Independent · Fee-Only · No Commission
Cross-border acquisition underwriting and market analysis across 14 markets for UHNWI clients, family offices, and qualified intermediaries. No referral arrangements. No commission. Zero conflict of interest.
Start a conversationThe Practice
Cross-Border Real Estate Advisory is an independent practice. I do not sell property, accept referral fees, or hold commission arrangements with any developer, agent, or financial institution in any covered market. My fee is the only fee I earn.
That structure matters because it removes every conflict that ordinarily sits between an adviser and the quality of the work. What I produce is analysis built to withstand institutional scrutiny across macro positioning, jurisdiction risk, and asset-level underwriting, with no referral arrangement sitting behind any of it.
Every engagement is built on a live read of the macro environment across all covered markets. That means when you are looking at a specific asset in a specific market, the analysis already knows what the credit cycle is doing, where rates are heading, what capital flow patterns are showing, and what the regulatory environment has changed since the last time anyone looked. The intelligence is current. The position is mine. The output is a defensible analytical verdict, not a summary of what other people have published.
I work directly with UHNWI clients, family offices, and qualified intermediaries who need an independent read to support decisions where the capital at risk is real and the margin for error is not. The standard of the analysis does not change with the route. The independence is non-negotiable in every case.
Fees are fixed to the scope of the engagement, not the size of the asset. Whether the acquisition is USD $500,000 or USD $50,000,000, the fee for the same analytical work is the same. There is no percentage of deal value, no success fee, and no incentive for me to reach any conclusion other than the one the analysis supports.
Andrew May
Twenty-three years of ground-level operating experience, a military intelligence methodology, a time-tested top-down macro framework and zero conflicts of interest.
My background is in intelligence analysis. A decade with the British Army Infantry Reconnaissance and Intelligence. That means operating in unknown environments with incomplete information and fragmented networks, and still arriving at a framework that holds under pressure and a conclusion that can be defended. It is a methodology that transfers directly to what I did as a real estate investor and what I do here.
The practice is deliberately small. A limited client base means every client gets my full attention. I am accountable for the analytical integrity of every position I put my name to, for clients who are relying on it when capital is actually moving.
Based in Kuala Lumpur. Working across time zones by design. The coverage is not theoretical. Over two decades I have been physically on the ground across these markets, conducting thorough due diligence, building the networks that matter, and in quite a number of them deploying capital directly. In others, the read and judgement was clear enough to walk away before capital moved. I have walked away from engagements, and will continue to, when the macro read made the asset-level analysis redundant. That call is more valuable than any deal I have done.
Analyst Coverage
Fourteen markets across four continents with active analytical coverage. Every market follows the same top-down sequence: macro and sovereign conditions first, then currency and capital flow, then the regulatory environment, and finally asset-level positioning. The sequence matters. Getting the order wrong is how analysts end up underwriting a deal that looks good at the asset level and falls apart at the macro. Market complexity and data quality vary and are confirmed at the pre-engagement call.
Advisory Packages
Five engagement types, each designed for a different decision context and level of analytical depth. Every engagement starts with the macro read. Not the asset, not the market. The macro. If the macro does not support deployment, nothing else matters. From there it works backwards from exit: what does getting out look like, and whether the numbers still hold when you get there.
Start Here
Advisory Call
A structured, prepared session on any cross-border real estate question, deal, or decision. I review the asset or question before the call, so the session opens informed rather than exploratory. Delivered: pre-call deal scan, 60-minute prepared session, written post-call summary within 24 hours with findings, risk flags, and next-step guidance. Independent verdict with named risks. This is a diagnostic, not a sales pitch. If the numbers do not work or the market does not support the thesis, I will say so directly.
USD $750 first hour · USD $650 per hour thereafter · Book an Advisory Call
Before Work Begins
Once you have identified the right engagement type, a 30-minute pre-engagement call confirms the asset, the market, and the scope before any invoice is issued. An NDA and engagement terms follow. Work starts when both are countersigned and payment clears. Nothing moves before that point.
Confirm scope before committing · Book a pre-engagement call
Every Engagement. Without Exception.
Every engagement starts with a macro context section written at the time of the work, reflecting conditions as they actually stand. The macro layer is not scene-setting. It either supports the deployment thesis or it does not. I have walked away from engagements because the macro read made the asset-level analysis redundant. The framework does not bend to fit the conclusion the client arrived with.
Package 01
Deal Risk Memo
A focused risk assessment of a single asset in a single market. Delivered: acquisition cost stack, financial snapshot with modelled entry yield, NOI, cash yield, and income shock sensitivity, six-factor risk matrix with scores across market, liquidity, legal, currency, tenant, and execution risk, regulatory and ownership snapshot, capital mobility summary, written verdict with overall risk score and top three flags and strengths, and a 30-minute post-delivery debrief.
