Core Advisory Services
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Underwriting
We independently evaluate deal assumptions, structure, and return drivers to identify risk, sensitivity, and downside exposure before capital is committed. Our underwriting focuses on the variables that actually move outcomes—so sponsors and investors can make confident, defensible decisions.
Typical Engagements: Independent underwriting support during capital raises, investment committee review, or pre-close diligence to validate assumptions, returns, and downside exposure.
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Analysis
We translate complex financial data into clear, decision-ready insights across the full lifecycle of a project. Whether evaluating performance, re-forecasting outcomes, or assessing market impacts, our analysis is designed to support real-time strategic decisions—not just reporting.
Typical Engagements: Scenario and sensitivity analysis across individual projects or portfolios to evaluate performance, stress outcomes, and inform strategic decision-making.
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Support
We provide flexible, senior-level financial support to sponsors and operators navigating ongoing reporting, lender requests, and capital partner inquiries. Acting as an extension of your team, we step in where needed to resolve issues, maintain momentum, and ensure financial workstreams stay aligned with project objectives—without adding permanent overhead.
Typical Engagements: Flexible, on-demand financial support to address reporting gaps, lender or equity partner requests, and periods of internal bandwidth constraint.
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Financial Modeling
We design robust, transparent financial models that clarify feasibility, risk, and return across the full lifecycle of a real estate project. Our models are built to withstand scrutiny—from lenders, equity partners, and internal investment committees—while enabling sponsors to test assumptions, evaluate scenarios, and make confident, defensible decisions.
Typical Engagements: Design and build of financial models tailored to specific deal structures, capital stacks, and business objectives—built for decision-making and external review.
Financial Diagnostic Offerings
Principal-Level Financial Diagnostics that De-Risk deals for Real Estate Developers
Before lender review, equity approval, or capital commitment, CRCS provides targeted, fixed-fee financial diagnostics designed to identify material risks, structural weaknesses, and credibility gaps in underwriting and capital stack design. This is a structured, executive-level review of your financials, assumptions, and key drivers—built to uncover hidden risks, validate opportunities, and pinpoint priority decisions on an accelerated timeline, so you know exactly where to act next.
Deliverable: A concise diagnostic summary with prioritized findings, decision-critical risks, and recommended next steps.
1. Deal Stress Test - Underwriting Risk Review
A senior-level review of core deal assumptions to identify where returns, leverage, or exit value are most exposed.
Review of rent, exit, and operating assumptions
Sensitivity structure and breakpoints
Leverage and DSCR stress points
Concise written memo outlining key investor and lender risks
Turnaround: 2–3 business days
Fee: $1,750 – $2,500 (flat)
2. Capital Stack & Waterfall QA/QC - Equity & Promote Review
A technical assessment of equity return mechanics, preferred returns, and promote structures — the areas most likely to undermine LP confidence if misaligned.
Review of IRR and multiple calculations
Promote tiers and hurdle logic
Refinance / crystallization mechanics (if applicable)
Identification of misalignment or calculation errors
Turnaround: 3–5 business days
Fee: $2,500 – $4,000 (flat)
3. Lender-Ready Model Review - Credit & Re-Trade Risk Mitigation
A targeted pass to ensure models withstand lender underwriting and credit committee review without avoidable re-trades.
Review of DSCR logic and reserve treatment
Timing and circular reference checks
Common lender red flags and presentation issues
Summary of likely credit committee questions
Turnaround: ~3 business days
Fee: $2,000 – $3,500 (flat)