Underwriting

Underwriting — the discipline of computing an asset’s income, costs, financing, risks, and exit from sourced evidence before deciding anything: rent comps instead of the broker’s estimate, actual dues from the admin, live loan rates, honest vacancy, exits priced net of friction. Borrowed from lenders’ vocabulary — they underwrite you; you underwrite the deal. Level 3’s capstone is one full underwriting package on a real listed property, with the no-go case argued as hard as the go.

First used in: 3.4 · Underwriting: the Gallinelli math