Financial Modeling
Real Estate Financial Modeling for CRE Firms
We create bespoke real estate financial models, from development and acquisition models to equity waterfalls, that support fundraising and accelerate transactions.
Overview
Built to Provide Analytical Clarity
Our models are purpose-built for institutional decision-making: equity raises, debt underwriting and investment committee review. Developers, investors and CRE firms rely on them to evaluate deals, negotiate terms and raise capital with numbers that hold up to scrutiny. Every model is audit-ready, investor-facing and tailored to the complexity of the deal, and free versions of several of our waterfall and underwriting models are available in our Model Library. Our real estate financial modeling services cover CRE firms in New York and nationwide.
The value we add
The Problem We Solve
Every investment decision is only as good as the model behind it. Most growing CRE firms work from inherited spreadsheets that break under scrutiny, take days to update and fail to answer the questions lenders and investors ask. Each gap costs credibility, time and sometimes the deal itself. We close every one of them.
Model Structure
Spreadsheets inherited from deal to deal, full of hard-codes, broken links and logic only one person understands.
Clearly defined inputs and outputs, standardized color-coding and transparent formula architecture anyone on your team can follow.
Lender and Investor Scrutiny
Models fall apart the moment a lender, LP or investment committee starts asking questions.
Audit-ready models built the way capital providers underwrite, with the sources and uses, debt sizing, returns and sensitivities they expect.
Scenario Analysis
Every change to the business plan means rebuilding the model from scratch.
Dynamic toggles for refinancing, phasing, JV splits, downside cases and custom Capital Stacks, so you can test any scenario quickly.
Waterfall and Returns
Waterfall math does not match the operating agreement, creating confusion and disputes with partners.
Waterfall distribution schedules that mirror the operating agreement and show every party’s returns at each hurdle.
Presentation
Key outputs are buried in tabs that partners and investors cannot read.
Summary dashboards and clean outputs ready to drop into an offering memorandum or investment committee memo.
Speed
Deals move faster than the model, and deadlines force shortcuts.
Typical turnaround of 3 to 7 business days, with expedited delivery for time-sensitive transactions.
The result: models your partners, lenders and investors trust, delivered faster than you could build them in-house.
Who we serve
Built for Developers, Investors and CRE Firms
Every model is tailored to the deal, the audience and the decision it needs to support.
Developers
Development models with construction budgets, draw schedules, lease-up, construction and permanent financing and full-cycle returns.
Investors
Acquisition and hold models that test the business plan, the debt and the exit before you commit capital.
CRE Firms and Fund Managers
Fund, portfolio and Waterfall models that support capital raises, investor reporting and investment committee approvals.
Capabilities
Models We Build
Entirely bespoke models designed to the analytical rigor and presentation standards equity partners, lenders and fiduciaries expect.
Acquisition Models
Value-add, core-plus and stabilized acquisition models with dynamic rent rolls, operating assumptions, debt sizing and exit analysis.
Development Models
Ground-up models with development budgets, timelines, construction and permanent financing, lease-up and full-cycle cash flows.
Waterfall and Returns Models
Multi-tier Waterfall distribution schedules, Preferred Returns, promotes and catch-ups that mirror the operating agreement.
Portfolio and Fund Models
Portfolio-level underwriting and fund models that roll up asset cash flows, fees and investor returns.
Recapitalization and Refinancing Models
Models that size new debt and equity, test return of capital and compare refinance, recapitalization and sale scenarios.
Model Reviews and Rebuilds
We refine, restructure or professionalize existing Excel models while preserving the core logic.
Examples
Model Walkthroughs
See how our models are built, from development feasibility to partnership Waterfalls.
Multifamily Development Model
Construction budgets, Capital Stack assumptions and revenue forecasts combined into full-cycle cash flows, IRR outputs and sensitivity scenarios.
Watch the walkthrough
Hotel Development Model
An 11-year pro forma with sources and uses, IRR-based Waterfall, lease-up, market comps, construction and permanent loans and flexible cost curves.
Watch the walkthrough
Waterfall Schedules
Distribution schedules that balance risk and upside between operating partners and capital partners across every return hurdle.
Watch the walkthroughDeliverables
What Every Model Includes
Clear inputs, transparent logic and outputs your partners can read at a glance.
Model components6
- Sources and Uses
- Development Budget and Timeline
- Dynamic Rent Roll
- Operating Pro Forma
- Debt Sizing and Amortization
- Waterfall Distributions
Outputs6
- IRR and Equity Multiple
- Cash-on-Cash Returns
- Sensitivity Tables
- Scenario Toggles
- Summary Dashboard
- Audit-Ready Formatting
Our process
From Inputs to Investment Decision
- 01
Discovery Call
We learn the deal, the business plan and the decision the model needs to support, whether an equity raise, a loan request or an investment committee vote.
- 02
Data and Assumptions
We gather the rent roll, T-12, budgets and market data, and agree on the assumptions and scenarios that matter most.
- 03
Build and Stress Test
We build the model to institutional standards and stress test it the way a lender, LP or investment committee will.
- 04
Delivery and Revisions
We deliver an audit-ready model with summary outputs, walk you through it and refine it through a defined revision round.
In practice
Trusted on Time-Sensitive Deals
When deadlines are tight, we have delivered multi-tab, multi-scenario models within 24 hours without compromising quality.
RPG exceeded every expectation we had for this project! From the start, he demonstrated a genuine commitment to understanding our vision for our affordable housing development and transformed it into a truly comprehensive, user-friendly proforma model.
Questions
Frequently Asked Questions
What problem does real estate financial modeling solve?
Growing CRE firms often rely on inherited spreadsheets that break under lender and investor scrutiny and take days to update. We build audit-ready models with transparent logic, dynamic scenarios and clean outputs, so your numbers hold up and decisions move faster.
What types of financial models do you build?
Fully integrated models for ground-up development, value-add and core-plus acquisitions, stabilized holds, portfolios, funds, refinancings and recapitalizations, plus Waterfall distribution schedules.
Which asset classes do you model?
Multifamily, hospitality, mixed-use, industrial, retail, office and self-storage most often, with asset-specific underwriting conventions and market benchmarks. We also build models for other property types.
What level of detail do your models include?
Models are built to institutional standards, including dynamic rent rolls, development timelines, operating assumptions, Capital Stack structures, Waterfalls and sensitivity analyses, and can be as high-level or as granular as you need.
Can you build from scratch or work off our existing model?
Both. We build models from the ground up based on project materials, and we also refine, restructure or professionalize existing Excel files while preserving the core logic.
How long does it take to complete a model?
Typical turnaround is 3 to 7 business days, depending on scope and complexity. For time-sensitive transactions we offer expedited delivery, and we have built multi-tab, multi-scenario models within 24 hours.
Do you offer revisions after delivery?
Yes. Every engagement includes a defined revision round, and we support model updates after delivery as deal inputs, Capital Stacks or investor feedback change.
Do you prepare materials for equity raises and lender submissions?
Yes. Our models are designed for capital partners, and we also prepare the investor decks, executive summaries and investment committee memos that align with the financials.
Do you offer free models?
Yes. Free versions of several of our Waterfall and underwriting models are available to download in our Model Library.
Contact
Start the Conversation About Your Next Deal
Tell us about the property, the business plan and the timeline. Our investment team will follow up to discuss how we can help and what the work involves.
- ConsultationBook a 15-minute call
- Emailchristian.reina@reinapg.com
- Office99 Wall Street, Suite 5570, New York, NY 10005