Understand how lenders evaluate risk

Learn how cash flow, collateral, borrower strength, and market conditions are analyzed to determine whether a deal works.

Learn how financials drive underwriting decisions

Understand how income statements, NOI, and expense normalization shape loan sizing and risk assessment.

See how deals are structured and brought to closing

Follow how underwriting decisions translate into loan terms, conditions, and execution through closing.

A practical introduction to how commercial real estate loans are evaluated, structured, and approved.

Commercial underwriting is the foundation of every lending decision, yet many professionals entering the space lack a clear understanding of how deals are actually evaluated. Unlike residential lending, commercial underwriting is not formula-driven. It requires a practical understanding of cash flow, asset quality, borrower strength, and market risk. This course provides a structured, real-world introduction to how commercial underwriting works in practice. You’ll learn how lenders analyze financials, evaluate collateral, assess borrower risk, and structure loans to protect capital while supporting viable transactions. The goal is to give you a working foundation so you can evaluate deals more effectively, communicate with confidence, and approach commercial lending with greater clarity.

Academy For Commercial Lending

I’m Michael Boggiano, and I’ve spent more than 25 years originating and structuring commercial real estate loans, with a focus on small balance and multifamily lending. My experience comes from working directly on transactions across multiple market cycles and understanding how lenders evaluate risk, structure deals, and bring them to closing. Throughout my career, I’ve seen how often underwriting is misunderstood, particularly for professionals transitioning from residential to commercial lending. Through the Academy for Commercial Lending, my goal is to share practical, real-world insight so you can evaluate deals more effectively, understand how lenders think, and approach commercial lending with greater clarity and confidence.

Curriculum

8 Chapters · 17 Lessons

  1. 1

    Introduction to Commercial Underwriting

    1. (Included in full purchase)

      Lesson 1: How Commercial Underwriting Works and Why It Matters

    2. (Included in full purchase)

      Chapter 1 - Quiz

  2. 2

    Chapter 2: Financial Statements and Cash Flow Analysis

    1. (Included in full purchase)

      Lesson 1: How Financials Drive Underwriting Decisions

    2. (Included in full purchase)

      Chapter 2 - Quiz

  3. 3

    Chapter 3: Collateral, Valuation, and Market Analysis

    1. (Included in full purchase)

      Lesson 1: How Property and Market Factors Influence Risk

    2. (Included in full purchase)

      Chapter 3 - Quiz

  4. 4

    Chapter 4: Borrower and Sponsorship Analysis

    1. (Included in full purchase)

      Lesson 1: How Lenders Evaluate Borrower Strength

    2. (Included in full purchase)

      Chapter 4 - Quiz

  5. 5

    Chapter 5: Loan Structure and Risk Mitigation

    1. (Included in full purchase)

      Lesson 1: How Loan Structure Aligns Risk and Return

    2. (Included in full purchase)

      Chapter 5: Quiz

  6. 6

    Chapter 6: Loan Approval, Closing, and Lifecycle Management

    1. (Included in full purchase)

      Lesson 1: How Deals Move from Approval to Closing

    2. (Included in full purchase)

      Chapter 6 - Quiz

  7. 7

    Hand Outs

    1. (Included in full purchase)

      Understanding The Underwriting Framework

    2. (Included in full purchase)

      NOI and Cash Flow Underwriting

    3. (Included in full purchase)

      Collateral, Valuation, and Market Risk

    4. (Included in full purchase)

      Loan Structuring and Risk Management

  8. 8

    Final Exam

    1. (Included in full purchase)

      Final Exam

What people are saying

Testimonials build trust — fast. Edit this section to show how your product is making a difference and help your audience purchase with confidence.

”
“This course provides a clear framework for understanding how lenders evaluate deals. It helped me connect the pieces between cash flow, risk, and loan structure.”
Tyler

Loan Officer - Pittsburgh, PA

”
“This gave me a much better understanding of how to review deals and communicate more effectively with lenders and clients.”
Joanne

Banker -Tampa, FL

”
“A strong foundation for anyone moving into commercial lending. It explains how deals are evaluated and why decisions are made.”
Justin

Underwriter - Las Vegas, NV

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