Flat-fee financial analysis and deal structuring advisory for commercial real estate investors, syndicators, and developers doing $2M–$50M transactions.
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 $3,000–$7,500 for the same financial analysis — delivered faster, with no conflict of interest.
Broker points at 1%: $150,000. Full underwriting analysis, financing strategy report, and deal structuring from Cap Rate Advisory: $10,000–$20,000. 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 go/no-go financial read before you invest time in full diligence. Know if a deal pencils before you make an offer.
Complete institutional-quality financial model. The deliverable sophisticated investors and lenders expect before any serious deal.
Objective analysis of your financing options — without anyone earning a commission on the outcome. Know what lender categories fit your deal before you approach anyone.
For syndicators and developers structuring equity raises. Model the deal economics — LP/GP splits, preferred returns, promote tiers, investor returns — before you go to your capital base.
Offer accepted, LOI deadline tight, need numbers fast? Rush delivery is available on most services when timeline requires it.
For active syndicators and investors evaluating 3+ deals per month. Ongoing financial advisory relationship — analysis, financing strategy, deal structuring — 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.
100% upfront via ACH or card. You send the OM, rent roll, and financials. Work begins immediately upon payment.
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: commercial and multifamily transactions in the $2M–$50M range. US primary market, Canada where applicable. No residential, no flips, no small deals.
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.
Investor-facing return projections across hold periods, with preferred return hurdles, promote tiers, and LP/GP economic splits modeled explicitly.
Objective comparison of available debt structures — agency, CMBS, bank, bridge, life company — without any interest in which option you choose.
You're raising capital from LPs and need deal economics that hold up to scrutiny. You need the waterfall modeled correctly, returns stress-tested, and an investor summary that's accurate.
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. We do not originate, arrange, or negotiate mortgage loans, and we do not earn any compensation from lenders or tied to transaction closings. Our 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. We'll schedule a brief intake call before we 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, and waterfall (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