BUYER'S GUIDE
Best AI Underwriting Software for CRE (2026)
Updated October 2026 · 12 min read
TL;DR
AI underwriting tools read the offering memorandum, rent roll and T-12, then build the model for you. For multifamily at institutional scale, Radix Underwriting (formerly redIQ) and Clik.ai are the established choices, with Clik.ai stronger for lenders. Cactus and Archer suit acquisitions teams that want comps and pipeline alongside the model. On a budget, Altyst ($12 a month) and Apers ($19 a month) build Excel models from your documents. Henry and IntellCRE are built for brokers producing BOVs and OMs. Minervian AI is promising but only went live in May 2026.
"AI underwriting" covers three different jobs that vendors tend to blur together. The first is extraction: reading a rent roll, operating statement or offering memorandum and turning it into clean, structured data. The second is model building: putting that data into a cash flow, debt and returns model. The third is output: the memo, BOV or pitch deck that goes to an investment committee, lender or seller. Some tools below do all three; others are very good at one.
The market has also split by buyer. Institutional platforms sell to lenders and large multifamily investors through demos and annual contracts. A newer wave of self-serve tools publish prices under $100 a month and let an analyst upload a deal tonight. Brokerage tools sit in between, aimed at teams that need to turn a listing into marketing materials quickly.
Things to know before the list:
- Ask who does the math. The better tools use AI to read documents and suggest assumptions, then run the cash flow through fixed, tested code so the same inputs always give the same answer. Altyst and Minervian AI say so explicitly; if a vendor will not tell you, ask.
- Check the Excel output. "Exports to Excel" can mean a live model with formulas or a sheet of pasted values. If your investment committee reviews models in Excel, open an export before you buy.
- Asset class coverage is narrower than the marketing. Several tools are multifamily first. Radix Underwriting is multifamily only, and Cactus treats asset classes other than multifamily and self-storage as beta.
- Security reviews matter at institutions. Henry states SOC 2 Type II, Radix holds a Type II report at company level, and Clik.ai lists SOC 2 Type 1. Altyst and Apers state on their own security pages that they are not SOC 2 certified.
Quick Comparison
| Tool | Best for | Reads | Asset classes | Published pricing |
|---|---|---|---|---|
| Radix Underwriting | Multifamily investors and lenders | Rent rolls, operating statements, T-12s, PMS data | Multifamily only | Pricing on request |
| Clik.ai | Lenders and agency underwriting | Rent rolls, operating statements, T-12s | 8 classes incl. hotel, healthcare, senior and student housing | Pricing on request |
| Cactus | Multifamily and self-storage acquisitions | OMs, rent rolls, T-12s, P&Ls, budgets | Multifamily, self-storage (others in beta) | Quote-based; 7-day free trial |
| Archer | Multifamily underwriting plus pipeline | Rent rolls, T-12s, your own Excel model | Multifamily focus | From $500/month, annual platform fee |
| Altyst | Self-serve analysts on a budget | OMs, rent rolls, T-12s, debt quotes, lease schedules | Most types incl. self-storage, hotel, land | $12 to $99/month |
| Apers | Excel-native teams, specialist structures | OMs, rent rolls, T-12s, appraisals, ARGUS exports | Most types incl. LIHTC and ground leases | $19 or $99/month; Enterprise custom |
| Henry | Brokerage teams | Deal descriptions, rent rolls, your CRM | Commercial | Pricing on request |
| IntellCRE | Broker marketing plus underwriting | Addresses, rent rolls, T-12s | 12 types incl. net lease, self-storage | Pricing on request |
| Minervian AI | Lease-level modeling, trying for free (new) | OMs, rent rolls, PDFs, Excel, screenshots | Office, lab, industrial, retail, multifamily | Free (5 deals); $25/seat/month |
The 9 Best AI Underwriting Tools for CRE
1. Radix Underwriting
Best for: Multifamily investors, brokers and lenders who live in Excel
Radix Underwriting is the platform the industry knew for years as redIQ. Radix announced the acquisition in August 2024 and is folding it into its multifamily data ecosystem. It reads rent rolls, operating statements and T-12s as PDF or Excel, can pull data straight from property management systems including Yardi, Entrata, ResMan and AMSI, flags anomalies and fills gaps in incomplete financials with machine learning, then populates assumptions from Radix market data.
