Cap Orbit vs Apers: Full Deal Lifecycle vs Underwriting Autopilot
Last reviewed September 2026
Both tools were built for CRE investors. Apers turns documents into cited workbooks, with a focus on underwriting. Cap Orbit builds on the model through the memo, closing, and ownership. Compare how each handles the work your team needs.
At a glance
| Compare | Cap Orbit | Apers |
|---|---|---|
| Built for | Institutional CRE deal teams: acquisitions, credit, and asset management, first look through the hold | Institutional CRE investors; an underwriting autopilot across multifamily, office, retail, logistics, and self-storage |
| The model | Your own Excel workbook, filled in place: live formulas, Base, Upside, and Downside off one switch, checked against your house formula standards. Edit it in Cap Orbit; open it in Excel without repair | The engine generates complete Excel workbooks from OMs, rent rolls, T-12s, and appraisals, with waterfall, debt sizing, and 4% and 9% LIHTC structures |
| Documents | Any document, in any format: broker materials, lender PDFs, scanned pages, spreadsheets. Every figure traces to the exact file, sheet, and row or page, footed to the document’s own totals | Cell-level citations in the generated workbook; an extraction engine reconciles conflicting figures across source documents |
| Memos | Screening, IC, and credit memos in the firm’s own voice, the outline approved section by section, every figure from the model or a cited document | IC memo generation is in the coverage; public materials do not describe house-voice drafting or outline approval |
| Deal lifecycle | Underwriting, IC, the closing checklist and reconciliation with the basis trued up, then the asset-management trackers period by period and the portfolio read, with a frozen, timestamped snapshot at each phase | Acquisition underwriting through asset management, fund reporting, and lease analysis; nothing public describes the stretch between signing and funding |
| Where the work lives | The deal record itself. The team edits model, memo, and deck there, the workbook by several people at once, and every save keeps a version you can restore | Public materials center on the engine and its outputs; the shape of the working file is not described |
| Sources | Uploads, folders linked from SharePoint, OneDrive, Dropbox, and Box, and Outlook attachments filed onto the deal. The terminal reads only what you linked | The data room’s offering memos, rent rolls, T-12s, appraisals, ARGUS exports, tax returns, and broker packages, read by the engine |
| Your data | A database and document storage per firm, shared with no one; files, prompts, and outputs are not training data | As of September 2026, public materials do not detail per-firm isolation or deployment posture; put it on the security-review agenda |
| Pricing | Pro for funds and deal teams of up to 50 people, up and running with live deals within 24 hours; Enterprise in the firm’s own AWS account with single sign-on and customer-held keys | Published tiers as of September 2026: Basic, Pro, and Enterprise on contact |
Credit where due
A capable engine, and one specific edge.
This is the rare comparison in the series where both products were built for the same team. Apers describes itself as an AI autopilot for institutional CRE investors: its engine takes the deal documents, the OM, the rent roll, the T-12, the appraisal, and generates an Excel workbook with citations down to the cell, and a dedicated extraction engine reconciles the figures that disagree across sources.
The coverage list runs from waterfall and debt sizing through tax-credit structures, including 4% and 9% LIHTC executions, with asset management, fund reporting, and lease analysis alongside, across multifamily, office, retail, logistics, and self-storage. Tax-credit structures are Apers’s clearest edge, and a team whose book runs on LIHTC should weight that.
Apers publishes its own comparison pages; read them alongside this one. The rest of this page is about what happens to the deal after the workbook ties out, which is where the two products stop resembling each other.
Where Cap Orbit wins
The model is ready. The deal keeps moving.
One instruction can read the deal’s documents together, normalize the statement, fill your model, and prepare the memo. The analyst signs off before the important steps proceed. Edit the workbook alongside a teammate and the terminal, with formulas recalculating as you type. Inspect or undo terminal revisions. Edit text in the deck and reorder slides in the rail.
Attach your memo template and approve the outline section by section. Draft in your firm’s voice, with figures from the model or cited documents and missing numbers flagged. Mark up the memo beside team comments; terminal edits are tracked under your name. Use Ask the VP for a senior review at decision points. Apers lists IC memo generation, but its public materials do not describe outline approval or house-voice drafting.
