 02
Investment Screening
“Is this opportunity worth investigating?”
A disciplined first read before diligence budgets are committed.
- 03
Due Diligence
“Are the assumptions supportable?”
Sponsor assumptions tested line by line against independent evidence.
- 04
Feasibility
“Does the project work?”
Market, operating and financial feasibility, lender-grade since 1998.
- 05
Underwriting
“Does the financial case support the proposed capital structure?”
Coverage, leverage and repayment capacity under the proposed terms.
- 06
Financial Modeling
“What happens under different assumptions?”
Integrated models with transparent drivers and stress cases.
- 07
Monitoring
“Is the investment performing as originally underwritten?”
Actual results measured against the original thesis, period after period.
- 08
Advisory
“What analytical issues should management investigate next?”
Scoped decision support for questions that do not fit a standard study.
Find the right analysis
Two selections, one recommended path
Choose both to see the pages and services most relevant to your decision. Without JavaScript, use the two matrices below, which contain the same logic.
Investor / project matrix
Which analysis matters for which project
Core means the service usually decides the outcome for that project type; supporting means it is commonly required; situational means it depends on the transaction. Every cell links to the relevant service.
Capital customer / project matrix
How each mandate typically engages
Relevance reflects how often each type of capital customer faces each decision, not a ranking of importance. Row headings link to the audience page; cells link to the project analysis.
Business model
The underwriting doesn’t end when the study is delivered.
A one-time study
- Client
- Study
- Invoice
- Finished
A continuous analytical relationship
- Screening
- Feasibility
- Underwriting
- Closing
- Development / Acquisition / Repositioning
- Monitoring
- Refinance / Recapitalization
- Exit
Analytical continuity
After the Investment: Independent Performance Monitoring
Monitoring is the bridge between a single decision and an ongoing view of the capital deployed. Programs are scoped by asset, watchlist, construction or portfolio.
The analytical relationship does not have to end when the feasibility study is delivered. Wert-Berater can continue monitoring the asset against the original underwriting assumptions, updating market conditions, testing coverage, identifying performance variances and maintaining a recurring analytical record.
-
Individual Asset Monitoring
- Revenue
- Expenses
- NOI
- DSCR
- Occupancy
- Market rents
- Competitive supply
- Value
- Original underwriting assumptions
-
Watchlist Monitoring
- DSCR deterioration
- NOI deterioration
- Occupancy
- Revenue
- Expenses
- Market conditions
- Collateral / value
- Stabilization
- Refinancing risk
-
Construction Monitoring
- Progress
- Budget
- Cost-to-complete
- Schedule
- Change orders
- Draws
- Remaining costs
- Lease-up
- Stabilization
-
Portfolio Monitoring
Most relevant here- Portfolio performance
- Risk
- Concentration
- Market exposure
- Annual review
- Re-underwriting
- Watchlist
- Portfolio-level trends
Permission-based intelligence
Wert-Berater Capital & Lending Intelligence
A monthly briefing for investors, lenders and developers, delivered only to those who request it.
- SBA lending
- USDA lending
- Commercial real estate
- Development
- Interest rates
- Market risk
- Construction
- Investment trends
- Asset performance
- Monitoring
Primary institutional request
Request an Analytical Briefing
A senior analyst reviews the decision you are facing, the evidence available and the scope that would answer it. Briefings are confidential and carry no obligation.
- Tell us the decision and the asset.
- We review the market and the information available.
- We propose a scope, timeline and fee, or tell you if you do not need us.
For investors, lenders and developers
Submit an Opportunity
Describe a project or asset you are considering. We will indicate whether screening, feasibility, due diligence or underwriting is the appropriate next step.
Lenders ordering a study for a specific credit can continue to use the lender ordering page.