Rod Malyshev Fractional Development Analyst
Senior analyst capacity for developers, sponsors and lenders. No full-time hire.
I underwrite deals, build and maintain pro formas, reconcile construction budgets to the model, and produce the materials your investors, lenders and committee expect. Construction background included, so the cost side of the model is not a guess.
Who this is for
Three seats at the table, one analyst
Developers
Feasibility, pro formas from concept through execution, capital stack scenarios and development dashboards while the project moves.
Sponsors and GPs
Acquisition and development underwriting, JV and promote modeling, market snapshots, investor summaries and quarterly LP reporting support.
Lenders and private credit
Independent review of borrower pro formas and budgets, draw projections, pre-close summaries for committee and construction risk reporting.
What I do
Underwriting through asset management
Pick the pieces you need. Most engagements start with one model and grow from there.
Pro forma development and financial modeling
Dynamic Excel models you can hand to a lender or partner without apology.
- Development and value-add models with rent, OpEx and construction inputs
- IRR, equity multiple, MOIC and distribution waterfalls
- Scenario and sensitivity tables at deal and portfolio level
- JV and promote structures
Deal underwriting and due diligence
A second set of eyes on the assumptions that move returns.
- Rent comps, absorption, OpEx benchmarks and pipeline tracking
- CapEx and renovation assumption review
- Permits, zoning, entitlements and consultant contract review
- Stabilized and residual value, cap rate and exit analysis
Construction cost and budget work inside the model
This is where most analysts stop and I keep going.
- Conceptual and schematic budgets, trade-level hard cost estimates
- Reconciling GC bids to the pro forma
- Owner contingency, soft cost reserves and cost-per-unit or per-SF allocation
- Hard and soft cost sufficiency tests for lenders
Capital needs forecasting and draw projections
Construction-period cash flow, planned month by month.
- Monthly draw schedules and spend curves
- Reserves, retainage and contingency allocation
- Debt and equity timing aligned to the schedule
- Visuals for internal use or LP reporting
Investor and lender materials
Clean decks and summaries that match the model.
- Investor and lender pitch decks with pro forma snapshots and market graphics
- Pre-close summaries for credit committee
- Red-flag memos on sponsor, GC, schedule and contingency risk
- Export-ready files in your template or mine
Ongoing reporting and asset performance
After close, the model keeps earning its keep.
- Budget vs. actual tracking for CapEx and OpEx
- Investor and lender dashboards with variance and NOI commentary
- Capital stack and waterfall updates
- Monthly board-ready construction risk reports
What you receive
Models that survive a lender's questions
Every model ships with transparent assumptions, a sources and uses, a sensitivity page and a summary your partners can read in five minutes.
- Dynamic Excel model, fully formula-driven, no hard-coded outputs
- Sources and uses, capital stack and waterfall tabs
- Sensitivity and downside tables
- Investor or lender summary and pitch deck on request
Selected work
Recent underwriting work
224-unit multifamily
North Myrtle Beach, SC. Acquisition underwriting and pro forma.
245-unit self storage facility
Atlanta, GA. Acquisition underwriting and pro forma.
Nine-building industrial park
Houston, TX. Development underwriting and pro forma.
Client feedback
What clients say
My firm was so fortunate to find Rod and we will use him exclusively in the future. His knowledge and manner of explaining the specifics of each transaction were phenomenal and he clearly knows how to underwrite real estate assets.
He also refined and continuously updated our financial proforma to reflect the latest return projections while creating an exceptional, comprehensive investor pitch deck. Rod's unique combination of construction expertise, financial analysis, and investor presentation skills added tremendous value to our project.
If you're looking for someone with the skills and temperament to customize a model to the way you want, Rod's your guy.
Rod delivered a solid underwriting model and cost analysis that gave me a clear baseline for evaluating the project. His work was well organized, assumptions were transparent, and he communicated clearly throughout.
Questions
Common questions
Do you build from scratch or work in my template?
Either. I work in established frameworks (A.CRE, Break Into CRE and similar) with light customization, in your house template, or from a blank workbook when the deal calls for it. The model is yours when we finish.
What makes this different from hiring an analyst?
Two things. You pay for the work, not the seat, so the cost scales with your pipeline. And I come from construction estimating and owner's representation, so the hard cost, contingency and schedule assumptions in the model are built by someone who has priced and run the work.
How quickly can you turn a model?
A first pass on a standard acquisition or development model usually takes a few business days once I have the offering materials and your assumptions. Complex waterfalls and multi-phase developments take longer. I give you a date before starting.
Can you review a borrower's model for our credit committee?
Yes. I reconcile the budget to the pro forma, test hard and soft cost sufficiency, benchmark costs by trade, score schedule and contingency risk, and write a pre-close summary in your format.
Send me the deal
Share the offering materials or your current model. I will tell you where the assumptions are exposed and what I would change.
Book a call