Providing highly reliable solutions to the commercial mortgage investment and finance industry

Commercial Real Estate Underwriting and Due Diligence Services
Providing underwriting and due diligence services is a significant responsibility and requires skilled resources, established processes, and a fully vetted platform for success. Our underwriters have extensive experience underwriting a variety of commercial mortgage loan types and programs.
Our services include:
- Agency multifamily underwriting
- Conventional, small balance, affordable, senior housing
- CMBS/Agency securitization & B-piece diligence
- Property inspections
- Loan sizing, ASR creation
- Lease review & abstract preparation
- Loan purchase/sale diligence
- Data input/validation/reconciliation
- Warehouse line review & counterparty diligence
Scope of Review
- Review sizing and loan structure
- Examine historical cash flows, prepare proforma underwriting in accordance with investor guidelines
- Investigate and analyze borrower credit, history and financials
- Review management company experience and suitability
- Perform site inspection
- Collect market data, analyze comparable information and interview market participants

Servicing and Asset Management Support
Birdsey Group Commercial provides a variety of asset management and servicing support services to investors, lenders, servicers, and note purchasers. Our team of real estate experts have experience in all areas of asset management as well as all facets of master, primary and special servicing.
Our services include:
Portfolio performance monitoring & surveillance
- Quarterly and annual asset reports
- Loan assumption and modification transfer
- Watch list review & management
- Covenant testing and tracking
- Lease review, audit and abstract
Non-performing or defaulted loan workout restructuring and enforcement
- Develop and execute loan-specific plan
- Manage enforcement process (foreclosure, receivership, etc)
- REO and NPL management, liquidation
Property inspections & market studies
- Annual portfolio compliance
- Insurance/reserve disbursement review
- Acquisition/origination/CMBS B-piece
Loan re-underwriting & portfolio valuation
- Cash flow modeling
- ASR preparation
- Third-party appraisal/report review
Lender advisory
- Loan sale/purchase diligence
- Warehouse line & counterparty due diligence

Real Estate Advisory Services
Our Real Estate Advisory Group is directed by a team of senior commercial mortgage professionals with many years of valuation experience across all property types. This group is supported by a network of over 750 local real estate professionals across the country, including appraisers, underwriters, and brokers.
Our services include:
- Standard site inspections and photos
- Physical condition reports
- Broker Price Opinions (BPO)’s
- Third party management
- MAI and SRA appraisal management review
- Argus cash flow modeling
- Rent roll reconciliation
- Lease review
- Market date reports including sale/rent comparables, cap rate analysis, vacancy rate analysis, new construction, area growth rates, etc.
- Quarterly and annual operating statement surveillance
- Loan assumptions and modifications
- Draw/reserve disbursement review
- Rating agency consent case preparation
- Preparation and submission of periodic credit memorandums

Commercial Real Estate Underwriting and Due Diligence Services
Providing underwriting and due diligence services is a significant responsibility and requires skilled resources, established processes, and a fully vetted platform for success. Through our resource depth, and our proven experience, Birdsey Group Commercial offers highly reliable solutions to our clients.
Our services include:
- Agency multifamily underwriting
- Conventional, small balance, affordable, senior housing
- CMBS/Agency securitization & B-piece diligence
- Property inspections
- Loan sizing, ASR creation
- Lease review & abstract preparation
- Loan purchase/sale diligence
- Data input/validation/reconciliation
- Warehouse line review & counterparty diligence
Scope of Review
- Review sizing and loan structure
- Examine historical cash flows, prepare proforma underwriting in accordance with investor guidelines
- Investigate and analyze borrower credit, history and financials
- Review management company experience and suitability
- Perform site inspection
- Collect market data, analyze comparable information and interview market participants

Servicing and Asset Management Support
Birdsey Group Commercial provides a variety of asset management and servicing support services to investors, lenders, servicers, and note purchasers. Our team of real estate experts have experience in all areas of asset management as well as all facets of master, primary and special servicing.
Our services include:
- Quarterly and annual asset reports
- Loan assumption and modification transfer
- Watch list review & management
- Covenant testing and tracking
- Lease review, audit and abstract
Non-performing or defaulted loan workout restructuring and enforcement
- Develop and execute loan-specific plan
- Manage enforcement process (foreclosure, receivership, etc)
- REO and NPL management, liquidation
Property inspections & market studies
- Annual portfolio compliance
- Insurance/reserve disbursement review
- Acquisition/origination/CMBS B-piece
Loan re-underwriting & portfolio valuation
- Cash flow modeling
- ASR preparation
- Third-party appraisal/report review
Lender advisory
- Loan sale/purchase diligence
- Warehouse line & counterparty due diligence

Real Estate Advisory Services
Our Real Estate Advisory Group is directed by a team of senior commercial mortgage professionals with many years of valuation experience across all property types. This group is supported by a network of over 750 local real estate professionals across the country, including appraisers, underwriters, and brokers. Many of our analysts have professional designations including MAI and CCIM.
Our services include:
- Standard site inspections and photos
- Physical condition reports
- Broker Price Opinions (BPO)’s
- Third party management
- MAI and SRA appraisal management review
- Argus cash flow modeling
- Rent roll reconciliation
- Lease review
- Market date reports including sale/rent comparables, cap rate analysis, vacancy rate analysis, new construction, area growth rates, etc.
- Quarterly and annual operating statement surveillance
- Loan assumptions and modifications
- Draw/reserve disbursement review
- Rating agency consent case preparation
- Preparation and submission of periodic credit memorandums
Specialists in Agency and B-Piece Underwriting
Agency Underwriting
BGC has extensive experience in both Fannie Mae and Freddie Mac conventional and small balance Agency Lending. Our staff has worked at many of the top Fannie Mae DUS lenders and Freddie Mac Program Plus Seller/Servicers, including in senior underwriting and appraising positions. Deep experience with GSE investor guidelines and a commitment to providing the highest quality work allows Birdsey Commercial Group to offer a full range of Agency services from pre-screen to full underwriting.
B-Piece Re-underwriting
BGC was founded in 2004 with a focus on CMBS underwriting. With a deep history in highly structured securitized transactions, BGC has the expertise to perform detailed reviews necessary for B-piece re-underwriting. BGC’s clients include many of the top B-piece investors and servicers.

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