1. Acceptance of Terms
These Terms of Service ("Terms") are a legal agreement between you ("you" or "User") and EM Underwriting ("EM," "we," "us," or "our"). By creating an account or using the commercial real estate underwriting platform at underwriting.eyalmehaber.com (the "Service"), you agree to be bound by these Terms. If you do not agree, do not use the Service.
We may update these Terms from time to time. If we make material changes, we will notify you by email or by posting a notice on the Service at least 30 days before the changes take effect. Continued use after the effective date constitutes acceptance of the updated Terms.
2. Eligibility & Accounts
You must be at least 18 years old and capable of entering into a binding contract to use the Service. By registering, you represent that the information you provide is accurate and complete.
You are responsible for maintaining the confidentiality of your account credentials (email/password or Google OAuth) and for all activity that occurs under your account. You agree to notify us immediately at [email protected] if you suspect unauthorized access.
We authenticate users via bcrypt-hashed password credentials or Google OAuth. We do not store plaintext passwords. Sessions are managed with signed JWT tokens.
3. Description of the Service
EM Underwriting is an AI-powered multifamily commercial real estate underwriting platform. The Service enables you to:
- Upload and extract data from Offering Memorandums (OMs), T-12 operating statements, rent rolls, and other deal documents
- Build and edit financial underwriting models including IRR, equity multiple, DSCR, cash-on-cash, and waterfall analysis
- Generate investment memos, letters of intent (LOIs), purchase & sale agreements (PSAs), and export reports
- Interact with an AI assistant for deal analysis and market research
The Service uses Anthropic’s Claude API for AI-powered document extraction, financial analysis, and conversational features. AI outputs are informational tools — not financial, legal, or investment advice.
4. Acceptable Use
You agree not to:
- Use the Service for any unlawful purpose or in violation of any applicable law or regulation
- Upload content that is fraudulent, defamatory, obscene, or that infringes any third-party intellectual property rights
- Attempt to gain unauthorized access to other users’ accounts, data, or any part of the Service infrastructure
- Reverse-engineer, decompile, or disassemble any part of the Service
- Use automated tools (bots, scrapers, crawlers) to access the Service without our prior written consent
- Circumvent rate limits, authentication controls, or other security measures
- Resell, sublicense, or redistribute the Service or its outputs without prior written consent
- Transmit malware, viruses, or any other harmful code
We reserve the right to suspend or terminate accounts that violate these rules, with or without prior notice.
5. Subscription Plans, Pricing & Payment
5.1 Free Trial
New users receive a 14-day free trial. A valid credit card is required to start the trial. You will not be charged during the trial period. If you do not cancel before the trial ends, your card will be automatically charged on day 15 at the rate of your selected plan.
5.2 Paid Plans
We offer three subscription tiers: Starter, Professional, and Enterprise. Current pricing is displayed on our pricing page. Prices are in US dollars and exclude applicable taxes.
5.3 Payment Processing
All payments are processed by Stripe, Inc. We do not store your credit card number or full payment credentials. By subscribing, you also agree to Stripe’s Terms of Service.
5.4 Billing Cycle & Cancellation
Subscriptions renew automatically on a monthly billing cycle unless you cancel. You may cancel at any time from your account settings. Cancellation takes effect at the end of the current billing period — you retain access until then. We do not provide prorated refunds for partial billing periods.
5.5 Price Changes
We may adjust pricing with at least 30 days’ written notice. Price changes apply at the start of your next billing cycle after the notice period.
6. Intellectual Property
6.1 Our IP
The Service — including its code, design, algorithms, financial models, templates, documentation, and branding — is owned by EM Underwriting and protected by intellectual property laws. These Terms grant you a limited, non-exclusive, non-transferable, revocable license to use the Service for its intended purpose during your active subscription.
6.2 Your Content
You retain ownership of all documents, data, and content you upload to the Service ("Your Content"). By uploading, you grant us a limited license to process, store, and display Your Content solely for the purpose of operating the Service — including sending document content to Anthropic’s Claude API for AI extraction and analysis.
6.3 AI-Generated Outputs
Outputs generated by the Service’s AI features (extractions, memos, analysis) are derived from Your Content and our models. You may use these outputs for your own business purposes. We make no claim of copyright over AI-generated outputs, but you acknowledge they are produced by automated systems and may contain errors.
7. AI Disclaimer & Limitations
The AI features of the Service are tools, not advisors. AI-generated extractions, financial analyses, investment memos, and chat responses are produced by automated systems and are provided "as is." They may contain errors, omissions, or inaccuracies.
- AI outputs do not constitute financial, investment, legal, tax, or accounting advice
- You are solely responsible for reviewing, verifying, and validating all AI outputs before relying on them for any decision
- We do not guarantee the accuracy, completeness, or fitness of any AI-generated content for any particular purpose
- AI extraction from documents depends on document quality — poorly formatted, scanned, or handwritten documents may produce unreliable results
You should always consult qualified professionals (attorneys, accountants, licensed financial advisors) before making investment decisions. EM Underwriting is not a registered broker-dealer, investment adviser, or financial institution.
