Financial Analysis · Real Estate
A pro forma that holds up when the deal gets scrutinized
We build acquisition and development models from your real rent roll, cost basis, and debt terms, so returns come from the deal's actual mechanics, not a spreadsheet's optimism. You get IRR, equity multiple, cash-on-cash, a sized loan, and a waterfall your lender and LPs can follow.
The Outcome
What a real financial model gives you
Not a spreadsheet of wishful numbers — a model built from your real drivers that a lender or investor can actually trust.
Returns you can defend
IRR, equity multiple, and cash-on-cash that trace back to rent, expenses, cap rate, and financing you can point to line by line.
A correctly sized loan
Debt sized to DSCR and LTV constraints, with the amortization and interest reflected in real monthly cash flow, not a rounded guess.
A waterfall LPs understand
A clear distribution structure, preferred return, splits, and promote, so every partner sees exactly what they receive and when.
How we work
Here’s how we’d model it — from your drivers, not our wishes
We won’t hand you a hockey-stick built on invented assumptions. What follows is exactly how we’d model your business — from your real drivers, with transparent, stress-tested assumptions, and honesty about what can’t be known before you have the data. Where a number genuinely can’t be forecast yet, we build a framework to fill, not a fiction to sell.
Who it’s for: Sponsors, developers, and investors underwriting an acquisition, a ground-up development, or a value-add deal, and syndicators who need a model their lenders and limited partners can trust.
What We Model
What we model for real estate
Four workstreams that turn a deal into a model your capital partners can underwrite. Every return figure is a consequence of assumptions you can name and change.
Pro forma
Does this deal actually pencil?
The question: You have a purchase price, a rent roll, and a gut feel, but no clean model that turns them into returns you can stand behind.
What we’d build: A month-by-month or annual pro forma from your real rent roll, vacancy, operating expenses, and exit assumptions, producing NOI, cash flow, and the levered and unlevered returns.
Returns
What does the deal return, and to whom?
The question: IRR and equity multiple get quoted loosely. You need figures that reconcile to actual cash in and cash out on real timing.
What we’d build: A returns engine computing project-level and equity IRR, equity multiple, cash-on-cash by year, and average annual return, all driven by dated cash flows rather than smoothed averages.
Debt
How much can this deal borrow?
The question: Loan sizing depends on DSCR, LTV, and DSCR-constrained proceeds at once, and a wrong number throws off every return below it.
What we’d build: A debt module that sizes the loan against your lender's DSCR and LTV tests, models amortization or interest-only periods, and flows debt service into cash flow and coverage automatically.
Waterfall
How do proceeds split between partners?
The question: The GP/LP split, preferred return, and promote are hard to model correctly, and getting it wrong misstates what every partner receives.
What we’d build: A distribution waterfall with return of capital, preferred return, and tiered promote splits, so each hurdle and each partner's take is calculated cleanly through hold and sale.
The Fuller Scope
The fuller scope
Beyond the core pro forma, the modeling engagement can extend into the specifics your deal, your debt, and your investors demand.
Development budget & draw schedule
A hard and soft cost budget with a construction draw and interest-carry schedule, so ground-up costs and their financing are modeled through completion.
Refinance & recapitalization
A cash-out refinance or recap modeled at a chosen point in the hold, with its effect on returns, coverage, and remaining equity made explicit.
Sensitivity & scenario tables
Two-way tables on exit cap rate, rent growth, and hold period, so you see how returns move when the assumptions that matter most shift.
Value-add & lease-up modeling
A renovation and rent-bump schedule or lease-up curve modeled unit by unit, so the upside case is grounded in a real execution timeline.
Multi-property portfolio roll-up
Individual asset models consolidated into a portfolio view with blended returns, aggregate debt, and combined cash flow across the holdings.
Investor & lender packages
A clean summary of returns, coverage, and sources-and-uses formatted for an LP deck or a lender submission, built from the same underlying model.
Hold vs. sell analysis
A side-by-side of continuing to hold against selling at a given date, comparing IRR and total proceeds so the decision rests on numbers.
The Questions the Model Answers
The questions the model answers
A model earns its keep by answering the decisions that ride on the numbers. Here’s what ours is built to answer.
