Waynick Underwriting Start underwriting

Underwriting software for commercial real estate

A model that argues back

Monthly cash flows for income, development, multifamily, self-storage and land deals, with debt sized the way a lender sizes it, sensitivity grids and an investment memo. It tells you when your inputs disagree, shows what every figure is made of, and keeps the record of where each number came from.

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14 days free, no card needed.

Annual cash flow Harbor Point Retail · sample deal
The cash flow statement with years across the top, from acquisition price down through net operating income to levered cash flow.
Computed as this page loaded, by the same engine the app runs, from the sample retail deal it ships with. Every row foots. Year one and the five-year total here; every year on a wider screen. Open any figure to see what it is made of.

Why not a spreadsheet

What a spreadsheet template gets wrong

Three of seven decisions in the code, each with a test holding it in place. The other four, and how the model works backwards from a return, are in chapter one.

  1. Leases actually expire

    At expiry the space rolls on a weighted-average basis: rent resets to market, tenant improvements and leasing commissions blend renewal and new-deal terms by renewal probability, and expected downtime is (1 − p) × downtime. A five-year lease inside a ten-year hold does not quietly pay rent forever at a compounding escalator. And where you know better than the blend (a renewal already signed, a tenant who has given notice), you say so for that one expiry, and the ones around it stay on the assumptions.

  2. The exit capitalizes forward NOI

    The twelve months modeled past the hold, not the trailing year grossed up. On a lease-up deal the trailing year still contains partial occupancy, and capitalizing it understates the sale by exactly the value you spent two years creating.

  3. When there are two IRRs, it says so

    A land deal that sells lots early, then carries the land and pays off a loan, has cash flows that change sign more than once, and more than one rate that sets NPV to zero. Excel’s IRR() returns whichever it finds first. Here the reported IRR is the root where NPV falls through zero, and the tile and the memo say there is more than one and point you at NPV and the multiple instead. Before that rule, a deal with a positive NPV and a 1.66x multiple could show −38.6%.

automated checks run on every release
3,425
tabs on a deal, the tenth once it closes
10
deals compared side by side
6
documents it writes, in Excel and PDF
6

See it work

Six things it does, recorded

Recorded from the running app on the sample deals it ships with. The cursor is a script, the figures are the engine’s.

Base rent unfolds into its tenants, a note opens where it lands in the statement, and the year-one figure opens onto what it is made of. More in Checks and audit trail

Which deals it models

Five kinds of deal, one engine

All five run the same monthly cash flow, the same debt module, the same waterfall and the same exports. What differs is where the money comes from and when: a rent roll, a building still to be built, a unit mix, storage customers, or lots that sell. Each has a page of its own.

Read on

Five chapters, a page each

In order, from what the model decides to what it costs. Each ends with a link to the next.

  1. 1How the model worksWhat the engine decides that a template leaves to you, how it works backwards from the return you need, and why every cell in a grid is the whole model run again.
  2. 2The appEvery screen on a deal, the chart beside each number, a scratch sheet that stays with the deal, and a layout for whatever you are holding.
  3. 3Checks and audit trailIt says when your own numbers disagree, keeps where each one came from on the number itself, measures the deal after it closes, and checks every export against a second run of the model.
  4. 4Teams and securityRoles, sharing and two people in one deal, with a history nobody can rewrite. And deals encrypted under your firm's own key before they are stored.
  5. 5PricingPer seat and published, in the cloud or on your own computers. Then what it does not do yet, in writing, and the questions people ask before they buy.

What it costs

Priced per seat, published

Roughly a third of what the institutional standard costs per analyst, and it models phased land development, which that standard sells you a second product for. Every plan starts with fourteen days free.

$99Analyst: one seat a month, billed annually
$89Firm: per seat a month, three seats and up
$99Desktop: one person, deals kept on their own computer
$119Self-hosted: per seat a month on your own server, five and up

Every plan, the gaps and the questions

Open a deal and see whether it argues with you

Four steps, and that is the whole evaluation.

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  1. Set up an accountFourteen days free, no card needed.
  2. Build a modelOf a deal you already know, or start from one of the sample deals.
  3. Export the workbookThe server recomputes it from your assumptions before you get it.
  4. Check it against your ownEvery figure opens to show what it is made of.