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We support various types of projects for real estate clients. A sample of client assignments is presented below.
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AVM Testing
Boxwood provides independent testing and validation of automated valuation models (AVMs) for various small and large commercial banks. Our validation services, testing methodologies and databases have successfully supported bank lending programs and internal risk management protocols while allowing institutions to comply with federal agency guidelines for rigorous and independent AVM testing.
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Mortgage Market Reporting
A commercial bank asked us to assist them in evaluating small-balance markets for loan growth. Boxwood developed customized market research reports that allow the bank to better track loan production, its market share and origination trends on an ongoing basis.
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Strategic Market Research
We have employed our proprietary small-balance loan research for new lenders and investors.
(1) We prepared a Strategic Report of this originations market for executive management of a national residential lender contemplating entry into the lending space. In the statistical and narrative report, we delivered critical intelligence to the client on market sizing, property and loan attributes, loan performance, competition, and the risks and opportunities presented by the marketplace among other areas of investigation. Our client subsequently launched a successful small-balance program.
(2) Managers of a private equity firm commissioned a similar strategic market report in consideration of an investment in an under-capitalized, small-balance lender. Our investor client later funded the lender based on our report and counsel.
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Valuation Product
For a national commercial real estate services firm, we developed and maintain an automated, statistical model for valuation of small commercial properties that the company markets to banks and lenders nationwide as a component of its appraisal services. The model supports collateral valuation at numerous lending institutions throughout the country.
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Real Estate Market Research We provide real estate market research for a national commercial real estate brokerage company. This research, as well as econometric forecasts of commercial real estate markets, are compiled into various national and regional market research newsletters that are distributed to the public. Boxwood also conducts quarterly webcasts of the national real estate market that are sponsored by the brokerage company and broadcast to internal and external clients.
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Real Estate Investment Fund Study An investment manager commissioned Boxwood to prepare a quantitative study supporting the development of a new real estate fund that mixed public REIT securities and private real estate assets. Our investigation, which formed the intellectual background for the fund’s objectives, proved that careful quantitative construction of multi-real estate asset class portfolios can substantially reduce volatility and outperform various single-asset class portfolios.
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Portfolio Diversification Study
As consultant, Boxwood conducted a pioneering examination of portfolio diversification benefits of an existing commercial lending program for one of the nation’s Government Sponsored Enterprises (GSEs). Utilizing Boxwood's simulation and risk models, we designed and produced portfolio analytics that evaluated the impact of regional concentrations and loan structure on expected and unexpected losses, and attendant capital reserves for diverse mortgage portfolios. The results formed the basis for a new capital reserving policy for the GSE’s lender partners.
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Hedge Fund Development We developed a quantitative, medium-term strategic investment system for a global financial services and investment management company. The system, which produces risk-adjusted expected return scores for all equities on the New York Stock Exchange, was designed to uncover emerging trends in equity investments. From these scores, a variety of ratings, paper portfolios, and institutional and retail hedge funds have been established for investment and marketing purposes.
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