The output is what keeps it on institutional shortlists: Excel-ready models with formulas intact, plus a QuickSync add-in that pushes normalized data into the templates your team already uses. Customers named on its site include Nuveen, Alliance Residential, Berkadia and Avenue5. The limits are just as clear. It does nothing outside multifamily, the rebrand is still finishing (the redIQ site says the final cutover is coming), and pricing is by demo.
What's good
- Long multifamily underwriting lineage from redIQ
- Pulls data from Yardi, Entrata, ResMan and AMSI
- Formula-intact Excel output and template sync
- SOC 2 Type II at Radix company level
What's not
- Multifamily only
- Mid-rebrand from redIQ to Radix
- No published pricing
Pricing: Pricing on request; sales-led demos.
2. Clik.ai
Best for: Lenders, servicers and agency underwriting across asset classes
Clik.ai is built for the lending side of the market. Its AutoUW module reads rent rolls, operating statements and T-12s, whether Excel, PDF, scans, images or Word files, or through an API, into lender-specific Excel-compatible models, and it populates Fannie Mae and Freddie Mac agency workbooks directly. Asset classes span multifamily, office, retail, industrial, hotel, healthcare, senior housing and student housing.
Around the core it adds loan onboarding, portfolio analytics, a Salesforce integration, a Trepp partnership and a lease abstraction service. Named customers include Newmark, Lument, Northmarq, Colliers and Webster Bank. The trade-off is that Clik.ai mixes software with services, so what you get depends on the engagement, and there is no self-serve way to try it.
What's good
- Agency workbook population for Fannie Mae and Freddie Mac
- Eight asset classes, broader than most rivals
- API and Excel add-in for high-volume teams
- Named lender and brokerage customers
What's not
- Pricing and scope set per engagement
- No self-serve trial
- Its security page lists SOC 2 Type 1, not Type II
Pricing: Pricing on request.
3. Cactus
Best for: Multifamily and self-storage acquisitions teams that want source-backed models
Cactus reads offering memorandums, T-12s, rent rolls, P&Ls and budgets, validates assumptions against market data, and produces pro formas and presentations in which every number traces back to its source. Excel exports keep working formulas. A market intelligence module adds comps, tax reassessment estimates and insurance cost calculations, and a newer Agent Builder automates sourcing and underwriting workflows.
Every plan includes unlimited users, which makes it easy to roll out across an acquisitions team, and there is a 7-day free trial. The caveat is coverage: multifamily and self-storage are fully supported, while industrial, retail, office, hospitality and land are in beta or early access and reserved for the top tier. All three tiers are quote-based.
What's good
- Source-backed numbers with formulas preserved in Excel
- Unlimited users on every plan
- Market comps, tax and insurance estimates built in
- 7-day free trial
What's not
- Other asset classes are beta and top-tier only
- No published prices
- No security certification named on its trust page
Pricing: Core, Plus and Max tiers, all quote-based; 7-day free trial.
4. Archer
Best for: Multifamily investors and brokers who want underwriting, comps and pipeline together
Archer describes itself as a multifamily real estate intelligence platform. It parses rent rolls and T-12s (the vendor says in under 10 seconds), loads your own Excel model rather than forcing a new one, benchmarks assumptions against its market models and comps, and keeps the deal pipeline in the same place. Brokers can generate BOVs from the same data, and add-ons cover asset management, loan servicing and sourcing.
Founded in 2019, Archer is one of the older names in this list. Pricing is an annual platform fee plus a usage, deals or unlimited option, all with unlimited users, and the pricing page headline lists multifamily underwriting from $500 a month. Detail beyond that needs a demo, and teams outside multifamily will get less from it.
What's good
- Works with your own Excel model
- Underwriting, comps and pipeline in one place
- Unlimited users
- BOV generation for brokers
What's not
- Multifamily focus
- Only an entry figure is published
- AI-parsed output still needs analyst review
Pricing: Annual platform fee plus usage, deals or unlimited; from $500/month per the vendor's pricing page.
5. Altyst
Best for: Analysts and small investment firms who want a full model for the price of a lunch
Altyst reads OMs, rent rolls, T-12s, debt quotes and lease schedules from PDF, Excel, CSV, Word, photos or listing links, flags conflicts between documents with confidence levels, and keeps provenance for every figure. Tested code rather than a language model does the math: pro forma, debt sized on LTV, DSCR or debt yield, lease rollover with TI, and base, upside and downside cases. It exports an Excel workbook with live formulas, a PDF memo and an editable PowerPoint deck.
