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Real Estate Finance Risk & Portfolio Intelligence — India

Independent risk intelligence
across the full real estate
financing ecosystem

From builder finance and construction lending to structured real estate credit — Sunby Consulting delivers objective, institutionally-aligned risk advisory at every stage of the financing lifecycle.

Credit Policy to Recovery
Full Lifecycle Coverage
Independent Risk Review
No Developer Affiliation
Escrow & EWI Monitoring
Active Portfolio Surveillance
Built for NBFCs & Private Credit
Institutional Standard

An independent risk partner — not a vendor

Lenders increasingly distrust developer-provided MIS, internal optimistic reporting, and relationship-driven underwriting. Sunby Consulting delivers objective, data-driven, and audit-friendly credit intelligence. Our frameworks are designed to support RBI-regulated lenders, AIFs, and private credit platforms — while remaining fully independent of any lending or regulatory mandate.

⚖️
Objective & Independent
No developer affiliations. No relationship bias. Pure credit integrity at every engagement.
🔬
Data-Driven Intelligence
Actionable credit intelligence generated across the full project lifecycle — not just at origination.
🏛️
Institutionally Aligned
Frameworks designed to support RBI-regulated lenders, institutional credit platforms, and private funds.
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Audit-Friendly Outputs
Structured reports, grading systems, and documentation built for board and regulatory review.

Led by real estate finance practitioners

Sunby Consulting is built by professionals with deep, hands-on experience in construction finance, real estate underwriting, portfolio monitoring, and stressed asset resolution — not generalist consultants. Our advisory carries the credibility of practitioners who have sat on both sides of the credit table.

BT
Bobby Thomas M
Co-Founder & Managing Partner

A seasoned real estate finance professional with extensive experience in construction finance, credit underwriting, and portfolio risk management across leading financial institutions in India. Bobby brings deep expertise in structured real estate lending, developer assessment, and project-level credit monitoring — with a track record spanning residential, commercial, and mixed-use asset classes across the builder finance ecosystem.

Construction Finance Credit Underwriting Portfolio Risk Developer Assessment
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SA
Sunil Agarwal
Co-Founder & Managing Partner

A real estate finance and credit risk specialist with significant experience in NBFC and institutional lending environments. Sunil has worked extensively on real estate credit policy design, underwriting framework development, and stressed asset resolution — providing lenders with the institutional infrastructure needed to manage complex real estate portfolios at scale across the full builder finance spectrum.

Credit Policy Design NBFC Lending Stressed Assets CRE Risk Frameworks
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From origination to recovery realization

Most advisory firms cover one or two phases. Sunby Consulting operates across the entire credit lifecycle — making us uniquely positioned to prevent NPAs, not just respond to them.

📐
Phase 01
Origination
  • Credit policy design
  • Underwriting frameworks
  • Technical diligence
  • Risk grading
  • Sanction structuring
📡
Phase 02
Active Monitoring
  • Escrow surveillance
  • Portfolio monitoring
  • EWI framework
  • Covenant tracking
  • MIS reporting
🛡️
Phase 03
Stress & Recovery
  • Early stress detection
  • Recovery analytics
  • Resolution support
  • Co-lender coordination
  • Forensic cashflow review
Phase 04
Exit
  • Closure monitoring
  • Recovery realization
  • Final audit reports
  • OTS evaluation
  • Portfolio sign-off

Five verticals.
One integrated partner.

Covering the full spectrum of real estate finance risk — builder finance, structured lending, construction credit, and beyond.

