Real estate financial modeling
Break ground with confidence. We build the models developers and investors rely on, from first feasibility to financing, reporting and exit.
When clients call us
Every project decision runs through the model
Clients usually come to us at a point where the numbers need to hold up in front of a lender, an investor or a partner.
Testing a site
You need to know whether a development works before you commit to the land.
Underwriting an acquisition
An income property is on the table, and the returns depend on leases, financing and exit assumptions.
Raising capital for a project
Lenders and equity partners want a model and a package they can underwrite.
Structuring a joint venture
Partners need a waterfall that reflects their contributions and aligns their incentives.
Rates or costs have moved
Interest rates, construction costs or absorption have changed, and the plan needs to be stress tested.
Reporting to investors and lenders
The project is under way, and stakeholders expect regular, reliable reporting against budget.
How we help
Models from feasibility to reporting
Real estate financial modeling for developers, investors and asset managers across residential, commercial and mixed-use projects, from single assets to multi-phase portfolios.
Development feasibility
Dynamic cash flow models built around land cost, permitting, interest rates, materials, labour, absorption, sales prices and cap rates.
Acquisition underwriting
Debt coverage, collateral quality, stress tests and return metrics such as IRR and NPV, so investors can decide with confidence.
Capital structure and waterfalls
The debt and equity mix that aligns incentives between partners, and waterfall structures that distribute returns as agreed.
Scenario and sensitivity analysis
Market cycles simulated through macroeconomic and lease-level drivers, with debt capacity and covenants stress tested.
Investor packages
Materials that communicate the opportunity and your capabilities, and improve the chance of securing funding.
Reporting and project controls
Budget tracking, reporting and KPI analytics after closing, so the project stays on schedule, on budget and within lender terms.
Our view
A model is only as good as its assumptions
Real estate returns are sensitive to a handful of inputs: land and construction costs, interest rates, absorption, rents and exit cap rates. A model that hides them, or cannot change them quickly, gives false confidence.
We build models that make the key assumptions visible and easy to test. Lenders and partners can follow the logic, and you can see how the project behaves when conditions move. Read our view on financial modeling.
How an engagement works
Five steps from brief to bankable model
Whether we build a new model or review an existing one, the work follows the same sequence.
- BriefAgree the project, the decisions the model must support and who will rely on it.
- InputsGather costs, schedules, market data and financing terms.
- BuildBuild the cash flow model, the capital structure and the waterfall.
- TestRun scenarios and sensitivities on the assumptions that move returns most.
- Hand overDeliver the model with documentation, and support updates as the project progresses.
Need a model your lenders and partners can rely on?
What you receive
Models that lenders and partners can follow
Every model is built to be understood and tested by the people who rely on it.
- A development or acquisition cash flow model
- Return metrics including IRR, NPV and equity multiple
- Debt sizing, coverage ratios and covenant tests
- A joint venture waterfall and partner returns
- Scenario and sensitivity analysis
- An investor package and ongoing project reporting
Selected clients
Companies we have worked with
Frequently asked questions
Questions we hear most often
What types of projects do you model?
Residential, commercial and mixed-use developments and acquisitions, from single assets to multi-phase portfolios.
Can you review a model we already have?
Yes. We review existing models for errors, logic and assumptions, and rebuild the parts that do not hold up.
Do you model joint venture waterfalls?
Yes. We model preferred returns, promote structures and multi-tier waterfalls, so each partner can see how returns are shared.
Can you help us raise financing for the project?
Yes. We prepare the model and the investor package, and can support the raise through our capital raising practice.
Do you only work on projects in Vancouver?
No. We are based in Vancouver, where we provide real estate financial modeling for local developers and investors, and we work on projects across Canada.
How are fees set?
Fees depend on the scope and complexity of the work. We confirm them in an engagement letter after a first conversation, so the cost is clear before work begins.
Have a question that isn’t covered here? Start a conversation.
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