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Leading Commercial Evaluations and Market Research Firm


COVID-19 Update

Like everyone around the world, we are following the constantly evolving situation surrounding COVID-19. The health and well-being of our clients and vendors is our top priority. With that in mind, we have modified our inspection procedures. To learn more, please click here. We will continue to adapt our procedures as needed in order to address your business needs. As always, contact us if you have questions or concerns.


Boxwood Means helps 300 commercial banks, non-bank
lenders and investors finance America’s small businesses.
We empower these clients to make smarter investment
decisions - and save time and money - with a wide array
of CRE valuation products and standalone property and
environmental inspections built with leading-edge technology
and managed by a team of in-house analysts and appraisers.

Find out why Boxwood Means is the first name in small-cap property valuation and research


Founded in 2003, Boxwood Means is the leading national provider of high-quality property valuations, data analytics, and research in the small-cap commercial real estate space.

With well over 50,000 completed valuations of small- and mid-cap CRE assets all-time and nationwide, our geographical competency is backed by technical know-how, granular research, first-in-class products, and strong client activism. (See the nearby map illustrating our geo footprint.)

plot of Boxwoods Evaluation and Appraisal Reports

When small-cap CRE lenders and investors need answers, they turn to Boxwood Means


  • Experienced Team members for market research and property valuations
  • Michaell


Boxwood Means is led by a highly respected team of small-cap CRE experts who bring decades of experience in property valuations, market research, data analytics, and statistical and financial modeling.


That's super, we are glad to have you and your team in our solution set, and as expected have found a nice niche for the use of Boxwood's products and services. Keep up the great work!

David B.
Chief Commercial Appraiser,
Rockland Trust

My team is delighted with your company's reports and procedure quality. The reports were well documented and convincing. The most impressive point to me is the processing time. The report was pulled out before the deadline we expected. In contrast, many appraisers have failed to meet their deadlines. I referred your company to the head office of Woori America Bank, and hopefully, other regional offices will reach out to you for evaluations. Thank you so much for your team's service and effort in the projects.

Jin L.
V.P., Head of Loan Team
Woori America Bank

And it’s been a pleasure working with you and your firm over the last 3 years. These evaluations have been a godsend for the Bank.

Matt S.
Vice President, Credit Administration Manager
Fidelity Bank

I previously utilized Boxwood for commercial evaluations at my former bank. Now at WaFd Bank, we needed a consistent provider to help us in this space, and Boxwood was my obvious choice. The Boxwood team has been a great partner for us, and we appreciate the care that they take with our orders and the superior quality of reports they produce.

Justin S.
VP, Chief Appraiser
WaFd Bank

We just received your first commercial evaluation on our loan in Covina, CA. You guys hit a home run and we are thrilled! No questions, no issues…it was perfect. The evaluation was detailed, thorough, and essentially has the same content as many appraisals we have used.

Thank you again for the great service, and we look forward to engaging your firm again in the future.

Doug Koerber
EVP/Chief Credit Officer
Friendly Hills Bank​

Boxwood Means is a first-class outfit. Their appraisal reports are professionally prepared, the fees are competitive, and their team is fast – all of which helps our company close loans quickly and efficiently.    

Don Pelgrim
Chief Executive Officer
Wilshire Finance Partners, Inc.

As an equity lender, here at Aegis Funding we rely heavily on the valuation piece to our loans, and typically the valuation is the greatest delay in our quick close model. When we recently turned to Boxwood for property valuations on our small-balance commercial loans, it helped immensely with our backlog and added more certainty and speed to close loans. The reports are thorough and well supported with both listings, sales and even rental analysis. It certainly helps that they are also widely accepted valuations for our corporate partners. Just knowing we can count on Boxwood to deliver a high-quality, credible product most anywhere in the country is awesome.

Kip Adkins
Aegis Funding

At Conventus, having high quality analytical tools to help us make accurate decisions is incredibly important to our ability to close loans quickly and mitigate risk. Boxwood’s FieldSmart evaluation services exceed our standards on a few different fronts. Their tech platform is easy to use, their reports are detailed and their customer support is super responsive. We enjoy working with Boxwood and look forward to a continued partnership.

Zachary Jacobs
Senior Credit Analyst
Conventus LLC

I am already a client, and I wanted to take the time to provide some feedback.

I work mostly with Lorean Gonsalves, and I just wanted you to know that working with her is an absolute delight. She is always ready to help and goes above and beyond to make sure all parties have everything that they need. Every email I have sent over the past year is responded to in a more than timely matter, which is really important for the work that I do as a reviewer.

She is always a pleasure to work with, and I'm greatly appreciative to have someone so knowledgeable and patient as my contact.

Lissa B.
Review Appraiser

WOW! You completed that inspection in the matter of only a few days. Very impressive and helpful. I look forward to engaging you again.

Ryan B
Loan Originator

You are the best!! Thank you. Great teamwork and customer service always.

Vicki B.
Evaluation & Appraisal Reviewer
Midland States Bank



Banks Gamble as Troubled CRE Debt Mounts

The fallout from the “higher for longer” interest rate regime is playing out as anticipated in the commercial real estate world. Many CRE borrowers are handcuffed by high debt costs and face serious refinancing risk as loans mature. By some estimates, this wall of maturities is expected to total more than $2 trillion through 2027. As a result, among other lenders commercial banks in particular confront a rising tide of troubled CRE loans.