From USD $5,000 · Delivery: 5 business days · Final fee confirmed by email after scoping, subject to market complexity, data accessibility, and language
Package 02
Deal Risk and Market Analysis
Everything in the Deal Risk Memo, plus: capital thesis and market context, supply and demand analysis with comparable transactions, strategic position with pricing discipline, negotiation leverage and walk-away trigger, rental demand depth and vacancy trends, currency and real return analysis, and a 60-minute post-delivery debrief. One modelled scenario with full supporting data.
From USD $10,000 · Delivery: 10 business days · Final fee confirmed by email after scoping, subject to market complexity, data accessibility, and language
Package 03
Full Acquisition Underwriting
The most complete analysis available. Everything in Deal Risk and Market Analysis, plus: dynamic scenario modelling across base, stress, and upside with full year-by-year cash flow outputs and DSCR trajectory, exit modelling across 3, 5, and 7-year hold periods, leasehold decay analysis where applicable, detailed financing structure with rate sensitivity, interest rate and exit cap sensitivity matrix, quantified exit modelling with full disposal cost waterfall, acquisition and disposal tax treatment modelling, leverage sensitivity analysis, bespoke real return modelling in the client base currency, and portfolio context with capital allocation framing. 90-minute post-delivery debrief and 30 days post-delivery support. If market, regulatory, or macro conditions materially change within 30 days of delivery, the analysis is updated at no additional charge.
From USD $20,000 · Delivery: 15 business days · Final fee confirmed by email after scoping, subject to market complexity, data accessibility, and language
Bespoke
Mandate
For situations where no packaged product fits the decision. Multi-market analysis, counterparty and operator due diligence alongside market intelligence, or time-critical deployments where the scope needs to be built around the specific question. Every Mandate begins with a scoping conversation. Deliverables, timeline, and fixed fee are documented in writing and agreed before any work starts. No open-ended billing. No scope creep without a new agreement.
From USD $25,000 · Fixed fee agreed in writing by email after scoping call
The Work
The four documents below are live examples of the analytical work. Three are Deal Risk and Market Analysis engagements: the same framework applied to Singapore, Portugal, and Spain. Different regulatory environments, different income structures, different verdicts. The fourth is a six-market comparative brief assessing where capital actually works across Singapore, Japan, Switzerland, Luxembourg, Germany, and New Zealand.
None of these reach a comfortable conclusion to please a client. Singapore CCR residential does not work for most non-FTA foreign buyers at current pricing. The document says so plainly. Spain non-EU buyers are told to hold on resale until the ITP surcharge is resolved. Portugal's AL licensing analysis names the specific contention zones where new licences are permanently prohibited. That is what independent analysis looks like when there is no commission at the end of it.
Deal Risk and Market Analysis
Singapore
Singapore CCR residential assessed against a 60% ABSD burden. Macro context, acquisition cost stack, weighted risk matrix, scenario modelling across FTA and non-FTA buyer profiles, capital structure analysis, and exit liquidity assessment. The verdict is conditional and pricing sensitive. For most non-FTA foreign buyers the income case does not hold at current entry pricing. The analysis says so and models exactly why.
Deal Risk and Market Analysis
Portugal
Lisbon and Algarve residential with a full AL licensing analysis. Decree-Law 76/2024 created a two-tier market: properties with existing transferable licences in Lisbon contention zones are structural monopoly assets that cannot be replicated at any price. The document maps which parishes are frozen, what the AL income waterfall produces after operating costs, and where the walk-away trigger sits on entry pricing.
Deal Risk and Market Analysis
Spain
Madrid and Barcelona residential with the proposed non-EU ITP surcharge modelled explicitly across resale and new-build buyer profiles. The verdict for non-EU buyers on resale is unambiguous: deployment paused until parliamentary resolution. EU buyers are conditional and pricing sensitive. The scenario table shows what the surcharge does to IRR in a single row. That is the kind of clarity that makes the pre-engagement conversation worth having before capital moves.
Market Intelligence Brief
Six Markets
Singapore, Japan, Switzerland, Luxembourg, Germany, and New Zealand assessed on the same framework across seven criteria: ownership and access, acquisition cost stack, capital mobility, currency and debasement, regulatory direction, real return after full cost stack, and exit liquidity under stress. Each market receives a verdict. Some of those verdicts are uncomfortable. That is the point.
Frequently Asked Questions
What law governs the engagement?
Malaysian law, with disputes subject to the exclusive jurisdiction of the Malaysian courts. The Client Advisory Engagement Terms set out the full framework and are issued and countersigned before any work begins. Knowing the governing law before a single piece of analysis is commissioned is how serious engagements should work. It protects both sides.
How do I know the analysis is genuinely independent?
I earn no commission, accept no referral fees, and hold no commercial relationship with any developer, agent, or financial institution in any covered market. The fee paid for the engagement is the only fee I earn. That structure is the independence. Not a disclosure buried in the terms. The business model is the guarantee.
