4 h → 20 min
An appraisal, start to verdict
Drop the PDF, confirm the price against the comps, read the scorecard. The hours were never the judgement; they were the copying.
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 reads the architect's PDF, prices the building against the market, builds every number, and gets your investors to say yes. You take the decisions. It does the work.
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.
What changes for your firm
More buildings underwritten, the right ones bought, the money raised faster.
The method stays yours. What goes is the mechanical week between a PDF in your inbox and a number you would sign: the retyping, the formula placing, the rebuilt tables, the deck. Here is what that is worth, in the numbers a developer's analyst gave us.
×3
Buildings you can look at
The same analyst, the same week, three times the deals underwritten. You stop saying no to a look because there is no time for a look.
5 of 200
The right five
With a price solved for your target and a stress test on every deal, the five you buy are the five that clear the bar, and the ones you drop, you drop early.
1 link
From deck to signed interest
Publish once. Each investor gets a private link, a teaser, the full plan behind their signature, and a button to say yes. Your funded bar fills while you are on the next deal.
1 place
Deal, raise and build
The plan that won the deal is the plan the project is managed on: invoices, drawdowns, plan against actual. One set of numbers from the first look to the last flat sold.
Illustrative, from a pilot developer's own description of the work: close to two hundred buildings a year to buy five, four to five hours each in a spreadsheet, then a deck.
The method
Five steps. You decide, it does the work.
The same steps you take today: read the building, set the price, build the numbers, raise the money, run the project. Every mechanical step is done for you. Every decision stays yours.
01
It reads the building.
Drop the architect's PDF. It reads every unit in the background and shows you where each number came from. When it is not sure, it tells you. The hour you spent retyping is done before you look.
02
You make the one call.
You set the price. Capture real listings from the portal with one click (the numbers, never the photos), and the price ranges build themselves. Every assumption becomes one named input with its source.
03
It appraises the deal.
It builds the cash flow month by month from simple payment rules. The scorecard tells you the most you can pay for your target return, how wrong you can be and still be fine, and what the bank changes.
04
You raise against it.
Publish the view you choose: a teaser with the returns and the ask, or the full plan behind a signed agreement. Each investor gets a private link and a button to say yes. A funded bar shows soft interest and confirmed commitments.
05
You build it.
Win, and the plan becomes the project. Invoices are read and booked to the right chapter and month, the cash flow shows plan against actual, the bank's drawdown is computed by its own rule, and your investors follow the build on the numbers they signed for.
The number the deal turns on
What you put in, what you get back, what you keep.
Not the project's profit. Your money: in, back, and kept. Every line can be checked, down to the last line of the P&L.
You put in€4.5Mequity
You get back€7.4Mafter the bank is repaid
You keep€2.9M1.6× your money
€5.0M
Drag the price. Watch every number answer, and watch the return cross your 20% target.
The seller asks €5.2M. Above €5.7M the deal stops clearing 20%.
Two things that happen on every site. Switch them on.
Return (IRR)26.8%Clears a 20% target return
What just moved, line by lineAgainst the negotiated case
- Transfer taxes (IMT + stamp)unchanged
- Renovation worksunchanged
- Equity you put inunchanged
- Bank facilityunchanged
- Bank interestunchanged
- Holdunchanged
- Profit you keepunchanged
- Return (IRR)unchanged
Illustrative figures from an example deal. On the platform, move the acquisition price and every one of these rewrites itself.
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.
01
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.
02
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.
03
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 demoSee what an investor receives.
Open the live example on your phone: the teaser, the undertaking, the full plan. Then ask for one in your name.
Open the live exampleThe 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, ready to check: every mechanical step done, every source shown, every decision left to you. You still read the drawing, set the price and decide. It never overwrites your conclusion.
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.
- What does it do for my analyst?
- It gives them their hours back. Reading the drawing into a unit table, placing the sixty cash-flow formulas, rebuilding the same tables for the fifth time: done and cited before they look. They spend the day on the calls that decide a deal, the price, the risk, the investor. One analyst underwrites more buildings and buys the right five.
- Who sees my numbers?
- You decide, line by line. Your workings stay yours. When you raise, you choose the tier: a teaser with the returns and the ask, or the full plan behind a signed confidentiality undertaking. Every share is one named investor, one private link, recorded.
- 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. Your first appraisal is ready the same afternoon.
- Where does it work?
- Portugal, natively: gross area from the drawing, the compulsory inspection, IMT, IMI, VAT / ARU and CIT computed by the rules that apply. Spain is next, and the jurisdiction pack is built to travel; tell us where you build and we add it.
- What does it cost?
- A fraction of one wrong deal. Pricing follows your firm and how you work; we 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.
Book a demo
See it on a live deal.
We will build a deal from nothing in front of you. Drop a PDF, capture the comps, and watch the numbers fall into place, to the answer an investor can sign. About twenty minutes.
Propose a time that suits you (up to five, if you like). We confirm one by email, no calendar account, no back-and-forth.
Would rather just send an email? Get in touch here.