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.

Your firm details (wire instructions, bank info) are pulled from your organization profile and filled in automatically. You can update them anytime in Settings.

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

  • 100% bonus depreciation (reinstated by OBBBA for acquisitions after Jan 19, 2025)
  • 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.

What you provide, what you get back

Every field you enter and every deliverable that comes out.

You provide

Jurisdiction

  • Country (US, UK, Canada, Australia, UAE, Singapore, EU, China, Hong Kong, Japan, Cayman Islands, Israel)
  • State or province (auto-populated per country)
  • Currency (auto-set per country)

Property and entity details (required)

  • Project name
  • SPV entity name (the LLC or LP that will hold the property)
  • Sponsor / syndicator name
  • Property address
  • Property type: multifamily, office, retail, industrial, mixed-use, self-storage, mobile home park, hotel, NNN retail, senior housing, student housing, or build-to-rent

Deal economics (optional)

  • Purchase price
  • Total equity raise
  • Minimum investment amount
  • Loan amount
  • Interest rate (%)
  • Preferred return (%)
  • Projected IRR (%)
  • Projected hold period (years)
  • Acquisition fee (%)
  • Asset management fee (%)
  • Number of units
  • Year built

Source documents you can upload

  • Property appraisal
  • Rent roll (trailing 12 months)
  • Operating statements (T-12)
  • Property inspection reports
  • Environmental assessments (Phase I/II)
  • Existing loan documents
  • Title report and survey
  • Insurance quotes

You get back

5 legal documents

  • Private Placement Memorandum (PPM) — Full offering document with property description, risk factors, sponsor track record, fee disclosures, tax considerations, and securities law disclosures tailored to property type
  • LLC Operating Agreement — Manager-managed structure with capital accounts, distribution waterfall (preferred return, catch-up, promote splits), transfer restrictions, removal provisions, and dissolution terms
  • Subscription Agreement — Investor onboarding with accreditation verification, suitability representations, capital commitment schedule, and power of attorney
  • Investor Questionnaire — Accredited investor verification, beneficial ownership, AML/KYC, ERISA status, tax classification, and state-specific suitability requirements
  • Due Diligence Checklist — Property-type-specific request list: title, survey, environmental, zoning, building systems, tenant leases, operating history, insurance, and regulatory compliance

1 full financial model

  • Pro Forma Financial Projections — Year-by-year operating projections across the full hold period including:
  • Revenue: gross potential rent, vacancy/credit loss, other income, effective gross income
  • Expenses: property-type-specific operating expenses, management fees, reserves, insurance, taxes
  • Returns: net operating income, debt service, cash flow before/after tax, cash-on-cash return
  • Exit analysis: projected sale price (cap rate or per-unit), disposition costs, loan payoff, equity distribution
  • Investor returns: IRR, equity multiple (MOIC), average annual return, total profit
  • Waterfall distribution: preferred return accrual, GP catch-up, promote tiers, LP/GP split at each level
  • Sensitivity analysis: returns at different exit cap rates, vacancy rates, rent growth, and hold periods
  • Depreciation schedule: cost segregation with 5/7/15/27.5/39-year components by property type

Every document and projection includes compliance checks: Reg D requirements, blue sky filing thresholds, sponsor licensing, property-type-specific depreciation rules, and waterfall calculation verification.

See the full syndication package.

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

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