Underwrite more deals, more deeply, in less time.
Hand over the broker materials. Pull a raw rent roll into a clean, source-traced read, normalize the operating statement, build the underwrite by asset class, and run Base, Upside, and Downside. Your analysts set the view.
The underwriting path
A disciplined path through the underwrite.
The sequence follows how an analyst actually builds conviction: read the documents, normalize the operating picture, set the forward view, run the scenarios, and review the output against source.
- 01
01
Read the documents
Pulls the unit-by-unit rent roll and the trailing-twelve out of the offering materials into clean extracts, every figure traced back to its source.
- 02
02
Normalize the operating statement
Maps the seller’s accounts onto a standard expense set and builds the NOI bridge, so two deals read on the same lines.
- 03
03
Set the assumptions
Takes revenue, expenses, acquisition, capex, and financing one driver at a time. Each proposal comes with a rationale and enters the model only after analyst confirmation.
- 04
04
Build and run the underwrite
Stands up the model for the asset class, sizes the debt to the binding constraint, and prices Base, Upside, and Downside off one switch.
- 05
05
Review the underwrite
The analyst reads the underwrite against the documents and revises where the view differs. The model and memo support come together ready for committee.
01 · Reading the deal documents
A clean rent roll out of whatever the broker sent.
- Finds the unit-by-unit table whether it sits buried in a larger workbook or as an exhibit deep in the offering memorandum, and reads scanned pages as well as clean spreadsheets.
- Traces every extracted figure back to the exact file, sheet, and row or page it came from, and foots the imported unit count and rents to the totals the document itself states.
- Surfaces every diligence flag a sharp analyst would catch: occupied units with no lease expiry, expired leases, duplicate units, zero or negative rent on occupied space.
- Marks every inferred value as such. Occupancy, mark-to-market, and risk judgments stay with the analyst to form.
Fig · Rent roll and T-12, traced to source
Setting the assumptions
A proposed forward view, confirmed before it lands.
For each driver, Cap Orbit lays out the current figure, the proposed figure, and the rationale. The analyst reviews and confirms, and every accepted number lands precisely as stated. Taxes reassess onto purchase price, insurance is re-quoted, management fee moves to market, and the sponsor’s value-add plan is pressure-tested before it carries.
Fig · Proposed, written on accept
Building the model
An institutional model, sized to the asset class.
Multifamily, build-to-rent, student and seniors housing, office, retail, industrial, medical office, life-science, hotel, self-storage, data center, and more, each with the right entry stance for an acquisition, a ground-up development, or a merchant build. Every asset class runs its own model, sized to its own binding constraint.
Residential
Multifamily
Build-to-rent
Student
Seniors
Affordable
Manufactured
Condo
Commercial
Office
Retail
Industrial
Medical office
Hospitality
Hotel
Specialized
Data center
Life science
Self-storage
Land
Fig · The asset classes a CRE fund trades
02 · Three scenarios, one switch
Base, Upside, and Downside, every figure traced to source.
- One toggle re-prices every scenario-driven assumption together, so the upside and downside bands move as a set with nothing to rebuild.
- Returns the full stack on the equity: levered and unlevered IRR, equity multiple, going-in cap rate, yield on cost, and cash-on-cash, with year-by-year coverage across the hold.
- Reports the risk floor, breakeven occupancy and peak equity drawn, and carries a sensitivity grid that flexes returns against exit cap and exit NOI so the back-end risk is visible.
- Sets the underwritten year next to the trailing-twelve actuals as a side-by-side NOI bridge, with the dollar and percent change called out line by line.
Fig · The return stack and sensitivity grid
Committee-ready numbers, sourced to the line.
The terminal carries the build so analysts spend their time on the asset view, risk, pricing, and committee recommendation. The work, files, and model stay inside your environment, private to your firm.