CREDevSim — Desktop CRE Underwriting & LP/GP Waterfall Software

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Download Free for Windows

Built by a CPA with Big 4 fund-audit experience

Underwrite the capital stack.<br>Not the Excel that breaks it.

Offline, deterministic underwriting for ground-up development, S-curve construction draws, and LP/GP waterfalls, built for developers, acquisition analysts, and active LPs who verify the math themselves.

Download on the Microsoft Store<br>See it in action →

Windows 10/11<br>100% Local, No Cloud Sync<br>Free to Try<br>CPA-Built Waterfall Logic

Westside Multifamily Ground-Up Development · Year 5 (Jan 2026) · Exit

Illustrative live snapshot

Bank Debt · 65%$11.1M

LP Equity · 25%$4.3M

GP · 10%$1.7M

18.05% LP IRR

1.88x LP MOIC

1.25x P&I DSCR

6.71% YOC · +171bps vs cap

$5.4M Equity Profit

$184K Capital Calls

Construction<br>Refi<br>Operating / Leasing<br>Exit

What this is NOT

✕A project management tool — no Gantt charts, no task boards, no milestone tracking

✕Enterprise software — no implementation team, no training program, no onboarding calls

✕Excel with hidden formula chains, circular references, and silent cascading errors

✕Argus — no rent roll, no lease abstraction, no $5,000/yr contract

✕A cloud platform where your confidential deal data lives on someone else's server

What it IS

✓One screen. Type your numbers. The full capital stack solves itself — instantly.

✓Open it, enter a deal, done — zero setup, zero learning curve, zero configuration

✓Every output traces to an input you typed — no hidden logic, no black-box surprises

✓Purpose-built for LP/GP waterfall mechanics, capital calls, and promote structures

✓100% local. Nothing leaves your machine. Your deal data is yours.

4Deal Types<br>0Spreadsheets Needed<br>100%Local & Private<br>Big 4Audit-Trained Logic

01 / INPUTStructure the deal<br>Enter cost, debt, equity, and operating assumptions in one place.

02 / TESTStress the economics<br>Adjust timing, rates, and exit assumptions while the waterfall recalculates.

03 / SHAREExport the narrative<br>Move from analysis to investor-ready outputs when you are ready.

Excel Model vs. Local Engine

The Excel Model

CREDevSim Engine

Circular References<br>One bad formula reference cascades through a dozen linked tabs, and nobody catches the wrong IRR until the LP meeting.

Deterministic, Logic-Locked Engine<br>No formula chains to break. The same inputs always produce the same outputs, with hard-coded underwriting logic instead of overridable cells.

Recalculation Lag<br>Shift the exit cap rate and wait while a bloated workbook grinds through thousands of linked cells before the model catches up.

Instant Local Execution<br>The full capital stack, waterfall, and exit proceeds recalculate the moment you change an assumption, running entirely on your machine.

Manual Draw Schedules<br>Construction draws get built cell-by-cell, with the S-curve timing hand-plotted and easy to misalign with the actual budget.

S-Curve Draw Simulator<br>Bridge-to-perm draws follow a modeled S-curve automatically, tied to your construction timeline and interest carry.

Ad Hoc Waterfall Tabs<br>Promote tiers and catch-up provisions live in a side tab that quietly drifts from the actual LP/GP agreement.

Tier-Based Waterfall Engine<br>Preferred return, GP catch-up, and promote tiers are structured the way a Big 4 fund auditor would build and test them.

Core Capabilities

One Engine, Every Deal Type

Ground-Up Development, Major Renovation, Distressed Value-Add, Stabilized Acquisition — the engine applies the correct institutional logic for each structure automatically. No templates to swap, no sheets to reconfigure.

Real-Time Visual Dashboard

Drag the timeline, adjust a rate, toggle leverage — every waterfall block, heatmap cell, and Sankey diagram updates instantly as live financial telemetry. See the deal break before it does, without re-running a macro.

Deterministic, Logic-Locked Engine

The same inputs always produce the same outputs, with no Monte Carlo variance sitting between your assumptions and the number an LP sees. The engine enforces hard-coded underwriting standards and makes assumptions and validation flags visible: no circular references, no cross-sheet drift, no formula overrides that bypass the debt constraints.

What's Under the Hood

• Bridge-to-Perm Structure: S-curve construction draw simulator, interest carry, bridge payoff, refi mechanics

• Automated Capital Stack: LP/GP split, debt sizing, DSCR / LTV / Debt Yield gates

• Operating Waterfall: preferred return accrual, ROC, monthly residual distributions

• Exit Waterfall: sale price, loan payoff, remaining pref, GP catch-up, promote

• Lease-Up Ramp: occupancy S-curve, current → stabilized over user-defined months

• IRR Sensitivity Heatmap: blended rate & exit cap target matrix

• Stress & Breakeven: real-time margin-of-safety testing

• Capital Calls: automatic when refi or NOI surplus can't cover shortfalls

Download Sample — Developer Pro Forma<br>Download Sample — Deal Summary...