Commercial Real Estate & Development

Start With the Transaction

Before pursuing financing, understand what the property, project, capital structure, and broader opportunity may require.

Commercial Real Estate Financing Consulting

Prepare the Property, Project, and Transaction for Financing

Frog Strategic Resource Consulting provides commercial real estate financing consulting for investors, developers, business owners, and sponsors pursuing acquisitions, refinancing, construction, and development opportunities.



Commercial real estate financing involves more than the property itself. Cash flow, project costs, sponsor strength, equity, sources and uses, and transaction structure may all affect how the opportunity is evaluated. Our consulting may include:

  • Commercial real estate financing strategy
  • Property and project financial review
  • Sources and uses analysis
  • Debt and equity structure
  • Construction and development planning
  • Pre-underwriting preparation
Why Preparation Matters

A Strong Property Still Needs a Strong Transaction

A strong property or development opportunity still needs the right financial and transaction structure. Lenders may evaluate cash flow, project costs, sponsor strength, equity, repayment, collateral, and overall structure.



FSRC approaches commercial real estate financing from a lending and underwriting perspective, helping clients prepare key areas before moving forward. These may include:

  • Property and project financials
  • Cash flow and debt service
  • Borrower or sponsor strength
  • Sources and uses
  • Equity and capital requirements
  • Transaction structure
  • Financial projections
  • Supporting documentation
Commercial Real Estate Opportunities

What Are You Trying to Accomplish?

Commercial real estate opportunities can require very different financing strategies depending on the property, project, borrower, timeline, and long-term objective.

Property Acquisition

Evaluate purchase price, property performance, borrower or sponsor equity, financing requirements, and the overall acquisition structure.

Commercial Real Estate Refinancing

Review existing debt, property cash flow, current capital needs, valuation considerations, and the objectives behind the refinancing.

Construction Financing

Evaluate construction budgets, project costs, equity requirements, sources and uses, financing needs, and the path from construction through completion.

Development Financing

Review land, development costs, project assumptions, sponsor contribution, capital requirements, and the broader development financing strategy.

Repositioning & Improvement

Consider financing needs for renovations, improvements, redevelopment, stabilization, or other strategies intended to strengthen the property.

Bridge & Permanent Financing

Evaluate short-term and long-term financing needs based on the property, project stage, cash flow, stabilization plan, and broader objective.

Financing Across the Property Lifecycle

The Financing Strategy Should Fit the Stage of the Opportunity

Commercial real estate financing needs may change as a property or project moves from acquisition and construction to stabilization, refinancing, or long-term ownership.



FSRC helps evaluate how the financing strategy may need to evolve based on the property, project stage, capital requirements, and long-term objective. Depending on the opportunity, that may include:

  • Property acquisition financing
  • Bridge financing for transitional properties
  • Repositioning and improvement financing
  • Construction and development financing
  • Sponsor equity and sources and uses
  • Short-term capital needs
  • Permanent financing considerations
  • Refinancing after stabilization
Pre-Underwriting Review

Identify Potential Issues Before Formal Review

Commercial real estate financing questions are easier to address before a transaction is deep into underwriting. FSRC brings a pre-underwriting review perspective to help identify financial, property, sponsor, structural, and documentation concerns earlier.



If a commercial real estate financing request has stalled or raised questions, FSRC can also evaluate what may need attention before the opportunity is presented again. Our review may focus on:

  • Property cash flow and debt service
  • Historical and projected financial performance
  • Borrower or sponsor financial strength
  • Equity contribution
  • Sources and uses
  • Construction or development budgets
  • Project costs and assumptions
  • Transaction structure
  • Existing debt, when applicable
  • Supporting documentation
  • Potential underwriting concerns
Understanding the Opportunity

The Property Is Only One Part of the Transaction

Commercial real estate financing requires an understanding of more than the asset itself. Lenders and capital sources may also need to understand the sponsor, project, financial performance, capital requirements, and strategy behind the transaction.



FSRC helps bring those pieces together so the opportunity presents a clearer financial and transaction story..

