Stratas Consulting turns scattered commercial real estate files into a coherent, supportable deal story. We evaluate the underwriting, identify strengths and weaknesses, reconcile inconsistencies, test the assumptions, and build a prioritized action plan designed to make the opportunity easier to understand, defend, and finance.
Each engagement can stand alone or be combined into a full deal-readiness assignment. The exact scope depends on the asset class, stage of the project, volume and quality of the files, and the decisions the report needs to support.
Independent review of the deal economics, source files, strengths, weaknesses, and lender-facing risks.
Market, product, operating, cost, capital, and return analysis to test whether the plan is supportable.
Creation, cleanup, or reconstruction of the files lenders need to evaluate the opportunity efficiently.
Plain-English economic review of control, liabilities, distributions, capital calls, and dilution exposure.
The underwriting evaluation is designed for sponsors, developers, owners, consultants, and capital partners who need an independent view of the deal before lender submission, after lender feedback, or before committing more time and equity. We do not simply restate the pro forma. We trace the economics back to the files, identify where the story breaks, and explain what can be corrected, supported, restructured, or mitigated.
Depending on the assignment, the support may include hotel ADR / occupancy / RevPAR comps, multifamily rent and sale comps, community-development home or lot pricing and absorption, industrial rent and vacancy comps, expense benchmarks, cap-rate evidence, or other market references. Data sources and limitations are identified in the report.
The final package is scoped to the deal. Assumptions that cannot be verified are clearly labeled rather than silently treated as fact.
A feasibility study evaluates whether the proposed project, repositioning, acquisition, conversion, or development plan is supportable under realistic market and financial assumptions. The analysis can be used to validate a concept, compare alternatives, refine a development program, support an investment decision, or identify changes needed before approaching lenders and investors.
Demand generators, competitive set, occupancy, ADR, RevPAR, penetration, brand positioning, PIP, seasonality, F&B, and stabilized margins.
Rent comps, unit mix, concessions, vacancy, absorption, affordability, amenities, operating expenses, and stabilized cap-rate support.
Home and lot pricing, sales pace, builder demand, infrastructure costs, phase sequencing, presales, takedowns, and finished-lot economics.
Rent per square foot, vacancy, tenant demand, bay size, WALT, rollover, TI / LC, downtime, clear height, loading, power, and site functionality.
The report identifies the information relied upon, data gaps, limitations, and the assumptions that most materially change the conclusion. Third-party appraisal, engineering, environmental, legal, tax, and other specialist work may still be required.
Strong opportunities often lose momentum because the documents are incomplete, inconsistent, poorly labeled, or unable to explain the request. We can clean up existing files, create missing lender-facing materials, or reconstruct unusable documents from verified source information. Every recreated file distinguishes confirmed facts from sponsor assumptions and items still requiring validation.
When a budget, pro forma, schedule, ownership chart, or summary needs to be rebuilt, we use the available source materials, clearly flag assumptions, identify missing evidence, and return a document that can be validated before it is represented to a lender or investor.
These are examples rather than a mandatory package. The goal is to create the shortest complete path to an informed underwriting decision.
Equity and joint-venture documents can create outcomes that are difficult to see in the headline ownership percentage. We translate the business and economic provisions into plain English, rebuild the distribution waterfall, identify risk allocation and control provisions, and model how delays, cost overruns, rescue capital, refinancing, sale timing, and capital-call participation can change the sponsor’s actual economics.
Key provisions summarized by topic, party, trigger, consequence, and decision point.
Scenario-based distributions, ownership changes, sponsor economics, and breakpoints.
Business issues, economic exposure, questions, and provisions to discuss with counsel.
Stratas does not replace legal counsel and does not issue legal opinions. The report is designed to help the client understand the commercial implications, model the economics, identify questions, and work more efficiently with qualified attorneys, tax professionals, and accountants.
The workflow is designed to preserve source integrity, separate verified facts from assumptions, and make every major finding traceable to the underlying documents or analysis.
Define the asset, transaction stage, audience, requested service, key questions, deadlines, and expected deliverables.
Organize the data room, identify current versions, log missing items, and establish which documents are authoritative.
Test the underwriting, compare source documents, validate formulas, build scenarios, and develop market support.
Separate strengths, clarification items, correctable issues, structural concerns, and material fundability blockers.
