CREDevSim is a desktop application for Windows. There is no browser version, it runs fully offline on your machine. No install of Node, Python, or any runtime is required.

Windows 10 or Windows 11 (64-bit). A macOS version is on the roadmap. The application is distributed as a standalone executable, no installation wizard or admin rights needed.

Argus is a lease-level rent roll tool. Excel is a blank canvas. CREDevSim is purpose-built for the LP/GP capital structure, waterfall logic, capital calls, promote mechanics, with a dedicated engine with validation gates and traceable outputs. It complements both; it does not replace them.

Any deal with a stabilized NOI and an LP/GP capital structure: multifamily, industrial, retail, office, mixed-use, self-storage. Enter stabilized NOI directly, asset-class-specific rent roll modeling (unit mix, RevPAR, overage rent) is outside scope.

For a Ground-Up Development deal: Total Project Cost (or a line-by-line budget), construction loan amount and interest rate, LP/GP equity split and preferred return rate, construction timeline in months, stabilized NOI, exit cap rate, and desired hold period. That is it, the engine computes the bridge payoff, permanent loan sizing, monthly distributions, IRR, MOIC, and full exit waterfall from those inputs automatically. Most deals are fully set up in under 5 minutes.

No, not to get started. The default deal structure uses a single-tier LP/GP split with a preferred return, which is the most common structure. You can run a complete deal analysis without touching any of the advanced settings. The multi-tier promotes, catch-up provisions, and clawback toggles are there when you are ready for institutional-level structuring, but they are completely optional.

Yes. Deal presets are saved as standard JSON files on your hard drive. You can copy or share these files directly, your colleague loads them in their own copy of CREDevSim. No cloud sync required. Note that deal preset save/load is a Pro feature.

Yes. No trial period, no expiration. The free version gives you two deal types and the full visual suite with no time limit and no credit card required.

No. CREDevSim runs entirely on your local machine. No deal data is ever transmitted or stored externally. Everything stays on your hard drive. Your license is validated against your account via a lightweight token check, that is the only network call the application makes. Read the full breakdown: why the tool itself can't see your deal →

Email kasing@credevsim.com and I will send an anonymized sample export, Developer Pro Forma, Deal Summary, or IC Memo. All are real PDF exports generated from the engine.

CREDevSim is built for a focused set of deal inputs rather than a lease-level rent roll. Pro includes CSV import for supported inputs; review the supplied template before importing a deal.

Every new account starts with 14 days of full Pro, no credit card. After that it stays free forever: two deal types and the interactive visual engine with no time limit. Pro adds the other deal types, PDF and IC Memo exports, advanced waterfall controls, scenario comparison, and deal presets.

The application runs locally. A lightweight license check may occur for account validation; deal inputs and saved files remain on your machine.

Every new account starts with 14 days of full Pro at no cost, no credit card required. After the trial the app stays free forever with the core engine and two deal types. Paid Pro pricing will be announced before public launch.

No. CREDevSim is a modeling tool. Validate outputs independently and consult qualified financial, tax, and legal advisors before making investment decisions or using investor-facing materials.

A preferred return (pref) is the minimum annualized return LP investors must receive before the GP earns any promote. It accrues on invested and unreturned capital, not on committed capital that has not been drawn yet.

CREDevSim computes pref accrual monthly using compound interest by default. Each month the pref balance grows by (annual pref rate ÷ 12) × LP equity basis outstanding. When a distribution event occurs, refi proceeds, operating cash flow, or exit, the engine pays pref arrears before any promote tier is tested. This matches institutional LP agreement logic far more accurately than annual approximations.

IRR hurdle: The promote tier unlocks when the LP's time-weighted rate of return exceeds the hurdle (e.g., 15% IRR). IRR is sensitive to timing, early distributions dramatically boost it. Best for deals with significant mid-hold cash flow.

MOIC hurdle: The promote tier unlocks when the LP's total return multiple exceeds the hurdle (e.g., 2.0× MOIC). MOIC is purely magnitude-based, a 5× return over 10 years and a 5× return over 3 years are treated identically. Best for short holds or deals where timing is predictable and simple.

CREDevSim lets you set each promote tier independently as IRR or MOIC, and tests the gate at every distribution event, not only at exit, which is meaningfully more accurate for deals with significant mid-hold distributions.

After LP has received its preferred return, a catch-up provision lets the GP rapidly collect distributions until the GP's share of total distributions equals its target promote percentage.

Example: 80/20 structure with full GP catch-up. After LP receives 8% pref, the GP gets 100% of subsequent distributions until GP's cumulative share equals 20% of all distributions made so far. After catch-up closes, remaining distributions split 80/20.