Pricing is the lowest on this list: $12 a month for five deals, $24 for fifteen and $99 for a five-seat team, billed monthly. The caveats: it is a young product with no independent reviews yet, scenario and sensitivity results export as values rather than formulas, there is no free trial beyond a sample deal, and its security page says it holds no SOC 2 or ISO 27001 certification.
What's good
- Deterministic engine with provenance on every figure
- Live-formula Excel, memo and deck outputs
- Broad asset class coverage, including self-storage, hotel and land
- Published prices from $12 a month
What's not
- New, with little track record
- No SOC 2 or ISO 27001
- Per-deal caps and fair-use limits
Pricing: Individual $12/month (5 deals), Professional $24/month (15 deals), Team $99/month (5 seats, 75 deals), Enterprise custom.
6. Apers
Best for: Excel-native teams underwriting tax credit, ground lease and other specialist structures
Apers builds formula-based Excel models from deal documents, with each formula traced to its source. Its document engine reads OMs, rent rolls, T-12s, appraisals, ARGUS exports, tax returns and even scanned or handwritten notes, and you can forward deal emails straight into it. The model library is its distinguishing feature: acquisition, development and value-add models sit alongside 4% and 9% LIHTC, historic tax credit, NNN, ground lease, sale-leaseback, mezzanine and bridge structures, with IC memo generation on top.
Basic is $19 a month for 100 credits and is pitched at students and hobbyists; Pro is $99 a month for 1,000 credits. It is an early-stage company that names two clients in case studies, its security page states it is not SOC 2 certified, and the site does not say whether calculations are deterministic.
What's good
- Excel models with formulas traced to source
- Library covers LIHTC, historic tax credits and ground leases
- Reads ARGUS exports and scanned documents
- Starts free with no card
What's not
- Credit-based usage
- Not SOC 2 certified
- Young company with a short track record
Pricing: Basic $19/month (100 credits), Pro $99/month (1,000 credits), Enterprise custom.
7. Henry
Best for: Investment sales and capital markets brokerage teams
Henry works like an AI analyst inside a brokerage. It builds custom Excel underwriting models from a deal description and rent roll using the firm's own assumptions, drafts pitch decks on the firm's templates, runs market research and comp selection with cited sources, and builds buyer lists from the firm's CRM and past closings. It works through email, Excel and chat rather than a separate app.
Founded in 2024, Henry raised a $16.5M Series A led by FirstMark in July 2026, is SOC 2 Type II certified, and says it is used at more than 150 firms. It is a young company whose output depends on the quality of a firm's own templates and data, and pricing is by sales call.
What's good
- Built around brokerage deliverables: underwriting, decks, buyer lists
- Works inside email and Excel
- SOC 2 Type II
- Excel add-in free for customers
What's not
- No published pricing
- Young company, fast-changing product
- Output depends on your templates and CRM data
Pricing: Pricing on request.
8. IntellCRE
Best for: Brokers whose bottleneck is producing OMs, BOVs and listing materials
IntellCRE pairs underwriting with marketing production. It generates offering memorandums, BOVs, pitch decks, brochures, property websites and flipbooks, and its underwriting starts from an address or from rent rolls, T-12s and operating statements read by its parsers, with sensitivity analysis and equity waterfalls. Comps draw on 150 million residential and multifamily records, and a concierge service will produce materials for you.
It lists twelve property types, from multifamily and office to net lease and mobile home parks. Pricing is not published, its security page points to its hosting providers' certifications rather than its own, and analysis-only teams will pay for marketing features they do not use.
What's good
- Widest range of generated marketing formats
- Concierge option for hands-off production
- Twelve property types
- Deal sourcing tools included
What's not
- No published pricing
- No security certification of its own
- More than an analysis-only team needs
Pricing: Pricing on request; sign-up or a booked call.
9. Minervian AI
Best for: Analysts modeling lease-level office, industrial or retail deals who want to try before paying (new in 2026)
Minervian AI is the newest tool here: the company was incorporated in December 2025 and the product went live in May 2026, so treat it as promising rather than proven. It reads OMs, rent rolls, PDFs, spreadsheets and screenshots, suggests the assumptions the documents leave out, and flags gaps and contradictions. A deterministic engine then builds a monthly lease-by-lease cash flow with renewal probability, downtime, free rent, TI, leasing commissions and expense stops, a multi-tranche debt stack with fixed or SOFR-based rates, and an equity waterfall with any number of promote tiers.
