Looking for someone that can underwrite the Tampa Bay Area. Looking to start making deals in the coming weeks. Anyone interested please reach out. Reach out if you’re an experienced GP or KP
What asset class are you targeting in Tampa? Multifamily and industrial have very different underwriting constraints right now compared to retail or office in Hillsborough and Pinellas.
If you are structuring syndications as a GP and planning to bring on a KP for agency or regional bank debt, the biggest hurdle lenders in Florida are scrutinizing is debt service coverage under stressed insurance assumptions. Insurance line items in the Tampa metro have blown up pro formas, so if you underwrite historical T12 insurance rather than getting preliminary quotes from a local carrier, your lender sizing will get cut 10% to 15% at closing.
The other key piece is entry cap rate versus your exit cap spread. We track real-time implied cap rates and debt maturity wall data across commercial real estate, and in Tampa specifically, banking on cap rate compression over a 3 to 5 year hold is high risk. You need to verify that the deal generates cash on cash yield through verifiable Net Operating Income bumps rather than relying on market multiple expansion.
Feel free to send a PM or connect on here if you have a specific T12 and rent roll you want a second set of eyes on before submitting an LOI.
What asset class are you targeting in Tampa? Multifamily and industrial have very different underwriting constraints right now compared to retail or office in Hillsborough and Pinellas.
If you are structuring syndications as a GP and planning to bring on a KP for agency or regional bank debt, the biggest hurdle lenders in Florida are scrutinizing is debt service coverage under stressed insurance assumptions. Insurance line items in the Tampa metro have blown up pro formas, so if you underwrite historical T12 insurance rather than getting preliminary quotes from a local carrier, your lender sizing will get cut 10% to 15% at closing.
The other key piece is entry cap rate versus your exit cap spread. We track real-time implied cap rates and debt maturity wall data across commercial real estate, and in Tampa specifically, banking on cap rate compression over a 3 to 5 year hold is high risk. You need to verify that the deal generates cash on cash yield through verifiable Net Operating Income bumps rather than relying on market multiple expansion.
Feel free to send a PM or connect on here if you have a specific T12 and rent roll you want a second set of eyes on before submitting an LOI.
Before choosing an underwriter, I would get clear on what kind of deals you want them to underwrite and what a finished package should include. Commercial underwriting is not one standard product, and a vague request will bring back vague numbers.
A useful brief usually covers the asset type, the rent and expense assumptions, capital reserves, the exit plan, and the sensitivity cases you want tested, such as higher vacancy or a slower lease-up. I would also ask for turnaround time, fee structure, and whether the underwriter has recent experience with similar Tampa-area commercial deals.
Ask to see a sample package before you commit, with the assumptions spelled out rather than buried in a single return figure. That way you can compare underwriters on the quality of their work, not just on who promises the most attractive result.
Lining up the team before the first deal shows up is the right order. A lot of people only start looking once they're under contract. The lender runs its own underwriting on every deal no matter who built your model, so the person you hire is really there to make sure your numbers hold up when the lender rebuilds them. A KP gets looked at about as closely as the property, mainly net worth, liquidity and a track record on similar deals, and on most commercial loans they sign the guaranty. For a newer GP that's often what gets the loan done. Which part are you short on right now, the deal analysis or the balance sheet behind the loan?