Real estate underwriting software
From rent roll to IRR in minutes.
The multifamily underwriting model, rebuilt as software. Upload a rent roll and T-12, set your assumptions, and get the full pro forma — IRR, LP/GP waterfall, DSCR, and investor-ready exports. No Excel.
Or open the live sample deal — the real engine, no login →
Invite-only · 2FA-secured · every change audited
Levered IRR
18.4%
Equity Multiple
2.08×
Going-In DSCR
1.34
Cash-on-Cash by Year
Illustrative — the real engine re-runs the full model per assumption.
300+
engine invariants tested on every change
2 min
from upload to first full pro forma
100%
of mapped totals reconciled against the statement
Every
assumption change audited, per field
The platform
The model runs the moment you upload.
Imports that learn your files
Rent rolls and T-12s from AppFolio, Yardi, RealPage, or a broker one-off — columns and GL lines auto-map, cross-checks reconcile every total against the statement itself, and every mapping you confirm teaches your org's dictionary.
The full waterfall, built in
Preferred equity, LP pref, promote tiers with IRR hurdles — distributions reconcile to the levered cash flow by construction, and the lender export keeps sponsor economics out automatically.
Sensitivity on the whole model
Every cell of the matrix re-runs the complete engine — exit cap × rent growth × any axis you choose — so the grid shows real outcomes, not linear approximations.
Distributions
Watch the waterfall pay out.
Every distribution tier is computed monthly and reconciled against levered cash flow — pref equity first, then the LP preferred return, then promote tiers as each IRR hurdle clears. What the LP sees and what the lender sees are cut from the same numbers, automatically.
Exit distribution — $14.2M
Extracted — for your review
AIInvestor summary — drafted from the model
A 120-unit value-add acquisition at a basis 14% below recent trades
AI, where it earns its keep
The paperwork reads itself.
Drop in the broker's offering memorandum and the asking price, unit count, taxes, and operating figures arrive as pre-filled assumptions. When an export's columns are ambiguous, AI suggests the mapping. And when the model is done, one click drafts the investor summary and IC narrative — from your numbers and your story, not from thin air.
- Every extracted value is shown for approval before it enters the model
- Returns are computed by the tested engine — never by the AI
- Your documents are never used to train models
Why not Excel
An underwriting model you don't have to maintain.
Spreadsheet underwriting models are templates — every analyst re-maps the columns, re-trusts the formulas, and re-breaks the links. Nivora is the model as a product: maintained, tested, and audited so your team underwrites instead of debugging. New to the process? Read our step-by-step guide to how to underwrite a multifamily deal.
How it works
Three steps. No template hell.
Upload
Drop in a rent roll and T-12 (CSV/XLSX). Columns auto-detect, totals cross-check, and an OM PDF can pre-fill assumptions.
Assume
Set debt, equity, exit, and growth. Pref equity and the LP/GP waterfall are first-class — not bolted-on tabs.
Underwrite
IRR, equity multiple, DSCR, monthly cash flow, the full waterfall — and exports cut per audience.
Security
Built for confidential deal flow.
Deals, documents, and economics stay inside your organization. Access is invite-only with enforced two-factor authentication, organizations are isolated at the database layer, and an immutable audit log records every change to every assumption — who, what, and when.
FAQ
Questions sponsors ask.
What is real estate underwriting software?
Underwriting software replaces the spreadsheet model used to evaluate a property acquisition. Nivora takes the documents you already have — a rent roll and a trailing-twelve-month operating statement — and produces the full institutional analysis: pro forma cash flows, IRR, equity multiple, DSCR, and the LP/GP distribution waterfall, with every calculation tested and every change audited.
How is this different from an Excel underwriting model?
An Excel model is a template you maintain: columns to re-map for every property-management export, formulas only as trustworthy as the last person who edited them, and no record of what changed. Nivora is a maintained engine — imports auto-map and reconcile against the statement's own totals, the math is locked behind 300+ automated invariants, and the audit trail records every assumption change.
Which rent roll and T-12 formats can it read?
CSV and Excel exports from AppFolio, Yardi, RealPage, Entrata, and most property-management systems — including multi-sheet workbooks, charge-per-row rent rolls, and statements with capex below the NOI line. Columns and GL accounts your team confirms once are remembered for your whole organization.
Does Nivora handle the equity waterfall?
Yes — preferred equity (with current-pay and accrued carry), LP preferred return, and multi-tier GP promotes with IRR hurdles. Distributions are reconciled against levered cash flow on every run, and sponsor economics are automatically excluded from lender-facing exports.
Does Nivora use AI?
Yes, where it saves real hours: drop in a broker offering memorandum and AI extracts the asking price, unit count, taxes, and other assumptions; import assist suggests column and GL mappings when a file is ambiguous; and one click drafts an investor-ready summary or IC narrative from your modeled deal. Every AI-extracted value is shown for your approval before it enters the model, returns are always computed by the tested engine — never by the AI — and your documents are never used to train models.
Is it only for multifamily?
Multifamily is the core, with commercial and mixed-use underwriting (commercial rent rolls, rollover and WALT, component exit caps) built on the same engine.
How is my deal data protected?
Every account uses two-factor authentication, organizations are fully isolated from each other at the database layer, data is encrypted in transit and at rest, and every change to every deal is recorded in an immutable audit log.
Ready to underwrite smarter?
Bring one deal. If the first pro forma doesn't beat your template, keep the template.
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