8. Disclaimer of Warranties
THE SERVICE IS PROVIDED "AS IS" AND "AS AVAILABLE" WITHOUT WARRANTIES OF ANY KIND, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE. TO THE FULLEST EXTENT PERMITTED BY LAW, WE DISCLAIM ALL WARRANTIES INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT.
We do not warrant that the Service will be uninterrupted, error-free, or secure, that defects will be corrected, or that the Service or its servers are free of viruses or other harmful components.
9. Limitation of Liability
TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL EM UNDERWRITING, ITS OFFICERS, DIRECTORS, EMPLOYEES, OR AGENTS BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, OR ANY LOSS OF PROFITS, REVENUE, DATA, OR USE, WHETHER IN AN ACTION IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF OR IN CONNECTION WITH YOUR USE OF THE SERVICE.
OUR TOTAL AGGREGATE LIABILITY FOR ALL CLAIMS ARISING OUT OF OR RELATED TO THESE TERMS OR THE SERVICE SHALL NOT EXCEED THE TOTAL AMOUNT OF FEES YOU HAVE PAID TO US DURING THE TWELVE (12) MONTHS IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM.
Some jurisdictions do not allow the exclusion or limitation of certain damages. In those jurisdictions, our liability is limited to the greatest extent permitted by law.
10. Indemnification
You agree to indemnify, defend, and hold harmless EM Underwriting and its officers, directors, employees, and agents from and against any claims, liabilities, damages, losses, and expenses (including reasonable attorneys’ fees) arising out of or related to: (a) your use of the Service; (b) your violation of these Terms; (c) your violation of any third-party rights; or (d) Your Content.
11. Termination
11.1 By You
You may close your account at any time by cancelling your subscription and contacting us at [email protected]. Upon account closure, your data will be retained for 30 days (in case you wish to reactivate) and then permanently deleted.
11.2 By Us
We may suspend or terminate your account immediately, without prior notice or liability, for conduct that we determine, in our sole discretion, violates these Terms, is harmful to other users or the Service, or is otherwise objectionable. We may also terminate accounts that remain inactive for an extended period.
11.3 Effect of Termination
Upon termination, your right to use the Service ceases immediately. Sections that by their nature should survive termination will survive, including: Intellectual Property, AI Disclaimer, Disclaimer of Warranties, Limitation of Liability, Indemnification, Dispute Resolution, and Governing Law.
12. Dispute Resolution & Arbitration
12.1 Informal Resolution
Before initiating any formal proceedings, you agree to first contact us at [email protected] and attempt to resolve the dispute informally for at least 30 days.
12.2 Binding Arbitration
If informal resolution fails, any dispute, claim, or controversy arising out of or relating to these Terms or the Service shall be resolved by binding arbitration administered by the American Arbitration Association ("AAA") under its Commercial Arbitration Rules. The seat of arbitration shall be in the State of Florida, USA. The arbitration shall be conducted by a single arbitrator. The arbitrator’s award shall be final and binding and may be entered as a judgment in any court of competent jurisdiction.
12.3 Class Action Waiver
You and EM Underwriting agree that any dispute resolution proceedings will be conducted only on an individual basis and not in a class, consolidated, or representative action. If this class action waiver is found to be unenforceable, then the entirety of this arbitration provision shall be null and void.
12.4 Exceptions
Either party may seek injunctive or other equitable relief in any court of competent jurisdiction to prevent the actual or threatened infringement of intellectual property rights.
13. Governing Law & Venue
These Terms are governed by and construed in accordance with the laws of the State of Florida, USA, without regard to its conflict-of-law principles. To the extent that litigation is permitted (including claims not subject to arbitration), you consent to the exclusive jurisdiction and venue of the state and federal courts located in the State of Florida.
14. Data Privacy
Your use of the Service is also governed by our Privacy Policy, which describes how we collect, use, and protect your personal information. By using the Service, you consent to the data practices described in the Privacy Policy.
15. Miscellaneous
15.1 Entire Agreement
These Terms, together with our Privacy Policy and any plan-specific terms presented at checkout, constitute the entire agreement between you and EM Underwriting regarding the Service.
15.2 Severability
If any provision of these Terms is held to be invalid or unenforceable, the remaining provisions continue in full force and effect.
15.3 Waiver
Our failure to enforce any right or provision of these Terms shall not be deemed a waiver of that right or provision.
15.4 Assignment
You may not assign or transfer these Terms or your rights under them without our prior written consent. We may assign our rights and obligations without restriction.
15.5 Force Majeure
We shall not be liable for any failure or delay in performance resulting from circumstances beyond our reasonable control, including natural disasters, acts of government, internet or infrastructure failures, or third-party service outages.
16. Contact Us
If you have questions about these Terms, contact us at:
EM Underwriting
Email: [email protected]