Institutional-Grade Underwriting for Sophisticated Investors.
Downer Heritage Capital provides independent underwriting analysis for real estate acquisitions, operating company transactions, and venture investments — drawing on the same frameworks we apply to our own capital.
What We Do
Our underwriting practice was built to serve the needs of principals who require rigorous, independent analysis before committing capital. We do not manage money, raise funds, or take advisory fees tied to transaction outcomes.
Every engagement is led directly by our principals. We deliver clear, actionable analysis — not templated reports. Our work is designed to surface the risks and assumptions that matter, not to validate a predetermined conclusion.
Real Estate Underwriting
Acquisition analysis for income-producing commercial properties including medical office, necessity retail, and mixed-use assets.
Deliverables
- Pro forma cash flow modeling (10-year)
- Debt service coverage and leverage analysis
- Market rent and vacancy benchmarking
- Sensitivity tables across exit cap and rent growth scenarios
- Lease abstract and tenant credit review
Operating Company Due Diligence
Financial and operational analysis for acquisitions in fitness, healthcare services, and home services verticals.
Deliverables
- Normalized EBITDA reconstruction
- Revenue quality and customer concentration analysis
- Unit economics and location-level profitability
- Working capital and capex requirements
- Management dependency and key-person risk assessment
Venture Investment Analysis
Pre-investment diligence for early-stage companies across SaaS, healthcare technology, and consumer sectors.
Deliverables
- Business model and unit economics review
- Competitive landscape and moat assessment
- Financial model audit and scenario analysis
- Valuation benchmarking against comparable transactions
- Term sheet and cap table review
Our Process
How We Work
Initial Consultation
We begin with a brief call to understand the transaction, your timeline, and the specific questions you need answered. We take on engagements selectively.
Scope & Engagement
We define the scope of work, deliverables, and timeline in a concise engagement letter. Fixed-fee pricing. No hourly billing.
Analysis & Delivery
We conduct the analysis and deliver a written report with supporting models. We walk through findings directly with you and answer questions.
Follow-On Support
We remain available for follow-on questions through closing. If the transaction evolves, we can update the analysis accordingly.
Discuss an Engagement.
If you have a transaction requiring independent underwriting analysis, we would like to hear from you.