Provide the report, models, supporting schedules, prioritized actions, and a review call focused on implementation.
A hotel should not be evaluated like an apartment property, and a phased residential community should not be evaluated like a stabilized industrial building. The underwriting, comp set, risks, and lender questions change by asset class and subtype.
Operating, acquisition, construction, conversion, rebrand, PIP, stabilization, and refinance analysis.
Existing, value-add, development, lease-up, conversion, condominium, townhome, and stabilized analysis.
Horizontal and vertical development, phased subdivisions, lots, homes, builder exits, and rental communities.
Acquisition, refinance, development, lease-up, owner-user, manufacturing, warehouse, and flex analysis.
Submit the basic project information below. The asset subtype will appear after you select the primary asset class so the request reaches the team with the right context.
Required fields are marked with an asterisk. This first step is intentionally brief.
The final engagement letter should define the specific scope, source materials, limitations, deliverables, and responsible professionals for each assignment.
Yes. A common combined scope may include an underwriting evaluation, file-consistency audit, market comp set, lender-ready package, and equity waterfall review. The work can also be separated into phases so critical risks are evaluated before additional documents are created.
The file list depends on the asset and assignment, but may include the OM, purchase agreement, appraisal, pro forma, development budget, sources and uses, plans, schedule, title, survey, environmental and property-condition reports, franchise or management documents, leases, sponsor financials, organizational documents, and equity agreements.
No. The analysis may evaluate valuation assumptions and comparable evidence, but it is not an appraisal, broker price opinion, or substitute for a licensed appraisal when one is required.
No. It is a commercial and economic analysis intended to help the client understand provisions, model outcomes, identify questions, and coordinate with qualified legal, tax, securities, and accounting professionals.
Yes, when sufficient source information exists. Recreated files identify the underlying sources, distinguish verified facts from assumptions, and flag any values that still require sponsor, accountant, attorney, contractor, appraiser, or other third-party confirmation.
No. The purpose is to improve clarity, support, consistency, and readiness. Every lender and investor conducts its own underwriting and may reach a different conclusion or require additional information, structure, equity, reserves, guarantees, or third-party diligence.
Start with the consulting inquiry, call the team, or book a scope discussion.
Stratas Consulting turns scattered commercial real estate files into a coherent, supportable deal story. We evaluate the underwriting, identify strengths and weaknesses, reconcile inconsistencies, test the assumptions, and build a prioritized action plan designed to make the opportunity easier to understand, defend, and finance.
Each engagement can stand alone or be combined into a full deal-readiness assignment. The exact scope depends on the asset class, stage of the project, volume and quality of the files, and the decisions the report needs to support.
Independent review of the deal economics, source files, strengths, weaknesses, and lender-facing risks.
Market, product, operating, cost, capital, and return analysis to test whether the plan is supportable.
Creation, cleanup, or reconstruction of the files lenders need to evaluate the opportunity efficiently.
Plain-English economic review of control, liabilities, distributions, capital calls, and dilution exposure.
The underwriting evaluation is designed for sponsors, developers, owners, consultants, and capital partners who need an independent view of the deal before lender submission, after lender feedback, or before committing more time and equity. We do not simply restate the pro forma. We trace the economics back to the files, identify where the story breaks, and explain what can be corrected, supported, restructured, or mitigated.
Depending on the assignment, the support may include hotel ADR / occupancy / RevPAR comps, multifamily rent and sale comps, community-development home or lot pricing and absorption, industrial rent and vacancy comps, expense benchmarks, cap-rate evidence, or other market references. Data sources and limitations are identified in the report.
The final package is scoped to the deal. Assumptions that cannot be verified are clearly labeled rather than silently treated as fact.
A feasibility study evaluates whether the proposed project, repositioning, acquisition, conversion, or development plan is supportable under realistic market and financial assumptions. The analysis can be used to validate a concept, compare alternatives, refine a development program, support an investment decision, or identify changes needed before approaching lenders and investors.
Demand generators, competitive set, occupancy, ADR, RevPAR, penetration, brand positioning, PIP, seasonality, F&B, and stabilized margins.
Rent comps, unit mix, concessions, vacancy, absorption, affordability, amenities, operating expenses, and stabilized cap-rate support.
Home and lot pricing, sales pace, builder demand, infrastructure costs, phase sequencing, presales, takedowns, and finished-lot economics.
