Platform — Ironclad Underwriting

How it works

Four stages, one source of truth.

No more reconciling six versions of the same workbook. Every number flows from the same engine.

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Import & organize

Drop in a rent roll, a T12, and the offering memo. AI extraction structures the data so you start from clean inputs, not retyped PDFs.

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Build the capital stack

Senior debt, supplemental and bridge loans, preferred and common equity, sponsor fees and promote — sized to DSCR, LTV, and debt yield.

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Stress-test the downside

Flex rent growth, vacancy, expenses, exit cap, and refinance timing. Watch DSCR, break-even, and equity return move in real time.

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Explain & export

One click to lender- and investor-ready Excel and PDF outputs — capital stack, returns, waterfall, and sensitivities included.

Inside the Platform

From import to investor memo.

Command Center

See the whole deal on one screen.

The dashboard surfaces the numbers an investment committee asks about first — levered IRR, equity multiple, cash-on-cash, exit value — alongside the capital stack, sources & uses, and NOI-vs-debt-service coverage.

At-a-glance returns & risk tiles
Capital stack and sources & uses, side by side
Color-coded risk flags before you go deeper

Ironclad dashboard — returns, deal structure, and capital stack

Revenue & Expenses

Reconcile every line to the actuals.

Build a defensible NOI from the rent roll and T12 — not a guess. Reconcile in-place rents to market, set per-line expense growth, and reset expenses to a basis you can defend to a lender.

In-place vs. market rent, reconciled to T12
Per-line expense growth and resets
RUBS, vacancy, and bad-debt assumptions made explicit

Ironclad revenue and expenses tab — NOI reconciled to trailing financials

Financing

Size the debt that survives a stress.

Model a full capital structure — senior, supplemental, and bridge — with live DSCR, LTV, and debt-yield checks. Compare loan structures and test a refinance before you commit to one.

Multi-loan capital structure with live coverage ratios
Refinance modeling with updated NOI and proceeds
Loan comparison sized to DSCR / LTV constraints

Ironclad financing tab — multi-loan capital structure with DSCR, LTV and debt yield

Cash Flow

A defensible hold, year by year.

Project the full hold — operations, capital events, debt service, and reversion — with the assumptions visible, not buried in hidden cells. Change one input and the whole projection updates.

Year-by-year levered and unlevered cash flow
Capital events and reversion built in
Every driver editable and traceable

Ironclad cash flow tab — year-by-year levered cash flow projection

Waterfall

A promote investors can actually follow.

Build tiered equity distributions with preferred returns and promote splits that hold up under scrutiny. The waterfall ties straight back to deal cash flow, so the numbers always reconcile.

Preferred return and tiered promote splits
LP / GP distributions traced to deal cash flow
Clear enough to put in front of an investor

Ironclad waterfall tab — tiered LP and GP distributions with promote

Use Cases

Built for how investors actually underwrite.

Quick deal screening

First-pass go/no-go in minutes, not hours.

Full acquisition underwriting

End-to-end model with defensible assumptions.

Debt sizing & loan comparison

Compare structures and size to DSCR/LTV.

Renovation & lease-up

Model capex, downtime, and rent premiums.

Waterfall & promote

Tiered returns investors can follow.

Asset-management reforecasting

Re-underwrite against actuals mid-hold.

Every assumption a deal lives or dies on,
in one disciplined model.