CRE Underwriting Analysis & Credit Memo Generation
Analyze CRE loans and generate institutional credit memoranda with financial modeling
What You Can Do
You can transform raw CRE loan packages into defensible credit decisions by leveraging Claude to normalize financial statements, calculate debt service coverage ratios (DSCR), stress-test scenarios, and synthesize borrower creditworthiness assessments. The skill organizes complex property performance data, market conditions, and loan structures into comprehensive credit memoranda that institutional investors and regulators expect, eliminating manual data wrangling and ensuring consistent metric calculation across underwriting workflows.
Features
adjust historical operating statements for one-time items, normalize expenses, and identify sustainable cash flow
compute normalized operating income, calculate debt service coverage ratios, and stress-test multiple interest rate and occupancy scenarios
organize comparable sales data, income capitalization approaches, and cost approaches into valuation summaries
synthesize personal financial statements, tax returns, guarantor strength, and borrower track record into risk profiles
identify portfolio concentration risks, evaluate tenant quality, and flag occupancy/expiration cliffs
recommend sizing based on DSCR thresholds, loan-to-value constraints, and risk-adjusted equity returns
flag structural risks (market cycles, capital needs, refinance risk) and recommend protective covenants
produce formatted institutional memoranda with executive summaries, financial exhibits, risk assessments, and recommendation sections
Example Output
Example 1: DSCR Stress-Test Summary
| Scenario | NOI | Debt Service | DSCR | Status |
|---|---|---|---|---|
| Base Case (92% occupancy, 3.5% rates) | $2,145,000 | $1,680,000 | 1.28x | ✓ Acceptable |
| Conservative (85% occupancy, 4.5% rates) | $1,980,000 | $1,840,000 | 1.08x | ⚠ Below threshold |
| Recession (75% occupancy, 5.5% rates) | $1,815,000 | $2,010,000 | 0.90x | ✗ Covenant breach |
Example 2: Executive Summary Extract
Property: 250,000 SF Class A office, Denver CBD | Loan Amount: $28.5M | Term: 5-year fixed
Credit Strengths: Strong sponsor with $500M AUM; 94% leased to investment-grade tenants; 2.1x DSCR at stabilization; seasoned asset with 15-year operating history.
Key Risks: Market softness in Denver office; 38% lease expiration 2026-2027; $800K annual capital reserve needed; refinance risk if rates remain elevated.
Recommendation: Approve with rate adjustment to 4.75%, DSCR floor covenant of 1.15x, and annual capital reserve requirement of $800K.
Example 3: Tenant Concentration Risk
Largest tenant (TechCorp Inc.) represents 28% of NOI; lease expires Q3 2026. Recommended protective measures: lease renewal priority, tenant improvement allowance pre-negotiation, expanded lease-up contingency in DSCR calculation.
What's Included
- SKILL.md: comprehensive underwriting framework with financial normalization guidance and risk assessment methodology
- CRE Financial Model Template: spreadsheet structure for NOI calculation, DSCR stress-testing, and scenario analysis
- Credit Memo Template: institutional format with executive summary, property overview, financial analysis, borrower assessment, and recommendation sections
- Underwriting Checklist: verification items for financial statements, lease roll accuracy, environmental reports, and structural inspections
- Risk Assessment Framework: structured approach to identifying market, property, borrower, and transaction risks with mitigation recommendations
Who It's For
- Credit analysts and commercial real estate lenders evaluating acquisition and refinance deals
- Loan officers preparing underwriting recommendations for internal approval committees
- Portfolio managers and institutional investors reviewing CRE investment memoranda
- Risk management professionals conducting covenant compliance and stress-testing analysis
- Underwriting teams in banks, life insurance companies, and commercial mortgage-backed securities (CMBS) platforms
Best For
- Analyzing commercial office, retail, industrial, and multifamily loan applications
- Synthesizing complex financial packages into standardized credit memoranda
- Calculating DSCR and stress-testing scenarios across interest rate and occupancy assumptions
- Normalizing operating statements and identifying sustainable cash flows
- Identifying and quantifying property-specific and borrower-specific credit risks
- Structuring loan terms and covenants based on underwriting findings and risk profile
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