← All work
Deal Check
Institutional-grade underwriting for commercial property, with no software to license and no training to sit through. Every lease on its own line, month by month, for the whole hold.
- Who
- Owners, buyers and property managers
- What
- Acquisition underwriting and multi-year cash flow models
- How
- By us, from your rent roll, leases and loan terms
pick a case. every number follows.
Ten years, in $ thousands
Swipe the table for all ten years →
Swipe the table for every column →
Lease in placeNew lease at marketExpected downtime
Mill & Main18,400 SF · 10 commercial leases · 4 apartments
- Levered IRR, ten-year hold
- –
- Equity multiple
- –
- Unlevered IRR
- –
- Average cash on cash
- –
- Year 1 coverage
- –
The building in the lender deck, modeled lease by lease: monthly cash flows, a 30-year amortizing loan, building work in years 3 and 5, and a sale at the end of year 10 after 2% costs.
- 120
- Months modeled, one by one
- 10
- Leases, each on its own line
- 9
- Scenarios rerun on every change
- 0
- Software licenses to buy
No software. No training.
- Nothing to license
- A model built for your deal. No seats, no renewals.
- Nothing to learn
- We run it. You read the cash flows, the returns and the summary.
- Nothing hidden
- Every number traces back to a lease, a date or an assumption.
What goes into a model
- Lease-by-lease cash flowActual lease dates, rent steps, free rent, renewals, downtime and leasing costs, month by month for as long as you plan to hold.
- Recoveries and expensesTenant reimbursements worked out lease by lease, against an expense budget that grows on its own schedule.
- Returns and debtLevered and unlevered IRR, equity multiple, cash on cash, and coverage against any loan: interest-only, amortizing or refinanced along the way.
- Building work and reservesRenovations, tenant improvements and reserves, placed in the month the money is spent.
- Sensitivity and scenariosExit cap against rent growth, price against return, and side-by-side cases for a renovation or a re-lease.
- A one-page investor summaryBuilt from the model, so the page a lender or partner reads always ties to the numbers.
- Rerun as the deal changesA new price, a different loan or a lease that moves: we rerun the model and send the updated numbers.
- Lease term reviewsA lease read end to end and returned as the dates, rents and options the model needs.
Made to orderYour rent roll · your leases · your loan terms
Have a deal to underwrite?
Built by us from the rent roll, the leases and the loan terms. You get the cash flows, the returns and a one-page summary.
Start a model →send the rent roll