Drop a broker IM PDF, or paste text from a listing / memo / OM. Claude extracts the deal parameters and fills the form on the left, with a verbatim source quote on every field.
Privacy: your text or PDF is sent to Anthropic's API only when you click Parse. Anthropic does not train on this input. Nothing is logged or persisted on Underwrite servers; every parsed value lands in your browser. Do not upload confidential material unless you are authorized to transmit it.
No AI-extracted fields in this session. Current results come directly from the visible input form.
The AI parser never sits in the formula path. How the math works
Saved deals live in this browser's localStorage. Share and memo links encode the deal in the URL. Pasted source text is sent to Anthropic only when Parse is clicked.
Do not paste confidential material unless you are authorized to transmit it.
Labels, validation bands, and memo framing adapt to Mixed-Use. The core schema stays consistent across assets, while specialized items still need analyst review.
Base-case inputs are active.
Metrics adapted to the property type. Hotel shows ADR / Occupancy / RevPAR. Industrial / Office / Retail show rent and cost per SF. Multifamily shows rent and cost per unit. Same engine inputs underneath.
- Property
- Mixed-Use
- Purchase Price
- $8,500,000
- Loan Amount
- $5,525,000
- Total Equity
- $3,200,250
- Entry Cap RateYear 1 NOI divided by purchase price. The going-in yield on the deal at acquisition.
- 6.99%
- Yield on Cost (Y1)Year 1 NOI divided by total project cost (purchase price + closing costs + loan origination fee). Captures the going-in yield on every dollar deployed, not just the purchase price portion.
- 6.81%
- Exit Cap RateAssumed reversion cap rate at sale. Sale price equals next-year NOI divided by exit cap. Lower exit cap = higher sale price = better returns, but reflects cap compression risk.
- 6.50%
- Y1 EGIEffective Gross Income: GPR minus vacancy plus other income. The top of the operating waterfall.
- $841,560
- Avg DSCRAverage DSCR across the hold period.
- 1.60x
- Min DSCRWorst-year DSCR across the hold period. The number lenders stress-test against.
- 1.46x
- Loan ConstantAnnual debt service divided by the loan balance. The all-in cost of debt expressed as a percentage. Compares directly to entry cap or yield-on-cost to assess leverage spread.
- 7.39%
- Loan-to-CostLoan amount divided by total project cost (purchase + closing + origination). Lenders often size to LTC for value-add or construction deals where LTV alone misses the full capital stack.
- 63.3%
- Stabilized Cap (Y3)Year 3 NOI divided by purchase price. The going-in yield once the deal is fully stabilized. Useful for value-add or lease-up deals where Y1 NOI understates the deal's true cap.
- 7.43%
- Total LP Profit ShareTotal dollars distributed to LPs across all waterfall tiers. Excludes return of capital.
- $3,830,735
- GP PromoteTotal dollars distributed to the GP through the promote (carry). The sponsor's reward for outperforming hurdles.
- $761,901
- Promote % of Total ProfitGP promote divided by total deal profit. A check on how much of the upside the sponsor captures.
- 16.59%
- Operating YieldAverage annual NOI divided by purchase price across the hold. The 'income half' of the project return. Comparable across deals regardless of capital structure.
- 7.68%
- Asset AppreciationAnnualized growth in asset value from purchase to net sale proceeds. The 'capital gain half' of the project return.
- 3.83%
- Leverage PremiumEquity IRR minus unlevered IRR. Positive means debt is accretive to equity returns; negative means cost of debt exceeds unlevered yield+appreciation and debt is dragging the deal. Null when all-equity.
- 3.83%
| Institutional Test | Threshold | Deal Value | Status |
|---|---|---|---|
| Project IRR clears institutional value-add thresholdCritical | >= 15% | 15.34% | Pass |
| Min DSCR covers debt serviceCritical | >= 1.0x | 1.46x | Pass |
| Min DSCR clears institutional lending standard | >= 1.2x | 1.46x | Pass |
| LTV at or below conventional sizing | <= 75% | 65% | Pass |
| Yield on Cost (Y1) at or above sponsor-equity hurdle | >= 6% | 6.81% | Pass |
| Y1 debt yield exceeds rate (positive leverage) Rate 6.25% | Debt yield > rate | 10.75% | Pass |
| Exit cap not below entry (no compression bet) | Exit >= Entry | Exit 6.5% vs Entry 6.99% | Miss |
| Hold period within loan term (no untracked refi) | Hold <= Term | Hold 7y vs Term 7y | Pass |
Every test is computed from the inputs above by the deterministic engine. PURSUE requires the deal to clear every CRITICAL test; institutional-tier tests are advisory and shape the composite grade. The verdict is exactly the conjunction of the critical-test results, with no hidden weighting.
The same engine outputs viewed through a senior-debt lender's lens: Debt Yield (lender's primary sizing metric), Break-Even Occupancy, the vacancy cushion the deal can absorb before going underwater, and a Refinance Test at exit. Unlevered deals show the operational margin only.