Investment Appraisal

What We Do

We provide independent review of investment proposals, development studies, and financing structures. When someone else has prepared projections—a developer, a consultant, an internal team—we test whether those projections hold up under scrutiny.

Our investment appraisal work focuses on the assumptions behind the numbers. We identify what must be true for the investment to succeed, assess whether those assumptions are reasonable, and quantify the consequences if they're wrong.

Our Approach

We start by mapping every assumption—stated and unstated—that underlies the projections. We compare those assumptions against real-world data: performance of comparable projects, market conditions, historical trends, and industry benchmarks.

Where assumptions are optimistic, we quantify the gap. Where data is missing, we flag the uncertainty. Our deliverables give decision-makers a clear picture of what's well-supported, what's speculative, and what would have to change for the investment thesis to break down.

Applications

Our investment appraisal work applies to public financing mechanisms—TIF districts, CID structures, bond-financed developments—as well as private investments in real estate and operating businesses. We help boards, councils, and investors make decisions based on tested assumptions rather than developer optimism.