Consulting and Auditing Services

REFM Consulting helps you achieve analytical clarity, make smart decisions and present them with confidence.

Consulting clients include



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 experience and in-house library of dozens of tested 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 Consulting and Auditing Services brochure

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