Every week, European real estate proposals land with us — raw, and rarely framed the way institutional capital reads. We price each one, put it into institutional terms, and sort it hard. Only the few that clear are the ones we take forward — underwritten as principal, sourced for the sponsor.
Proposals arrive constantly and unstructured — teasers, decks, forwarded PDFs, a call. We see the full flow across sponsors, geographies and asset classes, in whatever language it turns up.
A continuous screen, run on everything that lands. Most is declined or parked; a fraction advances. The point is not how much comes in — it is the discipline of what we let through.
Technology we build ourselves runs the analysis — models rebuilt from source, comps pulled, each live deal framed the way institutional capital reads and turned into working materials.
The sponsor’s own plan, in the sponsor’s own language and format — decimal commas, thousand points, local conventions. We rebuild it from source rather than summarise it, so every year stays testable.
| Test | 2026 | 2027 | 2028 | Clears |
|---|---|---|---|---|
| LTV ≤65% | 64.5% — day one | PASS | ||
| ICR ≥1.25× | 0.73× | 1.25× | 1.72× | 2027 |
| DSCR ≥1.25× | 0.58× | 1.00× | 1.38× | 2028 |
| Debt yield ≥8.0% | 4.4% | 7.5% | 10.3% | 2028 |
| Investor | What they screen for | Project Almeida | Fit |
|---|---|---|---|
| Core equity | Stabilised income, day-one yield ≥5% | 2.8% — still ramping | NO |
| Value-add equity | EBITDA 2–3× over hold, clear exit | 3.1× by 2030 | YES |
| Senior debt fund | DSCR ≥1.25× at close | 0.58× as asked | NO |
| Senior + 24m IO | DSCR ≥1.25× by year 3 | 1.38× in 2028 | YES |
| Whole loan | Debt yield ≥8% by year 2 | 7.5% in 2027 | MARGINAL |
| Preferred equity | Downside cover, mid-teens IRR | 64.5% LTV + reserve | YES |
What clears, Dry Capital backs — underwritten as principal, sourced for the sponsor. The technology compresses the time; the judgment stays human.
A single A4. The credit story a committee reads before anything else.
The memo as a live web deck — filterable, NDA-gated, updated in place.
Every year rebuilt from source, with scenario toggles and stress cases.
Who opened what, which sections, how long — so the follow-up is informed.
Memos as live web decks — filterable, NDA-gated.
Cashflows with scenario toggles and stress tests.
Real-time position and market metrics, deal by deal.
Who to call, what to send, what slipped.