AI for commercial real estate brokers
Underwrite the property off the rent roll and T-12, abstract the leases and their amendments, and build the BOV and OM from the files already in the deal folder. Every number names the document it came from.
Quimby-lender-matrix.xlsxExample| Lender | Rate | All-in | Proceeds | Binding test | Yr-5 prepay |
|---|---|---|---|---|---|
| Harbor Life | 5.90% | 6.02% | $24.53M | 10.0% debt yield | Yield maintenance |
| Crestline CMBS | 6.25% | 6.51% | $26.56M | 1.25x DSCR | Defeasance |
| Ironwood Bank | 6.40% | 6.55% | $23.36M | 10.5% debt yield | 1% (5-4-3-2-1) |
| Summit Debt Fund | S+3.00% | 7.48% | $26.88M | 1.25x DSCR | Open, 0.5% exit fee |
| Westmark Life | 5.75% | 5.86% | $22.30M | 11.0% debt yield | Yield maintenance |
NoteCrestline quoted $28.26M on the seller’s $2.61M NOI, but at our $2.45M NOI the 1.25x DSCR caps it at $26.56M.
Ask it for
“Underwrite Quimby Crossing from the rent roll, T-12 and five major leases: taxes at the buyer’s basis, management fee at 3%, value at a 7.10 and a 7.50 cap.”
Quimby-Crossing-underwriting.xlsx“Abstract the drugstore’s base lease and both amendments: rent steps, options and notice dates, recoveries, and anything that conflicts with the rent roll.”
Drugstore-lease-abstract.xlsx“Build the Quimby Crossing OM deck in our template: investment highlights, property overview, rent roll and lease expirations, financials, comps and market.”
Quimby-Crossing-OM-deck.pptx“Page-turn the OM draft and tie each figure to the rent roll, T-12 or lease behind it. Flag anything that doesn’t foot or contradicts the documents.”
Quimby-OM-tieout.pdf“Weigh the five term sheets for the Quimby Crossing refinance on proceeds at the binding debt yield and 1.25x DSCR, all-in cost, and prepayment in year five.”
Quimby-lender-matrix.xlsx“Compare the six proposals for the tenant’s 62,000 SF requirement on net effective rent and total occupancy cost, normalizing free rent and the $65 per SF TI.”
Tenant-proposal-comparison.xlsx
Inside the Commercial Real Estate Brokerage mode
Proposals and RFP responses
Builds the response to the city’s disposition RFP or the corporate tenant rep RFQ, with numbered answers, required forms and a compliance matrix.
Executive storyline and decks
In your firm’s template, the listing pitch and the OM deck get action titles that state each slide’s point and exhibits that tie to the underwriting workbook.
Tie-out and page-turn review
Page-turns the OM and the lender package against the rent roll, T-12 and leases, tickmarks every figure to its support and lists anything that won’t foot.
Cre underwriting
From the rent roll and T-12, it produces a normalized NOI, a rebuilt pro forma, a value range across cap rates and the debt sizing a lender will test.
Lease abstracts and rent rolls
Pulls rent steps, options, recoveries and notice dates from the lease and every amendment, then reads the rent roll back against what the leases actually say.
Cre debt and equity placement
Lays the term sheets side by side on one grid: proceeds under each lender’s binding test, all-in cost with fees, and the prepayment, recourse and promote.
Cre leasing and tenant representation
Every landlord proposal gets restated on one basis, net effective rent and total occupancy cost, with free rent, TI and bumps applied the same way to each.
- Office skills
- Excel, Word, PowerPoint, PDF
- Tools
- Read, edit and write files, Search files, Run code, Search and read the web, View images
- Connectors
- SharePoint, Google Drive, Gmail, and additional custom connectors
- House style
- Your fonts, layouts and rules, on every file
How it works
- 1
Point it at the deal folder
Drop in the rent roll, the T-12, the leases with their amendments, the tax bill, the term sheets and the comps you are licensed to use. Add your OM template and the last BOV you signed.
- 2
Ask for the deliverable you need
The underwriting workbook, the abstracts, the OM deck or the lender matrix comes back as a finished file you can open in Excel, Word or PowerPoint, with the source document cited for every figure.
- 3
Tie it out, then decide
You page-turn against the sources it cites and drop the comps you don’t trust. The price, the cap rate and the signature on the BOV are yours, and so is the call on when the OM goes out.
Who it’s for
Commercial real estate brokers and analysts in investment sales, debt and equity placement, landlord leasing and tenant representation.
Questions
Will it invent numbers the rent roll doesn’t show?
No, it cites the source file for every number and records what it could not find or reconcile instead of guessing. Where the rent roll says 94% occupied and the T-12 implies less, it flags the conflict and leaves the choice to you. You still review every file it touches before anything reaches a buyer or a lender.
Can I load an OM we received under an NDA?
That depends on the NDA, not on us. The app changes files only in the project’s folder, but the content it works on is sent to Paper Instruments’ servers to be processed, and confidentiality agreements commonly treat an upload as a disclosure to a third party. Whether one deal’s agreement permits it is a call for your compliance team or the lawyers who negotiated it.
Where does our data go?
Ultramarine Work changes files only in the project’s folder. When a request needs it, it can read files elsewhere on your computer, never passwords, keys or app data, and you can turn that off in settings. The model runs on Paper Instruments’ servers, so the content it works on is sent there to be processed. Paper Instruments is SOC 2 Type II, and our security and compliance details are on our compliance page.
Is the BOV it drafts an appraisal?
No, it is a broker opinion of value built from the rent roll, T-12 and comparables you supply, and you set the range and put your name on it. A BOV is an opinion, not an appraisal, so the document keeps its not-an-appraisal disclaimer and does not serve the purposes that require a licensed appraiser, such as a lender’s value of record, litigation or a tax appeal.
Who answers if the OM goes out with a wrong number?
You do, and no disclaimer changes that. The app cites the file behind every figure and notes what it could not reconcile, but it will not sign the OM, and deciding that a number is true is part of issuing it. E&O claims against brokers have turned on facts published without verification, so keep the tie-out and your notes with the deal file.