AI-driven underwriting

AI does the underwriting. You verify and edit every number.

Drop in a rent roll or T12 and Pencil’s AI builds the model. Then every input and every output is a structured line item you can see, question, and change, by hand or alongside the AI. No black box, no hidden cells. Underwriting an investment committee can actually trust.

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14 days free. No card. Your deals export anytime.

Alder Flats96 units · Pro Formapurple = editable

Historical Operations

Pro Forma

Projection

T12

In-Place

Year 1

Year 2

Gross Scheduled Rent

1,584,210

1,610,400

1,622,900

1,672,800

1,723,000

Vacancy Loss

(95,050)

(88,570)

(81,145)

(83,640)

(86,150)

Other Income

96,400

98,100

99,000

101,900

105,000

Effective Gross Income

1,585,560

1,619,930

1,640,755

1,691,060

1,741,850

Total Operating Expenses

(601,320)

(608,900)

(612,400)

(620,560)

(639,180)

Net Operating Income

984,240

1,011,030

1,028,355

1,070,500

1,102,670

Levered IRR

14.5%

Equity Multiple

2.08x

Yr 1 DSCR

1.31

±1 bp

IRR agreement when replicating real institutional broker models

790+

live Excel formulas in a single exported workbook, zero broken references

1 file

from emailed rent roll to a working model: drop it in, any format

Intake

Drop in the file. The AI reads it.

Rent rolls and operating statements arrive in hundreds of formats: Excel, CSV, scanned PDF, two-row headers, charge codes, subtotal traps. Pencil’s AI reads them all into clean, structured rows and keeps every original line beside them as an audit trail you can check. It remembers how your shop maps each GL account, so the next statement classifies itself. Rehab trackers and retail rent rolls too.

march_rent_roll.xlsxt12_operating.pdfrehab_tracker_v7.xlsx

structured, source-linked rows

UnitTypeSFIn-PlaceMarket

1011BR/1BA6501,4251,495

1022BR/2BA9801,8901,975

1031BR/1BA6501,4101,495

Engine

Every number, visible and editable.

Nothing hides in a cell reference. Every input and output is a first-class line item in a live dependency graph, around seventy in a standard deal. Change market rent, by hand or by asking the AI, and the recompute flows through vacancy, EGI, NOI, debt service, and IRR in order. Purple means editable, everywhere. And because Pencil exposes the whole model over MCP, you can drive it from your own AI assistant, not just ours.

Market RentGSREGINOILevered IRR

Edit by hand or ask the AI. Same model, same result.

Open to any AI over MCP. Drive Pencil from the assistant you already use.

Only the dependents recompute, in order. No #REF!, no silent breakage.

Fifty levels of undo. Named versions for every scenario.

Output

The workbook your committee can interrogate.

One click exports a branded six-sheet model: Cover, Pro Forma, Assumptions, Rent Roll, Historicals, Returns. Every operating line is a real formula. IRR computes natively. Because the export is built from the same graph you underwrote in, your committee can trace any number back to its source, and change an exit cap or a growth rate in Excel to watch the whole model recalculate.

fx=IRR(Returns!C42:J42)

CoverPro FormaAssumptionsRent RollHistoricalsReturns

Levered and unlevered cash flows feed a native IRR(). Exit value, debt service, and every operating row stay live. Edit a driver on the Assumptions sheet and the model recalculates in Excel, no add-in required.

Teams

One workspace for the whole shop.

Shared deals

Everyone on the team works the same pipeline. Invite by link, assign roles.

GL memory

Classify a line item once and Pencil maps it the same way on every future statement.

Your chart of accounts

Reproduce your shop's exact operating statement layout: names, groupings, subtotals.

Portfolios

Blend levered cash flows across deals for portfolio-level IRR and equity multiple.

Underwrite the next deal with AI you can check.

Full access for 14 days, including a seeded demo deal you can break.

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