The state-of-the-art modeling engine purpose-built for institutional real estate.
Construct complex financial models from the ground up — or comprehend and operate within your existing ones.
CRE models are systems — dozens of tabs, layered capital structures, promote waterfalls, lease-by-lease cash flow builds. Tools designed for flat spreadsheets break when they encounter them. XL-2 is built to solve this problem.
Given deal data — property-level inputs, lease information, capital structure parameters, return targets — XL-2 autonomously constructs a complete institutional-grade financial model. Cash flow projections, debt service, partnership waterfall, return metrics, sensitivity analysis. The output is a working model. The formulas tie.
XL-2 reads existing models of any complexity or origin and identifies the logic — where assumptions live, how cash flows are built, what the waterfall structure looks like, how sensitivity tables reference core assumptions. It then operates within that structure: updating inputs, running scenarios, extending analysis — without breaking the model's existing architecture.
XL-2 requests approvals at critical structural junctures — how to organize cash flows, which assumption sets to apply, how to treat ambiguous lease terms, where to place debt tranches in the capital stack. The user remains in command of every material modeling decision.
Every model XL-2 produces is a standard .xlsx file. Download it, open it in Excel, modify it, distribute it to investment committees, lenders, JV partners, LPs. The recipient does not need Apers. No proprietary format. No lock-in.
XLSX · XLS · XLSM · CSV · PDF · Scanned docs · Argus exports
Standard .XLSX · IC-ready · No lock-in
Read the research paper that inspired XL-2.
Read the Paper