Due Diligence Services
Investment Underwriting and Due Diligence
Whether developing or acquiring a full or partial interest in a real estate investment, we provide investment underwriting and due diligence services to our clients. Our professionals have extensive experience in commercial real estate investment, lending and valuation across all asset types. We are often engaged to provide these services to support our clients' investment decisions, provide an independent third-party review or re-underwriting of investments, whether full or partial interests. Our full complement of due diligence services ranges from initial market, zoning and tax analysis to full and final investment including input into capital structuring and documentation support. We can provide all or parts of the due diligence process for a client. We also can supply MAI appraisals in conjunction with our due diligence services upon client request.
Independent Underwriting and/or Appraisal Review
We are not investors, lenders or stakeholders of any kind in commercial real estate service other than to provide real estate counseling and valuation services. Because of this, we maintain complete independence with respect to the full range of due diligence and litigation support services we provide to our clients. Whether we are providing initial underwriting services in support of investment or development or we are conducting reviews or re-underwriting, our independence and robust industry activity allows us to provide unbiased, rigorous and fully documented underwriting.
Compliance Program Development and Review
We work with clients to develop or review their internal investment or development compliance programs, creating processes that encompass standards, monitoring systems, assessment and adjustment protocols, and clear delineation of roles and responsibilities. We are able to review the compliance programs for management companies retained by our clients and to make recommendations for process improvements.
Cash Flow Modeling
Cash flow modeling provides the financial base of support for any investment or development decision. Sound decisions cannot be made without thorough and fully-documented assumptions and analysis. Senior professionals at National Realty Counselors, Inc., have decades of experience in the use of discounted cash flow models such as Argus Enterprise, Argus DCF and its processor program, Pro-Ject. We were around when the first beta version of Argus came to market in the 1990's and have kept up with the periodic updates, and more recently, the upgrade of Argus DCF to Argus Enterprise, which is designed to handle portfolios of properties. Argus Enterprise presents unique challenges to its users, as the program is intricate than its predecessor. Argus DCF will not be supported in the future. Rather than the cost of maintaining multiple user licenses, ongoing training and in-house cost of modeling, we provide clients with the final analysis product on an as needed basis.
With our extensive expertise and experience with commercial real estate valuation and investment, National Realty Counselors (NRC) has a boots-on-the-ground view of how to develop Argus Enterprise models efficiently. We can take a quick look at a rent roll and know what the input assumptions need to be. With this knowledge, we can provide the client with a list of questions that, when answered, should complete most of the input assumptions. With some other supplemental materials, such as market surveys, assumptions about downtime and renewal probability can be made. Of course, input from the client is essential in efficient completion of the model. The questions from NRC will produce timely results and we know the questions to ask.