Underwriting intelligence

Underwriting,
reimagined.

The broker’s OM in. A finished model, memo, LOI & PSA out — in minutes, not days. Multifamily and single-family.

No sales call  ·  14-day free trial  ·  Cancel anytime
Live deal — drag to re-price
Crestline at Lakewood
120 units · Dallas, TX · Value-add
EM
Entry cap rate5.5%
4.0%8.0%
Levered IRR
15.4%
Equity multiple
1.98x
Purchase
$21.8M
Equity
$7.6M
Hold
5 yrs
LTV
65%
Priced live — drag the cap rate
Scroll
№ 01 The toolkit

Every tool you need to go from OM to offer.

Drop in your documents. Get back a complete underwriting — with citations, risk flags, and exportable models.

AI Document Extraction

Drop a T-12, rent roll, or OM. Our AI reads every page — tables, footnotes, and addenda — and maps data directly into your model with source citations.

T-12 Statement
Gross Revenue$2,847,600
Operating Expenses$1,423,800
Net Operating Income$1,423,800
Payroll$256,568
Property Tax$427,140
Extracted40+ fields
propertyName"The Meridian at Oaklawn"p.1
units248p.3
t12NOI$1,423,800p.7
exitCapRate0.0575p.12
ltv0.65p.14

Risk Flags

AI spots red flags automatically — below-market rents, suspicious expense ratios, and broker assumptions that don't hold up.

critical

T-12 management fee is 2.1% — unusually low. Market is 3-4%. May understate stabilized expenses by ~$45K/yr.

+
warning

Exit cap 25bps tighter than entry. In a rising rate environment, consider widening by 50-75bps.

+
info

Property tax reassessment likely at close. Budget +15-20% over trailing.

+

Email Import

Paste a forwarded broker email and our AI extracts price, units, cap rate, and contact details instantly.

"Attached please find the OM for The Meridian — 248 units in Dallas at $21.8M (5.5% cap)..."

Scenario Builder

Up to 6 scenarios side-by-side. Stress-test exit caps, rates, and rent growth in real time.

Exit Cap Adjustment0 bps
Downside
14.2%
IRR
1.68x
Equity Multiple
Base
19.8%
IRR
2.04x
Equity Multiple
Upside
26.1%
IRR
2.41x
Equity Multiple

Templates & Excel Sync

Start from strategy templates (Value-Add, Core, etc.) and sync bidirectionally with your own Excel models.

Value-Add
Rent growth 4%, CapEx $8K/unit
Core
Stable, 3% growth, low leverage
Core-Plus
Moderate upside, 65% LTV
Opportunistic
High growth, repositioning play
Bidirectional Excel Sync

Export Everything

Five one-click export formats — Excel models, investment memos, LOIs, PSAs, and PDF reports. All pre-populated from your deal data.

Excel Underwriting Model
Summary · Revenue · Expenses · Cashflow · Waterfall
Purchase: $21.8M
NOI: $1.42M
DSCR: 1.34x

Team Collaboration

Threaded comments on any deal field, activity feed, and shared pipeline — keep your whole team aligned.

MC
Cap rate looks aggressive — can we get a sensitivity at 5.75%?
2m ago
SR
Ran it. IRR drops to 16.8% — still passes our threshold.
1m ago
JV
Approved. Let's submit the LOI by EOD.
Just now
Live activity feed — updates in real time

Rent Roll Parsing

Upload any rent roll format — PDF, Excel, scanned image. AI maps unit mix, lease terms, and in-place rents automatically.

Parsed248 units · 3 floor plans
1BR / 1BA96 units725 sf$1,450
2BR / 2BA112 units1,050 sf$1,875
3BR / 2BA40 units1,320 sf$2,250
Avg Rent
$1,742
Occupancy
94.2%

AI Deal Assistant

Chat or use voice to ask questions about your deal. The AI knows your model, comps, and documents — like an analyst on call.

What's the break-even occupancy on this deal?
Based on your underwriting, break-even occupancy is 82.4% — that's the point where NOI covers debt service. Current occupancy is 94.2%, giving you a 11.8% cushion.
Ask anything about this deal…

Deal Pipeline

Kanban board to track every deal from screening through close. Drag, prioritize, and never lose an opportunity.

Screening
Park West 240
$32M
River Oaks
$18M
Underwriting
The Meridian
$54M
LOI
Summit Ridge
$27M
Closing
Vista Gardens
$41M

Comp Analysis

AI-powered rent comps and sale comps pulled from the web. Validate broker assumptions with real market data in seconds.

3 rent comps · 2 sale comps found
Oakwood Terrace0.4 mi$1,795
Lakeside Village0.8 mi$1,680
Highland Pointe1.2 mi$1,850
Maple Creek — sold0.6 mi$52.8M
Elm Grove — sold1.1 mi$38.2M
Subject rents 3.2% above avg comps — verify broker pro forma

LP / GP Waterfall

Model promote structures with multi-tier waterfalls. See exactly how returns split between LP and GP at every hurdle.

