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How to use · UW Workbook

How to use the UW Workbook.

Six steps from download to a clean IC Summary. Plus practitioner tips, scope limits, and how this template pairs with the AI Credit Analyst when it ships Q3 2026.

Practitioner-built ·Pairs with the AI Team when it ships Q3 2026 ·Human review required on every output

A. Six steps

From download to deliverable
  1. 1

    Download the file you just bought

    The UW Workbook ships as a single .xlsx file. After purchase, you download the latest released version from your Valore receipt link. Save it to your deal folder before opening — versioning is your responsibility from this point on. (Suggested naming: UW_Workbook_<Deal Name>_<YYYY-MM-DD>.xlsx.)

  2. 2

    Open the file and skim the tab structure

    The workbook has tabs for: Deal Summary · Rent Roll · T-12 · Operating Assumptions · Capital Stack · Sources & Uses · Debt Sizing · Cash Flow · Sensitivity · IC Summary. Open each tab in order before you start filling anything in. The structure is designed to be read top-to-bottom; values flow forward from Operating Assumptions to the downstream tabs.

  3. 3

    Fill the blue input cells only

    Every editable cell uses the blue input convention (#1F4E79 font on #DDEBF7 fill). Black cells are formulas — leave them alone. Tan-fill cells are required fields; the IC Summary tab will not validate until tan cells are populated. Warning-red rows on the Data Checks tab fire when an assumption is out of band.

  4. 4

    Run sensitivity from the base case, not from scratch

    Once your base case is clean, the Sensitivity tab generates a 5×5 cap-rate × NOI matrix automatically. Do not edit the matrix cells — change Operating Assumptions on the input tab and the sensitivity rebuilds. The matrix is built to feed directly into the IC Summary risk block.

  5. 5

    Export the IC Summary tab for the memo

    The IC Summary tab is print-ready in landscape mode. Set page-break before the Risks block to keep the recommendation paragraph on its own page. Save the IC Summary as a separate PDF for the committee packet; the full workbook stays as backup.

  6. 6

    When the AI Credit Analyst ships (Q3 2026), pair it here

    The Credit Analyst agent (forthcoming) reads the populated UW Workbook and drafts the screening memo + IC memo + risk summary. Today, the workbook is the manual input; with the agent, the workbook becomes the structured input the agent reads. Either way the workbook is the source of truth.

B. Practitioner tips

Things the file won't tell you on its own
  • Rent roll convention: vacancy is encoded as a blank rent column, not a zero. The rent-roll cleaning logic treats blanks and zeros differently.
  • T-12 expects calendar-month columns left-to-right. Year-end-aligned reports need to be re-pivoted before paste.
  • Capital stack waterfall assumes pari-passu within each tranche. JV equity with preferred return uses the Operating Assumptions tab to set the pref rate.
  • Debt sizing supports three constraints (DY, LTC, LTV) simultaneously. Binding-constraint flag appears in the Debt Sizing tab footer.
  • Sensitivity matrix step size is 25 bps for cap rate, 2.5% for NOI. Edit Operating Assumptions to widen.
  • Save before running sensitivity. Workbook recalc on a slow machine can take 10-20 seconds.

C. Scope & limits

What this template is — and is not
  • This is a starter workbook tuned for multifamily / industrial / retail. Hospitality, healthcare, and specialty asset classes need additional tabs not included.
  • The model does not handle multi-asset portfolios out of the box. Cross-collateralized facilities require manual adaptation (or wait for the forthcoming Portfolio UW Workbook).
  • Construction underwriting is supported via the Sources & Uses + draw-schedule fields but does not replace a full construction-loan model. The AIA Forms template is a better complement for active-construction tracking.
  • No agency-takeout calculator is built in — that's on the Cash Flow tab as a stabilized exit assumption only.

D. Pairs with

Components that operate on or alongside this template

  • Credit Analyst

    Agent (forthcoming Q3 2026)

    Reads the populated workbook, drafts screening memo + risk summary + missing-info list.

  • Investment Memo Drafter

    Skill (forthcoming Q3 2026)

    Reads workbook outputs + sponsor notes, drafts IC-ready memo.

  • Loan Sizing Skill

    Skill (forthcoming Q3 2026)

    Calls into the Debt Sizing tab with different lender boxes; outputs proceeds ladder.

  • Sensitivity Analyses

    Template (available now)

    Standalone sensitivity model — use when the deal scope outgrows the built-in matrix.

  • Lender Edition

    Data (available now)

    Source the lender shortlist for proceeds-sizing input; pair with the workbook's lender-box parameters.

Next step

Build the full stack around it.

This template is the work surface for a specific AI agent + skill workflow. Open the Company Builder and assemble the matching agents when they ship Q3 2026.

Open the Company Builder Back to UW Workbook