Terra Consulting — Real Estate Underwriting & Financial Modelling

The Gap

Somewhere between the third deal and the tenth, the spreadsheet stops being enough.

The pipeline gets wider. Investors ask for reporting that is not a PDF of a spreadsheet. A lender wants the model in their format. One person still carries the whole fund model in their head.

Hiring a head of finance at that point is usually too early. Doing nothing is usually too late. Terra sits in that gap: an underwriting and modelling function you use when you need it, built to the standard an investment committee, lender or LP expects.

Services

What we build.

Model & Assumptions Review

A structured review of a model you already have, before it goes somewhere important. Two passes: first the mechanics, then the assumptions.

Does it reconcile, where are the hard-codes, do the sensitivities actually work
What the evidence supports, where the return moves if an input is wrong
Fixed fee, fixed turnaround, a written findings report you can act on

Deal Intelligence

Asset-level modelling for developers and operators, scoped by deliverable.

Feasibility and desktop underwrite: quick-turn screening from site to decision in days
Full development or acquisition model: institutional standard, lender-ready, with debt structuring, equity waterfall and a full sensitivity suite
Deal Intelligence Premium: model plus investment memo and written scenario pack, ready for a capital raise

Fund & Portfolio Intelligence

Fund models, portfolio roll-ups and LP reporting frameworks.

Fund and portfolio model builds, kept current with actuals
LP reporting frameworks and quarterly cycles
The Fractional Underwriting & Modelling Retainer: your outsourced head of real estate finance, on a monthly basis

Commercial details are shared in a short capability document after a first conversation.

Who We Work With

Built for firms a stage before the in-house team.

Fund managers on their first to third vehicle, typically under £500m
Developers moving from a handful of projects to a real pipeline
Family offices and syndicators who need institutional-grade models without building an institution to produce them
Emerging BTR and living-sector operators whose ambitions have outrun their spreadsheets

We work across the UK and Europe. If you have three analysts and a head of finance, you don't need us, and we'll say so.

How We Work

The boring disciplines, kept.

Assumptions locked before we build. Every engagement starts with an assumption document both sides sign. Changes after that are visible, priced and agreed, never silent.
Fixed fees wherever the scope allows. You know the cost before we start.
Proposals within 24 hours of a discovery call.
Every deliverable is reviewed by the director before it leaves. Nothing is sent that we would not defend in front of your investment committee.

Alignment

Skin in the game.

Where it makes sense for both sides, Terra will consider participating alongside clients in opportunities we have underwritten. We mention this not as a product but as a statement of how we build: models we would put our own capital behind.

Contact

Start with a short conversation.

Tell us what you're working on. We reply within one business day, and a first call takes twenty to thirty minutes.

Thanks, that's with us. You'll hear back within one business day.