Promote Structure3-Tier
Tier 10% – 8% IRR
LP 90%
GP 10%
Tier 28% – 15% IRR
LP 80%
GP 20%
Tier 315%+ IRR
LP 65%
GP 35%
LP Return
1.82x
GP Promote
$1.4M
Blended Split
78 / 22

10-Year Cashflow Model

120-month granularity with annual roll-ups. Model refi events, disposition timing, capex reserves, and rent growth year by year.

Year 1
SelectedSale Year
Year 10
Yr 1 NOI
$1.42M
Yr 1 DSCR
1.29x
Yr 1 Cash-on-Cash
7.8%

Dashboard Analytics

Portfolio-level metrics at a glance. Track deal flow, pipeline value, and team activity across all active opportunities.

Active Deals
12+3
Pipeline Value
$284M+$42M
Avg IRR
18.4%+1.2%
Win Rate
34%-2%
Deal Flow — Last 6 Months
NovDecJanFebMarApr
99.2%
Extraction accuracy
<5 min
From upload to model
42+
Fields auto-populated
14
Built-in tools
№ 02 The process

Document drop to IC memo.

01
Upload

Drop the broker package — OM, T-12, rent roll. PDF, Excel, or CSV.

02
Extract

AI reads every page and maps 42+ fields with a citation to the source.

03
Review

Verify the figures, clear the flags. You stay the underwriter.

04
Model

Base, downside and upside scenarios on a real returns engine.

05
Export

Excel model, branded IC memo, LOI and PSA — ready to send.

№ 03 The comparison

You didn't get into real estate to fight spreadsheets.

Every hour spent re-keying T-12 data or fixing broken formulas is an hour you're not sourcing deals.

The old way
Manually key T-12 line items into Excel
45 min
Cross-reference rent roll unit by unit
30 min
Build cashflow model from scratch
2 hrs
Run scenarios by editing cells one at a time
1 hr
Format investor memo in Word/PowerPoint
1.5 hrs
Find and fix the formula you broke
???
Total per deal6+ hours
With EM Underwriting
Drop your T-12, Rent Roll, and OM
10 sec
AI extracts every line item automatically
30 sec
Full cashflow model built for you
Instant
Drag sliders to test any scenario
Real-time
Export investor-ready Excel with one click
1 click
Ask the AI assistant anything about the deal
Always on
Total per dealUnder 5 min
85%
Less time per deal
What used to take a full day now takes a coffee break.
0
Formulas to maintain
No broken links, no circular refs, no version nightmares.
99%+
Extraction accuracy
AI reads your docs so you never re-key a number again.
№ 04 How it works

Documents in. Decisions out.

01

Upload the broker package

Drop the T-12, rent roll, or offering memorandum — PDF, Excel, or CSV. The document type is detected automatically; nothing to configure, nothing to template. Email the package in and the pipeline parses it before you open the app.

02

Review with citations

Every extracted figure carries its source — file, page, and the line it came from. Confirm or correct in one pass; the model flags what a lender would question before you ever send it.

03

Export the deal paper

A full Excel model, a branded IC memo, the LOI and PSA — generated from the same numbers you just approved, formatted like you spent all night on them. Excel syncs both ways when you keep modeling.

◆ Multifamily & single-family · in 3D

Every deal has a life of its own.

Towers and homes — multifamily and single-family. Drop the broker’s OM and watch each deal come to life. Drag to orbit your pipeline.

№ 05 The numbers
99%+
Field extraction accuracy
< 2 min
Average deal setup
500+
Deals underwritten
85%
Time saved vs. manual
№ 06 The terms

One flat rate. Underwrite as many deals as you want.

Try it free for 14 days — cancel if it doesn't save you hours.

Starter

$150/mo

billed monthly · 1–3 seats

For individual investors and analysts

  • ✓10 AI extractions/month
  • ✓Email import pipeline
  • ✓Deal templates (4 strategies)
  • ✓Excel model + memo export
  • ✓Scenario builder (3 scenarios)
  • ✓Email support

Enterprise

Custom

11+ seats

For institutions and fund managers

  • ✓Everything in Professional
  • ✓Custom Excel templates
  • ✓API access
  • ✓SSO & team management
  • ✓White-label document exports
  • ✓Dedicated account manager
  • ✓Custom integrations
  • ✓SLA guarantee
Contact Sales
All plans include a 14-day free trial. You won't be charged until the trial ends. Cancel anytime.
№ 07 In their words

Built for people who price deals all day.

“EM cut our underwriting from four hours to under fifteen minutes a deal. The extraction is accurate enough that we've stopped re-keying anything.”
Marcus Chen
VP Acquisitions, Meridian Capital
“The scenario sandbox changed our IC meetings. We re-price a deal live in the room instead of going back to the analyst for another version.”
Sarah Rodriguez
Director of Investments, Summit Equity
“We tried every CRE underwriting tool out there. EM was the only one that did the parsing, the model, and the deal paper in one place.”
David Okonkwo
Managing Partner, Atlas Multifamily
Open your desk

OM to IC memo,
before the broker calls back.

No sales call. No Excel model required. Upload a deal and watch it underwrite itself — multifamily or single-family.

Start freeSee pricing

14-day free trial  ·  Card required  ·  Cancel anytime