Plan your lease-up with a defined rent floor.
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1. THE NEW-BUILD CHALLENGE
The building is ready. The rent takes time.
Empty apartments, rent concessions and missed payments can leave a gap between the rent you forecast and the rent you collect.
Pensio helps protect against that gap with a project-specific Contractual Base Rent Floor Guarantee, giving you and your lender more than a lease-up forecast.
UNDERWRITE THE PROJECT → ESTABLISH THE RENT FLOOR → SUPPORT THE FINANCING
2. ONE RENT FLOOR. THREE CLEAR BENEFITS.
Give everyone a stronger reason to back your project.
Pensio’s Contractual Base Rent Floor Guarantee supports your lease-up plan, financing discussions and investment case.
COMPLETED MULTIFAMILYAssess financing with contractual rent support, not just projections.
See the rent protection behind the project.
3. THE WORK BEHIND THE GUARANTEE
We underwrite your address. Not just the averages.
Pensio looks at your apartments, your competition and local renter demand to establish a base-rent floor built around your project.
Layouts, finishes, amenities and location.
Nearby rents, concessions, new supply and leasing activity.
Jobs, incomes, transport links and population trends.
4. THE RESULT
A rent floor you can build on.
Pensio turns project-specific underwriting into a Contractual Base Rent Floor Guarantee, giving you and your lender a commitment to plan around: not just a forecast.
FORECASTED MARKET PERFORMANCE
CONTRACTUAL BASE RENT
RISK TRANSFER
Don’t just measure rental risk. Transfer it.
Pensio’s agreement defines your base-rent commitment, the eligible rental shortfalls we agree to pay and the limits that apply.
THE SUPPORT BEHIND OUR COMMITMENT
Where included in the agreed program, Pensio may obtain additional support for its own contractual obligations from third-party risk-transfer counterparties, subject to their approval and definitive agreements.
The proposed minimum standard for supporting reinsurers is an AM Best Financial Strength Rating of A− (Excellent) or better.
Third-party support is subject to applicable approvals, documentation and effectiveness conditions. The proposed rating standard does not confirm participation or support for any particular project. Ratings apply solely to the rated reinsurer, not Pensio or the bond issuer.
6. THE INTELLIGENCE BEHIND THE CONTRACTUAL BASE RENT FLOOR GUARANTEE
Before we back your rent, we put it to the test.
Build your project’s rental picture.
We bring together your apartment plans, unit mix and delivery schedule with evidence from the surrounding market: competing rents, concessions, new supply, employment and renter demand.
We then model rental income month by month, from opening through lease-up to stabilization, accounting for vacancy, concessions and missed payments.
Test what could change.
What if apartments take longer to lease? Rents soften? Concessions increase?
Scenario testing examines changes to individual assumptions. Risk simulations explore combinations of conditions to see how rental income could respond.
We compare those outcomes against the proposed rent floor, holding that floor fixed during testing, to identify when a rental shortfall could arise and how large it could be.
Decide what we can back.
Pensio’s underwriters review the evidence, challenge the assumptions and assess the test results. That work informs the base-rent floor and contractual terms Pensio is prepared to offer.
Technology powers the analysis. Our underwriters make the decision.
Simulated outcomes are not guaranteed. Commitments are subject to underwriting, executed agreements, and applicable limits, conditions and exclusions.
New-Build Program
NEW-BUILD MULTIFAMILY PROGRAM
From project intake to an underwritten rental framework.
A project-level program built specifically for sponsors bringing new multifamily developments from pre-delivery through lease-up and stabilization.
Pensio begins with the development itself. We review the project, underwrite the residential units and surrounding rental market, establish the Maximum Net Stabilized Rent (MNSA), define the applicable program structure, complete the required documentation, and monitor performance through the approved term.
One project. One underwriting framework. A defined path from first look to program execution.
Press Request a First-Look Review, insert your email, and we will then send you an intake form. Complete it and we will send you a rental ready market tailored for your project.
1. FIRST LOOK
Start with the project.
Send Pensio the development information and we will complete an initial review of the property, unit mix, market and rental opportunity.
The First Look Report provides an early view of whether the project is a potential fit for full Pensio underwriting.
2. UNDERWRITING
Every unit is tested against the market.
