Financial Modeling
Model Review
How to test a real estate financial model before it goes to IC, a lender, or LPs — the reviewer's procedure, the checklist by block, and the errors that most often slip through.
Every other cluster in Financial Modeling teaches how to build a block of a real estate model. This one teaches how to check one. A model audit tests two separate things: whether the formulas calculate what their labels claim, and whether the assumptions behind them are defensible. A model can pass one of those tests and fail the other.
Start with the audit checklist if you need the procedure end to end. Start with the error catalogue if you already have a specific failure in front of you and need the exact test that confirms it.
2 articles
How to Audit a Real Estate Financial Model: A Reviewer's Checklist for Formulas, Assumptions, and Outputs
The reviewer's procedure for auditing a real estate financial model: an 8-step sequence, the master test-by-block table, and the formulas-vs-assumptions split, before a model goes to IC, a lender, or LPs.
Read article →Common Errors in Real Estate Financial Models (and How to Catch Each)
30 specific errors in real estate financial models, organized by model block, each with the symptom, the cause, and the exact test that catches it.
Read article →