Syndication

Investor docs and a
pure-math financial model.

Enter the property, financing, and waterfall structure. Get back 5 investor-ready documents and a year-by-year pro forma with IRR, equity multiples, waterfall distributions, and sensitivity analysis across 12 property types.

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Free demo. All 5 documents plus full pro forma.

Pro Forma Financial Projections

100% math. Zero AI. The same methods your Excel model uses.

Year-by-year projections

  • Gross potential rent with vacancy
  • Operating expenses by category
  • NOI and debt service coverage
  • Depreciation (27.5yr or 39yr)
  • Free cash flow per year

Return metrics

  • IRR calculated to 6 decimal places
  • Equity multiple / MOIC
  • Cash-on-cash return by year
  • DPI, RVPI, and TVPI
  • Sensitivity on exit cap + occupancy

Exit analysis

  • Exit cap rate vs. going-in
  • Sale proceeds and costs
  • Waterfall at exit
  • LP and GP distributions
  • Total return over hold period

Waterfall distributions calculated, not estimated

You define the tiers. The system calculates cumulative returns at every level across the full hold period.

1

Return of capital

LPs get their invested capital back first before any profits are split.

2

Preferred return

LPs receive their preferred return hurdle (typically 6-8% annual). Cumulative, not reset each year.

3

GP catch-up

100% of distributions go to the GP until the GP has received their promote share of all profits distributed so far.

4

Promote tiers

Remaining profits split according to tiers you define. Common structures: 70/30, then 60/40, then 50/50 at higher return thresholds.

Four investor documents

Plus the pro forma above. Five documents total, generated from the same deal inputs.

Private Placement Memorandum

19 sections covering property details, deal structure, projected returns, sponsor track record, risk factors, fee disclosure, tax treatment, and legal disclosures.

LLC Operating Agreement

Management authority, capital contributions, distribution waterfall with preferred return and promote tiers, transfer restrictions, dissolution.

Subscription Agreement

Capital commitment, accreditation representations, suitability confirmations. Adjusts for 506(b) or 506(c).

Investor Questionnaire

Accreditation, tax ID, entity type. Collected for every investor. Pure template.

12 property types, each modeled differently

A hotel runs at 55-75% expenses. Industrial runs at 25-35%. Residential depreciates over 27.5 years, commercial over 39.

Multifamily

35-45%|27.5yr

Office

40-50%|39yr

Retail

30-40%|39yr

Industrial

25-35%|39yr

Mixed Use

35-50%|39yr

Self Storage

25-40%|39yr

Manufactured Housing

30-40%|27.5yr

Hotel

55-75%|39yr

Triple Net (NNN)

10-20%|39yr

Senior Living

55-70%|27.5yr

Student Housing

40-50%|27.5yr

Build-to-Rent

30-40%|27.5yr
Expense ratio|Depreciation

Tax structures in the documents

  • Bonus depreciation tracked at current TCJA phase-down rates
  • Cost segregation assumptions by property type
  • 1031 exchange: 45-day ID, 180-day close, QI requirements
  • Qualified Opportunity Zone: 10-year hold, 90% asset test
  • Passive loss rules: $100K/$150K phase-out (Section 469)
  • Real Estate Professional Status: 750+ hours noted in PPM
  • UBTI threshold ($1K) flagged for IRA and trust investors

Deal feasibility checks

  • DSCR minimum 1.25x on the senior debt
  • LTV maximum 75% against appraised value
  • Exit cap rate vs. going-in cap rate sanity check
  • Breakeven occupancy flagged if above 85%
  • Capital stack balance verified
  • IRR plausibility check against the property type
  • Waterfall distributions verified against OA terms

An IRR that doesn't match the waterfall. A depreciation schedule using the wrong useful life. A pro forma that shows Year 3 distributions from an exit that happens in Year 5. These mistakes show up in investor decks all the time. The model catches them because every line connects to every other line.

See the full syndication package.

All 5 documents and the full financial model. Free demo.

See Pricing