Consulting and Auditing Services

REFM consulting helps you achieve clarity, make smart decisions and present them confidently to your stakeholders.

Consulting clients include

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Having REFM as part of our team enabled us to move mountains in Excel, all without losing clarity of vision or sacrificing aesthetics in our analyses.

Jon McAvoyVice President & Director of Finance, PN Hoffman

It was a pleasure working with REFM to produce Excel-based investment tools that have been deployed across our group nationally.

Thomas HenrikssonCFO, Skanska USA Commercial Development Inc.

REFM’s ability to distill mountains of data into a clean, compelling presentation has allowed our company to acquire a number of off market properties.

Todd HittPresident and CEO, Kiddar Capital

Services offered using Excel and Valuate®

  • creation, customization and improvement of real estate pro-formas and financial models for transactions of all types
    • development
    • acquisition/disposition
    • refinancing
    • fund-level modeling
  • financial due diligence/feasibility and highest and best use analysis
  • partnership structuring and profit partitioning analysis (preferred return, promote and waterfall dynamics)
  • auditing of financial models for accuracy
  • authoring of offering memoranda

Why choose REFM?

  • We keep costs down by leveraging our in-house library of 28 Excel-based templates
  • We know the right questions to ask to get a precise scope of work defined up front
  • We’ll make you look really good to your stakeholders

Sample client work

Client Functions: Master Developer, Vertical Developer, Owner

Client Challenge: Raise a combination of debt and equity to fund the Master Development of a major urban mixed-use project

REFM Deliverable: Conversion of client’s existing annual-based 38-tab Excel model, which addressed the analysis solely by each of the 9 unique land uses, into monthly-based analyses for the individual parcels, each of which was mixed-use in nature, and roll-up into a master model that combined cash flows from the horizontal and vertical developments

REFM Excel Model Templates leveraged: Mixed-Use Development for Apartment, Condominium, Office and Hotel

Client Functions: Developer, Owner

Client Challenge: The need to vet calculations of their internal model

REFM Deliverable: Audit report on mathematical differences between results from REFM Template and results from internal model

REFM Excel Model Template leveraged: Mixed-Use Apartment Building Development

Client Function: Commercial Land Broker

Client Challenge: Educate and persuade a long-term land holder with little financial sophistication to pursue a joint venture with a local hotel developer through a 99-year ground lease

REFM Deliverable: Annual-based Excel financial projection model and associated visual aids that communicated the ongoing and overall financial benefit to being a joint venture partner in the development transaction

REFM Excel Model Template leveraged: Landlord Lease Analysis

Client Functions: Master Developer, Vertical Developer

Client Challenge: Raise investment fund to execute on a strategy to revitalize 10 downtowns in concert with the municipal government and local land owners

REFM Deliverable: Monthly-based Excel financial projection model and associated Powerpoint slide deck that communicated the execution of the strategy

REFM Excel Model Templates leveraged: Mixed-Use Apartment Building Development, Hotel Development

Client Functions: Land and Housing Developer

Client Challenge: Complex 40-year time horizon modeling of both land development and lot sales to third parties as well as in-house vertical housing development

REFM Deliverable: 10,000-lot (36,000-acre) 25-phase land development model with master cash flow, to which 10 individual housing development models were linked

REFM Excel Model Templates leveraged: Land Development, Housing Development

See our brochure

(Download it here)

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