Fixed Income Investors Consulting Services LLC
Independent advice for complex credit decisions.
FiiCS advises institutional investors, lenders and sponsors on credit underwriting, transaction structuring, portfolio strategy and specialized private financings.
The Firm
Institutional experience.
Independent perspective.
Fixed Income Investors Consulting Services LLC (“FiiCS”) provides independent advisory and consulting services across private debt, structured finance, real estate, infrastructure and specialized fixed-income markets.
Founded by Chetan Marfatia following more than three decades in institutional finance, FiiCS brings an investor-oriented approach to credit analysis, transaction structuring and portfolio decision-making.
The firm works with institutional investors, lenders and sponsors seeking experienced judgment on transactions where structure, credit quality, documentation and long-term risk require deeper analysis than conventional financing approaches.
Core Capabilities
Senior-level advisory support across the life of an investment
Credit Underwriting & Investment Analysis
Independent evaluation of credit quality, cash flows, collateral, structural protections, downside scenarios and risk-adjusted returns.
Transaction Structuring
Development and evaluation of financing structures designed around asset performance, investor requirements and long-term credit protection.
Private & Club Financings
Advisory support for privately negotiated debt transactions involving institutional lenders, insurance companies, credit funds and other sophisticated investors.
Portfolio Advisory
Independent review of existing investments, portfolio exposures, refinancing risk, credit deterioration and strategic alternatives.
Administrative Agent & Bondholder Representation
Ongoing transaction oversight, lender coordination, consent processes, financial monitoring and representation of institutional investors following closing.
Specialized Expertise
Complex credits require specialized experience
FiiCS has particular experience in asset classes and transactions where traditional corporate-credit analysis alone may not adequately capture the underlying risks.
- Military Housing Privatization Initiative transactions
- Public-private partnerships
- Real estate and infrastructure finance
- Government-related revenue streams
- Long-duration private placements
- Affordable and multifamily housing
- Specialized project finance
- Data centers and digital infrastructure
- Complex structured and secured financings
Founder
Chetan Marfatia
Founder, FiiCS
Chetan Marfatia founded FiiCS after more than three decades in institutional finance, including senior leadership positions at Guggenheim Partners and Ambac Assurance Corporation.
During his career, he has originated, structured, underwritten and managed billions of dollars of fixed-income investments and has developed particular expertise in military housing, structured private debt, real estate and specialized infrastructure financings.
Learn more about Chetan MarfatiaSelected Experience
Representative transaction experience
Military Housing & Government-Related Infrastructure
Underwriting, origination, structuring and monitoring of financings associated with the U.S. Military Housing Privatization Initiative.
Private Debt
Senior secured debt, long-dated private placements, club financings, infrastructure debt and complex bespoke credits.
Real Estate & Housing
Multifamily, affordable and government-supported housing, real-estate-secured lending and long-term lease structures.
Institutional Portfolio Management
Oversight of multi-billion-dollar fixed-income portfolios, concentration risk, relative value and long-term risk-adjusted return.
Insights
Latest commentary
Understanding Credit Risk in Military Housing Privatization Transactions
Military housing privatization credits combine real estate performance, government-linked revenues and long-dated amortizing debt. Evaluating them requires a framework that conventional corporate-credit analysis does not provide.
9 min readPrivate DebtDebt Sizing in Private Debt: Why DSCR Matters
Debt-service coverage is the discipline that connects an asset's cash flow to the amount of debt it can prudently support. Small changes in rate, term or amortization can move sustainable leverage substantially.
8 min readStructuringInterest-Only Periods and Long-Term Credit Risk
Interest-only periods are a legitimate structuring tool during development and lease-up. They become a credit concern when they extend beyond the period of genuine cash-flow ramp.
7 min readIndependent advice for complex credit decisions
Whether evaluating a new investment, developing a financing strategy or addressing an existing portfolio exposure, FiiCS provides experienced independent analysis focused on protecting capital and creating durable transaction structures.