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Multifamily development underwriting · Preview · Model v2.4.0

Underwrite the deal before it underwrites you.

A transparent pro forma for market-rate, mixed-income and affordable multifamily, covering budget and construction interest, debt sizing, the funding gap and returns. Every assumption stays visible, and the Excel workbook is built from live formulas.

Try the demo project See what it models

Free, no sign-in. Your work stays in your browser. The demo uses a fictional project. Illustrative only. This is not lending, investment, tax or compliance advice.

DevelopmentIntel workspace showing the fictional demo project's assumptions, headline metrics and sources and uses
Actual workspace screen. Figures are from the fictional demo project.

What it models

One deterministic model, from land to exit

  • Development feasibility

    Land, hard and soft costs by category, contingency, developer fee and schedule roll up into a full development budget.

  • Construction financing & sources/uses

    Month-by-month draws with capitalized interest and fees, permanent debt sized by the binding of LTC, LTV and DSCR, and an explicit funding gap.

  • Operating pro forma

    Rents by unit type and tier, vacancy and concessions, operating expenses, reserves, subsidy streams, soft loans and up to five refinance events across the hold.

  • Market, mixed-income & affordable

    Restricted-unit schedules with user-entered income limits, utility allowances and rent caps. An optional illustrative 4% / 9% LIHTC module shows basis, credits and equity pay-ins.

  • Market benchmarks with provenance

    Import or enter benchmarks with source, geography and effective date. Mismatches are flagged, and nothing is applied to your inputs unless you choose to.

  • Scenarios & sensitivities

    Clone a project as market-rate, mixed-income or affordable, and see IRR, funding gap and yield on cost recomputed across a rent vs. hard cost grid.

  • 19-tab Excel & printable report

    Download a workbook built from live formulas linked to editable inputs, with a Checks tab, or print a lender-style summary with caveats and sources.

Inside the workspace

Real screens, fictional demo numbers

Sensitivity heatmap of levered IRR across rent and hard cost changes for the demo project
Sensitivity grid: each cell re-runs the full model, including debt re-sizing and construction interest.
Printable underwriting summary report with illustrative-only caveats
Printable report: executive summary, capital stack, projection, scorecard, sources and limitations.

How it works

Four steps, all in your browser

  1. 01

    Enter assumptions

    Start from the fictional demo project or your own inputs. Program figures are always entered by you.

  2. 02

    Review the model

    See the budget, capital stack, debt sizing, annual cash flows, returns and a flag-by-flag feasibility scorecard.

  3. 03

    Stress & compare

    Run sensitivities, save scenarios, and compare no LIHTC vs. 4% vs. 9% on the same project.

  4. 04

    Export

    Take the formula-based Excel workbook, CSV or printed report into your own review process.

Who it's for

Built for every seat at the table

  • Developers

    Test a site, unit mix or affordability set-aside quickly before spending on third-party reports.

  • Investors

    Read sources and uses, binding debt constraint, levered and unlevered IRR and sensitivities in one place.

  • Housing organizations

    Compare market-rate, mixed-income and affordable versions of the same project and see how subsidies and soft debt change the gap.

  • Lenders

    Use as a transparent cross-check of DSCR, LTV and LTC sizing. It does not make credit decisions.

Transparent limitations

What DevelopmentIntel is not

  • Not a loan approval, credit decision or authoritative feasibility score.
  • Does not certify HUD income limits, rent ceilings, utility allowances or program compliance.
  • Does not determine LIHTC eligibility, bond/50% test, basis boosts or allocations. The LIHTC output is illustrative.
  • No live HUD or market data feeds. Benchmarks come from you, with their sources.
  • Not yet modeled: lease-up income, monthly operations, tax/depreciation, investor waterfalls, recapture or year-15 exit.
  • Not investment, lending, legal, tax or compliance advice. Verify everything with qualified professionals.

Pricing

Pricing under review

The preview is free while we validate the model. The paid tiers below are proposals only. Prices have not been set, and nothing can be purchased.

  • Available now

    Preview

    Free

    Full workspace in your browser, with drafts saved on your device. No sign-in. Save a project file to back up or move your work.

    Open the workspace
  • Proposed, not available

    Professional

    Coming soon

    Saved projects across devices, unlimited Excel exports and report branding.

  • Proposed, not available

    Team / Organization

    Coming soon

    Shared portfolios, roles, review workflow and support.

FAQ

Questions, answered plainly

See the model on a real-shaped deal.

Open the fictional demo project, change any assumption and watch every output recompute.

Try the demo project