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Downloadable sample deliverables and real engagements. Client names are used with permission or anonymized. Representative samples use fictionalized, anonymized data and are labeled as such.

Sample Deliverables

Open the actual work product.

Analyst samples show a full sponsor engagement on an industrial value add deal. Underwriting samples show a full lender engagement on a borrower credit file.

Analyst Sample

Value Add Overview Memo

Industrial value add acquisition: deal, business plan, returns, sensitivities. Companion to the internal decision pro forma.

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Analyst Sample

Assumptions Memo

Every model assumption documented and defended: rents, expenses, capex, lease up, financing, exit. Companion to the internal decision pro forma.

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Analyst Sample

Lender Memo

The deal framed for the debt ask. Companion to the lender facing pro forma that travels with the financing package.

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Underwriting Sample

Borrower Credit Underwriting Memo

PFS and SREO analysis, liquidity, net worth, global cash flow, contingent liabilities, and a credit recommendation.

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Underwriting Sample

Deal Underwriting & Debt Sizing Memo

Normalized T-12 and rent roll, underwritten NOI, sizing on DSCR, debt yield and LTV, refinance test, sensitivities.

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Underwriting Sample

Credit Committee Presentation

The full loan file distilled for committee: borrower, collateral, metrics, risks, mitigants, and conditions.

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Memos are companions to the Excel models each engagement delivers. Analyst engagements: an internal decision pro forma and a lender facing pro forma. Lender engagements: a borrower level credit workbook and a deal level underwriting model. Samples use anonymized, representative data.

Case Studies

Engagements, end to end.

Lender Underwriting · Representative Sample

Borrower credit file: from raw PFS and SREO to committee-ready credit memo.

6
Credit Workstreams
2
Deliverables (Memo + Workbook)
24–48 hr
Typical Turnaround
White-Label
Or F&Co Letterhead

The File

A private CRE lender receives a borrower package: a self-prepared personal financial statement, an inconsistent schedule of real estate owned, and unverified liquidity. The committee wants an independent read on borrower strength before terms go out.

The Underwriting

We standardize the PFS and SREO, tie out liquidity and net worth, build a global cash flow across the borrower’s full portfolio, quantify contingent liabilities and guarantee exposure, and assess sponsor track record — then write the credit memo with a recommendation and conditions.

The Package

The lender receives a borrower credit underwriting memo plus the underlying borrower-level credit workbook (PFS, SREO, liquidity, global cash flow, contingent liabilities) — an independent third-party read the committee can act on.

See the actual work product: Sample Borrower Credit Underwriting Memo (PDF)  ·  Outsourced CRE Underwriting for Lenders
Lender Underwriting · Representative Sample

Multifamily loan file: underwritten NOI, debt sizing, refinance test, committee presentation.

3
Deliverables (Memo, Model, Deck)
DSCR · DY · LTV
Sizing Constraints Tested
Refi Test
Exit Analyzed
Full Grid
Sensitivity Analysis

The File

A multifamily acquisition loan request arrives with the sponsor’s pro forma attached. The numbers are optimistic — they usually are. The lender needs the file to stand on its own math before it reaches committee.

The Underwriting

We normalize the rent roll and trailing P&L, underwrite NOI to market, size the loan against DSCR, debt yield, and LTV constraints, run the refinance test on the exit, and stress the file across rate, rent, and vacancy scenarios.

The Package

The lender receives a deal underwriting and debt sizing memo, the deal-level underwriting model (rent roll, P&L, debt sizing, refi test, sensitivities), and a credit committee presentation — the complete file, committee-ready.

See the actual work product: Sample Deal Underwriting & Debt Sizing Memo (PDF)  ·  Sample Credit Committee Presentation (PDF)
Hospitality · Small Family Office

Mid-construction boutique inn: sell at a loss or complete and operate?

8 Suites
Boutique Inn, Virginia
$207K
Year 1 NOI
$346K
Year 2 NOI (13-suite)
5
Sensitivity Analyses

The Problem

A small family office owned an 8-suite boutique inn in Virginia that had stalled mid-construction after a contractor change. A cash offer of $983K was on the table against $1.19M owed — selling meant a $271K out-of-pocket loss.

The Solution

We modeled two complete paths: selling at 7 different price points, and completing construction with a $2.325M hard money loan at 12.99% followed by a conventional refinance at 6.75%. The work included a Year 1 monthly pro forma, 5-year projections, five sensitivity analyses, and an 8-suite vs. 13-suite expansion scenario with a $500K additional budget.

The Result

The 8-suite completion scenario showed $207K Year 1 NOI with positive free cash flow by Year 2; the 13-suite expansion showed $346K Year 2 NOI. The client gained clear, data-driven conviction to complete construction rather than sell at a significant loss.

Deliverables: Multi-scenario pro forma, 5-year projections, 5 sensitivity analyses, expansion feasibility, sell-vs-complete decision framework
Senior Living · Conversion

ILF to ALF conversion: capturing 5x revenue potential.

11 Units
12,183 SF, Washington
$120K → $640K
Revenue Potential
3
Structures Modeled
15pp
Final Presentation

The Problem

Turning Tree Properties was evaluating an 11-unit senior living facility operating as independent living at 100% occupancy and $120K annual revenue — but originally built and licensed as assisted living with $640K revenue potential.

The Solution

We modeled three acquisition structures side by side: a ground lease ($0 upfront), conventional financing ($689K down at 6.0%), and seller financing ($429K down at 9.0%) — each with 10-year free cash flow projections, an occupancy ramp, and a $142.5K ILF-to-ALF conversion budget. The deliverable was a 15-page institutional-quality presentation with a full sensitivity grid and construction-vs-purchase comparison.

The Result

The client received a clear framework to evaluate the deal across multiple structures and make a confident acquisition decision with full visibility into conversion economics and long-term returns.

Deliverables: 15-page institutional presentation, 3 acquisition structures, 10-year FCF projections, sensitivity grid, risk analysis, conversion budget  ·  Client: Turning Tree Properties
Residential Portfolio · Refinance

Portfolio refinance analysis with actual lender term sheets.

3 Properties
2-Family, Montana
2.99% → 6.42%
Rate Comparison
50% LTV
Cash-Out Refi
30yr
Amortization Modeled

The Problem

Turning Tree Properties needed to evaluate a cash-out refinance across three 2-family properties in Montana. The question: does pulling equity at today's rates make sense, or does the higher rate destroy the cash flow?

The Solution

We built the analysis on actual lender term sheets, not generic rate assumptions — comparing the existing 2.99% loans against a 6.42% cash-out refinance at 50% LTV, with full 30-year amortization schedules showing the year-by-year cash flow impact per property.

The Result

The refinance would swing cash flow from +$3,138 to −$3,447 per property per year. The client had a clear, data-driven answer: the cash-out did not make sense at current rates — saving thousands annually across the portfolio.

Deliverables: Cash-out refinance analysis, 30-year amortization schedules, actual lender term sheet comparison  ·  Client: Turning Tree Properties
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