Use cases

Underwritr is built for small multifamily acquisitions teams and independent sponsors. Here’s where it fits in the work you already do, from the first look at an OM to the investor package.

Screen every OM that hits your inbox

For acquisitions teams with more deal flow than analyst hours

Brokers send more OMs than a small team can model, so most get a skim and a gut call. The deals that deserved a closer look are the ones you never find out about.

In Underwritr

  1. 1Forward the OM to Underwritr, or drop in the PDF.
  2. 2Unit mix, rents, taxes and financing are extracted and a ten-year proforma is built.
  3. 3Check cap rate, cash-on-cash, DSCR and IRR against your buy box, and move the keepers into your deal pipeline.

Negotiate from the NOI the deal actually produces

For anyone writing an LOI off a broker's numbers

The OM's NOI usually leaves out replacement reserves and runs light on expenses. If you price off it, you pay for income the building won't produce.

In Underwritr

  1. 1Underwritr models NOI net of reserves, with every expense category present.
  2. 2The seller's stated NOI is reconciled against yours, line by line, and the drivers sum to the gap exactly.
  3. 3Take the reconciliation into the conversation with the broker.
From the sample deal, 612 Bank St

The OM states $255,000 NOI, a 7.97% cap at the $3,200,000 ask. Underwritr models $228,087. At the cap rate the OM implies, that NOI supports about $338K less in price.

Size the debt before you call a lender

For sponsors arranging agency or bank financing

A deal that works at one rate can miss DSCR at another. Finding that out from the lender's term sheet costs weeks.

In Underwritr

  1. 1Set rate, loan-to-value and amortization for each scenario.
  2. 2See debt service, DSCR and cash-on-cash update against the same property.
  3. 3Keep financing scenarios side by side so you know your walk-away terms before the call.
From the sample deal, 612 Bank St

At 6.75% and 75% loan-to-value, DSCR is 1.22x. At 7.00% it drops to 1.19x and year-one cash flow falls to $36,480.

Send lenders and LPs a model they can audit

For sponsors raising capital or submitting a loan package

Lenders and investors ask where a number came from. If the answer is a hard-coded cell in an old template, the model loses credibility fast.

In Underwritr

  1. 1Every figure is tagged Stated or Estimated, with its basis written out.
  2. 2Estimates you haven't reviewed are counted and flagged before you share.
  3. 3Export a branded PDF for the investment committee, or an Excel file where every line is a formula.

Plan a value-add or refinance

For owners repositioning older stock

Renovation budgets, rent premiums and a refinance all change the return, and it's easy to flatter the exit by assuming cap rates compress.

In Underwritr

  1. 1Model renovation, refinance and exit scenarios against the same property.
  2. 2Exit cap defaults to going-in plus 10 basis points per year of hold, so no compression is assumed.
  3. 3Compare IRR, cash-on-cash and DSCR across scenarios side by side.

Structure the raise and track your investors

For independent sponsors running their own syndications

Splits, preferred returns and promotes change what each investor receives. Rebuilding the waterfall for every deal is where mistakes creep in.

In Underwritr

  1. 1Model the GP/LP waterfall on the same proforma your deal runs on.
  2. 2Track investors and commitments alongside the deal.
  3. 3Give your team access so everyone works from the same numbers.

Try it on a real deal

Adjust the sample deal’s price, rents and financing, then download the model. Or request access and forward your next OM.

Try the sample deal

Request access

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