We build custom underwriting models, using modern tools and AI, to help you and your business grow.
See sample modelsTalk about a dealWe build the models, check the numbers, and give you something you can take to a lender, partner or investment committee.
Models for acquisitions, development, refinancing and construction loans, built around your property type, capital stack and reporting format. Anything from a simple pro forma to a full bank-style credit memo.
Every project is run by a CFA charterholder with about 15 years of experience structuring and financing real estate deals.
We use AI to speed up data entry, scenarios and reports. Every assumption is written down where you can check it, and a person reviews every result before you get it.
Web calculators with your branding, investor dashboards and simple CRMs for tracking deals. They work on a phone or a laptop.
How a project goes, from the first call to handing over the model.
We review your deal, investment criteria, lender requirements and existing tools.
We agree on the inputs, the outputs and the questions the model needs to answer.
We build the model, test the assumptions and tie out every number.
You get the model or web tool with notes on how it works, a walkthrough, and support afterward if you want it.
The types of models we build most often. Each one is set up for your deal and your assumptions.
Projects property or business cash flows over a hold period, applies a terminal value and discounts to present value to show what an asset is worth against its asking price.
Who it's for: Acquisitions teams, sponsors and owners pricing a purchase, sale or recapitalization.
Builds NOI from rent roll and expenses, then sizes debt against DSCR, LTV and debt-yield constraints with a clear covenant pass/fail summary.
Who it's for: Lenders, debt brokers and borrowers preparing or reviewing a loan request.
Underwrites factory-built housing through both loan stages: a short-term factory and construction loan, then a refinance into permanent debt once the homes are set and leased.
Who it's for: Modular developers, factories, lenders and investors sizing a house, townhome, multifamily or full development deal.
Stress-tests key assumptions such as rents, vacancy, rates and exit cap with sensitivity tables and base, upside and downside cases side by side.
Who it's for: Investment committees, lenders and partners who need to see the range of outcomes.
Allocates distributions between LPs and GPs through preferred return, catch-up and promote tiers, reporting IRR and equity multiple for each party.
Who it's for: Sponsors structuring a JV or fund, and investors evaluating deal terms.
Builds a multi-year operating pro forma from income and expense assumptions and links it to going-in and exit cap rates to frame value.
Who it's for: Owners, brokers and buyers underwriting stabilized or value-add properties.
Runs thousands of randomized scenarios across uncertain inputs to produce a distribution of returns and the probability of hitting target hurdles.
Who it's for: Sponsors and allocators assessing risk on larger or more complex deals.
Hard-money deal analysis for acquisition, rehab and resale: line-item rehab budget, draw-based interest, points and exit fees, disposition costs, the 70% rule and MAO, ROI, annualized ROI and a lender view.
Who it's for: Flippers, rehab investors and private lenders sizing short-term deals.
Ground-up rental development: land and hard/soft budget, construction loan with interest reserve, lease-up, rent roll, detailed opex, yield on cost, development spread, perm refi sizing, cash-out, DSCR and levered IRR.
Who it's for: Developers, builders and investors planning new rental communities.
Modular Underwriting is a Bespoke Underwriting product line for factory-built housing. The models are built by a CFA charterholder and a lender with over 25 years of underwriting experience, and they follow the deal through both of its loan stages.
Short-term financing that covers factory deposits, module production, the foundation, set and button-up. Typical terms run 12–14% interest at 60–100% LTV.
Once the homes are set, finished and leased, the construction loan is taken out with a long-term loan at about 7%, sized on the stabilized value and NOI.
Total cost, interest carry during the build, refinance proceeds, how much cash stays in the deal, ongoing cash flow and how long it takes to get the cash back.
| Item | Figure |
|---|---|
| Total project cost | ~$428K–$439K |
| Rent | $2,300 / unit / month |
| Net operating income | $41,400 / yr |
| Stage 1 financing | 12–14%, 60–100% LTV |
| Item | Figure |
|---|---|
| Refinance value | ~$552K |
| 75% LTV loan at ~7% | ~$414K |
| Cash flow after debt service | ~$8,350 / yr |
| Cash left in the deal | $14K–$25K |
| Payback | 1.7–3 years |
These are illustrative estimates from the modular duplex case study. Actual costs, rents, rates and values will vary.
Working examples of models we build. Change any input and the results recalculate. All property names, companies and figures are made up.
5-year hold, unlevered. Each run draws rent growth, vacancy and exit cap from normal distributions (seeded so results are repeatable).
Saved deals stay in this browser only (no account, nothing uploaded). Rehab is drawn evenly over the first two-thirds of the timeline; interest accrues on drawn balance. Illustrative only.
Saved deals stay in this browser only. Equity funds first, then the construction loan; the interest reserve covers interest through construction and lease-up and is included in cost. Perm loan is the lower of LTV and DSCR sizing and repays the construction loan. Lease-up income is conservatively excluded. Illustrative only.
"Bespoke built me an underwriting tool that helped me streamline my underwriting process, allowing me to view more deals and vet more deals quickly and at a higher quality than I had with my previous tools."
DAVID · VANTAGE POINT COMMERCIAL CAPITAL
"Bespoke helped me build models to evaluate potential developments and find markets where modular could work."
MODULAR DEVELOPER · SOUTHEAST
Tell us about your deal or the tool you need. We reply within one business day.