“Flagged a 38% expense-ratio anomaly that re-traded the deal $180K.”
Multifamily underwriting in 2026 means more than running a cap rate. Agency programs have tightened DSCR floors, expense ratios are under scrutiny, and lenders want stress-tested cash flows before they issue a term sheet. AssetForge Underwriter builds all of it — NOI, DSCR at multiple loan amounts, 5–10 year pro forma, and an agency-eligibility verdict — directly from your rent roll and T12.
Upload any combination of OM, rent roll, operating statements, and property photos. The report flags lease concentration risk, vintage deferred maintenance, sub-market rent comparables, and whether the deal pencils under Fannie DUS or Freddie SBL standards.
We publish one full reference report so you can read every section before you upload anything. The structure is identical for multifamily deals — the same 14 sections, the same depth, the same lender-ready output.
See whether the deal clears 1.25× at Fannie DUS, 1.20× at Freddie SBL, and 1.30× at common bank debt — all in one table.
AI parses your rent roll line-by-line, flags below-market units, and calculates achievable loss-to-lease if marked to market.
Compares your T12 to asset-class benchmarks (35–45% typical for stabilized C-class) and flags suspicious under-reporting.
+150bps rate, -5% rent, +10% expenses. Walks through each scenario so you see which is the killer.
Whether you are a syndicator working a 24-unit value-add, a private lender screening a Freddie SBL package, or a broker pre-qualifying buyers, AssetForge's multifamily underwriting service produces an institutional-grade deliverable — not a spreadsheet output. Every report includes a rent-roll reality check, a stress-tested 5–10 year pro forma, and a Deal Analysis Memo your lender can read end to end.
Our multifamily DSCR analysis runs the deal at 65%, 70%, 75%, 80%, and 85% LTV simultaneously and shows you the breakpoint where the deal stops penciling. We benchmark against Fannie DUS (1.25×), Freddie SBL (1.20×), and bank-portfolio debt (1.30×). DSCR is computed on a stabilized basis with adjustments for loss-to-lease, expense ratio reasonableness, and lender-required reserves.
Agency programs have firm guardrails on occupancy history, expense ratio, and minimum unit count. Our multifamily eligibility module checks each one and returns a Pass / Conditional / Fail verdict per program. If the deal fails agency, the report routes it to bank, debt fund, or bridge — and shows the rate spread you should expect.
Yes — both small residential multifamily (2–4 units, Fannie/Freddie conforming) and larger agency-eligible properties (5+ units) are supported. The report auto-adjusts to the applicable loan program.
At minimum: a T12 and a current rent roll. For best results, also include the offering memorandum, the last 2 years of operating statements, and property photos. AssetForge works with whatever you have.
Yes — every Full Underwriting report generates a shareable lender presentation deck and a Deal Analysis Memo formatted for submission. Your lender sees a clean, institutional deliverable.
Valuation triangulates income approach (NOI ÷ market cap), sales comp approach, and cost approach. All figures are explicitly flagged as AI-generated estimates requiring independent verification — this is a screening tool, not an appraisal.
Plain-English explainers covering the formulas, eligibility rules, and risk flags that drive multifamily deals.
Spotting loss-to-lease, lease concentration risk, and rent-roll inflation in 5 minutes.
Read guide →How agency lenders compute DSCR — and where your spreadsheet gets it wrong.
Read guide →Why a 50bps cap-rate move kills more deals than rate shocks ever will.
Read guide →Start with a free Go/No-Go screen. Upgrade only if the deal looks real.
AI-generated informational analysis only — not financial, legal, lending, or appraisal advice. Not a substitute for a licensed MAI-certified appraisal or professional due diligence. All figures, projections, and market estimates must be independently verified by qualified professionals before any capital decision is made.