01
Credit Policy & Risk Framework Advisory
We help NBFCs and emerging lenders design institutional-grade credit policies — from real estate lending frameworks to approval matrices and delegation structures. A high-value consulting stream for lenders building or formalising their credit infrastructure.
Risk GradingApproval MatrixDelegation FrameworksConcentration LimitsDeveloper Grading
02
Underwriting & Origination Support
Independent credit assessment, technical diligence, and structured underwriting across residential, commercial, plotted, warehousing, and mixed-use real estate — designed to institutionalise your origination standards.
CRE UnderwritingTechnical DiligenceProject ViabilitySanction Structuring
03
Portfolio Monitoring & Escrow Surveillance
Structured portfolio surveillance with EWI frameworks, escrow tracking, covenant monitoring, and escalation protocols — generating actionable credit intelligence continuously across your real estate finance book.
Escrow TrackingEWI FrameworksSales Trigger MonitoringDSRA Structures
04
Stressed Assets & Recovery Advisory
From early stress detection to recovery realization — structured resolution support that helps lenders act decisively before accounts deteriorate. We provide the intelligence lenders need at the most critical stage of the credit cycle.
SMA MonitoringRecovery PlaybooksRestructuring SupportCashflow Forecasting
05
Covenant & Portfolio Risk Architecture
We design the risk architecture that holds your portfolio together — escrow covenants, sales triggers, DSRA structures, collection benchmarks, and construction milestone frameworks across the entire builder finance ecosystem.
Escrow CovenantsGeography ExposureProduct SegmentationMilestone Frameworks
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Tailored Engagements
Every lender's portfolio is different. We structure bespoke advisory mandates for banks, NBFCs, AIFs, ARCs, and family offices based on specific risk priorities across the real estate finance spectrum.
Discuss Your Needs

Covering the full builder finance ecosystem

Our advisory spans the entire spectrum of real estate financing in India — from early-stage construction credit to last-mile funding and stressed asset resolution across all major property types.

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Residential Projects
Construction finance, RERA-linked tranches, escrow monitoring, and sales velocity tracking for residential developments.
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Commercial Real Estate
Lease rental discounting, under-construction CRE, pre-lease structured lending, and occupancy risk assessment.
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Plotted Development
Infrastructure-linked lending, phased revenue monitoring, approval milestone tracking, and collection intelligence.
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Warehousing & Industrial
Construction-phase monitoring, lease-up risk assessment, tenant covenant review, and logistics park credit frameworks.
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Mixed-Use Projects
Multi-asset credit frameworks, cashflow separation analysis, and cross-collateral risk assessment for complex developments.
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Last-Mile Funding
Cost-to-completion analysis, completion risk assessment, and structured last-mile credit frameworks for near-complete projects.
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Stressed Assets
Stalled project viability review, recovery strategy advisory, and resolution monitoring for NPA and SMA accounts.
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Builder Finance (General)
End-to-end credit intelligence for lenders across the entire developer funding ecosystem — from land acquisition to project completion.

Structured outputs.
Actionable intelligence.

01
Credit Appraisal Note
Structured origination-level risk assessment
02
Project Risk Grading Report
Standardised developer and project risk scoring
03
Escrow Monitoring MIS
Monthly escrow inflow / outflow surveillance
04
Monthly Portfolio Dashboard
Portfolio-level credit health and EWI summary
05
EWI Tracker
Early Warning Indicator flags with escalation triggers
06
Recovery Strategy Note
Structured resolution pathway advisory for stressed accounts
07
Cost-to-Completion Assessment
Independent balance construction cost and completion risk review
08
Developer Grading Report
Execution track record, financial strength, and credibility assessment

Institutional-grade outputs, every time

Every deliverable from Sunby Consulting is structured for institutional consumption — designed to be presented to credit committees, boards, and audit functions without modification.

Our reports serve as the primary credit intelligence input for lenders — not a supplement to developer-provided data. They are objective, evidence-based, and formatted to support credit decision-making and regulatory review across the real estate finance ecosystem.

Available Report Formats
PDF Report Excel MIS Dashboard Presentation Deck Board Note
Request a Sample Report

Real challenges.
Structured answers.

Inconsistent underwriting standards across the portfolio
We help institutionalise real estate credit assessment frameworks — from risk grading templates to standardised underwriting models — ensuring consistency at every origination desk.
Limited visibility into active portfolio performance
We build structured monitoring and surveillance systems with clear escalation matrices, EWI triggers, and periodic portfolio review formats tailored to your risk appetite.
Stress identified too late — after accounts have already deteriorated
Our Early Warning Indicator frameworks surface risk signals at the SMA-0 stage — before they become SMA-1, SMA-2, or NPA accounts requiring regulatory action.
Weak visibility into stressed account recovery prospects
We provide structured stressed asset monitoring — site inspections, receivable audits, forensic cashflow review, and diversion analysis — to give lenders clear recovery intelligence.
No structured credit policy for real estate lending
We design end-to-end real estate credit policy documents — concentration limits, geography frameworks, product segmentation, developer grading models, and covenant structures — built for regulatory robustness.
Difficulty coordinating with co-lenders in resolution scenarios
We serve as an objective third party in co-lender coordination — providing cost-to-completion analysis, project viability reassessment, and consensus-building support across lender groups.

