Commercial real estate underwriting guides

How to Underwrite a Multifamily Deal (Step by Step)

A step-by-step multifamily underwriting walkthrough — from rent roll and T-12 to stabilized NOI, debt sizing, equity waterfall, and levered IRR.

Commercial Real Estate Underwriting: A Complete Guide

A complete guide to commercial real estate underwriting: income, expenses, NOI, debt sizing, equity returns, and risk across all major asset classes.

How to Read a Real Estate Offering Memorandum (OM): What to Trust and What to Re-Underwrite

A CRE analyst's guide to reading an offering memorandum: what an OM contains, which numbers to trust, and what to re-underwrite yourself before making an offer.

How to Write an Investment Committee (IC) Memo: Structure, Content, and a Defensible Template

A step-by-step guide to writing a defensible investment committee memo for a CRE deal—from thesis and underwriting to sensitivities, risks, and the recommendation.

How to Build a Real Estate Pro Forma (Step-by-Step)

Build a commercial real estate pro forma from scratch: revenue, operating expenses, NOI, debt service, and levered returns—with the formulas and line items that matter.

Real Estate Sensitivity Analysis Explained

What sensitivity analysis is in CRE, which variables move returns most, and how to read a two-variable sensitivity grid to stress-test a deal before you close.

How to Automate Real Estate Underwriting (Safely): AI, Guardrails, and Audit Trails

A practical guide to automating CRE underwriting safely — where AI helps, where it must never touch the math, and how to keep every number auditable.