ali@getunderwrite.com is now a mailto: link, getunderwrite.com is now an https://getunderwrite.com link. /tool/compare migrated to the shared SiteNav + SiteFooter (slipped through the earlier nav consolidation).
Changelog, page 22
What shipped, and when.
A day-by-day record of what landed in Underwrite, kept by hand. Page 22 of 23.
Want to verify? The six files the decision depends on are rendered from the live source at /methodology/engine.
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Filter by engine, UI, AI, ops, marketing or fixes.
2026-05-13
15 entries
Monte Carlo, Deal Strength composite score, sensitivity curves, break-even cushions, risk-adjusted returns, tenant concentration, hotel ops overlay, GP coinvest sweep, debt sizing optimizer, NOI decomp, a below-NOI leasing-capex parser, and 15 more analytics. The day the memo went from 'pro forma + waterfall' to 'institutional IC packet.'
After-tax engine extended to support cost-seg acceleration: 25% of building basis reclassified into short-life buckets (weighted-avg 7yr), optional Year-1 bonus depreciation at a rate the user enters, since the rate in force for a given year is not asserted by the product. Cuts tax drag by 50-150bps on a stabilized deal.
- marketing
Every shared /tool?d=... link unfurls on LinkedIn / iMessage / Slack with that specific deal's name, grade letter, project IRR, MoIC, and verdict as the preview card. Every shared deal becomes a marketing asset.
- engine
Optional pass-through after-tax economics: straight-line depreciation (27.5y residential / 39y commercial), interest expense deduction, capital gains and Section 1250 recapture at exit. Surfaces after-tax IRR, MoIC, and tax drag in the Returns Summary + a dedicated After-Tax Economics section.
- engine
When hold period exceeds the senior loan term, the engine now models the actual refi: pays off the maturing senior balloon, originates a new loan at refi-LTV × terminal asset value, distributes the cash-out (or requires cash-in) as a Year-N equity event. New loan amortizes through exit at user-specified rate.
Optional mezzanine tranche on top of senior with its own LTV, rate, amortization, term, and origination fee. Both balloons pay off at exit. Validation guards for combined LTV, mezz spread over senior, mezz term vs senior, and blended DSCR cliff. IC memo and Excel both surface the tranche split.
Five TypeScript engine files (finance, proforma, debt, sources-uses, waterfall) rendered live from disk on a public page. ~430 lines of pure arithmetic, with inline annotations on what each block does and doesn't do. The move only an honest tool can make.
Claude reviews the deal qualitatively: red flags by severity, 3-6 diligence questions an MD would ask, market context, one-line summary. Strictly outside the deterministic math path. Disabled when Confidential Mode is on.
Drop a broker IM PDF and Claude extracts the deal parameters natively. Every extracted value carries a verbatim source quote (click to highlight in the textarea for text-paste, plain quote for PDFs). 10MB cap, validates substring match server-side.
- marketing
Six dynamic-route pages (Hotel, Multifamily, Office, Retail, Industrial, Mixed-Use), each with the asset's native operating metrics, property-type-aware validation bands, the matching stress scenarios, a computed example deal, and class-specific Phase 1 simplifications.
Exhaustive list of every institutional CRE feature deliberately not modeled in Phase 1, by asset class. The trust play: 'we'd rather tell you exactly what we don't do than pretend we do everything.'
Hotel Demand Shock, Office WFH Shift, Industrial Cap Expansion, Insurance/Tax Spike (multifamily/mixed-use), Anchor Tenant Loss (retail). ScenarioBar filters by property type so users see only stresses meaningful for their deal.
Workbook gains OPERATING_SNAPSHOT, VERDICT_BREAKDOWN, LENDER_VIEW, and TORNADO sheets matching the IC memo institutional surfaces. Every sheet has 'Export generated (UTC)' timestamp. Filename appends YYYY-MM-DD suffix. RETURNS sheet includes after-tax decomposition. Workbook metadata sets the Title to the deal name for clean Explorer display.
Shared SiteNav + SiteFooter across every public page (tool, methodology, examples, beyond-phase-1, engine, asset subpages, changelog, compare). Active-state gold underline indicates current page. Footer email and getunderwrite.com are now real hyperlinks.
Parser maps source language by asset class: 'keys'/'rooms' → residential_units for Hotel, ADR + occupancy → monthly per key, NNN passthroughs flagged in notes for Industrial, etc. Reduces 'one shoe fits all' on the AI extraction layer.