Pensio underwrites the residential units individually, from unit type, size, layout, and position, and evaluates them against comps, absorption, demand, and market conditions before establishing the project's rental benchmark.
3. ESTABLISH THE MNSA
Turn the underwriting into a defined base-rent benchmark.
Pensio brings the unit-by-unit underwriting together to establish the project's Maximum Net Stabilized Rent (MNSA), the aggregate base-rent benchmark around which the Pensio program is structured.
4. PROGRAM STRUCTURE
Build the program around the MNSA.
Once the MNSA is established, Pensio defines the project-specific program structure, including the applicable base-rent benchmark, program term, and contractual obligations.
5. PROGRAM DOCUMENTATION
Put the structure into clear terms.
Pensio documents the approved program, defining the MNSA, program term, reporting requirements, and applicable contractual obligations before the program moves to execution.
6. SURETY & BINDING
Add independent rated surety support.
Once the program structure is documented, Pensio self-procures the applicable performance bond from a third-party surety, subject to the surety's independent underwriting, approval, documentation, and binding.
7. LEASE-UP & PERFORMANCE MONITORING
Stay with the project through stabilization.
Once the program is active, Pensio monitors rental performance against the approved framework, including lease-up, occupancy, base-rent performance, concessions, and other agreed reporting measures.
The program does not end at underwriting. Pensio remains engaged as the project moves from delivery through lease-up and stabilization.
8. PROGRAM TERM & COMPLETION
Carry the framework through the approved term.
Pensio continues to administer the program through the approved term, monitoring performance, reporting against the agreed framework, and managing the program through completion.
A defined beginning. Ongoing oversight. A clear completion point.
Underwriting & Rent Risk Intelligence™
UNDERWRITING & RENT RISK INTELLIGENCE™
Underwrite the risk before you underwrite the rent.
Independent, market-based underwriting designed to identify the base-rent level a project can credibly support through stabilization.
Pensio forms an independent view of rental risk using unit-level analysis, current competitive evidence, absorption, demand drivers, and scenario testing before establishing the MNSA.
The objective is not to find the highest possible rent. It is to identify the base-rent level the project can credibly support through stabilization.
Press Request a First-Look Review, insert your email, and we will then send you an intake form. Complete it and we will send you a rental ready market tailored for your project.
1. UNDERWRITING PHILOSOPHY
Underwrite the risk before you underwrite the rent.
Pensio does not begin with a target rent. We begin with the risks that determine whether the project can achieve and sustain its rental assumptions.
We test the individual units, competitive market, absorption, demand, and downside conditions before establishing the project's MNSA.
The goal is not the highest rent. It is the most defensible base-rent benchmark for the project.
2. RENT RISK INTELLIGENCE™
See the market before it reaches the rent roll.
Pensio looks beyond asking rents to identify the signals that can change rental performance before stabilization.
Comps · New Supply · Absorption · Concessions · Vacancy · Employment · Migration · Transit · Demand
These signals are brought together through Rent Risk Intelligence™ to test whether the project's rental assumptions remain supported by the market.
Pensio is not just looking at what apartments rent for today. We are looking at the forces that determine whether those rents can hold tomorrow.
3. RENT RISK INTELLIGENCE™: STRESS & SCENARIO ANALYSIS
Test the market before the market tests the rent.
Pensio uses Rent Risk Intelligence™ to pressure-test the project across changing market conditions and measure how lease-up, vacancy, concessions, collections, absorption, and demand can affect rental performance.
BASE CASE · DOWNSIDE CASE · STRESS CASE · RECOVERY CASE
The analysis helps identify where the rental thesis remains resilient, where risk begins to increase, and where the MNSA should ultimately be established.
We do not underwrite one version of the market. We test the range of outcomes around it.
4. HUMAN UNDERWRITING JUDGMENT
Technology informs the decision. Pensio underwriters make it.
Data, market intelligence, scenario analysis, and risk simulation strengthen the underwriting process, but they do not replace judgment.
Pensio's underwriting team brings the evidence together, challenges the assumptions, and determines the MNSA appropriate for the project and its market.
DATA-ASSISTED · RISK-TESTED · HUMAN-GOVERNED
The technology expands what we can see. Underwriting judgment determines what we are prepared to support.
Capital & Lenders
PENSIO | CAPITAL & LENDERS
Make new-build rental income easier to evaluate.
