Black-box AI output
A return with no path back to its inputs. When a lender asks where the exit cap rate came from, there is nothing to show them.
Models you can trust. Every cell, every time.
Investors only act on numbers they can audit. UnderwritRE builds every model to investment banking standards: live formulas throughout, inputs in blue, checks that tie out, and the same structure on every deal.
Trust is the product.
A model is only useful if the people relying on it believe it. Investment committees, lenders, and LPs need to see how a return was produced, not just the return.
One-off analyst spreadsheets
Every analyst builds differently. Hardcodes, broken links, and shifting layouts mean each model has to be re-audited from scratch.
An UnderwritRE model
One banker-convention standard on every deal. Every output traces back to a blue input, and every model reads the same way.
How it works.
From the first question to an investor-ready package, on one standard. Shown here with a sample 24-unit value-add deal.
01
Answer guided questions.
Work through the deal one step at a time: property, unit mix, rents, expenses, financing, and exit. Each answer becomes a blue input in the Excel model.
Step 3 of 8
Rental units
| Unit type | Units | Avg SF | In-place rent | Renovated rent |
|---|---|---|---|---|
| 1BR / 1BA | 10 | 725 | $1,300 | $1,525 |
| 2BR / 2BA | 12 | 1,050 | $1,600 | $1,875 |
| 3BR / 2BA | 2 | 1,300 | $1,950 | $2,250 |
24 units · 22,450 SF · $36,100 / mo in place
PreviousContinue
02
Get a live Excel model.
UnderwritRE writes the model as formulas, not values. Click any number and trace it back to the assumptions that produced it.
| A | B | C | D | E | F | G | |
|---|---|---|---|---|---|---|---|
| 1 | Annual cash flow | ||||||
| 2 | Assumption | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
| 3 | Gross potential rent | 3.0% | 445,500 | 484,203 | 524,827 | 554,013 | 570,633 |
| 4 | Less: vacancy | 5.0% | (22,275) | (24,210) | (26,241) | (27,701) | (28,532) |
| 5 | Other income | $75/unit/mo | 21,600 | 22,248 | 22,915 | 23,603 | 24,311 |
| 6 | Effective gross income | 444,825 | 482,241 | 521,501 | 549,915 | 566,412 | |
| 7 | Operating expenses | $7,200/unit | (172,800) | (177,984) | (183,324) | (188,823) | (194,488) |
| 8 | Net operating income | 272,025 | 304,257 | 338,177 | 361,092 | 371,924 |
InputFormulaTraced to its inputs
03
Share investor-ready outputs.
Sources and uses, cash flows, and returns summaries export to PDF and Excel, ready for an investment committee, a lender, or your LPs.
Linden Court Apartments
Charlotte, NC · Multifamily
| Sources | Amount | % |
|---|---|---|
| Senior loan | 3,450,000 | 62.8% |
| Equity | 2,040,000 | 37.2% |
| Total sources | 5,490,000 | 100.0% |
| Uses | Amount | % |
|---|---|---|
| Purchase price | 5,100,000 | 92.9% |
| Closing costs | 102,000 | 1.9% |
| Renovation budget | 288,000 | 5.2% |
| Total uses | 5,490,000 | 100.0% |
Returns summary
- Levered IRR
- 15.3%
- Equity multiple
- 1.96x
- Net profit
- $1,948,282
- Going-in cap rate
- 5.33%
- Stabilized yield on cost
- 6.58%
- Year 1 DSCR
- 1.31x
5-year hold · 62.8% LTC · 5.50% exit cap
04
Track every deal.
Tag, map, and compare deals side by side, and move them through stages from initial review to close.
Linden Court Apartments
- IRR
- 15.3%
- MOIC
- 1.96x
Harbor Street Lofts
- IRR
- 17.8%
- MOIC
- 2.11x
Route 9 Logistics Center
- IRR
- 13.4%
- MOIC
- 1.72x
Maple & Fifth
- IRR
- 21.6%
- MOIC
- 2.34x
What audited means.
The conventions an investment bank would hold a model to, applied automatically.
- 01
Every cell is a formula
No pasted values and no hidden hardcodes. Change an assumption and the entire model recalculates.
- 02
Inputs in blue, calculations in black
The investment banking color convention, so a reviewer sees at a glance what is an assumption and what is math.
- 03
Checks that tie out
Sources match uses and the cash flows reconcile, so the model proves itself before anyone else has to.
- 04
The same structure on every deal
Multifamily, Mixed-Use, Industrial, and Development models share one layout, so the tenth deal reviews as fast as the first.
- 05
Institutional depth
Development, value-add, and core business plans, with GP / LP waterfalls built in.
- 06
A file you own
A native, fully dynamic Excel model you can hand to an investment committee, a lender, or an LP.
Who we are.
UnderwritRE began in 2019 as a boutique financial modeling consultancy, founded by two investment bankers and real estate investors. We built institutional-grade Excel models for private equity firms, developers, family offices, private lenders, brokers, and limited partners.
The software turns that work into a guided process, so every deal gets the same standard, whether an analyst or a principal is answering the questions.
Meet the team