What is the IRR?
Levered and unlevered IRR computed from dated cash flows, so the return reflects real timing rather than an annual average.
What is the equity multiple?
Total equity in versus total equity out across the hold, reported alongside IRR so return and magnitude are both visible.
What is the cash-on-cash?
Annual pre-tax cash flow over invested equity, year by year, so you see the income the deal throws off during the hold, not just at exit.
What DSCR does the loan carry?
Debt service coverage computed against NOI each period, so you know whether the deal clears the lender's test with room to spare.
How much can we borrow?
Loan proceeds sized to the binding constraint, whether DSCR or LTV, so the debt assumption is real, not aspirational.
What if the exit cap moves?
Sensitivity tables that reprice the deal across exit cap and rent-growth assumptions, exposing how much return depends on the exit.
Your pro forma is built from the deal's real inputs, rent roll, operating expenses, cost basis, and your lender's actual terms, with every assumption exposed so returns can be traced to their source. Exit cap rate, future rent growth, and lease-up pace cannot be known with certainty, so we do not pretend to; we state each as an explicit assumption, stress it in sensitivity tables, and let you see how much of the return depends on it. The model is designed to make optimism visible and testable rather than to flatter the deal.
The Engagement
Investor-grade, driver-based, and yours to run
A scoped modeling engagement built from the drivers you actually control — not a top-down guess. We map the assumptions, build the model, stress-test it with scenarios, and hand you a tool your team can run, present, and defend.
Transparent and honest. Every assumption is visible and sourced, downside cases are shown rather than hidden, and where something can’t be known yet we say so — a model you can stand behind, not one that flatters a deck.
Every business is different. Discovery is where we map the drivers your model runs on.
How It Works
From drivers to a model you can defend
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Discovery & drivers
We map the real operating drivers — pricing, volume, cost structure, cash timing — and the decision the model has to support.
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Model build
A clean, driver-based, three-statement or purpose-built model with a transparent assumptions tab everything flexes from.
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Scenarios & sensitivity
Base, upside, and downside cases plus the sensitivities that show which assumptions actually move the outcome.
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Review & pressure-test
We stress the model against the questions a lender or investor will ask — coverage, runway, returns, breakeven — and fix what doesn’t hold.
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Deliver & support
You get a documented model your team can run, plus support taking it into the raise, the loan, or the board meeting it was built for.
FAQ
Real Estate — financial-modeling questions
What tools do you build in?
Excel, unlocked and fully formula-driven, so you and your lender can audit every cell. Real estate underwriting lives in Excel for good reason, and we build to that standard rather than hiding logic in software you cannot inspect.
Is this lender- and investor-grade?
Yes. The model is structured the way lenders and LPs expect: transparent debt sizing, DSCR and coverage tests, a clean sources-and-uses, and a documented assumptions layer. It is built to be submitted and questioned, not just to look polished.
How long does it take?
A single-asset acquisition pro forma is often about a week; a ground-up development with a draw schedule and waterfall takes longer. The pace depends on how complete your rent roll, cost budget, and debt terms are when we start.
What does it cost?
Scoped to the deal. A straightforward acquisition model costs less than a development build with a construction budget, waterfall, and portfolio roll-up. We quote a flat fee against a defined scope before any work begins.
Do you use our real assumptions?
Yes. We model your actual rents, expenses, purchase price, and financing. Where a forward assumption is required, exit cap or rent growth, we set it explicitly with you rather than defaulting to a number that makes the deal look good.
Can you model a deal with no operating history?
Yes. For ground-up or repositioning deals we build from comparable rents, real cost estimates, and a stated lease-up curve, all labeled as assumptions. The model is designed so you can replace estimates with actuals as the deal progresses.
Simple pro forma or full waterfall, which do we need?
If you are underwriting for your own account, a clean pro forma with returns may be enough. If you are raising from LPs, you need the distribution waterfall so partners see their splits. We build to how you actually intend to use it.
Do you help present the deal to capital partners?
We build the investor and lender summary and prepare you for the questions they will ask about the numbers. We are not placing your capital, but you will be able to defend every return figure in the room yourself.
The Full Practice