This is the worked example, running on the live engine. The seller’s exit cap came from a sentence. Move it and every output below recomputes, verdict included.
“The seller's guidance contemplates an exit cap rate of 6.50%”
The sentence is kept beside the number where it can be checked. The number is an input you can change, and the engine computes from it.
Project IRR 15.34%. Clears the 15.00% hurdle by 0.34 pts.
Returns, coverage, and the verdict run in tested code, with no language model in it.
What if the buyer exits wider than the seller’s guidance?
The seller’s case is on screen. Try 7.00%.
TRACE walks the IRR back through the cash flows and revenue assumptions to the seller’s sentence on rent. The desk uses the same tool.
AI helps read the broker file. Deterministic code computes every return, coverage ratio, stress and verdict.
The memo is that work, organized for review.
A memo, a flyer or a rent roll. Purchase price, rents, debt terms and tenant detail come back filled in. Operating expenses are not read from the document, so you enter those yourself.
Change any value you disagree with. Returns, debt coverage, sensitivities and the verdict recompute as you type, so you see which changes move the decision.
Open the memo, open TRACE on the Project IRR to walk it back through its cash flows and assumptions, and export the workbook.
Read the method and the engine source, then a finished memo.
A committee will ask it.
Discounted at 15.34%, their present value equals the equity invested. That rate is the IRR, computed from these rows.
Effective gross income less operating expenses, in the first year.
24 residential units at $2,400 per month with 6.00% vacancy. 4,200 SF of retail at $38 per SF with 8.00% vacancy. Other income of $45,000. Each is editable and labeled with where it came from.
“The residential component consists of 24 residential units achieving an average in-place rent of $2,400 per month, with residential vacancy of 6%.”
On your deal, the sentence the parser quoted stays at the field for this session. It shows only if the server found it in your source and it states the value; otherwise the field is flagged.
TRACE opens on the Project IRR of your deal and walks it back through its cash flows, Year 1 NOI and revenue assumptions. It shows a calculation and its inputs. It does not cite a source for every figure.
Trace a deal →Every path leads to the same model, scenarios, workbook and memo.
Bring a PDF, an Excel workbook, a CSV rent roll or pasted broker text. Extraction fills the inputs and the engine recomputes. Check each extracted field against your document.
Replace the Cayuga Commons assumptions with yours and watch returns and risk recompute as you type.
See a full deal before entering your own. The Cayuga Commons memo shows the output, the method behind each section, and the limitations registered against the deal.
Underwrite is free to use today. A subscription would renew monthly until canceled and could be canceled anytime. No feature is locked behind it. There are no accounts, so the desk works the same whether or not you subscribe. What a subscription would buy has not been decided. Ali has not chosen between defined founder support and paid software access, so no offer is made.
“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.”
Ali Azim | Founder | Cornell MPS-RE candidate