Does it replace my analyst?

No. It does every mechanical step and cites its sources, then leaves every judgement blank. Your analyst still reads the drawing, sets the price, and decides. The method lives in the platform, not in one person.

You do. When you raise, you publish a curated view, the returns and the ask, never your costs, your margin, or your price. Your workings stay yours.

How do I get started?

Drop the architect's PDF. It reads every unit in the background and flags anything it is unsure of. You set your assumptions once, and they carry to every deal after.

Does it work outside Portugal?

Today it is built Portugal-tax-native: gross area from the drawing, the compulsory inspection, IMT, IMI, VAT / ARU and CIT computed by the rules that apply. Other jurisdictions are on the roadmap, so tell us where you build.

It depends on your firm and how you work. We will walk you through it on the call, with no obligation.

Developers invite you: a private link per deal, in your name, with the teaser and, behind your signature, the full plan. That is the private network live today. A curated marketplace, where vetted investors browse vetted deals across developers, is on the roadmap; ask us to be on the list.

Why should I trust the numbers?

Because they are the developer's own working model, not a document prepared for investors. The platform computes every figure from the inputs, checks revenue, VAT, cash flow and returns against each other, and shows its workings. Returns are projections, labelled as such.

What do I sign, and where?

A confidentiality and non-circumvention undertaking, online, before the full plan opens. A simple electronic signature: your typed name, a checkbox, the time, and the exact text you accepted, kept by the developer.

Underwriting for property developers, and the investors behind them

Underwrite a property deal, end to end. From the architect's PDF to the investor's answer.

Averu does every mechanical step and leaves every judgement to you. Two machine phases, one human decision between.

Book a demo See how it works

I develop

Read the building, price it against the market, get the verdict, raise the equity. Every number computed, cited and right.

I invest

Hand-picked deals from developers who want you in. A one-page teaser first, the full business plan behind your online signature, your answer in one tap.

The problem

An analyst studies close to two hundred buildings in a year to buy five.

Each one is four or five hours in Excel, then a deck. The judgement that decides the deal is real, but it is buried under hours of copying a PDF into cells, placing sixty-odd cash-flow formulas by hand, and rebuilding the same tables for the fifth time.

It lives in one file.
The whole method sits in a workbook only its author fully understands. When they are away, the work waits in an inbox.
It breaks quietly.
One wrong cell reference and the cash flow is off, with nothing on screen to tell you.
There is no referee.
Nothing checks the file against what the bank actually paid. A mismatch should be a signal, not a surprise.

The method

Two machine phases, one human decision between.

The same underwriting you already do: read, decide, appraise, raise. With every mechanical step done for you and every judgement still yours.

It reads the building.

Drop the architect's PDF. It reads every unit in the background, cites where each number came from, and flags anything it is not sure of. It flags, it never guesses. The hour you used to spend retyping is done before you look.

You make the one call.

The price. Capture real comparable listings straight off the portal, the numbers, never the photos, and the quartiles build themselves, so your price per square metre stands on evidence. Every buried assumption becomes one labelled dial, stamped with its source.

It appraises the deal.

The monthly cash flow builds itself from plain-language patterns instead of sixty-three hand-placed formulas. The scorecard solves for price, shows how wrong you can be and still be fine, and lays the return before and after the bank side by side.

You raise against it.

Publish a curated view of the deal, the returns and the ask, never your costs or your margin. Each investor gets a private link. A funded bar shows what is soft interest and what is verified. Win, and the plan freezes into a managed project.

The number the deal turns on

It all comes down to one line.

Not the project's headline profit, but what the person writing the cheque puts in, gets back, and keeps. Spelled out, and auditable to the last line of the P&L.

You put in€4.8Mequity

You get back€10.3Mafter the bank is repaid

You keep€5.5M2.2× your money

Acquisition price€7.0M

Drag the price. Watch every number answer.

Return (IRR)40.1%

Illustrative figures from an example deal. On the platform, move the acquisition price and every one of these rewrites itself.

The stress test

How wrong can you be, and still be fine?

Take the two risks that worry you, build cost against sale price, and read the return if both move against you at once. Green is a deal that still works.

Hover a cell to read that scenario.

Sale price

Build cost

+10%

+5%

-5%

-10%

-5%

+5%

+10%

Return (IRR) when build cost and sale price move together. Illustrative.

