Real estate underwriting · Financial modeling · Excel automation
When the model is broken, the deal is late, or nobody trusts the numbers.
I audit, fix and build the models behind commercial real estate decisions for investors, developers, lenders and brokerage teams. Turnarounds in days, not weeks.
- Colliers
- JLL
- Hines
- WinnResidential
- Stonebridge
- Summer Street Advisors
- Summit Capital Partners
- Citigroup
- The Lightstone Group
Services
Brought in when a model is too complex, or too important, to get wrong.
Model audit & teardown
I take apart the spreadsheet nobody trusts: trace every number, find what is broken or hard-coded, fix it, and document what changed. Fixed price from $1,500, delivered in 3 business days.
Acquisition & development underwriting
Back-of-envelope screens through full pro formas for multifamily, industrial, student housing, self storage and for-sale residential.
JV & waterfall structuring
LP/GP splits, preferred returns and promote tiers modeled so every partner can follow the cash.
Debt sizing & deal structuring
Loan sizing against DSCR, LTV and debt yield, capital stack design, and lender-ready sources and uses.
Automation & templates
VBA, structured workflows and reusable templates that turn a week of manual updates into a button.
Budgets, reporting & dashboards
Annual budgets, variance analysis, investor reports and decision-ready dashboards for leadership.
For operators
An underwriting partner for your pipeline.
I also work with operators as an underwriting partner, and consider fee-plus-promote structures on the right deals. If you have a pipeline that needs institutional-grade underwriting, let's talk.
Selected work
What clients hired me to fix.
Reverse-engineered an existing model and process so the team could deliver in days a project they expected to take weeks.
Built the comprehensive Excel deal model the team used to underwrite and close more than $330M of transactions.
Automated credit underwriting and deal-structuring processes so analysts could turn around financing packages faster.
Rebuilt and automated the annual budgeting process for a newly opened regional office.
Designed a standardized process for auditing historical financials and reconciling operating expenses.
Model library
See the work before you hire.
Sanitized versions of models I've built across asset types and deal stages. Ask for the ones closest to your deal.
Free tool
A flexible waterfall & promote model. Yours to keep.
A flexible JV waterfall and promote model I use on my engagements: IRR or equity-multiple hurdles, LP/GP splits, promote tiers and fees, on any timing interval from monthly to annual. Drop in your cash flows and it does the rest. Free, whether or not we ever work together.
About
Evan Isaac, Principal
I'm an engineer by training and a real estate finance specialist by trade, with more than 20 years in the field. I was a Real Estate Transaction Manager at Citigroup, running financial planning for its Northeast portfolio of branches, data centers and office buildings, and then Asset Manager at The Lightstone Group, overseeing a $230M portfolio. Since 2015 I've worked independently, building and fixing models for brokerage, investment, development and operating teams.
My specialty is taking apart existing models: finding the broken links, buried hard-codes and logic errors before they reach an investment committee. Colleagues have long called me "the Excel expert." Clients hire me because the work is responsive, practical, and usable the day it's delivered.
- Education
- M.S. Real Estate Finance, NYU
B.S. Mechanical Engineering, Lehigh - Tools
- Excel & VBA, ARGUS, Yardi, MRI, SQL, Python
- Based in
- Austin, TX area
Working remotely with clients nationwide
Have a model that needs building, fixing, or a second set of eyes?
Send a short note on the deal or the problem. I'll reply within one business day with how I'd approach it.