Rent per square foot, vacancy, tenant demand, bay size, WALT, rollover, TI / LC, downtime, clear height, loading, power, and site functionality.
The report identifies the information relied upon, data gaps, limitations, and the assumptions that most materially change the conclusion. Third-party appraisal, engineering, environmental, legal, tax, and other specialist work may still be required.
Strong opportunities often lose momentum because the documents are incomplete, inconsistent, poorly labeled, or unable to explain the request. We can clean up existing files, create missing lender-facing materials, or reconstruct unusable documents from verified source information. Every recreated file distinguishes confirmed facts from sponsor assumptions and items still requiring validation.
When a budget, pro forma, schedule, ownership chart, or summary needs to be rebuilt, we use the available source materials, clearly flag assumptions, identify missing evidence, and return a document that can be validated before it is represented to a lender or investor.
These are examples rather than a mandatory package. The goal is to create the shortest complete path to an informed underwriting decision.
Equity and joint-venture documents can create outcomes that are difficult to see in the headline ownership percentage. We translate the business and economic provisions into plain English, rebuild the distribution waterfall, identify risk allocation and control provisions, and model how delays, cost overruns, rescue capital, refinancing, sale timing, and capital-call participation can change the sponsor’s actual economics.
Key provisions summarized by topic, party, trigger, consequence, and decision point.
Scenario-based distributions, ownership changes, sponsor economics, and breakpoints.
Business issues, economic exposure, questions, and provisions to discuss with counsel.
Stratas does not replace legal counsel and does not issue legal opinions. The report is designed to help the client understand the commercial implications, model the economics, identify questions, and work more efficiently with qualified attorneys, tax professionals, and accountants.
The workflow is designed to preserve source integrity, separate verified facts from assumptions, and make every major finding traceable to the underlying documents or analysis.
Define the asset, transaction stage, audience, requested service, key questions, deadlines, and expected deliverables.
Organize the data room, identify current versions, log missing items, and establish which documents are authoritative.
Test the underwriting, compare source documents, validate formulas, build scenarios, and develop market support.
Separate strengths, clarification items, correctable issues, structural concerns, and material fundability blockers.
Provide the report, models, supporting schedules, prioritized actions, and a review call focused on implementation.
A hotel should not be evaluated like an apartment property, and a phased residential community should not be evaluated like a stabilized industrial building. The underwriting, comp set, risks, and lender questions change by asset class and subtype.
Operating, acquisition, construction, conversion, rebrand, PIP, stabilization, and refinance analysis.
Existing, value-add, development, lease-up, conversion, condominium, townhome, and stabilized analysis.
Horizontal and vertical development, phased subdivisions, lots, homes, builder exits, and rental communities.
Acquisition, refinance, development, lease-up, owner-user, manufacturing, warehouse, and flex analysis.
Submit the basic project information below. The asset subtype will appear after you select the primary asset class so the request reaches the team with the right context.
Required fields are marked with an asterisk. This first step is intentionally brief.
The final engagement letter should define the specific scope, source materials, limitations, deliverables, and responsible professionals for each assignment.
Yes. A common combined scope may include an underwriting evaluation, file-consistency audit, market comp set, lender-ready package, and equity waterfall review. The work can also be separated into phases so critical risks are evaluated before additional documents are created.
The file list depends on the asset and assignment, but may include the OM, purchase agreement, appraisal, pro forma, development budget, sources and uses, plans, schedule, title, survey, environmental and property-condition reports, franchise or management documents, leases, sponsor financials, organizational documents, and equity agreements.
No. The analysis may evaluate valuation assumptions and comparable evidence, but it is not an appraisal, broker price opinion, or substitute for a licensed appraisal when one is required.
No. It is a commercial and economic analysis intended to help the client understand provisions, model outcomes, identify questions, and coordinate with qualified legal, tax, securities, and accounting professionals.
Yes, when sufficient source information exists. Recreated files identify the underlying sources, distinguish verified facts from assumptions, and flag any values that still require sponsor, accountant, attorney, contractor, appraiser, or other third-party confirmation.
No. The purpose is to improve clarity, support, consistency, and readiness. Every lender and investor conducts its own underwriting and may reach a different conclusion or require additional information, structure, equity, reserves, guarantees, or third-party diligence.
Start with the consulting inquiry, call the team, or book a scope discussion.
