Manual intake burns hours
Analysts still spend too much time reading OMs, rent rolls, T12s, ARGUS exports, and sponsor models before the real underwriting starts.
AI-assisted. Excel-native. Source-linked.
Underwrite real estate deals faster without losing confidence in the model.
Keelmark helps investment teams convert deal materials into reviewed assumptions, source-linked audit trails, and Excel underwriting output mapped to their workflow.
Underwriting workflow file
Source trail, reviewer gate, model output
OM
Rent Roll
T12
ARGUS Export
Sponsor Model
Assumption register
Human approval requiredStabilized occupancy
OM p. 12 vs rent roll
94.0%
ReviewYear 1 NOI
T12 / sponsor model
$4.8M
ReviewCapex reserve
Internal
$350/unit
ApprovedSource trail attached
3 reviewer gates
Model export pending
Approved values stay linked to source references before export.
Deal intake should not slow down the underwriting decision.
AI needs a control layer
Teams need extraction, mapping, and source-linking without relying on ad hoc prompting or unreviewed outputs.
Excel remains final
Approved assumptions should land in the firm's model, or in a Keelmark proforma when a clean in-house template is not available.
From deal room to house model.
A controlled path for AI-assisted source mapping, reviewer approval, and deterministic Excel output.
01
Source intakeDeal materials
OM, rent roll, T12, ARGUS export, sponsor model, memo, and internal assumptions.
02
AI-assistedAI source map
Key assumptions are extracted, normalized, and tied back to document, page, tab, and cell references.
03
Human approvalReviewer control
Analysts approve sources, overrides, assumptions, and open items before values move downstream.
04
Deterministic modelExcel underwriting output
Approved values map into the team's house model or a deterministic Keelmark proforma with committee-ready notes.
What Keelmark delivers.
Source-linked register
Each assumption keeps its document, page, tab, or model reference attached for faster review and cleaner handoff.
Workflow trust layer
AI-assisted extraction is paired with human review, deterministic tie-outs, and explicit checks before output.
Excel model output
Approved values can populate the firm's own underwriting model or Keelmark's professional proforma templates.
Review the underwriting workflow before export.
Keelmark organizes the deal package, links assumptions back to sources, flags items that need review, and prepares output for the team's Excel model or a Keelmark proforma.
Review workbench
Assumption register, review detail, and model output mapping.
Sources
Deal package
OM - sample multifamily.pdf
42 pages
Rent Roll - 03.31.26.xlsx
Unit-level occupancy
T12 Operating Statement.xlsx
NOI baseline
ARGUS Export - Base Case.xlsx
Rollover schedule
Reviewer queue
Assumption register
Occupancy / stabilized
Stabilized occupancy
OM p. 12 | Rent roll implies 91.8%
94.0%
ResolveOccupancy / in-place
In-place occupancy
Rent Roll tab | Matches occupied units
91.8%
ReviewNOI / year 1
Year 1 NOI
T12 / Sponsor Model | Sponsor case is +6.4%
$4.8M
VarianceExit / cap rate
Exit cap rate
Sponsor Model tab | No third-party support
5.25%
ReviewOpen items
Variance detail
High
Stabilized occupancy gap
OM shows 94.0%. Rent roll implies 91.8% occupied units.
OM p. 12 / Rent Roll tab
Medium
Sponsor NOI above T12 baseline
Sponsor Year 1 NOI is 6.4% above T12-derived run rate.
T12 / Sponsor Model
Low
Rollover schedule mismatch
ARGUS rollover timing differs from sponsor model schedule.
ARGUS Export / Sponsor Model
Excel model output
Inputs!D18
Stabilized occupancy
Pending
Reviewer gate
Inputs!D31
Exit cap rate
5.25%
Reviewer gate
Inputs!D44
Capex reserve
$350/unit
Approved
Debt!F12
Debt interest rate
5.85%
Approved
Inputs!D22
Year 1 NOI
Pending
Variance review
Control layer
Built for reviewed underwriting output.
Keelmark combines AI where it saves time with deterministic logic where accuracy matters. The result is a workflow that helps teams move faster without asking them to trust an unreviewed black box.
AI extracts, maps, source-links, and summarizes.
Deterministic logic handles tie-outs, formulas, checks, and proforma output.
Human approval gates assumptions before model export.
Client house models remain the primary output when available.
Keelmark proformas support teams without a clean in-house template.
ARGUS and existing workflows are bridged, not replaced.
Product demo
See how Keelmark fits your underwriting process.
Book a focused walkthrough for acquisition, investment, or asset management teams that want to reduce manual deal intake, improve source traceability, and produce cleaner underwriting outputs.
Map approved assumptions into a firm-owned Excel model when that is the preferred workflow.
Use Keelmark proformas when your team needs a consistent model for a portfolio or deal type.