Underwrite more deals, more deeply, in less time.
Hand over the broker materials. Pull a raw rent roll into a clean, source-traced read, normalize the operating statement, build the case by asset class, and run it across Base, Upside, and Downside. Your analysts set the view.
The underwriting path
Work a deal the way your analysts work, run the same way every time.
Every step runs in the order an analyst works a deal. The analyst calls each one and the underwriting case comes together as they move through it.
- 01
01
Read the documents
Pulls the unit-by-unit rent roll and the trailing-twelve out of the offering materials into clean extracts, every figure traced back to its source.
- 02
02
Normalize the operating statement
Maps the seller’s accounts onto a standard expense set and builds the NOI bridge, so two deals read on the same lines.
- 03
03
Set the assumptions
Works revenue, expenses, acquisition, capex, and financing one driver at a time. Proposes each with a rationale and lands it on the analyst’s confirm.
- 04
04
Build and run the case
Stands up the model for the asset class, sizes the debt to the binding constraint, and prices Base, Upside, and Downside off one switch.
- 05
05
Review the case
The analyst reads the case against the documents and revises where the view differs. The underwriting case comes together ready for the memo.
01 · Reading the deal documents
A clean rent roll out of whatever the broker sent.
- Finds the unit-by-unit table whether it sits buried in a larger workbook or as an exhibit deep in the offering memorandum, and reads scanned pages as well as clean spreadsheets.
- Traces every extracted figure back to the exact file, sheet, and row or page it came from, and foots the imported unit count and rents to the totals the document itself states.
- Surfaces every diligence flag a sharp analyst would catch: occupied units with no lease expiry, expired leases, duplicate units, zero or negative rent on occupied space.
- Marks every inferred value as such. Occupancy, mark-to-market, and risk judgments stay with the analyst to form.
Fig · Rent roll and T-12, traced to source
Setting the assumptions
It proposes a forward view. You confirm before it lands.
For each driver it lays out a current-to-proposed view with a one-line rationale. The analyst reviews and confirms, and every accepted figure lands precisely as stated. Taxes reassess onto the purchase price, insurance is re-quoted, the management fee is set to market, and the sponsor’s value-add plan is pressure-tested before it carries.
Fig · Proposed, written on accept
Building the model
An institutional model, sized to the asset class.
Multifamily, build-to-rent, student and seniors housing, office, retail, industrial, medical office, life-science, hotel, self-storage, data center, and more, each with the right entry stance for an acquisition, a ground-up development, or a merchant build. Every asset class runs its own model, sized to its own binding constraint.
Residential
Multifamily
Build-to-rent
Student
Seniors
Affordable
Manufactured
Condo
Commercial
Office
Retail
Industrial
Medical office
Hospitality
Hotel
Specialized
Data center
Life science
Self-storage
Land
Fig · The asset classes a CRE fund trades
02 · Three cases, one switch
Base, Upside, and Downside, every figure traced to source.
- One toggle re-prices every scenario-driven assumption together, so the upside and downside bands move as a set with nothing to rebuild.
- Returns the full stack on the equity: levered and unlevered IRR, equity multiple, going-in cap rate, yield on cost, and cash-on-cash, with year-by-year coverage across the hold.
- Reports the risk floor, breakeven occupancy and peak equity drawn, and carries a sensitivity grid that flexes returns against exit cap and exit NOI so the back-end risk is visible.
- Sets the underwritten year next to the trailing-twelve actuals as a side-by-side NOI bridge, with the dollar and percent change called out line by line.
Fig · The return stack and sensitivity grid
Committee-ready numbers, sourced to the line. The investment decision stays with your team.
The terminal carries the build so your analysts spend their time on the asset view, risk, pricing, and committee recommendation. The work, the files, and the model stay inside your environment, private to your firm.