Guide AI underwriting
How AI underwriting works in commercial real estate
How AI underwrites a commercial real estate deal, what still needs an analyst, a published result and the tools to look at.
Answer first: AI reads the offering memorandum, rent roll and T-12, pulls the numbers, reconciles them, and fills your model. The analyst checks assumptions and signs off. Done in the firm's own model, it can cut hours of senior time per deal.
The steps AI takes
Read the OM, rent roll and T-12, including scanned pages.
Extract unit-level rents, expenses and income lines.
Reconcile the documents against each other and flag gaps.
Fill your underwriting model with every number linked to its source.
Draft the summary or screening memo for review.
What still needs a person
Assumptions: rent growth, exit cap, capex and the market story behind them. AI can suggest them from your past deals, but the call belongs to someone who will defend it at investment committee.
A published result
- Result
Westlake Realty Group cut per-deal underwriting from 6-8 hours of senior time to a 20-minute review, in its own model with every number traced to source.
Source: pacificsoftwareventures.com/case-studies/how-westlake-realty-group-cut-underwriting-from-8-hours-to-20-minutes, checked Oct 3, 2026
Read how it was done: the Westlake Realty Group case study.
Tools to look at
Archer
Multifamily underwriting software that parses rent rolls and T12s and loads your own Excel model.
Price: Archer's pricing page lists contracts from $500 a month, a free trial that requires a card, and unlimited users on Pro. Source: Archer pricing, checked Nov 4, 2026
Blooma
An AI lending platform for CRE lenders, covering origination, underwriting and portfolio monitoring.
Price: We did not find a published price on the pages we read. Source: Blooma home, checked Nov 4, 2026
Smart Capital Center
An AI platform for CRE investment and lending, with agents for screening and underwriting.
Price: We did not find a published price on the pages we read. Source: Smart Capital Center home, checked Nov 4, 2026
Before you pick one
- A deal you know
- Underwrite a closed deal, then compare the result with what you actually did.
- Your assumptions
- Confirm it uses your model and assumptions, not only the vendor's defaults.
- Traceability
- Trace a number in the output back to the document it came from.
Questions
Can AI underwrite a commercial real estate deal?
It can do the reading, extraction and first pass of the model. An analyst still sets the assumptions and approves the result.
Does AI underwriting work for every asset type?
Coverage varies by product. Some tools are multifamily only; check before you trial one on office or industrial.