Pensio provides developers, lenders and institutional capital partners with a structured, independently underwritten view of residential rental income during lease-up and stabilization.
By translating project-specific underwriting into a defined program framework and MNSA schedule, Pensio is designed to provide greater visibility into the residential-income side of multifamily finance.
Press Request a First-Look Review, insert your email, and we will then send you an intake form. Complete it and we will send you a rental ready market tailored for your project.
1. START WITH THE CORE INCOME
Strengthen the base-rent line lenders underwrite.
The MNSA establishes the project's supported aggregate base-rent benchmark. It does not include parking, lockers, amenities, utilities, other lease charges or operating expenses.
By bringing greater certainty to the base-rent line, Pensio can help reduce the vacancy and credit-loss uncertainty normally applied to residential rental income, subject to each lender's underwriting methodology.
Pensio does not support every line of the property. It focuses on the base-rent foundation supporting NOI and DSCR.
2. FROM VACANCY ASSUMPTION TO INCOME VISIBILITY
Reduce uncertainty where it matters most.
Traditional underwriting typically applies vacancy and credit-loss assumptions before arriving at effective rental income.
The Pensio framework gives lenders a defined MNSA base-rent benchmark to evaluate, creating a clearer starting point for stabilized income and debt-service analysis.
The framework is designed to reduce uncertainty. Final treatment of vacancy and credit loss remains with each lender's underwriting methodology.
3. CARRY THE INCOME CASE INTO PERMANENT CAPITAL
Create continuity from construction through takeout.
The financing may change as the project moves from development through lease-up and stabilization. The MNSA remains a consistent base-rent benchmark throughout those capital discussions.
The financing changes. The underwritten base-rent benchmark remains visible throughout the capital lifecycle.
4. RATED SURETY SUPPORT
Add independent financial strength behind the program obligation.
Where surety support forms part of the approved program, Pensio self-procures the applicable performance bond from an independent third-party surety rated A.M. Best A- (Excellent) or better.
The surety independently underwrites and issues the bond supporting the applicable contractual obligation associated with the MNSA framework.
The underwriting establishes the benchmark. The documents define the obligation. Independent rated surety support can stand behind that defined obligation. Performance bond availability, terms and issuance remain subject to the applicable surety's independent underwriting, approval, documentation and binding.
5. ONGOING PERFORMANCE VISIBILITY
Keep the income story visible after closing.
Pensio remains engaged through the approved program term, monitoring the project against the applicable MNSA framework and agreed reporting requirements.
This gives sponsors and capital providers continued visibility as the asset moves through lease-up, stabilization and ongoing performance.
The MNSA is not established and forgotten. Pensio continues to monitor the program through the approved term.
6. BRING US THE PROJECT
See the income case before the asset is stabilized.
Share the development with Pensio. We will review the project, assess its rental market and determine whether it is a candidate for MNSA underwriting.
How It Works
THE PENSIO PROCESS
Bring us the project. We take it from there.
A defined, project-specific process for taking a new-build multifamily development from initial review through underwriting, program execution and ongoing monitoring.
Pensio begins with a First Look, moves through full underwriting and MNSA establishment, then structures, documents and manages the approved program through its term.
FIRST LOOK → UNDERWRITING → MNSA → PROGRAM STRUCTURE → EXECUTION → MONITORING
Press Request a First-Look Review, insert your email, and we will then send you an intake form. Complete it and we will send you a rental ready market tailored for your project.
1. FIRST LOOK
Start with the project.
Send Pensio the basic development information and our underwriting team will complete an initial review of the property, unit mix, market and rental opportunity.
The goal is simple: determine whether the project should move forward to full Pensio underwriting.
Send us the project. We review it. We tell you whether it moves forward.
2. FULL UNDERWRITING
Go deeper into the project and its market.
Pensio underwrites the residential units, building, competitive market, absorption and rental-risk environment to form an independent view of the project.
Pensio does not underwrite the project in isolation. We test it against the market around it.
3. ESTABLISH THE MNSA
Turn the underwriting into one defined benchmark.
Pensio brings the unit-level conclusions together to establish the project's Maximum Net Stabilized Rent (MNSA), the aggregate base-rent benchmark around which the program is structured.
4. STRUCTURE & DOCUMENT
Build the program around the benchmark.
