Phase 01 · Underwriting & analysis

Underwriting, financial analysis & pro formas

We help you go from a raw idea, land opportunity, or existing pro forma to a clear, structured view of the deal that you can share internally and with lenders or investors.

From zero or 3rd-party models Acquisition & development pro formas Construction budgets & CAPEX Comps & market context

We can start from scratch with just a site and a concept, or review third-party underwriting you received from a seller, broker, consultant, or partner.

How it works

Step by step, from 0 to a clean package

Whether you’re looking at a new development site, a commercial plaza, an apartment complex, or home construction, we follow the same simple sequence.

Step 1
Share the basics of the deal

We start with a short conversation and whatever you have on hand: OM, seller pro forma, site plan, rent roll, construction ideas, or just a concept.

  • Location, size, and rough program (what you want to build or buy).
  • Target hold period, exit idea, and high-level capital plan.
  • Any existing models, 3rd-party underwriting, or lender requests.

This can be very light—your first version does not need to be perfect.

Step 2
Build or review the pro forma

We either build a model from zero or carefully review and refine an existing one so everything ties together in a straightforward way.

  • Acquisition and development pro formas (land, hard, soft, contingencies).
  • Construction budgets and high-level CAPEX schedules based on your plan.
  • Operating assumptions: rents, vacancy, expenses, reserves, and DSCR coverage.
  • Simple sensitivity views for rates, exit pricing, and rent assumptions.

Our focus is clarity and consistency, not making the file complicated.

Step 3 · Connect it to the market

We add basic rent and sales comps, market notes, and simple feasibility inputs so there’s context behind the numbers.

  • Representative rent and sale comps to support pricing.
  • Short market overview so readers understand where the deal sits.
  • High-level feasibility inputs that you can later expand if needed.

Step 4 · Turn it into a clear deck

Once the model feels right, we summarize it into a clean PDF deck you can use with partners, lenders, and investors.

  • One-page summary: what the project is and why it works.
  • Key tables and charts pulled directly from the model.
  • High-level business plan and timeline.
  • Optional appendix with more detailed assumptions.
New development Commercial plazas Apartment complexes Home construction
How the rest of Tantum sharpens your numbers

Because we’re involved beyond underwriting, we can tie your model to real-world inputs from the rest of Tantum’s ecosystem. That helps you get closer to how the project will actually perform once you decide to move forward.

  • More realistic construction budgets and CAPEX plans based on live pricing and scopes.
  • Construction schedules that line up with your business plan and financing timelines.
  • Renders and visual concepts that match how the property is likely to look in the market.
  • Market comps pulled into the same conversation as your pricing and lease-up assumptions.
  • Material sourcing options that can be reflected in your budget and value-engineering.
  • Clear pitch decks and summaries you can use with your own lenders and investors.

This integrated view means that when you’re ready to move forward, the numbers, narrative, and project plan are already aligned—so you can start faster without rebuilding everything from scratch.

Where we’ve helped before

We have supported clients on new developments, commercial plazas, apartment communities, and home construction projects. In several cases we’ve also helped organize answers to follow-up questions from debt providers and investors based on the models we built.

New development Commercial plazas Multifamily & apartments Home construction US & Mexico projects
If the deal moves forward

Connect the model to the rest of the ecosystem

Underwriting is usually the first step. When a deal looks good, you can plug directly into development support, brokerage, materials, marketing, and—in Mexico—legal and land structure.

Strategy & development
Tantum Developers

Take the numbers into site strategy, phasing, and development support: scopes, budgets, and owner-side support with GCs and consultants.

Visit Tantum Developers ⟶
Brokerage · US & Mexico
Tantum Realty

Source land and assets that match your thesis, and later sell or recapitalize when the business plan hits its milestones.

Visit Tantum Realty ⟶
GC & execution
GC & contracting

Connect scopes and budgets to vetted GCs and contractors so construction pricing and schedules stay aligned with the underwriting and overall business plan.

Learn about GC & contracting ⟶
Materials & logistics
Tantum Materials

Bring material sourcing and logistics into the same conversation as your CAPEX and construction budget.

Visit Tantum Materials ⟶
Branding & story
Tantum Marketing

Turn the plan into a clear brand and online presence: name, visuals, renders, and investor- or tenant-facing materials.

Visit Tantum Marketing ⟶
Legal & land · Mexico
Tantum SA de CV

For Mexican projects, connect the financial work to land structure, fideicomisos, and regularization through our Mexico-focused legal entity.

Visit Tantum SA de CV ⟶
Connect to our network

When it makes sense, we can introduce you to independent professionals who work with real estate projects every day and, in many cases, already understand how we organize underwriting and project information. You always choose who to work with and negotiate your own terms—we simply help you find the right specialists faster.

Capital & risk support
  • Lenders and loan officers familiar with development and income-producing assets.
  • Debt brokers and banking contacts who understand how to read our models.
  • Insurance brokers focused on property, construction, and portfolio coverage.
  • Property managers and asset management groups for stabilized or near-stabilized deals.
Design, legal & execution
  • Real estate brokers who specialize in your asset class and target market.
  • Architects, civil and structural engineers, and land planners for your specific scope.
  • Business and real estate attorneys to help you form entities (including LLCs) and draft or review purchase, JV, and operating agreements.
  • Interior designers and FF&E specialists for units, lobbies, and amenity spaces.
  • Accountants and CPAs experienced with real estate for bookkeeping and tax planning support.

We want to see you succeed with a clear, aligned team around the project as it grows. These introductions are provided as a courtesy only and all professionals are independent from Tantum. We do not guarantee their work or outcomes, and nothing here is legal, tax, or investment advice. You should perform your own due diligence and rely on your own advisors before engaging any third party. If you are a lender, broker, or service provider and would like to explore joining this ecosystem, visit our Partners page ⟶

Our underwriting, financial analysis, and pro formas are for informational and planning purposes only. Tantum does not act as a broker-dealer, investment adviser, or lender, and we do not raise capital, sell securities, or provide personalized investment, legal, or tax advice. You are responsible for your own decisions and should consult with qualified financial, legal, and tax advisors before committing capital or entering into any transaction.

Want a quote for underwriting your deal?
Share a few details about the site, asset, or opportunity. We’ll review what you have, confirm scope, and let you know how we can help—whether that’s building a model from zero or reviewing 3rd-party underwriting you already received.
Get a quote