Price your assets beforethe market does.

Every asset has two prices: the one in your model, and the one
your next lender, insurer, and buyer are forming. We read the
second one early, while you still have leverage to act on it.

Found out too late

Two identical buildings and two different term sheets.

Imagine two buildings with the same submarket, vintage, insurance exposure, and loan maturing on the same date. On every screen and appraisal, they are the same building.

18 months before maturity, one owner learned the lender would discount a below-market lease and the insurer would reprice the roof. They extended the tenant, documented the roof work, and refinanced on their terms.

The other owner learned the same things from the term sheet, and funded the gap with equity.

SAME ASSET · TWO UNDERWRITING PATHST−18 → T

SAME ASSET · TWO PATHST−18 → T

IDENTICAL ASSET INPUT

01 · RESOLVED EARLY

Lease cash flow

Insurance conditions

Capital timing

FINANCING CASE SUPPORTED

02 · LEFT OPEN

Lease cash flow

Insurance conditions

Capital timing

OPEN QUESTIONS · TIME EXPIRED

T−18 · ANSWEREDT · SAME MATURITY

What your counterparties are already pricing in

$10.67

Lost in loan proceeds for every $1 of income your next lender declines to recognize.

At a 1.25x coverage test and a 7.5% constant, a $400,000 disagreement about income is a $4.3M disagreement about your financing. If your new loan barely clears your old one, a 2% income haircut can erase 20% of your cash-out.

40%

How far the safest asset class in America repriced, without losing a single tenant.

NYC rent-stabilized multifamily: a 2019 law capped how fast rents could rise. Insurance rose 224%, lending to the segment fell 74%, price per unit went from $270,000 to $163,000, and occupancy never changed.

5 years

How much of your ten year government lease actually belongs to you.

After a firm term, the government can leave on 120 days' notice. Your lender sizes to year five, regardless of what the lease says.

$875B

Being re-underwritten this year.

17.5% of the $5.0 trillion of US commercial and multifamily mortgage debt outstanding, re-examined against today's income, insurance and credit appetite.

How it works

We underwrite your underwriter before they underwrite you.

Give us an asset and your current underwriting. We build a repricing graph for it: the connections between your documents and outside market signals (a lease clause, a concession trend, a capital project, a covenant) that together decide what the next counterparty will recognize.

Then we run the counterparty: what income a lender credits, what conditions an insurer attaches, what a buyer discounts, and what each one requires as proof. We work backward from their requirements to the moves your team can still make.

Don't have a specific question? We'll find the decision that matters most: the one coming up soonest, still in your control, and worth the most.

Build around your asset.

Leases, operating records, technical documents and market evidence connected to the same asset, with dates and sources preserved.

SOURCE → ASSET → DATE

See how the other side is modeled.

Assess how lenders, buyers and insurers treat the same asset, and the assumptions behind their terms.

ONE ASSET · DIFFERENT UNDERWRITING

Test changes against your plan.

Compare the cost and financial effect of a proposed change while keeping unrelated assumptions fixed.

CHANGE ISOLATED · EFFECT COMPARED

04Expose the reasoning

See our recommendations and sources.

Inspect the documents, assumptions and calculations behind the answer. See what is supported, what is modeled and what could change the recommendation.

Source evidenceModel assumptionCalculated result

When teams run Mendria

Where Mendria creates an edge

Before a refinance, sale, or major investment, understand how lenders, buyers, and insurers could change the outcome, and what you can do about it.

Anticipate price cuts and tougher terms while you can still act.

Example: Buyers could cut an office’s price by $25M because repair costs are uncertain. Spending $3M on inspections and targeted repairs could reduce that discount to $9M, which means $16M of sale value protected, and $13M after costs.

When to use it

Refinancing · Insurance renewal · Sale

Find what would make lenders and buyers give your upside more credit.

Example: A data center’s expansion gets just $24M of buyer credit because key commitments are missing. Mendria identifies $6M of work that could increase that to $72M, which means $42M in additional sale value after costs.

When to use it

Expansion · Redevelopment · Lease-up

See which investments change the financial outcome, and which can wait.

Example: An office has a €14M upgrade planned. Mendria finds that €5M meets the energy standard driving buyer pricing. The remaining €9M adds no modeled sale value, so €9M of spending deferred and €13M of sale value protected.

When to use it

Major capex · Development phases · Acquisition planning

Find the condition your investment depends on and what it takes to resolve it.

Example: A land purchase assumes development financing will be available. Mendria finds that financing depends on a firm power-delivery commitment, so you make power delivery a condition of closing.

When to use it

Powered land · Infrastructure · Complex development

SIT-01 · Defend value

Divergence detected · defended in time

The proofTrack record · public

We publish calls we can be graded on.

We include the segment, mechanism, window, what would prove us wrong, and the date we score these publicly.

2026

2025

2024

APR 29 2026 · $35.9M MORTGAGE DUE

MAY 1 2026 · $26.0M RATE CAP EXPIRES

APR 2026 · $11.5M BRAND RENOVATION DUE

$10.0M moved

APR 2024

$3.0M PAYDOWN · $5.0M PIP RESERVE · $1.7M COLLATERAL · $0.3M INTEREST RESERVE

24 MONTHS EARLIER

A 331 room airport hotel. Three obligations converged within three days of each other in April 2026. The lender took the cash in April 2024.

SOURCE · SOTHERLY HOTELS SEC FILINGS

Open calls

NYC Local Law 97 exposure priced into 2027–2028 transactions

OPEN

ISSUED SUMMER 2026

Data center expansion value discounted for unsecured power

OPEN

ISSUED SUMMER 2026

PFAS certainty spread in industrial and logistics terms

OPEN

ISSUED AUGUST 2026

WHAT WOULD PROVE US WRONG

If large gap buildings transact at prices, reserves and holdbacks that can't be told apart from comparable buildings without a gap.

Research with us.

If you lend, insure, underwrite or study real assets, we'd welcome your perspective on an open call, data that would strengthen it, or a collaboration on the next one.

Start a conversation →team@mendria.com

Coverage

Asset classes and capital events we price.

Don't see your asset type? Tell us what you own and the decision you face. We'll tell you whether Mendria can support it and what information we need.

Asset classes