Live asset classes are office, lab, industrial, retail and market-rate multifamily. The free plan covers five lifetime deals with no card, and CRE Pro is $25 per seat a month for 15 deals, with overages charged per deal and per million AI tokens. The site names no team members, has no independent reviews yet, and does not say whether Excel exports keep live formulas.
What's good
- Deep lease-level, debt and waterfall modeling
- Deterministic engine for repeatable numbers
- Free plan with five complete deals, no card
- Published per-seat pricing
What's not
- Live only since May 2026, thin track record
- Team not named on the site
- Usage overages make heavy months harder to predict
Pricing: Free (5 lifetime deals); CRE Pro $25/seat/month (15 deals), overages per deal and per AI token.
How to Choose
Start with your asset class and who reads the output, then narrow by budget.
- Choose Radix Underwriting if you underwrite multifamily at volume and want normalized data flowing into your existing Excel templates.
- Choose Clik.ai if you are a lender or servicer, need Fannie Mae or Freddie Mac workbooks, or underwrite several property types.
- Choose Cactus or Archer if you are a multifamily (or, for Cactus, self-storage) acquisitions team that wants comps, market data and pipeline next to the model.
- Choose Altyst if you are an analyst or small firm that wants a complete, auditable model with memo and deck outputs for the lowest monthly cost.
- Choose Apers if your deals involve LIHTC, historic tax credits, ground leases or sale-leasebacks and your team reviews everything in Excel.
- Choose Henry or IntellCRE if you are a broker: Henry to give a team an AI analyst inside email and Excel, IntellCRE if producing OMs and listing materials is the bottleneck.
- Try Minervian AI if lease-level office, industrial or retail modeling matters most and a free trial on a young product suits you.
Whichever you shortlist, run the same closed deal through each one and compare the numbers to the model you already trust. Differences in how a tool reads the rent roll show up fast. If all you need is to turn photos of rent rolls into a spreadsheet, a narrow tool such as CRE Data Extractor (free for 15 pages, then from $20 a month) may be enough.
Comparing two of these directly? See Altyst vs Minervian AI, Apers vs Altyst, Radix Underwriting vs Clik.ai and Henry vs IntellCRE. For the wider landscape of deal management and valuation software, read the Investment & Valuation buyer's guide and the AI & Automation buyer's guide.
How We Researched This Guide
We worked from each vendor's own website, pricing page, product documentation and security pages, checked in October 2026, and only included tools listed in this directory. We did not run these products on live deals ourselves. Prices are the vendor's published rates; where a vendor does not publish prices we say so. Vendor claims about speed, accuracy and customer counts are labeled as claims. Rankings reflect fit and maturity for typical CRE buyers, and no vendor paid for placement.
Frequently Asked Questions
What is AI underwriting software for commercial real estate?
Software that reads deal documents such as offering memorandums, rent rolls and T-12 operating statements, extracts the data, and builds an underwriting model (cash flow, debt and returns) from it, often with a memo or deck on top. It replaces hours of manual data entry and spreadsheet setup per deal.
Is AI underwriting accurate enough for an investment committee?
Extraction is good but not perfect, so treat the output as a strong first draft. The safer tools run the math in fixed, tested code rather than a language model and trace every figure back to its source document, which makes review faster. An analyst should still check rent roll extraction and key assumptions before a model goes to committee.
How much does AI underwriting software cost?
Self-serve tools publish low prices: Altyst starts at $12 a month, Apers at $19 a month and Minervian AI has a free plan and a $25 per seat plan. Archer's pricing page lists multifamily underwriting from $500 a month. Institutional platforms such as Radix Underwriting, Clik.ai, Cactus and Henry quote on request.
Will AI underwriting tools replace ARGUS or Excel?
Mostly not. Most of these tools export to Excel, and Apers reads ARGUS exports. They speed up getting a deal into a model; firms that rely on ARGUS for valuation and reporting generally keep it for that work.
Which AI underwriting tools handle multifamily best?
Radix Underwriting is multifamily only and backed by Radix market data, Cactus and Archer are multifamily first, and Clik.ai covers multifamily alongside agency workbooks. Altyst, Apers and Minervian AI also model multifamily, with broader asset class coverage.
Browse All Investment & Valuation Software
See every investment analysis and underwriting tool in our directory, with features, pricing and comparisons.
View All Investment & Valuation Tools →