Vol. II Templates UW-WORKBOOK Available now
The acquisitions model your analyst already built.
A locked-down underwriting workbook covering sources & uses, debt service coverage, equity waterfall, and sensitivity grids. Three asset-class variants. The model practitioners build before every deal, shipped once so you don't rebuild it again.
Definition
What it is
3 variants
Multifamily, industrial, retail. Each variant tuned to its own NOI conventions and opex structure.
XLSX
Native Excel. No add-ins, no Power BI dependencies, no broken VBA macros.
$67
$97 retail. 14-day refund.
Audience
Who this is for
Acquisitions analysts
Save the week you'd otherwise spend rebuilding the same workbook from a senior's three-year-old version with broken sensitivity tables.
Solo sponsors + small operators
Get to "this works" or "this doesn't" in 20 minutes instead of 4 hours. Bid with the same rigor as a sponsor with a 6-person UW team.
LP equity allocators
Pressure-test sponsor projections. Drop sponsor inputs into a known reference model; spot the assumptions doing the work.
Capital markets advisors
Quote realistic loan-to-cost early. Run the deal in your client's model before tying up a lender's underwriting time.
Inclusion
What's in the file
- Inputs tab – assumptions, deal structure, capital stack
- Sources & uses
- 10-year pro forma cash flow
- Debt service schedule (IO + amortizing tranches)
- Equity waterfall with hurdle tiers
- Sensitivity grids: rent growth × exit cap, leverage × DSCR
- Returns: project IRR, equity IRR, equity multiple, peak equity
- One-page output summary for IC memos
Reference
FAQ
What about ground-up development?
Not included. Development underwriting has enough deal-structure complexity (construction draws, lease-up assumptions, stabilization timing) to warrant its own template – on the roadmap as a separate workbook.
Office and hospitality?
Both work with the multifamily variant as a base – office tracks like industrial on the lease structure, hospitality tracks like multifamily with ADR/occupancy substituting for rent/vacancy. Dedicated variants are forthcoming.
Does it handle waterfall complexity?
Two hurdle tiers + GP catch-up + promote, configurable. Beyond that (deal-specific waterfall provisions, side-pocket structures) edit the waterfall tab directly – the math is exposed, not opaque.
Refund policy?
14-day refund if the file is materially different from what was described, corrupted, or not delivered correctly. Email support@valoreregistry.com.
Pricing
Pricing
Retail at release $97
Founders' price (first 14 days) $67
Single XLSX delivery, three asset-class variants. Free point-update releases for 12 months. Informational only – not investment, financial, or accounting advice. Independent verification expected.
Implementation
How to use 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.
A. Six steps
- 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
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
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
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
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
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
- 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
- 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
-
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.
Quarterly refresh. Free re-download for 12 months from purchase.
14-day refund if the file is materially different from what was described, corrupted, or not delivered correctly.
Or get this in Acquisitions Toolkit for $247 — save ~21% vs à la carte.See all bundles →
Get the file
Open the UW Workbook.
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