Pencil is underwriting software for commercial real estate. You drop in a rent roll and a T12, and the model builds itself. Every input and every output is a line item you can see, question, and change.

Nothing hides in a cell reference. The model is one live dependency graph, so a change to market rent moves vacancy, NOI, debt service and returns in order, in front of you. The export is a real workbook that recalculates in plain Excel with no add-in, which means the committee on the other side of the table can take it apart.

Nine asset classes, acquisition and ground up, each underwritten on the conventions that class is actually underwritten on. It is built by a capital markets broker who closes these deals and has to live with the numbers.

Pencil is invitation-only for now. We are onboarding a small number of firms at a time, and when we open more memberships we start from the waitlist. A member can also invite you directly.