Does this replace Argus for institutional underwriting?

No. Argus remains standard for institutional waterfall and LP/GP modeling. The platform's structured exports feed Argus cleanly.

Can I customize the underwriting template?

Templates are tuned by deal type (development, value-add, hold) and editable within the type.

What's the right output to share with capital partners?

The branded underwriting PDF includes the deal summary, the central case, sensitivity bands, the assumption log, and the source trail. Built for committee review.

Can the platform model debt and equity structures?

Indicative debt and equity inputs — LTC, blended rate, preferred return, promote — are supported. Full waterfall is Argus territory.

How current are the cost calibrations?

Refreshed regularly against market data; the assumption log shows the calibration date.

Is there a version-control surface for underwritings?

Yes. Each project record retains underwriting versions so the assumption history is auditable.

Real Estate Underwriting Software — Where The Cost-Side Gets Honest

Underwriting is the deal-specific math that determines whether to commit capital, at what price, and under what structure. It happens after feasibility passes and before the deal closes. The discipline of underwriting is making the assumptions explicit, defensible, and tested against sensitivity.

Buildora IQ's underwriting surface is built for cost-side discipline — the side where development deals most often fail. Revenue-side underwriting (rent comps, cap rate, exit value) is supported but is the secondary emphasis.

What 'underwriting' means inside the platform

Underwriting in the platform is the structured exercise of taking a feasibility-approved project and producing a deal-specific cost-side model that a capital partner can review. Inputs include the cost band, soft-cost layer, contingency, fees, carry, capital structure (LTC, blended rate, equity), and timeline. Outputs include the all-in project cost, the equity required, the yield-on-cost at stabilization (for holds) or the profit margin (for build-to-sells), and the sensitivity bands across the major variables.

The assumption log as a first-class output

Underwriting that buries assumptions in cell formulas is underwriting that loses partner trust. The platform's reports include an explicit assumption log: every input, where it came from, and what confidence is attached. A partner reading the underwriting can see exactly what's been assumed and challenge any line. Partners that can see the assumption trail are partners that move faster to commitment.

Sensitivity as a default, not an afterthought

Most underwriting shows a single set of numbers. Useful underwriting shows the central case plus low and high cases across the three or four most sensitive drivers. The platform does this by default — cost, exit, timeline, and cap rate (for holds) all carry sensitivity bands. The output isn't 'the project returns 22% IRR'. The output is 'the project returns 22% IRR centrally, 17% on the low side, 26% on the high side — and the flip from acceptable to unacceptable comes from a 12% cost overrun coinciding with a 6% exit-value haircut'.

Source trail for capital-partner credibility

Every data input in the underwriting traces to a source: parcel record (county), zoning (municipal code), cost (city-calibrated baseline + assumption log), rent (verified market signals and local comps), cap rate (market posture). Capital partners and committee members can audit the source for any number that matters to them.

Use Cases

Cost-Side Discipline: Five-layer cost stack with city calibration — not a single $/sqft assumption.
Assumption Log: Every input, every source, every confidence rating — explicit in the report.
Default Sensitivity: Cost, exit, timeline, cap rate sensitivity standard on every underwriting.
Source Trail: Auditable source for every number that matters to the capital partner.

Frequently Asked Questions

Does this replace Argus for institutional underwriting?: No. Argus remains standard for institutional waterfall and LP/GP modeling. The platform's structured exports feed Argus cleanly.
Can I customize the underwriting template?: Templates are tuned by deal type (development, value-add, hold) and editable within the type.
What's the right output to share with capital partners?: The branded underwriting PDF includes the deal summary, the central case, sensitivity bands, the assumption log, and the source trail. Built for committee review.
Can the platform model debt and equity structures?: Indicative debt and equity inputs — LTC, blended rate, preferred return, promote — are supported. Full waterfall is Argus territory.
How current are the cost calibrations?: Refreshed regularly against market data; the assumption log shows the calibration date.
Is there a version-control surface for underwritings?: Yes. Each project record retains underwriting versions so the assumption history is auditable.

Related Resources

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