Financial Modeling

    Real Estate & M&A Financial Models, Institutional Excel, 5–7 Day Turnaround

    Underwriting model, debt schedule, sources & uses, distribution waterfall, sensitivity tables. Built so any LP analyst can audit it in 20 minutes.

    TL;DR

    A clean, audit-ready underwriting model in Excel, sources & uses, debt schedule, monthly cashflow, distribution waterfall, sensitivity tables. Delivered in 5–7 business days. Used in $4B+ of closed raises.

    Book a strategy call See pricingIncluded in Flagship ($1,960/mo), or $1,997 à la carte
    • 5–7 business day delivery
    • Audit-ready format (any LP can review)
    • Multi-tier waterfall included
    • Editable Excel, you own it

    The problem

    LPs reject deals not because the returns are bad, but because the model is unreadable. Hardcoded numbers buried in formulas, broken circular references, no sensitivity tables, and a waterfall that doesn't reconcile to the LPA. Institutional LPs run your model through their analyst, if it doesn't pass a 20-minute audit, they pass.

    What we do

    We build models the way institutional LPs expect: separate inputs / calculations / outputs tabs, every assumption flagged in blue, sources & uses that ties to the cap stack, monthly debt schedule with interest accrual, and a waterfall tab that reconciles to your LPA's distribution priority.

    What's included

    • Sources & Uses tab tied to capital stack
    • Monthly cash flow projection (5–10 year hold)
    • Debt schedule (senior, mezz, prefequity)
    • Distribution waterfall (multi-tier, hurdles, catch-up)
    • IRR, equity multiple, average cash-on-cash
    • Sensitivity tables (exit cap rate, NOI growth, hold period)
    • Investor returns summary tab
    • Two revision rounds included

    How it works

    1. 1

      Intake (Day 1)

      Send us your rent roll, operating budget, debt term sheet, and waterfall structure. 30-min Q&A call.

    2. 2

      Build (Day 2–5)

      Model built with your assumptions, debt structure, and waterfall.

    3. 3

      Walkthrough call (Day 5)

      We screen-share through every tab so you understand every formula.

    4. 4

      Revisions (Day 6–7)

      Two revision rounds. Final delivered as protected + unprotected Excel.

    Best fit for

    • Multifamily, industrial, retail, hospitality, self-storage sponsors
    • M&A sponsors underwriting an acquisition target
    • Fund managers building portfolio-level models
    • Sponsors whose current model has been rejected by LPs

    Not a fit if

    • Single-family flip pro formas (Excel templates exist for free)
    • Public-company DCF models (different discipline)
    • Crypto / token economic models
    Real result

    Model audit passed by 4 family offices in 1 week

    Industrial sponsor's previous model was rejected 3x for circular references, rebuilt model passed every LP audit, raise closed at $7.4M.

    Frequently asked questions

    Excel (.xlsx), both a protected version (calculation tabs locked, only inputs editable) for sharing with LPs, and an unprotected version for your internal use. Compatible with Excel for Mac, Windows, and Excel Online. Google Sheets export available on request but not recommended (formula compatibility breaks).
    Real estate (multifamily, industrial, retail, hospitality, self-storage, ground-up dev), M&A acquisitions (operating company DCF + LBO), and PE/RE funds (portfolio-level). We don't build farmland, oil & gas, or infrastructure models, those need specialty modelers.
    Yes, common request. We rebuild from scratch using your assumptions but with clean architecture. Often we find errors in the original ($50K–$500K swings in projected returns are common) which we flag in the walkthrough call.
    Up to 5-tier with European or American carry, GP catch-up, IRR-based promote breakpoints, and refinance distribution priority. We've built waterfalls with side letters, MFN clauses, and clawback mechanics.
    Yes, for Flagship clients, monthly model updates (actuals vs projection, refresh of forward assumptions) are included. À la carte clients can come back for a refresh at $497/quarter.
    Yes, we model A/B preferred equity stacks with separate distribution tiers, co-GP promote splits, and stretch loan structures. Same architecture as our Preferred Equity guide explains.

    Related services & guides

    Pitch Deck Service PPM Drafting Service Preferred Equity M&A Financial Analysis Valuation Raises Pricing

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