Underwriting
Underwriting starts with knowing where the numbers came from.
PropTrova separates what is known, what is estimated and what has been assumed before it calculates what an asset may be worth. Each input carries its standing — an actual operating figure, a human-confirmed actual, a figure derived from a source, a market-derived estimate, a stated assumption, or not established. Every sum is then folded by a deterministic engine and printed as working you can check line by line.
Why it matters
A model is only as honest as its inputs
Most commercial underwriting arrives as a spreadsheet whose figures have lost their origin. A rent is a number in a cell; nobody can say whether it came from a lease, an operating statement, a broker's summary or a guess made on a Friday afternoon.
PropTrova refuses that ambiguity. A figure without a stated origin is not treated as a figure. Where an input was never established, the lines that depend on it are left blocked, with the reason printed in place, rather than quietly counted as nothing.
Demonstration
An input that was never established, left blocked
This is the assumption register as the product presents it. Every line states its standing before anything is calculated, and the one figure nobody could establish stops the total that rests on it.
A spreadsheet would have treated the missing premium as zero and produced a confident number. That is the difference the register exists to make.
Assumption register · operating year one
DemonstrationFigures are shown indexed, not in any currency. Each line states where it came from.
Gross scheduled rent
1,000
Vacancy and credit loss
(40)
Real estate taxes
(180)
Repairs and maintenance
(70)
Insurance premium
—
Net operating income
Not stated
One input on this footing was never established, so the line that depends on it is left blocked rather than counted as nothing. Establish the premium and the engine folds the sum, prints the working and re-reads the conclusions that rested on it.
The chain
Source, input, assumption, calculation, scenario, conclusion
- 01
Source
A document, a filing, a person's confirmed words — named, dated, kept.
- 02
Input
The figure the source establishes, carried with where it came from.
- 03
Assumption
Where no figure exists, a stated assumption with its basis — never a default.
- 04
Calculation
Folded step by step by a deterministic engine, with the working printed.
- 05
Scenario
The same footing run at stated sensitivities, each one labelled.
- 06
Conclusion
What the numbers support, and what they cannot, said plainly.
How it works
The assumption register
- Every figure the valuation rests on appears once, with its standing stated: document, filing, a person's words, an inference, or not established.
- Owner-stated and broker-stated figures are labelled as stated, then reconciled against the public record.
- A mismatch names both sides and clears only when someone writes down what explains it.
- Valuation methods are chosen and justified, and the reasons some methods do not apply are stated too.
- Scenarios and sensitivities are run on the same confirmed footing, never on a separate private sheet.
- When diligence confirms the footing, the earlier conclusions are re-read and what moved is stated.
What you hold
A model you can hand to anybody
Released diligence produces a working model whose formulas are open to inspection, a board-grade paper, an editable document and a deck — all folded from the same confirmed figures. Where a line could not be priced, the total says so rather than understating itself.
What this does not do
Stated limits
PropTrova does not appraise, value or advise. It prepares arithmetic on a stated footing for the people who make those judgements, and it will not produce a figure a language model invented.
See what PropTrova can establish about an opportunity.
Access is granted to working commercial real estate teams while the design-partner programme is under way.