Cubedup Underwriting · Acquisition underwriting
Upload the broker package. Cubedup Underwriting reads every document, restates the numbers the way an operator runs the asset, and prices it at today's rates. You get one answer: proceed, negotiate or walk, with the ceiling and the opening bid.
One offer at or below the ceiling, with conditions.
Every deal opens on one panel. The full model is one click away for whoever wants to check the work.
Proceed, negotiate or walk, with a 0 to 100 score against the bar for that kind of deal.
The lowest of independent valuations. It is the most you pay, and it never leaves your firm.
Where to start, read against how long the listing has been out and how far the ask sits from value.
The three conditions that move the price most, and the documents still missing.
The asset and the size of the deal pick the method. Only one method ever governs a deal's numbers.
Self-storage under USD 5M and under 40,000 NRSF.
Broker NOI restated on an operator's cost card.
Self-storage at USD 5M and up, or 40,000 NRSF and up.
Ceiling = lowest of direct cap, five-year DCF and debt-supported value.
Small-bay industrial, multi-tenant flex, contractor bays.
Ceiling = lowest of cap, lease DCF, stressed debt and replacement cost.
Land approved for industrial outdoor storage, operated as truck parking.
Ceiling = lowest of cap, DCF, debt and land value per usable acre.
Self storage land: ground-up development and expansion of an existing facility.
Ceiling = lowest of four residual land values: yield on cost, spread over the exit cap, a 20% levered IRR, and comparable land.
Each structure is sized at today's rates on the same NOI, so you see which one clears and what it does to equity and returns. Seller paper is converted to its cash-equivalent price.
Lender terms are market conventions until replaced with a term sheet. Rates carry an as-of date on every deal.
Nothing to type. Drop the package and press Underwrite.
OM, T-12, rent roll, tax bill, owner reports. PDF, Excel, Word, images or a zipped data room.
Every figure is transcribed with its page. Conflicts between documents are flagged, never averaged.
The method applies: buyer's tax and insurance, operator expense load, live rates, financing.
One panel, saved as a version in your firm's pipeline. Reopen, adjust, compare.
The same five rules apply to every deal, whatever the broker's package says.
Projections inform the plan. Price is paid on in-place income only.
A material number needs two independent confirmations before it sets price.
Tax and insurance reset to what the buyer will actually pay after closing.
County record, data service, broker claim or estimate. Every figure says which.
Oversupply cannot be fixed by operations. It ends the analysis.
Firms put live deal numbers here, so the access rules are strict.
Each firm sees only its own deals. A private deal is visible only to its creator.
Google or Microsoft accounts, and every new person is approved before seeing anything.
Administrators see usage counts, never deal content.
The Claude connector signs in as you and reaches only your firm's workspace. Connect
Access is by approval. Sign in with Google or Microsoft to request it.