What is the minimum capital deployment?
USD $250,000 per transaction. The analytical framework is built for decisions where the capital at risk justifies institutional-grade diligence. Below that threshold, the depth of the engagement is unlikely to be proportionate to what it costs.
Which markets do you cover?
Fourteen markets across four continents. Asia-Pacific covers Singapore, Malaysia, Japan, New Zealand, and Thailand. The Middle East covers the UAE. Europe covers England, Scotland, Wales, Cyprus, Germany, Portugal, and Spain. The Americas covers Mexico. Each package covers a single asset in a single market. The Advisory Call and Mandate can span multiple markets, confirmed at scoping. Analytical depth and data quality vary by market and are discussed at the pre-engagement call.
How deep is the coverage in each market?
It varies by market and I will tell you precisely where each one sits before anything is agreed. Quite a number of these markets I have been operating in for the better part of two decades, built the networks, conducted the transactions, and know how the data moves and where the gaps are. Others I cover with analytical rigour but the on-the-ground depth is thinner, and I will say that plainly. Japan is a good example of a market where the analytical framework is solid but the data environment is demanding and the language barrier adds meaningful time and cost. Thailand and Mexico sit in a similar position. In each case that affects scope, delivery timeline, and in some cases pricing. None of that is a surprise. It is confirmed at the pre-engagement call before any commitment is made. That is exactly what the call is for.
Which asset classes do you cover?
Residential is the core of what I do and it is covered across all 14 markets. Commercial is a different discipline with different valuation methodologies, different data inputs, different risk variables, and a different analytical framework built around tenant quality, income sustainability, lease structure, covenant strength, and void risk. I have commercial experience, but I am honest to myself and transparent to you about where my depth meets the standard I hold myself to and where it does not. Commercial analysis is available in markets where my data access, network depth, and on-the-ground experience are strong enough to produce work I can stand behind. Where that threshold is not met, I will say so at the pre-engagement call rather than take on an engagement I cannot do to the required standard. That conversation happens before any commitment is made.
Do your fees scale with the size of the asset?
No. Fees are fixed to the scope and complexity of the analytical work, not the value of the asset being evaluated. There is no percentage of deal value, no success fee, and no mechanism by which the size of the transaction influences what I earn. That is what fee-only means in practice. Where commercial analysis is within scope, it will almost always price higher than a comparable residential engagement at the same package level. The analytical work is more demanding and the data layers are more complex. The variables that affect pricing are market complexity, data accessibility, timeliness, quality, language, and asset class. Not the price tag on the deal.
Can I start with an advisory call rather than a package?
Yes. The Advisory Call is a standalone paid engagement at USD $750 for the first hour and USD $650 per hour thereafter. It is prepared, structured, and produces a written post-call summary within 24 hours. It is a diagnostic and it is not a sales conversation. If a full package engagement follows, the call cost is not deducted. It is a separate engagement.
How does the pre-engagement call work?
Once you have read through the engagement types and identified the right fit, book a 30-minute pre-engagement call. The call confirms the asset, the market, the scope, and the timeline before any invoice is issued or work begins. If it is not the right fit I will say so. Plainly and quickly.
How are payments structured?
The Advisory Call and Deal Risk Memo are invoiced in full on engagement. Deal Risk and Market Analysis and Full Acquisition Underwriting are 50% on invoice and 50% on delivery. Mandate payment structure is agreed at scoping. Payment is via Wise in USD, GBP, EUR, SGD, AED, JPY, CHF, or NZD. Work begins only after the deposit clears.
What happens after the analysis is delivered?
Every engagement includes a post-delivery debrief: 30 minutes for the Deal Risk Memo, 60 minutes for Deal Risk and Market Analysis, 90 minutes for Full Acquisition Underwriting. The debrief covers the findings, the methodology, and any questions on the analysis. For the Full Acquisition Underwriting, there is also a 30-day support window: if market, regulatory, or macro conditions materially change within 30 days of delivery, the analysis is updated at no additional charge. Beyond that, the engagement is complete. If further work is needed, whether a new scenario, a changed asset, or a follow-on market, that is a new engagement scoped and agreed in writing.
Make an Enquiry
Not ready to book a call. That is a reasonable position. Ask the question first.
A scoping call is the right next step for most people. But some questions are better asked in writing, and some situations call for a bit more context before a diary slot makes sense. If that is where you are, use this form. I read every submission personally and respond within two working days if there is a fit.
The minimum capital threshold applies here as it does everywhere else. If the transaction or deployment under consideration is below USD $250,000, this is not the right practice for it.
Capital decisions at this level deserve an independent read. Thirty minutes is enough to know whether this is the right engagement.
Ready to proceed? Book a pre-engagement call to confirm scope before any invoice is issued or work begins.