Frequently Asked Questions
Common questions about how we work, what we build, and what to expect.
What does InstitutionalModels™ do?
We build institutional-grade financial models for real estate investors, developers, and asset managers — from single-asset underwriting to portfolio-level platforms. We also conduct asset and portfolio optimization analysis, identifying opportunities to improve underwriting, capital deployment decisions, and interest rate and hedging strategies. Our work is designed to hold up under the scrutiny of lenders, investors, and investment committees, and our analysis is focused on optimizing your returns.
Who do you typically work with?
We work with institutional investors and developers of all sizes, though our clients typically manage between $200M and $5B in assets. At that scale, a model needs to do more than underwrite — it needs to align with internal processes, reporting structures, and existing systems. Our custom builds are designed to meet this need.
How is this different from hiring an analyst?
We work with institutional investors and developers of all sizes, though our clients typically manage between $200M and $5B in assets. At that scale, a model needs to do more than underwrite — it needs to align with internal processes, reporting structures, and existing systems. Our custom builds are designed to meet this need.
Who do you typically work with?
We work with institutional investors and developers of all sizes, though our clients typically manage between $200M and $5B in assets. At that scale, a model needs to do more than underwrite — it needs to align with internal processes, reporting structures, and existing systems. Our custom builds are designed to meet this need.
How is this different from hiring an analyst?
At leading shops, talented analysts move on to deal formation — and internal modeling processes often struggle to keep pace. We exist to fill that gap. As a focused third-party practice, we bring the care and attention to detail that busy internal teams rarely have the bandwidth to apply. We meet aggressive deadlines for our clients, but where we excel is in building systems that reduce friction on every deal going forward. We listen, we envision, we align with our clients, and we execute with a vision. This is what differentiates us, and doing it repeatedly makes our practice a truly distinguished offering.
Do you sign NDAs?
Yes. Client confidentiality is of the utmost importance to our practice. We sign client NDAs as standard practice and are happy to do so before any substantive conversation begins. If you do not have one immediately available, we can provide one via DocuSign that protects you as our client. For our licensed model products, we additionally ask clients to sign an NDA restricting distribution to third parties — protecting our IP and preventing counterparties from using our models against the clients we serve.
How is the model licensed?
Models are licensed for your organization's perpetual internal use. Distribution to third parties is prohibited except as printable reports or in limited circumstances with written permission from InstitutionalModels™. Full licensing terms are defined in the engagement contract and statement of work.
What does an engagement look like?
Every engagement starts with a scoping conversation to understand your objectives, timeline, and existing infrastructure. From there we agree on deliverables and a fixed-fee structure with defined milestones. Most clients receive a working draft within the first milestone and provide feedback before we finalize.
What do modeling engagements cost?
Engagements are scoped and priced individually. Most projects range from $5,000 to $25,000 depending on complexity and deliverables. Larger platform builds involving portfolio-level systems and Argus integration are scoped separately and priced accordingly. In rare cases, project scopes may exceed these amounts. We provide a detailed proposal before any work begins, with defined milestones along the way — no surprises.
Do you provide ongoing model maintenance and underwriting support?
Yes. Beyond custom builds, we offer outsourced underwriting and valuation services including ongoing model updates, Argus reforecasting, and periodic portfolio reviews. These engagements frequently evolve out of the development of our modeling systems — as the platform matures, ongoing analytical support becomes a natural extension of the work. All engagements are led and reviewed by a CFA.
We are considering outsourcing our modeling needs. How can you help?
These long-term engagements involve building a dedicated outsourced modeling team, led and reviewed by an experienced CFA. We embed within your existing processes and reporting structures, functioning as an extension of your internal team rather than an outside vendor. Deliverables flow through a structured review and approval process before being rolled into fund-level reporting systems — ensuring C-suite visibility and internal accountability without creating noise at the director level. Clients in these arrangements receive priority over all new engagements.
What asset classes do you cover?
We bring institutional underwriting to the full spectrum of commercial real estate. Our deepest experience is in complex, multi-phased and multi-asset class developments — sports and entertainment districts, stadiums, public-private partnerships, and large-scale mixed-use projects requiring models that serve multiple audiences simultaneously. Beyond that, our work spans multifamily, build-to-rent, condo and for-sale single family, office, retail, industrial, hospitality, storage, logistics and last-mile, single-tenant net lease, RV and outdoor hospitality, live/work industrial, parking, mobile home parks, infrastructure and renewable energy — as well as debt, construction financing, portfolio aggregation, and fund-level underwriting across strategies of all types. For a deeper look at how we structure our models, visit our Model Architecture page.
How is the model licensed?
Models are licensed for your organization's perpetual internal use. Distribution to third parties is prohibited except as printable reports or in limited circumstances with written permission from InstitutionalModels™. Full licensing terms are defined in the engagement contract and statement of work.
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