> ## Documentation Index
> Fetch the complete documentation index at: https://docs.crefi.ai/llms.txt
> Use this file to discover all available pages before exploring further.

# Underwriting

> Guided workflows that populate your proprietary Excel model with deal data

CREFI's underwriting workflow takes your property data, financial documents, and assumptions to produce a populated underwriting model. The key differentiator: **it works with your existing Excel model**, not a generic template.

<Info>
  **Save 4+ hours per deal.** CREFI automates the manual process of extracting data from documents and entering it into your spreadsheet.
</Info>

## How It Works

The underwriting workflow is a guided, multi-step process:

<Steps>
  <Step title="Select the subject property">
    Choose which property in your deal you want to underwrite. CREFI pulls in all the property details, geographic data, and associated documents.
  </Step>

  <Step title="Choose an assumption template">
    Select from your saved assumption templates. These contain your standard underwriting assumptions -- growth rates, cap rates, expense ratios, hold periods, and more. Assumptions are matched by property type and location.
  </Step>

  <Step title="Attach financial documents (optional)">
    Link a **T-12 operating statement** and/or a **rent roll** if you have them. CREFI's parsers extract the financial data automatically.
  </Step>

  <Step title="CREFI populates your model">
    The AI combines your property data, assumptions, and extracted financials to populate your underwriting model. Data flows into your proprietary Excel spreadsheet with formulas and formatting intact.
  </Step>
</Steps>

## Document Parsing

CREFI includes specialized parsers for the two most important CRE financial documents:

### T-12 Operating Statements

The T-12 parser extracts:

* Revenue line items (rental income, other income, vacancy/loss)
* Expense line items (property management, repairs, insurance, taxes, utilities, etc.)
* Monthly and annual totals
* Year-over-year trends

### Rent Rolls

The rent roll parser extracts:

* Unit mix (unit types, sizes, count)
* Current rents and market rents
* Lease terms and expiration dates
* Occupancy data
* Tenant information

Both parsers handle a wide variety of formats -- whether your documents come as PDFs or Excel files from different brokers and property managers.

## Assumption Templates

Assumption templates let you standardize your analysis across deals while keeping the flexibility to adjust per property.

To manage templates:

1. Navigate to **Assumptions** in the sidebar
2. Create a new template or edit an existing one
3. Set your standard assumptions for:
   * Rent growth rates
   * Expense growth rates
   * Cap rates (entry and exit)
   * Vacancy and credit loss
   * Capital expenditure reserves
   * Hold period
   * Financing terms

Templates are shared across your organization, so your team can work from the same baseline.

## Your Model, Not Ours

Unlike platforms that force you into a proprietary model, CREFI connects to **your existing Excel underwriting model**. This means:

* Your formulas stay intact
* Your formatting is preserved
* Your team doesn't need to learn a new system
* Adjustments flow through your model's existing logic

CREFI's Excel Add-in handles the connection between the platform and your spreadsheet. See [Excel Add-in](/excel-addin/overview) for more details.