Commercial Real Estate Financial Modeling For Borrowers And Developers
Financely builds lender-ready pro formas, cash flow models, debt sizing analysis and credit metrics for commercial real estate sponsors. The work helps borrowers understand leverage capacity, repayment strength, downside exposure and lender-facing underwriting pressure before a financing request goes to market.
- DSCR and debt service coverage
- LTV, LTC and debt yield
- NOI, capex and reserves
- Base case and downside case
- Loan sizing and takeout analysis
Mandate fit suitable for acquisition financing, refinancing, construction debt, bridge loans, value-add assets, portfolio financing, cash-out recapitalizations and development-stage real estate projects.
Need the numbers cleaned up before lender review?
Send the rent roll, T-12, budget, valuation support, debt target and sponsor assumptions.
What Financely Builds
Operating And Development Models
We build income, expense, NOI, leasing, reserve, capex, construction cost and exit assumptions into a clean model that can support lender review.
- Revenue and vacancy assumptions
- Operating expense forecast
- Capex and reserves
- NOI and cash flow forecast
Loan Capacity Analysis
We calculate what the asset can support under lender-style DSCR, LTV, LTC, debt-yield, maturity, amortization and interest-rate constraints.
- Senior debt sizing
- Bridge loan sizing
- Construction debt sizing
- Permanent debt takeout analysis
Downside Case Testing
We test the model across the variables that usually hurt a real estate credit file first, including rates, vacancy, rent growth, costs and exit cap rate.
- Interest-rate sensitivity
- Exit cap rate sensitivity
- Occupancy and rent stress
- Cost overrun scenarios
Core Credit Metrics
The model is structured so the borrower can see the same pressure points a lender will test during credit review.
Modeling Outputs
| Output | What Financely Prepares | Why It Matters |
|---|---|---|
| Operating Pro Forma | Income, vacancy, expenses, reserves, NOI and cash flow by period. | Shows whether the asset can support the requested debt. |
| Development Model | Land cost, hard costs, soft costs, contingency, draws, leasing and stabilization. | Connects project cost to financing need, delivery timing and takeout risk. |
| Debt Sizing Schedule | Loan capacity under DSCR, LTV, LTC, debt yield and amortization limits. | Prevents the sponsor from taking an unrealistic request to lenders. |
| Capital Stack Analysis | Senior debt, mezzanine debt, preferred equity and sponsor equity assumptions. | Clarifies funding gaps and the role of each capital layer. |
| Sensitivity Analysis | Base case, downside case and lender-conservative case. | Shows how the project behaves when rates, rents or costs move against the sponsor. |
| Credit Metrics Dashboard | DSCR, LTV, LTC, debt yield, breakeven occupancy, IRR and equity multiple where relevant. | Gives the sponsor a fast view of leverage, risk and repayment strength. |
Best-Fit Use Cases
Purchase price, closing costs, senior debt, sponsor equity and exit value.
Debt takeout, cash-out potential, coverage and maturity risk.
Construction budget, draw schedule, lease-up and permanent debt conversion.
Capex, rent uplift, occupancy ramp and refinancing proceeds.
Asset-level cash flow, cross-collateral risk and blended debt metrics.
Process
Document Intake
The sponsor provides the rent roll, T-12, project budget, purchase terms, appraisal support, debt target, valuation assumptions and sponsor business plan.
Model Build
Financely builds the pro forma, cash flow schedule, debt sizing analysis, sensitivity cases and lender-facing credit metric summary.
Credit Review Output
The sponsor receives a clean model and summary analysis that can support internal review, lender package preparation or capital stack planning.
Information Needed From The Sponsor
Asset-Level Inputs
- Rent roll
- T-12 or operating statement
- Lease terms and rollover schedule
- Capex budget
- Appraisal or broker opinion of value
- Property tax and insurance assumptions
Transaction Inputs
- Target loan amount
- Purchase price or project budget
- Existing debt terms where applicable
- Target leverage and maturity
- Sponsor equity contribution
- Exit or refinancing assumptions
Frequently Asked Questions
Do you build models for both stabilized and development assets?
Yes. Financely can build models for stabilized income-producing assets, construction projects, lease-up assets, value-add properties and mixed-use developments.
Can the model be used in a lender package?
Yes. The model can support a lender-ready credit package, offering memorandum or internal investment committee file when paired with the underlying source documents.
Do you calculate DSCR, LTV and debt yield?
Yes. The model can include DSCR, LTV, LTC, debt yield, breakeven occupancy, amortization impact, interest-rate sensitivity and refinancing risk.
Do you negotiate the loan?
This page covers financial modeling and underwriting support. Any lender-facing capital markets scope must be documented under a separate engagement.
Who should use this service?
This service is best suited for borrowers, developers and sponsors that need a clearer view of debt capacity before approaching lenders or preparing a financing package.
Request Commercial Real Estate Modeling Support
Send the property file, financing objective, current financials, budget and sponsor assumptions. Financely will review the scope and prepare the next steps.
Request Modeling SupportImportant notice Financely provides commercial real estate financial modeling, underwriting support and transaction documentation assistance. Financely does not provide legal, tax, accounting, valuation or securities advice through this service. Financely does not guarantee lender approval, credit approval, funding terms, valuation conclusions, loan proceeds, closing timelines or financing outcomes. All financing remains subject to lender underwriting, KYC, AML, sanctions checks, credit approval, documentation and borrower performance.