CMBS
Our experience and knowledge provides prompt and cost-effective underwriting and loan analytics to CMBS investors.
Exceder’s Senior Consultants have inspected and underwritten thousands of new issue and Legacy CMBS loans nationwide for both investment grade and B-piece CMBS investors.
Exceder knows the questions to ask and the data sources to tap, allowing us to complete site inspections and market investigations in a timely and comprehensive manner. We identify any potential issues with properties or underwriting assumptions in a timely and professional manner.
Our experience underwriting and valuing CMBS pools allows our Clients to make effective and timely investment decisions.
Mezzanine/High Yield Loans
Exceder provides complete Due Diligence and Loan Underwriting for Mezzanine/High Yield Lenders.
Exceder's experience and knowledge provides Clients with a complete picture of the property, market, business plan, credit analysis, risks, mitigants, strengths and opportunities associated with the transaction.
Our Scope of Work can include CAM reconciliation, review of Argus modeling assumptions, development of cash flow projections, site inspection, market investigation and preparation of credit approval memorandums.
Exceder keeps a clear focus on approval and closing deadlines to ensure smooth completion of the transaction.
Loan Portfolios
Exceder provides Senior Level real estate underwriting and portfolio analysis experience to both sellers and buyers of Loan Portfolios.
Exceder has developed processes and analytical tools that provide our clients with detailed and timely cost-effective results.
Exceder uses portfolio stratifications and a preliminary valuation analysis to help define a focused scope of work and appropriate due diligence and underwriting process.
Additional analysis of the portfolio through Exceder’s pricing analysis gives loan sellers a preliminary portfolio valuation to aid in a strategic assessment of the sale.
Combining the underwriting results with Exceder's portfolio valuation analysis, we are able to generate multiple price/bid scenarios for portfolio buyers in a cost-effective manner.
Structured Loans
Exceder has the experience required to analyze, underwrite, and value all components found in Structured Loans.
From loans that have a simple A/B structure to loans with multiple levels of senior and subordinate debt, Structured Loans are a unique challenge to analyze, underwrite and value.
Exceder’s Senior Underwriters have underwritten, analyzed, valued, and suggested multiple resolution strategies on all types of Structured Loans from single asset loans to loans secured by large, multi-state, multi-asset pools.
Exceder's experience provides investors cost efficient and timely analysis of complex loan structures.
Consulting Services
Exceder provides consulting services in all facets of real estate investment, lending, loan administration, and asset management.
We have experience in many areas including equity investments, credit approval, loan work out, and loan review. Exceder provides a cost-effective solution for almost every commercial real estate need including:
- Equity Due Diligence
- Process Evaluation
- Underwriting Policies and Procedures
- Cash Modeling in Argus or Excel
- Loan Management
- Loan Review and Valuations
- Risk Assessment
About Us
Exceder Real Estate Advisors, LLC is an independent, third-party commercial real estate underwriting and consulting firm.
We believe in providing the highest quality, detailed, professional and cost-effective solutions to our clients. We always deliver projects on-time and on-budget. We work collaboratively with our clients to develop an appropriate and valuable Scope of Work that addresses their needs.
Exceder is a team of Senior Underwriters with real estate lending backgrounds for commercial banks, life companies, private equity and CMBS conduits.
In addition to their exceptional underwriting and analysis skills, the team also has extensive experience in loan originations, asset management, investment sales brokerage, leasing, and loan workouts.
We have underwritten loans on all types of commercial real estate including hotels, health care, office, industrial, retail, multi-family, golf courses, condominiums, parking facilities, residential land developments, commercial land developments and mixed use entertainment venues.
Exceder's experience includes underwriting and analyzing loans and properties in all 50 states, Puerto Rico and the Caribbean.
Exceder has Senior Underwriters located across the country in all major metro areas. This allows us to offer our expertise nationwide and efficiently manage travel costs.
Since its founding in May 2010, Exceder has reviewed, analyzed, underwritten and valued thousands of loans with an aggregate principal balance in excess of $100 billion.
Managing Partners
Philip Gonsalves
Philip Gonsalves is the founder and Managing Partner of Exceder Real Estate Advisors, LLC, an independent third-party commercial real estate underwriting, due diligence and consulting firm. Phil has over 30 years of commercial real estate underwriting, analysis and valuation experience.
Over the course of his career, Phil has managed hundreds of engagements for various clients including projects for investment banks, commercial banks, private equity real estate funds and various other commercial real estate debt investors.
He has provided loan valuation, strategic analysis and consulting services to portfolio lenders and CMBS investors, as well as directly underwriting numerous loans for the CMBS market.
Phil has extensive experience analyzing all types of commercial real estate and debt including mezzanine loans and highly structured, multi-tranche transactions.
Prior to founding Exceder, Phil was with McCary Stevens Associates, Inc. for over 10 years as a Senior Project Manager and Principal providing loan underwriting, due diligence and commercial real estate consulting services. Prior to McCary Stevens, he worked on CMBS loan origination and underwriting for QuestCap and Paine Webber.
Phil also has commercial banking experience with CenterBank as a Vice President in the Credit Administration Department and with RECOLL Management/Fleet Financial Group as Vice President and Manager of the appraisal and valuation department in Hartford, CT. RECOLL was responsible for working out loans for the FDIC related to failure of Bank of New England. Phil’s commercial real estate career started with a regional commercial appraisal firm in 1985.
Phil is a graduate of Boston College with a Bachelor of Arts degree in History.
Stacy Stack-Rudolph
Stacy Stack-Rudolph joined Exceder as Principal and Managing Member in 2023. Stacy is based in Dallas, TX, and has over 25 years of years of commercial real estate and capital markets experience across an array of functions including underwriting, asset management, loan servicing, portfolio reporting, statistical financial analysis, risk policy and systems development. She was a part of the Lone Star group that took down regional and international distressed loan portfolios including the large Anglo-Irish Bank transaction in 2011 and several Puerto Rico bank transactions in 2012-2013.
Stacy has worked with investor groups to isolate risk and evaluate return projections based upon baseline and alternative scenario valuations.