Core
Excel model
A live workbook. Blue cells are inputs. Black cells are formulas. The download is part of Underwrite Core.
Underwriting for commercial real estate
Underwrite the broker’s document.
Underwrite reads the offering memorandum, builds the model, tests the downside, and writes the Excel workbook and the committee memo. You review the first pass instead of building it.
$49 per user per month. 30 day trial.
For sponsors, acquisitions teams, lenders and family offices.
Minimum DSCR 1.46x on the worked example.
Check your OM Truth Score free- Never used to train AI
- Encrypted in transit and at rest
- Only claims true today
- regression assertions
- 392
- LLM calls in the engine
- 0
Investment committee memorandump. 1
Read from the documentIllustrative offering summary
- Price$8,500,000p. 1
- Units24 unitsp. 1
- In place rent$2,400 / mop. 1
- Exit cap6.50% capp. 1
“The seller's guidance contemplates an exit cap rate of 6.50%.”
- Extracted value
- 6.50%
- Applied in model
- 6.50%
Exit cap rate6.00 to 7.50%
| Output | Base case |
|---|---|
| Year 1 NOI | $594,066.40 |
| Project IRR | 15.34% |
| MoIC | 2.44x |
| Min DSCR | 1.46x |
| Verdict | PURSUE |
Tested engine. Hurdle 15.00% project IRR. Illustrative asset.
Brokers: see what a buyer’s model finds in your documentCheck your offering memorandum before buyers see it. No verdict, no valuation.
How it works
From the document to the decision.
A fast first pass on a CRE deal, with the work shown. AI helps read the broker file. Deterministic code computes every return, coverage ratio, stress and verdict. The memo is that work, organized for review.
- Today
- Read the memorandum, transcribe the assumptions, rebuild the model, stress it, write the memo, then chase every number back by hand.
- With Underwrite
- Upload the memorandum, review the assumptions, challenge the model, decide.
- 01
Upload the document
A PDF, an Excel workbook, a CSV rent roll or pasted broker text. Price, rents, vacancy, expenses, debt terms and tenant detail come back filled in where the document states them. Anything it leaves out is marked for you to set. Check each extracted field against your document.
Start from a file - 02
Challenge the assumptions
Change any value you disagree with, or replace the worked example's assumptions with yours. Returns, debt coverage, sensitivities and the verdict recompute as you type, so you see which changes move the decision. One thousand seeded trials and a DSCR stress against the debt coverage floor run in the same deterministic code.
Open the inputs - 03
Carry the decision into committee
Open the memo, open TRACE on the Project IRR to walk it back through its cash flows and assumptions, and export the workbook. The Cayuga Commons memo shows the output, the method behind each section, and the limitations registered against the deal.
Review the demo memo
Every path leads to the same model, scenarios, workbook and memo.
See the sample IC memo
The Excel workbook is a live model: Cover, Dashboard, Assumptions, Unit Mix, Operating, T12, Sources and Uses, Cash Flow, Debt, Amortization, Returns, Sensitivity, Checks, Truth, and Scope. Blue cells are inputs. Black cells are formulas. Downloading the file is part of Underwrite Core.
From your inbox
Forward. Review. Decide.
Each Core account gets a private forwarding address. No upload screen needed.
See a sample reply- 01
Forward
Send the broker's email to your private Underwrite address, with the OM, rent roll or trailing twelve attached as a PDF, Excel workbook or CSV file.
- 02
Review
Underwrite builds the model, saves the deal and replies with the verdict, the key returns and the flags that matter. Gaps are marked for you to set.
- 03
Decide
Open the deal from the reply, change what you disagree with, and take the model and the IC memo to committee.
Works with your tools. Nothing to migrate.
Connect Claude- OutlookForward deals
- GmailForward deals
- ExcelRead and export
- PDFOMs and memos
- CSVRent rolls
- PowerPointInvestor deck
- ClaudeMCP connector
Forwarding works from any mailbox on Underwrite Core. Each name is a working path today, not a partnership.
Worked example
Committee-ready deal pack
Cayuga Commons (Illustrative Case), written as the three files a committee reads. The memo PDF and the deck PDF are free with no sign-in. The live Excel model is Underwrite Core.
$49 per user per month. 30 day trial.
- Year 1 NOI
- $594,066.40
- Levered IRR
- 15.34%
- Equity multiple
- 2.4351x
- Minimum DSCR
- 1.46x
- Verdict
- PURSUE
Free sample
IC memo
15 pages. Recommendation, thesis, returns, debt, sensitivities, and the diligence list. No sign-in.
Free sample
Investor deck
17 slides. The same book, offered here as PDF. No sign-in.
Proof
Check the work.
Read the method and the engine source, then a finished memo.
392
Regression assertions
Canonical outputs locked
11
Registered limitations
Stated on the desk, the memo and /trust
0
LLM calls in the engine
Tested code computes the return
How it works
- Reviewable engine source
- The methodology page renders the six TypeScript files the decision depends on, the verdict rule included, from the live source. The repository is private, and the memo's other modules are not on that page. The same inputs produce the same outputs.
Inside the IC memo
- 01Deal Strength Score
- 02Monte Carlo Distribution
- 03Sponsor Co-Invest Sweep
- 04Stress Test Matrix
- 05Lender Risk Rating
- 06Refinance Rate Risk
Underwrite Core. $49 per user per month. 30 day trial.
Renews monthly until canceled. Cancel anytime. Free, with no sign-in: the worked example in full on screen. Edit any input and watch the verdict recompute, every result tab, TRACE, Monte Carlo, the scenario and stress presets, its IC memo on screen, and its own link. Underwrite Core adds your own deals: reading a document (PDF, Excel or text, a rent roll included), starting and opening any other deal, saving and reopening deals, every Excel export, the IC memo and print of your deals, and share links that open free for whoever you send them to while you have Core.
- Underwrite Core
- $49 per user per month. 30 day trial.
On 8 October 2026 a room of commercial brokerage owners saw the desk. Buyer's first read is the narrower check that came out of that room.
From the founder
“The first pass through a CRE deal should not cost a half-day in Excel, and it should not cost the audit trail. Underwrite is the desk I wanted to use myself: fast enough for triage, defensible enough for IC.”