Once the MNSA is established, Pensio defines the applicable program term, contractual obligations, reporting requirements and documentation.
5. SURETY & BINDING
Add independent rated surety support where applicable.
Pensio self-procures the applicable performance bond from an independent third-party surety, subject to the surety's own underwriting, approval, documentation and binding.
6. MONITOR & MANAGE
Stay with the program through its term.
Once active, Pensio monitors the project against the approved framework and manages the applicable reporting and program requirements through the approved term.
The program continues beyond underwriting and binding.
START WITH A FIRST LOOK
See whether your project fits the Pensio program.
Send us the basic development information and our underwriting team will complete an initial review.
About Pensio
ABOUT PENSIO MGA, INC.
Built to bring underwriting discipline to multifamily rental income.
Pensio MGA, Inc. was created around a simple idea: rental income should be underwritten with the same discipline, independence and risk focus applied to other critical parts of the capital structure.
We are a specialized underwriting and program-management company focused on understanding the income risk of newly developed multifamily assets.
Email us to request an intake form. Complete and return it, and we’ll send you a preliminary rental market review tailored to your project.
1. OUR PURPOSE
We built Pensio to solve a specific problem.
New multifamily developments enter the market with significant capital invested, but their rental performance has yet to be proven.
Pensio was built to bring an independent underwriting perspective to that uncertainty.
Understand the risk. Price the risk. Structure around the risk.
2. OUR SPECIALIZATION
Multifamily is not one of the things we do. It is what we do.
Pensio is focused on new-build multifamily rental income.
That specialization allows our underwriting team to go deeper into the property, the units, the local market, renter behaviour and the forces that ultimately shape residential income performance.
SPECIALIZED · FOCUSED · PROJECT-SPECIFIC
3. OUR UNDERWRITING CULTURE
Independent thinking matters.
Pensio underwriting is designed to reach its own conclusion.
Data and technology expand what our team can see, but experience, judgment, discipline and accountability govern the underwriting decision.
We are prepared to challenge the sponsor’s assumptions, the market narrative and our own models when the evidence requires it.
EVIDENCE OVER ASSUMPTION. DISCIPLINE OVER OPTIMISM. JUDGMENT OVER AUTOMATION.
4. HOW WE WANT TO BE KNOWN
Serious underwriting. Clear thinking. Long-term relationships.
Pensio is being built as an institutional underwriting company that sponsors, lenders, investors and risk partners can rely on for thoughtful analysis, disciplined execution and direct communication.
We believe credibility is earned project by project.
UNDERWRITING DISCIPLINE · INDEPENDENCE · ACCOUNTABILITY · TRANSPARENCY
5. EXPERIENCE & SCALE
Built on years of residential-income underwriting.
Pensio’s experience is grounded in the analysis of multifamily rental income across projects and markets throughout the United States and Canada.
45,000+
RESIDENTIAL UNITSHistorically underwritten or analyzed across the U.S. and Canada.3,500+
UNITS WITHIN PENSIO PROGRAMSHistorical program experience across multifamily assets.$653M+
STABILIZED RENT EXPOSUREHistorical stabilized rental-income exposure associated with Pensio program experience.Experience measured project by project, unit by unit, and market by market.
6. LEADERSHIP
Built by people who understand underwriting, execution and capital.
Pensio brings together experience across multifamily underwriting, operations, technology, capital markets and program structuring.
BRANDON KEKSChief Executive OfficerLeads Pensio’s strategy, capital-market positioning, institutional relationships and long-term platform development.
JAMES LIChief Operating OfficerLeads operating execution, underwriting workflows, technology integration, reporting and transaction management.
JOHN HAMILTONSenior UnderwriterLeads transaction underwriting, market analysis, scenario modeling and stress testing across the Pensio pipeline.
JIM MILANKOVPresident, PensioLeads program strategy, counterparty coordination and the development of Pensio’s broader risk-transfer framework.
Different disciplines. One underwriting culture.
7. CLOSING STATEMENT
Built for the long term.
Pensio is focused on becoming a trusted specialist in multifamily rental-income risk, known for disciplined underwriting, clear thinking and dependable execution.
Our measure of success is not simply the number of projects we underwrite, but the quality of the decisions we make and the long-term relationships we build with sponsors and institutional partners.
Built on discipline. Earned through trust.
Contact Us
CONTACT PENSIO MGA