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Independent CRE Underwriting & Financial Modeling

Underwriting that survives the investment committee.

Institutional-grade deal analysis for developers, investors, brokers, and small offices — without the cost of an in-house analyst.

Submit a deal → View sample work
$0M+
Underwritten
0
Deals modeled
0hr
Screen turnaround
0
Asset classes
Multifamily·Build-to-Rent·Industrial·Retail·Office·Self-Storage·Hospitality
Excel-native · Lender-ready · Committee-tested

Services

One analyst. Full acquisitions desk.

Every engagement is scoped to a fixed fee, built in unlocked Excel, and delivered with the assumptions documented — so your lender, your LPs, and your future self can follow the math.

UW—01

Acquisition Underwriting

Dynamic 10-year DCFs with T-12 normalization, rent roll analysis, and debt sizing against agency, bank, and bridge terms. Kill it or chase it with conviction.

UW—02

Development Pro Formas

Ground-up and heavy value-add: full development budget, S-curve draw schedule, lease-up modeling, and trended vs. untrended yield on cost.

UW—03

Equity Waterfalls

LP/GP structures with preferred returns, IRR hurdles, catch-ups, and promote crystallization — modeled to the penny and stress-tested at every tier.

UW—04

Investor Materials

One-page tear sheets, investment committee memos, and assumption books your capital partners can actually read — and can't poke holes in.

UW—05

Model Audits

A second set of eyes on the model you already have: formula integrity, circularity traps, broken links, and assumptions benchmarked against market.

UW—06

Asset Management Models

Hold/sell analyses, refinance scenarios, and quarterly reforecasts against budget — so the deal keeps performing after it closes.

Sample Work

Three Sample Projects

These are real engagements. Client names, addresses, and identifying details are withheld; the structures, figures, and deliverables are the actual work.

Ground-Up · Industrial Condominium

Industrial Flex Condominium — 72 Units

90,000 SF across nine buildings · Rhode Island

Total development cost$19.6M
Cost / unit$272.5k · $218/SF
Equity / revolver30% / 70%
Sellout at $300/SF$27.0M
Profit / margin$7.4M · 37.6%
Delivered

Phased development budget · nine-building draw schedule · revolving credit facility with sale-driven paydown · unit sales comps and lease comps · pricing sensitivity from $220–$300/SF

Ground-Up · Multifamily

101-Unit Multifamily Development

Ground-up apartment community · Rhode Island

Total development cost$38.8M
Loan / PACE / equity75/10/15%
Stabilized yield on cost7.8%
Development spread182 bps
IRR / multiple34.2% · 3.38x
Delivered

20-month construction draw schedule · C-PACE and construction debt sizing · monthly cash flows through stabilization · refinance analysis returning $3.6M to equity at month 28 · GP/LP split with year-six disposition

Adaptive Reuse · Mixed-Use

95,000 SF Warehouse Conversion

80 apartments, office and retail · Rhode Island

Building size95,000 SF
Residential80 units
Unit sizes600–950 SF
Office / retail5,000 / 1,200 SF
Bank loan / equity75% / 25%
StatusComplete & stabilized
Delivered

Adaptive-reuse cost budget · mixed-income unit mix and rent build-up · commercial lease modeling alongside residential · conventional construction-to-perm financing · 50/50 partnership equity structure

Note — Want to see a full model before committing? A redacted sample workbook is available on request through the contact form below.

Process

From OM to investor ready in four moves.

Send the deal

OM, T-12, and rent roll for acquisitions; budget and plans for development. A messy broker PDF is fine — normalizing it is the job. Mutual NDA signed same day if needed.

Scope & quote

You get a fixed fee and a delivery date within hours, in writing. No hourly meters running, no surprise invoices at the end.

Model & review

The draft lands in your inbox on schedule. We walk through it together on a call — every assumption, every driver — until you can defend it without me in the room.

Own everything

Unlocked, formula-transparent Excel. No black boxes, no locked tabs, no subscriptions. Two revision rounds included on every fixed-fee engagement.

Pricing

Fixed fees. Posted publicly. On purpose.

Most consultants make you book a call to learn what a model costs. These are the numbers — benchmarked against what freelance CRE analysts actually bill.

Deal Screen
$349 / deal

Kill it or chase it — inside 48 hours.