  • The Property

    Understand the asset, use, current performance, condition, and role within the transaction.

  • The Opportunity

    Clarify what is being acquired, developed, constructed, improved, repositioned, or refinanced.

  • The Financial Picture

    Evaluate cash flow, debt service, projections, operating performance, and other financial considerations.

  • The Sponsor

    Consider experience, financial strength, liquidity, equity contribution, and involvement in the project.

  • The Capital Structure

    Understand the debt, equity, sources and uses, project costs, and other capital requirements.

  • The Strategy

    Define what the client is trying to accomplish and how the financing supports the property's next stage.

Commercial Real Estate Transaction Structuring

The Loan Amount Is Only One Part of the Capital Structure

A client may begin with a specific financing amount in mind, but the strategy should reflect the entire commercial real estate transaction.


FSRC evaluates the property or project, financial position, capital requirements, sources and uses, and transaction structure to determine what may better support the client's objective. Depending on the opportunity, that may include:

  • Senior debt
  • Sponsor equity
  • Additional equity
  • Bridge financing
  • Construction financing
  • Permanent financing
  • Refinance proceeds
  • Sources and uses
  • Project and acquisition costs
  • Other capital considerations

Property & Project

  • Property or development
  • Acquisition and project costs
  • Financial position and performance
  • Timing and project stage

Complete Capital Strategy

  • Sources and uses
  • Senior debt and sponsor equity
  • Bridge or construction financing
  • Additional equity and capital considerations

Client Objective

  • Acquire or develop
  • Construct or improve
  • Stabilize or reposition
  • Refinance or hold long term
Construction & Development Planning

Understand the Capital Need Before the Project Moves Forward

Development and construction financing begins with understanding the full cost and capital requirements of the project, not simply the requested loan amount.



FSRC helps evaluate how project costs, construction budgets, sponsor equity, financing needs, and other capital sources fit together within the broader development strategy. Areas of focus may include:

  • Land or acquisition costs
  • Construction budgets
  • Hard and soft costs
  • Sponsor equity
  • Sources and uses
  • Project contingencies
  • Financing requirements
  • Financial projections
  • Capital structure
  • Permanent financing considerations
Commercial Real Estate Loan Package Preparation

Prepare the Opportunity for Financing Review

Once the property, project, and financing strategy are clearer, the transaction needs to be supported by organized, credible financial and project information. FSRC assists with commercial real estate loan package preparation so lenders and capital sources can more clearly understand the property, sponsor, project, use of funds, financial performance, and transaction structure. Depending on the engagement, preparation may include:

  • Property financial information
  • Historical operating results
  • Financial projections
  • Rent or revenue information, when applicable
  • Sources and uses
  • Construction or development budgets
  • Project summaries
  • Sponsor and ownership information
  • Financial narratives
  • Transaction summaries
  • Supporting documentation
  • Loan and capital package preparation
We Work on the Deal Before We Work on the Financing.
Why FSRC

Commercial Real Estate Financing With a Lender’s Perspective

FSRC does not approach commercial real estate financing as simply finding a source of capital. We work to understand the property, project, sponsor, financial picture, and transaction structure before financing is pursued.


  • 25+ Years of Lending Experience: Apply firsthand lending experience to the financial, structural, and underwriting questions surrounding the real estate opportunity.
  • Transaction-First Perspective: Look beyond the requested financing amount to understand what the property, project, and broader transaction may actually require.
  • Pre-Underwriting Review: Identify potential property, financial, sponsor, documentation, or structural concerns before they become larger issues during review.
  • Capital & Financial Preparation: Help organize the financial information, project details, capital structure, and supporting documentation behind the financing request.
Tell Us About Your Real Estate Opportunity

Better Preparation Starts With a Conversation

Tell us about your commercial real estate acquisition, refinancing, construction project, development opportunity, repositioning strategy, or other property financing need. FSRC will review the opportunity and determine whether our commercial real estate financing consulting, transaction structuring, pre-underwriting, and loan preparation experience may be able to help.