ARGUS Alternatives for Modern CRE Underwriting

Strengths

• Bring the broker’s full package, from the offering memo and rent roll to the loan agreement and appraisal. The terminal reads the files together, normalizes statements, builds the model, and prepares the memo. Your analyst approves each consequential step.
• Every figure is traced. The rent roll comes out unit by unit, tied to the exact file, sheet, and row, and footed to the document’s own totals. The T-12 lands on a standard expense set with an NOI bridge.
• Keep your own Excel model. The terminal writes input cells, preserves formulas, and checks the result against your house standards. Edit a cell in Cap Orbit and watch formulas recalculate while a colleague works beside you. Inspect or undo each terminal revision. Send the workbook to the lender; it opens cleanly in Excel. Without a template, choose a house model with live formulas and switch between Base, Upside, and Downside.
• Draft sourced memos in your firm’s voice with tracked edits under your name. See who owes each closing item and when. Reconcile the close into the workbook, then track each period against the original underwrite. A timestamped snapshot preserves each finished phase while the model stays live.

Trade-offs

• Upload documents or link their SharePoint, OneDrive, Dropbox, or Box folder. File broker attachments from Outlook. The terminal reads only the linked folders. There is no third-party comps database, so keep a separate provider if you need one.
• It is not a pipeline system of record: no contact management, broker relationship tracking, or deal-flow funnel.
• There is no self-serve signup. Pro is for funds and deal teams of up to 50 people, up and running with live deals within 24 hours. Enterprise deploys into the firm’s own AWS account, with single sign-on and customer-held keys. The way in is a working session on one of your live deals.

Strengths

• Generates complete Excel workbooks from the deal documents themselves (offering memos, rent rolls, T-12s, appraisals), with citations down to the cell.
• Covers waterfall modeling, debt sizing, and LIHTC 4% and 9% tax-credit deals.
• The claimed scope runs wide, with extraction that reconciles conflicting source documents, IC memo generation, asset management, fund reporting, and lease analysis across multifamily, office, retail, logistics, and self-storage.

Trade-offs

• The public footprint is thin for the breadth claimed; much of the available detail comes from the vendor’s own site and its own comparison pages, so depth is best verified on your documents.
• Their public materials describe generated workbooks; nothing describes filling the firm’s existing house model in place.
• Nothing in their public materials describes closing work: abstracting the executed agreement or tying the settlement statement back to the contract and the loan.

Strengths

• Populates the firm’s existing proprietary Excel model with formulas preserved and cell-level source citations.
• Ingests offering memos, rent rolls, T-12s, and Yardi and RealPage exports; the vendor claims 4 to 8 hours of per-deal entry cut to under 30 minutes.
• Reaches past entry into automated workflow triggers and LOI drafts.

Trade-offs

• It presumes the firm’s model already exists and holds up; nothing in their public materials describes building an institutional model where the firm has none.
• Scope ends near the populated workbook: as of September 2026 they advertise LOI drafts but not IC or credit memo drafting in the firm’s voice.
• Nothing public describes life after the underwrite: no closing reconciliation, no asset-management record, no portfolio read.

Strengths

• Fast parsing: a rent roll or T-12 parsed in-app in under 60 seconds into a populated model, with fewer than five manual adjustments on average, and an address-to-full-underwrite path of roughly 15 minutes drawing on more than 150,000 comparable properties.
• Market data lives in the product rather than beside it: rent and expense comps, an NOI estimate from an address alone, deal sourcing, and loan sizing for lenders.
• The Starter+ 2.0 model is a pre-built multifamily workbook: annual pro formas, dual loan modeling with refinancing, renovation scheduling, a four-tier waterfall, and a one-page output formatted for IC packets, auto-populated on open; a connector pushes the same parsed data into the firm’s own model.

Trade-offs

• Multifamily is the deep lane. Other property types were added for market research in 2022, and full underwriting depth outside multifamily is not documented.
• It does not write the narrative: the IC output is a one-page tab, not a memo in the firm’s voice, and neither closing deliverables nor asset-management features are documented beyond a stage label and a module name.
• It runs as a shared service; no dedicated or firm-isolated instance is documented, and parsed documents and deal data live in Archer’s environment.

Strengths

• The claimed lifecycle runs from document extraction through AI-assisted underwriting and modeling, investment and credit memo generation, portfolio monitoring, covenant tracking, and pipeline management.
• Customers include JLL, KeyBank, The RMR Group, and Tremont Realty Capital.
• Debt management and covenant tracking sit beside the investment workflows, with claimed analysis of more than a billion data points across more than 120 million U.S. properties.

Trade-offs

• Breadth over documented depth: the public materials list many functions with limited detail on each, so pressure-test the one workflow your team actually needs.
• Nothing in their public materials describes delivering the work in the firm’s own Excel format or house templates.
• Their public materials do not describe a dedicated or firm-isolated deployment.