Home  /  Work

Judge the work, not the pitch.

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.

View Sample →
Analyst Sample

Assumptions Memo

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

View Sample →
Analyst Sample

Lender Memo

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

View Sample →
Underwriting Sample

Borrower Credit Underwriting Memo

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

View Sample →
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.

View Sample →
Underwriting Sample

Credit Committee Presentation

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

View Sample →

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)
Sponsor Credit · Family Office

9 entities, 48 properties, $92M net worth: lender ready at any moment.

9
Entities
48
Properties
$92M
Net Worth
Monthly
Refresh

The Problem

A sponsor holding 48 properties across 9 entities wanted to be lender ready at all times, not scrambling every time a deal came up. Intercompany loans between the entities made the balance sheet hard to follow for anyone outside the family, and lenders couldn’t quickly see who owed what to whom.

The Solution

We built an institutional grade PFS and SREO across all 9 entities, tied out liquidity and net worth, and mapped every intercompany loan. To make the structure readable, we added an entity diagram and an intercompany loan ledger, all organized in a PFS data room a lender can work through without a single follow up call.

The Result

The sponsor is now lender ready at any moment. We refresh the PFS and data room monthly, so the file is always current when a deal or credit line comes up.

Deliverables: Institutional PFS, SREO (48 properties), entity diagram, intercompany loan ledger, PFS data room, monthly refresh
Hospitality · Ground Up Development

250 key full service hotel and conference center: the feasibility study behind the loan.

250 Keys
Full Service Hotel
$50.4M
Total Project Cost
3
Underwriting Cases
37pp
Feasibility Memo

The Problem

A developer planned a 250 key full service hotel attached to a new county funded conference center hosting 1,500+ attendees. The sponsor pro forma showed a 42% yield on cost. Before a 70% LTC senior loan and tax credits could close, capital partners needed an independent read on whether the deal held up.

The Solution

We delivered a full desktop feasibility study: market and competitive supply analysis, demand drivers (including major data center investment adjacent to the site), submarket comp set benchmarking, a three case pro forma (sponsor, advisor, stress), brand and product positioning, and a risk register. We flagged product to brand gaps and laid out the pre funding conditions a lender would require.

The Result

The study gave the developer a defensible Conditional Proceed recommendation and a clear path to credit committee. The client secured the senior loan and the tax credits.

Deliverables: 37 page feasibility advisory memorandum, three case pro forma, competitive supply and demand analysis, pre funding conditions checklist, risk and sensitivity analysis
Retail · Acquisition

$32M shopping center acquisition: institutional pro forma and deal data room.

$32M
Purchase Price
$2M
Construction Component
10 Year
Pro Forma
Closed
Deal Outcome

The Problem

A sponsor was acquiring a large shopping center for $32M with a $2M construction component built into the business plan. Lenders and equity partners needed one underwriting package that tied the in place income, the improvement budget, and the exit together.

The Solution

We built a 10 year institutional pro forma covering the rent roll and tenant by tenant lease analysis, the construction budget and draw schedule, debt sizing, returns, and sensitivities. Then we organized the full deal data room (property financials, leases, third party reports, sponsor docs) so capital providers could underwrite without chasing documents.

The Result

The sponsor went to market with a complete, organized package lenders and equity could act on quickly, and the deal closed.

Deliverables: 10 year acquisition pro forma, construction budget and draw schedule, debt sizing, sensitivity analysis, deal data room
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
Get Started

Have a deal or a file that needs this?

Schedule a complimentary consultation. Straight answers and a quote on the call.

Schedule a Consultation

No commitment. No pressure. Just a straight conversation.