Underwriting

Underwrite every scenario, not only the preferred one.

Each viable development scenario can be evaluated as its own financial case, allowing teams to compare physical possibilities through investment outcomes.

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UL-103Maple Avenue
CASEBase
Current✦ AI Agents
Investment recommendationAdvance with conditions
Base case · Scenario B
Land basis$16.3M$45.8k / home
Yield on cost6.9%+40 bps to target
Levered IRR18.2%Base case
Equity multiple2.14×60-month hold
Quarterly cash-flow profilePeak equity $47.6M

AI AgentsThe preferred scenario remains above the return threshold in the base and delayed lease-up cases.

Assumptions

Keep the development model connected to the financial model.

01

Acquisition

Land price, taxes, closing costs, diligence and timing.

02

Development

Hard and soft costs, infrastructure, contingency, escalation and phasing.

03

Financing

Debt, equity, interest, fees, draw schedule and promote.

04

Revenue

Rent or sales, occupancy, absorption, lease-up and exit value.

Outputs & sensitivities

See what drives the investment case.

01

Total development cost

02

Development margin

03

Yield on cost

04

IRR

05

Equity multiple

06

Residual land value

07

Peak equity

08

Cash flow

09

Break-even

10

Land-price sensitivity

11

Cost sensitivity

12

Delivery-delay sensitivity

The best physical plan is not always the best investment opportunity.
Scenario-level model

Every physical option becomes its own investment case.

UnlockLand connects areas, units, parking, infrastructure and phasing directly to acquisition, development, financing and revenue assumptions.

When the plan changes, the model shows how cost, funding, revenue, timing and returns change—without losing the earlier scenario for comparison.

01

Acquisition

Land price, transaction costs, diligence, taxes and acquisition timing establish the entry basis.

02

Development

Hard and soft costs, infrastructure, contingency, escalation, duration and phasing follow the physical plan.

03

Capital

Debt, equity, interest, fees, draws, preferred return and promote define the funding structure.

04

Revenue

Rent or sales, occupancy, absorption, lease-up, exit value and other income define the realization case.

Decision thresholds

See which assumptions change the recommendation.

Downside, base and upside cases make the resilience of each opportunity and scenario visible.

01

Land price and closing basis

02

Construction cost and escalation

03

Rent, sales price and occupancy

04

Interest rate and leverage

05

Absorption, lease-up and delivery delay

06

Exit cap rate, density and efficiency

The strongest return is not automatically the strongest risk-adjusted opportunity.
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