Process · Investors, lenders
Underwriting a dealFrom about 22 hours by hand to about 58 minutes to the model and the memo.
Measured on 44 production runs, 30 days to 18 October 2026.
By hand
about 22 hours
EstimateThe financial model (8 hours) and the IC memo (14 hours).
With Titleman
about 58 minutes
MeasuredMedian of 44 runs. the middle half of runs took 35 to 74 minutes. The latest 30 days: about 74 minutes, median of 114 runs.
Step by step
What changes at each step
- 01
Assemble the inputs
By hand Rent roll, T-12, tax and loan are retyped into a template.
With Titleman The record is read from the address; the deal’s own files, if you send them, replace it line by line.
- 02
Build the model
By hand An analyst builds NOI, debt and returns in a workbook.
With Titleman A live Excel model comes back, with formulas your analyst can change. The language model proposes; the workbook does the arithmetic.
- 03
Find what does not hold
By hand Disagreements surface late, if at all.
With Titleman Where two records disagree, both are shown with the date of each, and the item goes on the red-flag list.
- 04
Write the memo
By hand The IC memo is written after the model, in a separate pass.
With Titleman The memo is written from the model, so its figures are the model’s.
What closes it: Underwriting with a live Excel model.
Three numbers
The process, the lever and the result that matters
The process
22 h → 58 min
MeasuredHours by hand are an estimate. Engine time is the median of 44 production runs.
The lever
every figure has a source
EstimateEach input carries where it came from and when; gaps are named, not filled.
The top metric
more deals, same team
EstimateMore deals can be underwritten before the committee than the team could read by hand. Not yet measured in a client team.
Same object, two ways
The same building, two ways
A real run on one building, shown as a sample: name and address withheld, nothing recognisable.
By hand
- Retype the rent roll and the T-12
- Look up taxes, the loan and the sales history
- Build the model, then write the memo
- Notice a unit count that two records disagree on, if you do
With Titleman
Ready for your model
| Year 1 NOI | $171,703 |
| Going-in cap rate | 4.29% |
| Last recorded sale | $4,000,000 |
| Units on record | 21 or 26 |
| Workbook | 12 sheets |
4 red flags for your review
Year 1 NOI · $171,703 · Workbook · sheet «Income & NOI» · Every input dated; gaps named, not filled
Run on 4 October 2026 as a benchmark, shown as a sample with the address withheld. Not a client deal.
Run time: about 58 minutes · median of 44 production runs, 30 days to 18 October 2026.
Run on 4 October 2026 as a benchmark. Not a client deal.
Your team
Your hours on this process
Type your own numbers. The result is your team’s time at your own rate, by hand and with the check of the output. It is not a quote.
- By hand, a month
- 88 hours · $6,600
- With the check of the output, a month
- 8.8 hours · $660
- Hours your team gets back
- 79 hours
22 hours by hand per deal is an estimate (note 1 below). The check share is an assumption. The cost per hour is yours; 75 is only an example. For a whole deal, the deal-hours calculator counts task by task.
How we know
Method and footnotes
- EstimateAbout 22 hours by hand. By hand: the figure Titleman publishes in its deal-hours tool, an estimate for a typical deal, not a measurement of your team. The financial model takes about 8 hours and the IC memo about 14.
- Measuredabout 58 minutes with Titleman. Median time from the request to the delivered files over 44 completed production runs created in the 30 days to 18 October 2026; the middle half of runs took 35 to 74 minutes. One clock for every product. Not every run is a full acquisition: it includes runs from an address alone. The latest 30 days: about 74 minutes, median of 114 runs. The latest window has more runs and a longer median; we publish both and will move the headline when the clock is next refreshed.
- AssumptionYour check of the output. Your team’s check of the output: 10% of the hand hours. An assumption, editable in the calculator.
- ExampleThe sample building. One run, not a median. Shown with name and address withheld.
- To measureDeals per team and committee throughput. No client team has been measured yet; the top metric is a direction, not a number.
Updated 30 October 2026. Every process, with its medians and the number of runs: Results and benchmarks.
Underwriting a deal
This process, on every deal your team receives
Book a demo for your team. We map how this process runs today, set the engine to your assumptions, and agree what we measure first.
Up to 2 weeks of work by email on your own deals, no login. Access for your team opens with a pilot on agreed numbers, 14 days at most.
Titleman is not a broker, appraiser or law firm. Every output is a draft for a licensed professional to review and sign.