New IC memo section: Y1 insurance line as basis points of property value AND as % of EGI, compared to institutional typical bands by asset class (Multifamily 15-30 bps, Mixed-Use 20-40 bps, Hotel 30-60 bps, Industrial 10-20 bps, etc.). Plus asset-class-native unit readout ($/unit, $/SF, or $/key). Cherry Street: 26 bps of value (in-band for Mixed-Use), $917/unit (slightly heavy for a residential-dominant Mixed-Use). Plain-English interpretation flags renewal-cycle risk (below-band = under-reserved against hardening market) or climate exposure (above-band = coastal/wildfire/hurricane geography). Especially relevant post-2024 as the property insurance market has hardened 40-100% on exposed assets.
Changelog, page 17
What shipped, and when.
A day-by-day record of what landed in Underwrite, kept by hand. Page 17 of 23.
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2026-05-14
15 entries
Phase 3 begins: live market data overlay (FRED Treasury / SOFR / CPI / inflation expectations) + 18 more institutional analytics. Live macro frame, deal-vs-market positioning, deterministic engine guarantee preserved (Cherry Street regression byte-identical with seeded fallbacks). 90 modules shipped today.
Major punch-up to app.getunderwrite.com/. Pillars reframed so each makes a different point (workflow speed, depth via 58 analytics, audit trail). New 'How it works' 3-step section. New 'Inside the IC memo' section that surfaces 12 of the 58 actual analytics by name. New pricing teaser strip (Free during beta, founding 100 free forever). Founder note rebuilt with gold-gradient AA avatar circle, blockquote-styled quote, and direct mailto to ali@getunderwrite.com. Pillar cards now have soft gold hover shadow; diligence links got arrow + translate-x-1 on hover.
The 50+ section IC memo now has sticky right-rail navigation (MemoTOC component) that highlights the current section as you scroll, smooth-scroll click-to-jump, mobile 'Jump to' dropdown, deep-link anchor support, and reading-progress cue. New Executive vs Full view toggle (MemoViewControls) with per-section collapse, persisting selection in localStorage. Print stylesheet v2 adds page-break-inside: avoid per section, repeating table headers, and greyscale chart fallback.
All chart primitives in components/charts/** got polish: alternating-row striping on the tornado, bar strokes for contrast, accessibility <desc> elements, cleaner axis typography, ChartEmptyState component for graceful empty states, label-clip fix on the tornado (the '15.08%' → '5.08%' bug where outer labels collided with the input-label column). Charts now flip value text inside the bar with white fill when there's no clearance outside.
New IC memo section: surfaces the often-overlooked institutional risk that US property tax basis resets on transaction. The seller's Y1 RE tax line is often well below what the new owner will pay at full reassessment. Compares the proforma's Y1 tax to the reassessed amount (purchase price × asset-class typical effective rate: Multifamily 1.2%, Office 1.8%, Mixed-Use 1.4%, etc.) and runs the IRR impact if reassessment fully applies at Y2. Cherry Street: $95k Y1 tax vs $119k reassessed (Mixed-Use 1.4% rate on $8.5M purchase) = $24k Y2 uplift = 161 bps IRR drag, 'moderate' risk band.
New IC memo section: checks whether the engine's reserves line covers institutional structural capex per asset class. Multifamily $400/unit, Office $1/SF, Hotel $3,000/key, etc. Plus avg leasing capex from rent rolls when applicable. Cherry Street reserves cover 219% of expected capex (well-reserved at $18k/yr avg vs $8.4k expected for 24-unit Mixed-Use). Catches the deals where the headline reserves line is understated; a Hotel running 1% reserves of EGI is a red flag because real FF&E need is 4-5%.
New IC memo section (active on coinvest deals): decomposes the GP's standalone return into pari-passu (their pro-rata share of LP+GP dist) and promote (carry above pro-rata). Cherry Street + 10% GP coinvest: GP MoIC 4.19x, of which $562k = promote dollars = 1.76x of GP contribution alone. Framing: 'outsized' carry leverage (MoIC > 4x). Makes the carry compensation explicit so LP can negotiate the promote structure with full visibility.
