Core
Excel model
A live workbook. Blue cells are inputs. Green cells are links. Downloading the file is part of Underwrite Core, including for this worked example.
Worked example
Committee-ready deal pack
Cayuga Commons (Illustrative Case), written as the three files a committee reads. Every figure is the engine's. The memo PDF and the deck PDF are free with no sign-in. The live Excel model is Underwrite Core.
- Year 1 NOI
- $594,066.40
- Levered IRR
- 15.34%
- Equity multiple
- 2.4351x
- Minimum DSCR
- 1.46x
- Verdict
- PURSUE
Project IRR 15.34%, clears the 15.00% hurdle by 0.34 pts. Min DSCR 1.46x covers debt service.
What each file contains
One engine run writes all three. The pages below are renders of that run for Cayuga Commons (Illustrative Case), Mixed-Use in Ithaca, NY.
Free sample
IC memo
11 pages. Recommendation, thesis, sources and uses, returns, debt, sensitivities, and the diligence list. No sign-in.
Free sample
Investor deck
17 slides. The same book the product writes as PowerPoint, offered here as PDF. No sign-in.
IC memo
11 pages, free to download
- 01Executive summary
- 02Investment thesis
- 03Property
- 04Rent roll summary
- 05Market
- 06Business plan
- 07Sources and uses
- 08Returns
- 09Equity bridge
- 10Scenarios
- 11Debt
- 12Debt by year
- 13Operating projections
- 14Trailing twelve months
- 15Sensitivity and downside
- 16Truth Score
- 17Key risks and responses
- 18The ask
- 19Conditions to close
- 20Diligence
- 21Disclaimers
Investor deck
17 slides
The PDF on this page is the worked example. The product also writes the PowerPoint, with speaker notes, from the same run.
Cover
01 Cover
Cayuga Commons (Illustrative Case)
Contents
02 Contents
The book, in the order the committee reads it.
Recommendation
03 Executive summary
PURSUE: levered IRR is 15.34% and minimum DSCR is 1.46x.
04 Investment thesis
Four points carry the recommendation.
Asset
05 Property
Mixed-Use at Ithaca, NY.
06 Market
No market series was attached.
Capital
07 Sources and uses
Equity required is $3,200,250 on $8,725,250 of uses.
08 Capital stack
Senior debt is 63.32% of sources. Equity is 36.68%.
Returns
09 Returns bridge
Equity in is $3,200,250. Net cash back to equity is $4,592,635.
10 Annual cash flow
NOI moves from $594,066.40 in year 1 to $714,661.67 in year 7.
11 Exit cap and price
At the modeled price, levered IRR is 15.34%. The outlined cell is that case.
12 Rent growth and exit cap
At a 7.00% exit cap the engine IRR is 13.51%.
13 Debt profile
Senior loan is $5,525,000 at 6.25%, with minimum DSCR of 1.46x.
14 Scenarios
Downside, base, and upside are each an engine run.
Committee
15 Risks and mitigants
Each risk is an engine result, a missing input, or a limit the model states.
16 Diligence and next steps
The ask is PURSUE at $8,500,000. Open items are below.
17 Disclaimers
The live workbook covers this deal's aggregate unit mix.
Core
The live Excel model
The dashboard thumbnail is the Dashboard tab of this worked example. The file itself stays on Underwrite Core. A trial includes it.
- 01Cover
- 02Dashboard
- 03Assumptions
- 04Unit mix
- 05Operating
- 06T12
- 07Sources and uses
- 08Cash flow
- 09Debt
- 10Amortization
- 11Returns
- 12Sensitivity
- 13Checks
- 14Truth
- 15Scope
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