Underwriting guides

How to underwrite any deal

Underwriting is deciding whether an investment, acquisition, placement or loan makes sense and on what terms. The method changes with the asset: a software company, a multifamily property, a dental practice, a music catalog and a pool of consumer loans each have their own metrics, documents and failure modes. These guides cover 145 of them.

Real Estate, Commercial

MultifamilyOfficeRetailIndustrialHotelLand DevelopmentSpecial Purpose PropertyAgricultural LandSingle-Tenant Net LeaseMedical Office BuildingLife Science LabFlex IndustrialMixed-UseEntitled Land

Real Estate, Residential & Living

Build-to-RentSingle-Family RentalCondo DevelopmentStudent HousingSenior HousingMobile Home ParkAffordable Housing

Real Estate, Specialty & Niche

Self-StorageCold StorageData CenterParking GarageCar WashGas StationRestaurant Real EstateGolf CourseMarinaVineyard, Orchard and Farmland

Business, Main Street / SMB

Small BusinessHome Services (HVAC, Plumbing, Electrical)Landscaping and Lawn CareCommercial CleaningPest ControlAuto Repair and CollisionVeterinary PracticeDental Practice and DSOMedical SpaIndependent PharmacyChildcare and DaycareFitness Gym and StudioRestaurant BusinessLaundromat and Dry CleaningFuneral Home and CemeteryMulti-Unit Franchise Platform

Business, Mid-Market & Industrial

Mid-Market CompanyManufacturingConstruction ContractorTrucking and LogisticsWholesale DistributionStaffing AgencySecurity Guard ServicesWaste and Recycling ServicesAerospace and Defense ComponentsAutomotive Parts SupplierSpecialty ChemicalsFood & Beverage ManufacturingConsumer Products (CPG)Medical DevicesTesting, Inspection & CertificationPrinting & Packaging

Technology, Media & Healthcare

Technology / Software CompanyB2B SaaSVertical SaaSInfrastructure / DevTools SoftwareMarketplace / PlatformFintech CompanyAI / ML SoftwareHardware / IoTE-commerce / DTC BrandManaged IT Services (MSP)Marketing / Creative AgencyMedia / Franchise / IPHealthcare / Life SciencesPhysician Practice / Clinic Roll-upBehavioral HealthHome Health / Home CareDiagnostic Lab ServicesBiotech / Therapeutics

Credit & Lending

Loan / Note PurchaseCorporate Bonds / High-YieldConsumer Loan PoolAuto Loan / Lease PoolSME / Business Loan PoolEquipment Finance / LeasingResidential Mortgage PoolCRE Bridge LoanMerchant Cash AdvanceFactoring and Receivables FinanceTrade FinanceStudent Loan PoolVenture DebtNon-Performing Loan Pool

Structured & Insurance-Linked

Structured ProductsInsurance-Linked SecuritiesCLO TrancheCMBS TrancheABS TrancheRMBS TrancheCatastrophe BondReinsurance SidecarIndustry Loss WarrantyLife Settlements

Royalties & Contingent Income

Intellectual Property RoyaltiesHuman Capital and Future IncomeMusic CatalogFilm and TV LibraryPatent LicensingPharma Royalty StreamFranchise Royalty StreamLitigation FinanceMineral and Oil and Gas RoyaltyRecurring Revenue FinancingSports and Media Rights

Long-Lived & Infrastructure Assets

InfrastructureAircraft LeaseVesselRailcarCell TowerFiber NetworkData Center InfrastructureSolar ProjectWind FarmPower PlantPipelineToll RoadWater UtilityTimberlandEV Charging NetworkBattery Storage

Commodities, Inventory & Collectibles

Tokenized SecuritiesCommodity FinanceWhiskey BarrelsFine WineCarbon CreditsOil and Gas ReservesPrecious MetalsMineral ReservesAgricultural CommoditiesFine ArtLuxury WatchesCrypto TreasuryFloorplan Inventory

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