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
Turn an offering memo into an IC-ready model.
AI pulls the assumptions out of the OM with page citations, tested code does the math, same result every time.
Cayuga Commons. Offering memorandum to IC memo.
- Project IRR
- 15.34%
- Min DSCR
- 1.46x
- Verdict
- PURSUE
Free: the worked example, no sign-in. Underwrite Core. $49 per user per month. 30 day trial.
For acquisitions analysts running a deal from the offering memorandum to committee.
Free OM check- Never used to train AI
- Encrypted in transit and at rest
- Only claims true today
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.
Offering memorandum
“The seller's guidance contemplates an exit cap rate of 6.50%”
Illustrative offering summary, p. 1
Extracted field
Exit guidance
6.50% cap
p. 1
IC memo
Year 1 NOI $594,066.40. Project IRR 15.34%. Minimum DSCR 1.46x. PURSUE.
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.
Underwrite reads the broker file into assumptions. Every return is calculated from those assumptions. You review the memo.
Today and with Underwrite
- Today
- Read, transcribe, rebuild, stress, write, then chase every number.
- With Underwrite
- Upload, review, challenge, decide.
The three steps
- 01
Upload the document
- PDF, Excel, CSV, or pasted broker text.
- Price, rents, vacancy, expenses, debt, and tenants fill in where the document states them.
- Anything left out is marked for you to set.
- Check each extracted field against the document.
- 02
Challenge the assumptions
- Change any value you disagree with.
- Or replace the worked example with your own assumptions.
- Returns, coverage, sensitivities, and the verdict update as you type.
- 03
Carry the decision into committee
- Open the memo and see where the Project IRR came from.
- Walk the return back through its cash flows and assumptions.
- Export the workbook. The Cayuga Commons memo shows the method and the limits.
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.
See connections- MailForward deals
- WorkbookRead and export
- PDFOMs and memos
- CSVRent rolls
- SlidesInvestor deck
- ChatRemote 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
Fixed tests
The same inputs give the same answer.
- 11
Stated limitations
Listed on the limitations page
- Same
result each time
The same assumptions always give the same result
How it works
- The method is published
- The methodology page shows how the verdict is reached. 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.
- Renewal
- Renews monthly until canceled. Cancel anytime.
- Free
- Free, with no sign-in: the worked example in full on screen. Edit any input and watch the verdict recompute, every result tab, where the return came from, Monte Carlo, the scenario and stress presets, its IC memo on screen, and its own link.
- Core
- 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.