Track closing, funding, and post-closing conditions by deliverer, due date, and status. Abstract executed agreements, amendments, and funding conditions into a cited reference. Reconcile the settlement statement and flag each variance with its cause. Write the actual closing basis into the model. As of September 2026, Apers’ public materials do not describe this work.
The hold is where the shape of the record starts to pay. Apers lists asset management and fund reporting in its coverage. Cap Orbit is specific about how that record is kept. The asset-management trackers close each period against the budget and the original underwrite, period after period. Each phase leaves a frozen, timestamped snapshot while the working model stays live. Covenant standing is read from the loan documents with each test cited to its section, an internal read for the team, not a lender certificate. Five years in, the question is not whether a number exists but whether you can prove what it was and when it changed.
The deployment question
Know where your deal files live.
Each Cap Orbit firm has its own database and document storage. Customer files, prompts, outputs, and templates never train models. Every save keeps a restorable version. Deleted files go to trash, and your people control restoration and permanent deletion.
On deployment, two tiers. Pro is for funds and deal teams of up to 50 people, up and running with live deals within 24 hours. Enterprise deploys the same platform into the firm’s own AWS account, with single sign-on, private connectivity, customer-managed encryption keys, and bring-your-own-key for the inference models, built against your security and architecture review.
The public Apers materials describe what the engine produces, not where the work sits. As of September 2026 they do not advertise per-firm isolation, a customer-side deployment, or a training-data commitment, which is not the same as lacking them. Put the same three questions to both vendors: who can see the deal file, who can write into the environment, and what, if anything, trains on your documents.
The buyer’s read
Choose for the work through ownership.
If the job you are hiring for ends at the underwrite, Apers is worth testing, and a book that runs on 4% and 9% LIHTC executions is exactly where it specializes.
Cap Orbit keeps the model, memo, close, and ownership performance on one shared record. Keep sources, drafts, and version history together. Carry facts, parties, and decisions into later sessions. Accept proposed assumptions before they enter the model. Your team owns the investment decision.
Run the same live deal through both products. Compare the results on your own documents and formats.
Common questions
Both products turn deal documents into an Excel model. What is actually different about the workbooks?
The Apers materials describe complete workbooks with cell-level citations, waterfall and debt sizing included. Cap Orbit fills your own workbook to a stated house standard: only input cells written and every formula preserved, scenarios re-priced off one switch, debt sized to the binding constraint under the caps the firm sets (for example a 65% maximum LTV, a 70% maximum LTC, a 1.25x minimum DSCR, an 8% minimum debt yield), and a recalculation pass with a check against the house formula standards before anything is delivered. The decisive test is the same broker materials through both.
Can either one work inside our house templates?
Cap Orbit attaches your own Word, Excel, PowerPoint, and PDF templates to a deal, and the model fills your workbook in place, preserving sheet structure and number formats; without a template of your own, the built-in catalog of house models is searchable by sector and strategy. The public Apers materials describe generated workbooks and do not describe filling a firm’s own template, so make that a demo question rather than an assumption either way.
Both sides advertise citations. What should we actually check?
Check what the citation survives. Cap Orbit traces every extracted figure to the exact file, sheet, and row or page it came from and foots the extract to the document’s own stated totals; inferred values are marked inferred, and a missing number stays a flagged blank. Apers advertises cell-level citations in the generated workbook. In an evaluation, pick a dozen figures at random and walk each one back to its source document by hand; the standard is a trail that holds without anyone in the room explaining it.
What will our security review ask, and how does each side answer?
Three questions: who can see the deal file, who can write into the environment, and what trains on the documents. Cap Orbit’s answers are above: your firm’s own environment, nothing trained on your documents, restore in your team’s hands, and on Enterprise all of it behind your SSO and your keys. The public Apers materials do not detail this posture as of September 2026, so put the same three questions to them.
How do we evaluate Cap Orbit against Apers on a real deal?
Start with a working session on a live deal, in your formats and with your analysts. Then run it through Apers. Compare the workbook, the committee memo, and the record each can give you six months after closing.
Keep comparing
See it on one of your own deals.
Request a working session and run a live deal through Cap Orbit, in your own files and house format.