For the investor

You see the plan the developer actually runs on. Not a deck made for you.

Every figure an investor receives on Averu is the developer's own working model, frozen at the moment they shared it, computed to the cent and checked against itself. No separate spreadsheet was made to look good.

What you receive.

First a teaser: returns, hold, the raise, the unit mix, the market context. Then, if you want more, the full plan: revenue, costs, capital structure, the monthly cash flow, the timeline.

What you sign.

A confidentiality and non-circumvention undertaking, online, with your name. It protects the developer's work on a building they do not yet own. It is recorded, versioned and never changes after you sign it.

What stays yours.

Your link is yours alone: your name, your signature, your answer, kept between you and the developer. A private network of hand-picked investors today; a curated marketplace, where vetted investors browse vetted deals, is on the roadmap.

Where it goes

TodayA private network: one developer to the investors they choose., then
NextA curated marketplace across developers, vetted on both sides., then
ThenYour whole portfolio, with construction updates and distributions in one place.

Interest is soft and non-binding until you and the developer sign terms together. Averu keeps the record of every step.

See it on your own deal.

Bring a live one. We build it from the architect's PDF in front of you, to a number you could take to an investor.

Book a demo

See what an investor receives.

Ask for the example link: the teaser, the undertaking, the full plan, on your phone.

Request the example

Built for the ground it stands on

Underwriting that speaks Portugal, natively.

Gross area the way the drawing states it, the compulsory inspection, and every tax that touches a development, computed by the rules that actually apply, not bolted on afterwards.

Investors outside Portugal buy euro exposure in a market they cannot underwrite from where they sit. Averu does that underwriting the Portuguese way: IMT and stamp duty, the rehabilitation VAT rate, the bank's drawdown rules, the corporate tax bands. The developer works in it every day; you read the result.

Área bruta
Fiscalização
IMT
IMI
VAT / ARU
CIT & derrama

The proof

When you show an investor a number, it's right.

Every number is exact to the cent, and they all agree with each other, so there is no silent spreadsheet error waiting to surface in front of an investor.

✓ correct to the centrevenue, VAT, cash flow and returns all agree

Who it's for

Built around the person who does the work.

For the analyst

It keeps you inside the platform, not in Excel.

You get a draft, not a finished table. Every mechanical step done, every source cited, every judgement left blank. You still read the drawing to check and decide. It never retypes your conclusion for you, and it never calls your file wrong.

For the owner

The method stops living in one person's head.

It lives in the platform, so a second analyst is productive in weeks, and the work does not stop when your best one is away. The same discipline, every deal, and a curated way to raise the money behind it.

For the investor

The same numbers the developer stakes their own money on.

You are not reading a pitch. You are reading the underwriting, with the workings behind every line, in a market the platform speaks natively. When it says 26%, that is the model, not the marketing.

Questions

The things worth asking.

Does it replace my analyst?: No. It does every mechanical step and cites its sources, then leaves every judgement blank. Your analyst still reads the drawing, sets the price, and decides. The method lives in the platform, not in one person.
Who sees my numbers?: You do. When you raise, you publish a curated view, the returns and the ask, never your costs, your margin, or your price. Your workings stay yours.
How do I get started?: Drop the architect's PDF. It reads every unit in the background and flags anything it is unsure of. You set your assumptions once, and they carry to every deal after.
Does it work outside Portugal?: Today it is built Portugal-tax-native: gross area from the drawing, the compulsory inspection, IMT, IMI, VAT / ARU and CIT computed by the rules that apply. Other jurisdictions are on the roadmap, so tell us where you build.
What does it cost?: It depends on your firm and how you work. We will walk you through it on the call, with no obligation.
How do I get deals?: Developers invite you: a private link per deal, in your name, with the teaser and, behind your signature, the full plan. That is the private network live today. A curated marketplace, where vetted investors browse vetted deals across developers, is on the roadmap; ask us to be on the list.
Why should I trust the numbers?: Because they are the developer's own working model, not a document prepared for investors. The platform computes every figure from the inputs, checks revenue, VAT, cash flow and returns against each other, and shows its workings. Returns are projections, labelled as such.
What do I sign, and where?: A confidentiality and non-circumvention undertaking, online, before the full plan opens. A simple electronic signature: your typed name, a checkbox, the time, and the exact text you accepted, kept by the developer.