A combination that is exceptionally rare

CapabilityMost FirmsSunby Consulting
Underwriting✓ Yes✓ Yes
Portfolio MonitoringSome✓ Yes
Recovery SupportFew✓ Yes
Policy DesignVery Few✓ Yes
EWI FrameworksRare✓ Yes
Full Lifecycle Integration✗ Rare✓ Yes

"We help prevent NPAs — not just recover from them."

Early Warning Intelligence

"Actionable credit intelligence across the full project lifecycle."

Portfolio Surveillance Positioning

"Independent. Data-driven. Audit-friendly. Institutionally aligned."

Core Trust Proposition

Purpose-built for institutional lenders

🏦
Banks
Real estate underwriting support, portfolio monitoring, and independent technical diligence for structured credit books.
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NBFCs
Institutional credit team support, credit policy design, developer grading, and full-portfolio surveillance.
📊
AIFs & Private Credit
Independent due diligence, stressed asset monitoring, and portfolio risk architecture for alternative credit platforms.
⚖️
ARCs & Resolution Platforms
Recovery analytics, project viability review, cost-to-completion analysis, and resolution strategy advisory.
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Family Offices & Investors
Independent project risk assessment, cashflow intelligence, and structured credit review for direct real estate exposures.

We prevent NPAs.
We also resolve them.

Few firms combine underwriting expertise, monitoring capability, and recovery understanding. That combination is what makes our stressed asset advisory uniquely effective for Indian lenders navigating the real estate finance cycle.

🔍
A. Early Stress Detection
We surface risk before it becomes an NPA — through structured EWI frameworks and portfolio surveillance signals that most lenders miss until it is too late.
  • Sales slowdown detection
  • Escrow shortfall identification
  • Construction variance analysis
  • Collection stress indicators
🔧
B. Resolution Support
Structured advisory for lenders navigating stressed accounts — from viability reassessment to co-lender alignment and restructuring frameworks.
  • Project viability reassessment
  • Cost-to-completion analysis
  • Restructuring support
  • Escrow restructuring
  • Co-lender coordination
  • Resolution monitoring
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C. Recovery Strategy Advisory
Helping lenders evaluate recovery pathways and maximise realization on stressed real estate exposures through structured analysis.
  • Inventory monetisation assessment
  • Asset sale support
  • One-time settlement evaluation
  • Recovery cashflow forecasting
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D. Monitoring of Stressed Accounts
On-ground and document-level monitoring to give lenders real-time clarity on stressed project status and recovery progress.
  • Site inspections
  • Construction completion tracking
  • Receivable audits
  • Forensic cashflow review
  • Diversion analysis

Credit intelligence you can act on

EWI Frameworks
Early Warning Indicators in Construction Finance
A structured framework for identifying pre-NPA signals in real estate credit books — from escrow shortfalls to sales velocity deterioration.
NPA Lifecycle
Why Real Estate NPAs Escalate Late
Examining the structural reasons why real estate credit stress tends to crystallise late — and how lenders can redesign their monitoring to catch it earlier.
Escrow Intelligence
Escrow Leakage Detection Frameworks
How structured escrow surveillance — beyond balance tracking — can detect diversion and cashflow stress before formal default occurs.
Origination Risk
Last-Mile Funding Risk Assessment
Practical methodology for evaluating completion risk in projects where construction is advanced but funding gaps remain — the most dangerous stage.
Recovery Strategy
Recovery Strategy for Stalled Residential Projects
A decision framework for lenders evaluating resolution pathways in stalled residential developments — from restart viability to OTS structuring.
Completion Risk
How to Evaluate Cost-to-Completion Risk
Practical guidance on independent cost-to-completion assessments — the variables lenders miss, and how to structure monitoring milestones around them.

How can we support your lending programme?

Choose an engagement type, or reach out directly to discuss your specific requirements.

📄
Request a Sample Monitoring Report
See our escrow MIS or portfolio dashboard format
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Discuss a Portfolio Review
Understand how we can add visibility to your existing book
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Set Up a Credit Policy Review
Design or strengthen your real estate lending framework
🛡️
Evaluate a Stressed Account
Get independent recovery intelligence on an SMA or NPA exposure
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Call Us Directly
+91 98864 01608  ·  +91 90081 22242