  • Back-of-envelope model: NOI, debt sizing, returns
  • One-page memo: top risks & what would change the answer
  • Clear go / no-go recommendation
  • 48-hour turnaround, guaranteed
  • Fee credits toward a Full Underwriting on the same deal
Screen a deal
Most Engaged Full Underwriting
from$849 / deal

The complete institutional package.

  • Dynamic 10-year DCF with monthly granularity
  • T-12 normalization & rent roll analysis
  • Debt sizing across agency, bank & bridge structures
  • Full sensitivity tables + downside case
  • IC-ready tear sheet for investors or lenders
  • Review call + two revision rounds
  • 3–5 business day delivery
Start an underwriting →
Custom Model Build
from$2,500

A reusable machine, built to your strategy.

  • Bespoke acquisition or development model
  • Equity waterfall to your exact structure
  • Assumption book & in-cell documentation
  • 1:1 handoff training session (recorded)
  • 30 days of post-delivery support
Scope a build
Deal Flow Retainer
$3,950 / month · ~22% below per-deal rates
  • Up to 6 full underwritings per month
  • 48-hour priority turnaround on everything
  • Standing weekly pipeline call
  • Model maintenance & live-deal updates included
  • Month-to-month — pause when the pipeline is quiet

Where these numbers come from: freelance CRE analysts bill roughly $125–$175/hr; a full underwriting runs 5–8 focused hours, a custom model 15–25. Fixed fees simply make that math predictable. Complex deals (large mixed-use, hotels, portfolios) are quoted before work begins — never after. Hourly advisory available at $150/hr for anything that doesn't fit a box.

Joel Taglianetti, founder of Taglianetti Group TG [ Replace with your headshot — a real face closes deals ]

The Analyst Behind the Models

You're not hiring a marketplace. You're hiring me.

I'm Joel Taglianetti — a commercial real estate analyst with three years underwriting acquisitions and development across the capital stack, currently at a Providence-based development firm. I've modeled $450M+ in transactions across multifamily, mixed-use, and commercial deals, and I've spent two summers inside a commercial bank's credit process — so I know what a lender looks for long before a memo reaches committee.

Real estate has been the dinner-table conversation in my family for many years now, and numbers have always been the part I was good at. This practice is where those two things meet: every model is built start to finish by me — no outsourced help, no entry-level staff, no automated shortcuts.

3+ yrs CRE analysis BS Finance, URI — Summa Cum Laude Microsoft Excel Associate RI Salesperson License 2 CRE lending internships $450M+ modeled
in Verify me on LinkedIn Work history · recommendations from sponsors & lenders

Questions, Answered

The things you'd ask on a call.

Completely. A mutual NDA is signed before any documents change hands — I have a standard one ready, or we can use yours. Files are stored encrypted and purged after the engagement on request. I also never work both sides of the same deal.

For acquisitions: the OM, trailing-12 financials, and rent roll. For development: land basis, budget, and plans at whatever stage exists. Messy broker PDFs and half-finished spreadsheets are normal — cleaning them up is part of the fee.

Excel, natively — every deliverable is an unlocked workbook with transparent formulas and zero required plug-ins. I can build in your firm's template or mine.

Deal Screens are delivered within 48 hours of receiving documents, full stop. Full Underwritings run 3–5 business days depending on complexity. Retainer clients jump the queue with 48-hour priority on everything. If I can't hit a date, you hear it before you commit — not after.

It happens — that's the business. You pay only for work performed, capped at 50% of the quoted fee, and the amount you've paid credits toward your next deal within 90 days. Dead deals shouldn't cost you twice.

Two full revision rounds on every fixed-fee engagement — updated assumptions, new debt quotes, revised business plans. Structural scope changes (say, adding a waterfall the deal didn't originally have) are quoted in writing before any work continues.

No — analysis only. No success fees, no licensing conflicts, no incentive to make a bad deal look good. The numbers say what the numbers say, which is exactly why lenders and LPs trust them.

Contact

Have a live deal? Send it over.

Share the basics below and you'll get a fixed quote and delivery date within one business day — usually within hours. No sales call required unless you want one.

Emailjoel@taglianettigroup.com
Book a call30-min intro call
ResponseWithin one business day, ET
NDASigned same-day on request

Received. Talk soon.

Your deal details are in — expect a fixed quote and delivery date within one business day. Time-sensitive? Email directly and flag it.