Category Archives: 2025

[If you missed the last LI Live on ‘Where Are The Deals’, you can catch the replay HERE.] I still remember the surprised look when they found out the loan size….”But we thought 75% LTV is ok, given the current market?!?” Not exactly, because when sizing the loan and managing risk the lender evaluates both […]

[If you missed the last live event on vetting sponsors/operators, you can catch the replay HERE.] “We’re 95% occupied.” Sounds great, right? But what if 10% of those tenants are not actually paying rent?” That is the danger of looking at physical occupancy without understanding economic occupancy. As real estate operators, it is not just […]

In the world of multifamily underwriting, numbers can look great on paper. Until reality hits. What separates the deals that survive from those that stumble is often … reserves and buffers built into the deal… or more accurately, the lack of them. Why Reserves Matter You cannot predict everything that will happen once you own […]

[If you missed the last deal review live event, you can catch the Replay HERE.] Deal Context The asset under review was a multifamily property presented to a capital partner by an experienced sponsor operating in a growing market. The capital partner, approached to raise equity for the transaction, engaged me to conduct an independent […]

[If you missed the last live event where I provided a look behind the curtains on an actual deal, you can watch the replay HERE.] “The rent roll said $900K in income. The T12 showed $950K. What is going on?”That is the question I had while reviewing a $7.5MM, 50-unit deal. Turns out – 10 […]

Client Background The client is a capital allocator considering a multifamily deal with a heavy value-add component. The sponsor was a new relationship to them, and while the deal looked promising on paper, the complexity of the business plan prompted them to seek a deeper review. Results and Progress Through the Deal Review Service, the […]

[If you missed the last live event on Capital Calls, you can watch the replay HERE.] You receive a capital call email. The tone is urgent. The numbers are big. And you are wondering – is this normal or is the deal in trouble? Over the last 18-24 months, I have reviewed multiple capital call […]

[If you missed the last live event on Capital Calls, you can watch the replay HERE.] In prior posts and live events, I shared about the deal review my firm and I can help with. In today’s Underwriting Minute I want to share with you the evolution of a real time case study. Client Background […]

From Bulgaria to boardrooms, and everything in between. [If you missed my last pop up live event where I shared part of my personal story, you can catch the Replay Here.] I was born behind the Iron Curtain, in a world where traveling abroad felt like science fiction. Today, I help high-achieving professionals invest in […]

“This deal looks solid… until you add the debt and all in cost.” I have heard this line countless times in deal reviews – and more often than not, it comes down to one overlooked metric: Yield on Cost (YOC). While many investors obsess over cap rates, YOC is quietly doing the heavy lifting behind […]