New IC memo section: what the maturity refi looks like under +0 / +50 / +100 / +150 / +200 / +300 bps Treasury rate shifts. At each scenario the lender sizes the loan at MIN of 1.25x DSCR / 8% debt yield / 75% LTV. Cherry Street: refi loan shrinks from $7.91M at current rate to $5.97M at +300 bps, but feasibility holds across all sampled rates; the deal can be refinanced even in a severe rate-shock scenario, just at a smaller loan amount. Useful for sponsors stress-testing maturity refi against forward-curve scenarios.
New IC memo section: Y1 cash-on-cash (NOI after debt service / equity) vs LP pref rate. The honest 'is the deal self-funding pref out of Y1 operations?' check. Cherry Street: Y1 CoC 5.81% vs 8% pref = -219 bps spread, 'appreciation-dependent' framing. The unlevered cap (6.99%) and levered gross yield (18.56%) shown for context. Tells the IC at a glance whether the LP's pref obligation can be paid from current income or must accrue and be cleared at exit.
New IC memo section: classic CRE valuation ratios. GIM = Price / GPR (gross potential), EGIM = Price / EGI (post-vacancy), NIM = Price / NOI (= 1 / cap rate). Cherry Street prints GIM 9.49x, EGIM 10.10x, NIM 14.31x, all in-band for Mixed-Use (EGIM 9-13x, NIM 14-20x). Useful sanity check alongside cap rate: a deal with normal cap rate but outlier multipliers signals an OpEx structure that's misaligned with peer asset class; e.g. a hotel with a multifamily-style EGIM means operating leakage somewhere in the model.
New IC memo section: strips inflation out of the nominal cap rate to show the deal's purchasing-power yield. (1 + nominal cap) / (1 + 3% inflation) - 1. Cherry Street: nominal entry 6.99% → real 3.87%; stabilized 7.43% → 4.30% (strong band). Companion to the Real IRR view applied at the cap-rate level rather than the IRR level. ≥4% real cap is strong, 2-4% standard, 0-2% thin (rent growth must outpace inflation to clear), below 0% means the deal's return lives entirely on real-rent growth.
New IC memo section: compares the deal's price per unit / per SF / per key to estimated replacement cost (dollars to build a comparable asset from scratch today). Asset-class construction bands: Multifamily $250-450k/unit, Office $300-600/SF, Hotel $200-500k/key, Industrial $90-180/SF, etc. Cherry Street prices at $354k/unit vs $390k mid-replacement = 90.8% of replacement, 'at-replacement' status. Institutional read: deals below replacement are structurally safer (new supply uneconomic); deals above replacement need real barriers-to-entry to sustain rent premium.
New IC memo section: ICR = NOI / interest expense only (excludes principal). Distinct from DSCR which uses total debt service. The metric bondholders, CMBS surveillance teams, and interest-only-loan underwriters care about. Bands map to Moody's / S&P CMBS rating conventions: ≥3.0x strong, ≥2.0x investment grade, ≥1.5x watch, <1.5x distressed. Cherry Street Y1 ICR 1.73x (watch band; the deal has thinner interest coverage than its 1.46x DSCR would suggest at first glance).
- engine
New IC memo section: year-by-year schedule of LP cash flows tied to actual calendar dates anchored to the deal's acquisition date. Capital call at Y0, operating distributions Y1-Y(hold-1), exit distribution at Y_hold. Summary stats: total capital calls, total operating distributions, total exit, net to equity. Useful for LP liquidity planning: fund-level cash flow forecasting needs both expected capital commitments AND distribution timing.
New IC memo section: at exit year, surfaces both paths' cash-to-equity numbers. Cherry Street can sell ($6.08M to equity from net sale - debt payoff) OR refinance at 65% LTV against market value ($2.40M cash-out, asset retained for future hold). Sell advantage: +$3.68M, framing 'sell preferred.' Doesn't compute future-IRR-equivalents for the refi path (that's Phase 2); just the immediate cash trade-off. Standard sponsor decision tool, now surfaced on the memo so the IC sees it explicitly.