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Investment Underwriting

Underwrite acquisitions with the full picture

Model across all asset classes with a purpose-built AI assistant. Capable of underwriting every scenario.

Start to finish

How a model gets built on Pantera

Step 1 of 5

Deal lands & you forward it

Broker emails, teasers, IMs and tenancy schedules arrive in your inbox. Forward deal information and assumptions to start the process.

New opportunity: Kingsway Retail Park
agent@savills.com · 2 attachments
Kingsway_IM.pdfTenancy.xlsx
Forwarded
deals@firm.pantera.co
Asset timeline

Your whole business plan, on one timeline

Voids, rent-free periods, capex and renewals visualised across the hold. Drag any assumption left or right and the cashflow to instantly see returns and valuations update instantly. No recalculation wait.

OccupiedVoidRent-freeCapex
Drag to adjust · recalculates instantly
202620272028202920302031
Unit A · Boots
Unit B · Next
Void · 6 moRent-free · 6 mo
Unit C · renewal
Capex
£1.4m
Live outputsGeared IRR 21.8%Equiv. yield 6.18%Updated in 40ms

Debt, equity and tax in one cashflow

Layer in multiple facilities with granular drawdown schedules, refinancing events and covenant tests. Set IRR hurdles, preferred returns, promotes and full JV co-invest waterfalls. Corporation tax, CGT and acquisition costs all run through the return.

Multi-facility debtEquity waterfallsSDLT & taxPromotes & JV co-invest
21.83%
Geared IRR
2.27x
Equity multiple
62%
LTV at entry
Equity waterfall
Pref · 8%
Return cap
Promote · 20%
Residual
AI in investment modelling

An analyst's instinct, applied to every deal

Build it from a brochure

Upload the IM or rent roll and Pantera populates the tenancy schedule and assumptions. You review and approve.

Benchmark every input

Yields, ERVs and rent-frees are checked against your own comps and history, and flagged when they look aggressive.

Catch what's missing

Voids, exit costs, rent-free. Pantera surfaces the gaps before the model reaches an IC.

Reports, sharing & exports

From model to the investment committee in two clicks

Offer a modern reporting experience for your clients. Live outputs change in sync with assumption updates in your branding.

Branded PDF reports

Cashflows, yield tables, equity waterfalls, sensitivity and lease schedules. Your logo and styling, IC- and LP-ready.

Read-only share links

Generate a secure URL for LPs, advisors or co-investors. View-only access, no login, no edit rights, revocable anytime.

Excel export

When a counterparty needs a spreadsheet, export the full model to Excel with the structure and formulas intact.

“ Pantera has significantly improved efficiency in deal analysis, saving us over 100 hours per transaction cycle on work that would otherwise go into deals we ultimately reject. Using it across the team ensures data integrity and lets anyone pick up a model without needing specialist Excel skills. ”

Les Lang
Les Lang
Director · TILL
Sensitivity & reporting

Stress test your assumptions instantly

"Run a 5×5 on yield and ERV." "Flex capex ±20%." Pantera builds a sensitivity analysis and clearly indicates which scenarios are survivable.

Geared IRR · exit yield × ERV
IRR%
−2
−1
Base
+1
+2
Y+50
7.1
8.4
9.6
10.8
11.9
Y+25
9.2
10.4
11.5
12.6
13.6
Base
11.2
12.3
13.4
14.4
15.3
Y−25
13.1
14.2
15.3
16.2
17.1
Y−50
14.9
16.0
17.1
18.0
18.9

IC narrative: Base case delivers 13.4% geared IRR. Downside of +25bps yield with flat ERV holds at 11.5%, above the fund's 10% hurdle. A 2008-style shock breaches the hurdle by 290bps and triggers an LTC review in Q3.

Investment Committee memo · draft
137 Marylebone High Street
Office · Central London · £61.3m GAV · 9.8 yrs WAULT

Recommendation. Acquire at £61.3m. NIY 5.1%, RY 6.4%. Base-case geared IRR of 18.4% over a 10-year hold[cell:irr_7], EM 2.3x[cell:em_out]. Trades 180bps inside its 24-month comp set[comp:farringdon].

AI flag: The ERV underwrite is 3.1% above the 90-day mean in your comps. Interrogate the three outliers before sending.
Every figure hot-linked to the live model. Change an assumption and the memo rewrites.

See it on one of your own deals

A live acquisition, your data, not a demo dataset.