Commercial real estate underwriting and deal analysis for investors across the United States and Canada. Flat-fee, independent, and conflict-free — serving the $2M–$50M transaction market across the United States and Canada.
When a commercial mortgage broker underwrites your deal, they earn 1–2 points at closing. On a $5M loan, that's $50,000–$100,000. Their analysis is designed to get the deal done — not necessarily to give you an accurate picture.
You need financial analysis from someone who gets paid regardless of whether you close. That's what flat-fee consulting is.
A commercial mortgage broker earns $50,000–$100,000 at closing. Cap Rate Advisory charges $5,000 for the underwriting — delivered faster, with no conflict of interest.
Broker points at 1%: $150,000. Acquisition underwriting from Cap Rate Advisory: $7,500–$10,000. The difference goes to your equity.
A complete underwriting model — NOI build-up, DSCR analysis, IRR and equity multiple, sensitivity tables, exit analysis, and a written report — delivered in 5–7 business days.
Every engagement is clearly scoped, priced upfront, and delivered within the agreed timeline.
Quick financial read at your price and your financing before you invest time in full diligence. Know if a deal pencils before you go further.
The complete model: NOI rebuilt from your documents, debt sized at your terms, returns and sensitivities at your price, financing scenarios, red flags. The deliverable lenders and partners expect before any serious deal.
Your numbers person from LOI to closing. I re-run the model as diligence turns up new information, produce the figures your lender package needs, and tell you which questions to put to your lawyer and lender. Buyer-side analysis only — I don't negotiate or contact the other side.
Offer accepted, LOI deadline tight, need numbers fast? Rush delivery is available on most services when timeline requires it.
The math behind the structure you're considering with partners or investors — splits, preferred return, promote — modelled as you specify, so everyone at the table sees the same numbers. This is economics, not legal or securities advice: you must have your lawyer set the structure and documents.
For investors and partners evaluating deals every month. Ongoing analysis relationship — screens, underwriting, structure economics, a standing call — on a predictable monthly fee.
3-month minimum. Paid monthly in advance.
A straightforward process with no ambiguity about what you're getting or what it costs.
Email or contact form. Describe your deal and what analysis you need. Brief 15-minute call to confirm scope and timeline.
Clear written proposal: exact scope, deliverables, fee, and turnaround. No ambiguity. Sent within 24 hours of intake call.
50% deposit on signing, balance at delivery. You send the OM, rent roll, and financials. Work begins when the deposit clears.
PDF report and Excel model delivered within the agreed timeline. Optional 30-minute review call to walk through findings — included.
Cap Rate Advisory is run by Matt Calnan, CPA, CMA. The CPA and CMA designations reflect a background in financial analysis, management accounting, and complex financial modeling — not audit work or real estate sales.
The business exists because sophisticated commercial RE investors deserve financial analysis that isn't shaped by who earns the most from their decision. Flat fees eliminate the conflict.
Focus: investment real estate from a first fourplex to $100M portfolios — small multifamily, apartments, industrial, retail, office, mixed-use. US primary market, Canada where applicable. Minimum engagement $1,500; most engagements $5,000–$10,000.
Line-by-line reconstruction of operating income and expenses against market benchmarks. Identifying where seller financials are optimistic and what the real numbers look like.
Maximum supportable debt at multiple rate and LTV scenarios. DSCR sensitivity tables stress-tested against current and projected rate environments.
Levered and unlevered return projections across hold periods at your stated price and financing, with scenario and sensitivity analysis so you can see what has to be true.
Objective comparison of available debt structures — agency, CMBS, bank, bridge, life company — without any interest in which option you choose.
You're buying your first fourplex, your fifth small apartment building, or your first commercial property with your own money, and you want a CPA's model, not a listing agent's pro forma. NOI rebuilt from actuals, debt sized at your terms, returns stress-tested at your price.
You're evaluating a commercial acquisition and want independent underwriting before you make an offer or commit to a financing structure. You don't want a broker's model.
You're evaluating acquisitions with complex structures, or you want a second set of eyes on the financial model before you commit capital or bring in partners.
No. Cap Rate Advisory provides financial analysis and consulting only. I do not originate, arrange, or negotiate mortgage loans, and I do not earn any compensation from lenders or tied to transaction closings. My fee is paid by you, upfront, for analytical work.
Your broker earns 1–2 points when the deal closes. Their analysis is shaped — consciously or not — by that incentive. You pay a flat fee to get analysis from someone who has no stake in the outcome. Most clients find it's the cheapest money they spend on a deal.
The fee is non-refundable once work has commenced — the analysis is the deliverable, not the deal closing. This is the point: you're paying for an objective assessment, and sometimes that assessment tells you to walk away. That's valuable.
Offering memorandum (OM), rent roll, and 2–3 years of operating financials if available. Signed engagement letter and payment. That's it. I'll schedule a brief intake call before I start to confirm assumptions.
A fully buildout multi-tab model: rent roll, income and expense reconstruction, NOI summary, debt sizing, sensitivity tables, IRR and equity multiple (where applicable). Not a template — a deal-specific model built from your numbers.
No. Cap Rate Advisory focuses exclusively on commercial real estate — multifamily 5+ units, industrial, office, retail, and mixed-use. Deal size typically $2M+. Residential deals have different dynamics and different analytical requirements.
United States primarily — no geographic restriction. Canada where applicable. Market data quality may vary for very thin secondary markets, but the analytical framework applies anywhere.
Yes. Many clients share the underwriting report and Excel model with lenders as part of their loan package. The analysis is clearly attributed to Cap Rate Advisory, a financial consulting firm. It is not a certified appraisal and should not be represented as one.
Flat-fee engagement. Clear scope. Delivered in 5–7 days. No commissions, ever.
matt@caprateadvisory.com · Response within 1 business day