Features/Underwrite

A full development pro-forma — without the spreadsheet.

UnlockLand turns your costs, revenues, and financing into phased cash flows and the returns that matter — IRR, equity multiple, and profit on cost — so you can underwrite a deal in minutes, not days.

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The underwriting core — where your highest-and-best-use scheme becomes a numbers case.

City skyline at dusk with towers and construction cranes
Profit on cost
28.1%
Levered IRR
21.4%
Pro-Forma · Riyadh Sedra Ext (Ph 4–6) 5-yr hold · levered BALANCED
Gross dev value
$79.2M
186 units + 6,400 sf retail
Total dev cost
$61.8M
all-in, incl. finance
Profit on cost
28.1%
$17.4M profit
Levered IRR
21.4%
2.3× equity multiple
Pro-forma · line items % of cost
Revenue
Residential sales$72.4M
Retail / GLA$6.8M
Gross dev value$79.2M
Hard cost
Construction$41.2M
Site & infrastructure$2.5M
Contingency · 8%$3.6M
Soft cost
Land acquisition$6.4M
Professional fees + marketing$6.0M
Financing
Interest & loan fees$2.1M
Total dev cost$61.8M
Net cash flow · by month
Outflow during build, inflow on sales
Outflow Inflow
+$8M0-$12M
M1BuildPeak drawSalesM14
Peak equity
$24.6M
drawn at month 8
Break-even
Month 12
cumulative turns positive

Illustrative interface — change one assumption and the cash flow, returns, and break-even recalculate instantly.

Every dollar, every period, in one model

Financial Modeling assembles a complete development pro-forma from the scheme you've already built — land, hard and soft costs, revenues, and debt — and spreads it across the project timeline. No fragile formulas, no broken links, just a model that updates the moment an assumption changes.

Costs built up

Land, construction, professional fees, contingency, and finance costs roll up into a transparent budget you can drill into line by line.

Revenue modeled

Sales, rents, lease-up, and absorption are scheduled over time — for-sale, build-to-rent, or mixed-use, on one consistent basis.

Returns computed

Phased cash flows resolve into IRR, equity multiple, profit on cost, and peak equity — the metrics your committee actually asks for.

How it works

STEP 1

Set the cost base

Pull land, construction, soft costs, and contingency from your scheme — or enter your own. UnlockLand builds the budget and finance costs for you.

STEP 2

Schedule revenue & timing

Lay out the build program, sales or lease-up curve, and absorption. Cash flows spread automatically across each period of the project.

STEP 3

Read the returns

IRR, equity multiple, profit on cost, and peak equity resolve instantly — and recalculate the moment you change a single input.

Sources and uses that always balance

Every dollar funded is a dollar spent. Toggle an assumption on the right and watch the split — debt, equity, and the cost they cover — rebalance to the penny.

Sources & Uses BALANCED · $68.2M
Sources$68.2M
Senior debt$42.3M
Mezzanine$9.5M
Sponsor equity$16.4M
Uses$68.2M
Land$6.4M
Hard cost$47.3M
Soft cost$12.4M
Finance cost$2.1M
Sources equal uses
Loan-to-cost 76% · blended cost of capital 7.8%
$68.2M
Assumptions
Senior LTC cap
62% of total cost
Include mezzanine
14% @ 11.5% coupon
Capitalize interest
roll up during build
Senior rate6.4%
Contingency8.0%
Sales pace14 / mo
Every edit re-runs the model — IRR now 21.4%

What goes in, what comes out

You provide
  • Land cost and a development scheme (units, GFA, mix)
  • Hard & soft cost rates, contingency, and a build program
  • Sales prices or rents, plus a lease-up / absorption curve
  • Debt terms and equity assumptions
UnlockLand returns
  • Phased, period-by-period development cash flows
  • IRR, equity multiple, and profit on cost
  • Peak equity and total funding requirement
  • A model ready for the capital stack and stress-testing

Where it fits in the workflow

Financial Modeling is the engine room of underwriting. It takes the scheme from Highest & Best Use, layers on financing in the Capital Stack, and feeds the numbers you'll stress-test next.

Before
Highest & Best Use
The scheme worth modeling.
Next
Capital Stack
Layer in debt, mezz & equity.
Then
Sensitivity Analysis
Stress-test the assumptions.
Platform
See the full workflow
How underwriting connects to decisions.

Ready to compare plans? See pricing.

Model the deal. Trust the numbers.

Request a demo to build your first pro-forma in minutes — Talk to our team to get started.