The Handbook of First Mortgage Underwriting : A Standard Method for the Commercial Real Estate Industry / Edition 1

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Overview

The First Uniform, Easy-to-Use Approach for the Underwriting of Commercial Real Estate Loans

Perhaps once in a generation, a standardized financial system emerges that is so logical, so cost-effective, and so right that it deserves to be called revolutionary. Precept's The Handbook of First Mortgage Underwriting is an essential component to just such a system. Discover why today's most prominent lenders have embraced it, and why it is destined to become the methodology used and accepted by the commercial real estate industry.

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What People Are Saying

Jack Cohen
Precept's underwriting standards are driving analytical transparency on behalf of the commercial real estate finance community.
— Cohen Financial
Westerfield, John
Precept is producing some of the highest quality underwriting analysis in the industry today. This is their blueprint.
— Morgan Stanley
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Product Details

  • ISBN-13: 9780071388870
  • Publisher: McGraw-Hill Companies, The
  • Publication date: 12/18/2001
  • Edition number: 1
  • Pages: 447
  • Product dimensions: 7.20 (w) x 9.30 (h) x 1.40 (d)

Table of Contents

This book distills the sorts of insights and experience that can only be gained by thorough credit analysis of tens of billions of loans on all types of income producing property.
— Bloomfield Acceptance Company
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Introduction

Commercial real estate underwriting often follows a classic "cart before the horse" system. Borrowers and their brokers initiate loan applications with one, or often several, lenders, who in turn present "soft," non-binding quotes. If accepted by the borrower, these are then authenticated only after exhaustive due diligence and evaluations.

It is efficient for neither party and needlessly time-consuming and costly for both.

Precept's The Handbook of First Mortgage Underwriting details the foundation for an entirely new approach, one that standardizes and legitimizes the commercial real estate underwriting process with a single set of rules that shapes, clarifies, and simplifies each step. The first comprehensive, uniform set of underwriting guidelines for commercial property, it describes steps any lender can adopt to facilitate:

* Data Collection--Rules on exactly what information must be gathered, with a standardized form to record the information

* Validation--Guidelines as to which data should be validated, and precisely why and how this should occur
* Analysis--A specific underwriting methodology that guides how lenders and third parties should analyze cash flows, credit, and more

* Presentation--Logical categories for summarizing and reviewing information, and tracking conclusions back to their underlying data

* Third Party Reports--Directions on what they should contain, and how they should be conducted and used by the underwriter

The Handbook of First Mortgage Underwriting outlines a rigid, straightforward underwriting process, one that creates a consistent process for collecting, analyzing, and summarizing available data. Featuring numerous forms, checklists, and examples, it contains everything required for a complete presentation of the underwriting conclusions to clearly highlight any credit or collateral issues.

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