CREDevSim models catch-up precisely at every distribution event. The catch-up switch is off by default (most institutional deals do not use a full catch-up); enable it in the Equity Structure panel when your LP agreement includes this provision.

A clawback is a GP obligation to return previously collected promote if the LP's realized return over the full hold period falls below the hurdle rate.

It matters when a GP collects interim promote during mid-hold distributions (e.g., at refi) but the deal underperforms at exit, leaving the LP below their pref threshold overall. The clawback forces the GP to give back the excess promote to make the LP whole.

CREDevSim tracks cumulative GP promote received at every distribution event and computes the clawback obligation at exit against the LP's actual realized return. Toggle it on in the Equity Structure panel.

ROC-First (Return of Capital First): LP gets all invested capital back before any pref or promote is paid. This minimizes LP risk exposure and is common in development deals.

Pref-First: LP receives accrued preferred return before ROC. Less common; lowers the LP's capital exposure but delays full capital recovery.

CREDevSim defaults to ROC-First for development and renovation deals. Stabilized acquisitions typically use Pref-First. Both are configurable in the Distribution Order dropdown.

Pari passu means "on equal footing", distributions are shared proportionally based on each party's ownership stake, with no priority. In CREDevSim, pari passu typically applies to residual cash distributions after all pref, ROC, and promote tiers have been satisfied. It also describes how unused reserves are returned at exit: LP and GP receive their pro-rata share of any leftover reserve balance.

It acts as a liquidity fence. Instead of distributing 100% of net refi proceeds to partners immediately, this input captures a dollar amount as restricted cash to absorb debt service shortfalls during lease-up.

The equity partners (LP/GP pool), via opportunity cost from reduced refinancing cash flow. The Debt Service Reserve is subtracted from net refi proceeds before any distribution split or GP promote is calculated.

Any unused balance is swept back into the net sale distribution pool at exit and returned to investors proportionally (pari passu). It is never lost.

You set three inputs: current occupancy (e.g. 60%), stabilized occupancy target (e.g. 92%), and ramp duration in months (e.g. 12 months). The engine runs an S-curve from current to stabilized over that window. Each operating month's NOI reflects the actual blended occupancy for that month, so debt service coverage, distributions, and capital call triggers are all computed from projected income at that occupancy level, not the stabilized rate.

If operating deficits outlast the reserve, the engine flags an asset stress warning and triggers a Capital Call to preserve debt compliance. The call is sized to cover the exact shortfall (Just-in-Time mode) or the aggregate projected gap (Full Funding mode).

A Capital Call is fresh equity, it expands the Return of Capital basis, initiates preferred return accruals on the new capital immediately, and recalibrates fee tracking. A reserve draw is not new equity; it is a return of previously withheld refi proceeds. Capital calls are more dilutive to GP promote because they grow the LP's basis, which must be repaid and pref'd before any residual split.

Just-in-Time (default): Calls capital month-by-month to match the exact dollar shortage. Maximizes investor IRR by delaying deployment.

Full Funding: Calculates total aggregate downside gap over the hold period and executes a single lump-sum call on the first violation month. Optimizes accounting clarity over IRR.

Debt Service Coverage Ratio = NOI ÷ Annual Debt Service. It measures how many times the property's income covers its debt payments.

Agency lenders (Fannie Mae, Freddie Mac) typically require 1.25× minimum DSCR on multifamily. Banks on commercial deals often require 1.20-1.30×. Construction lenders underwrite to stabilized DSCR at takeout. CREDevSim enforces a configurable minimum and flags any breach in real time before you export. The engine also shows Net DSCR (after management fee, capex reserve, and TI/LC) for a more conservative underwriting view.

Debt Yield = NOI ÷ Loan Amount. Unlike DSCR, it does not depend on interest rates or amortization terms, it measures the lender's return if they had to foreclose and hold the asset.

As interest rates change, a fixed DSCR can be achieved by changing the loan term or IO period, Debt Yield cannot be gamed this way. CMBS and institutional lenders have increasingly focused on Debt Yield (typically 8-10%+ minimum) alongside DSCR as a more rate-agnostic underwriting metric.

Loan-to-Cost (LTC) = Loan Amount ÷ Total Project Cost. Used during construction, the denominator is what you are spending, not what the asset is worth yet. Typical range: 60-75%.

Loan-to-Value (LTV) = Loan Amount ÷ Appraised Property Value. Used for permanent loans, the denominator is the stabilized or as-is property value. Typical range: 55-75% depending on asset class and lender.

CREDevSim enforces user-defined LTC on the construction loan and LTV on the permanent loan, and flags any breach against your inputs.

A bridge-to-perm structure uses a short-term construction loan (the "bridge") to fund the development period, then refinances into a long-term permanent loan once the asset reaches a lender-defined stabilization threshold, typically DSCR above 1.20× and occupancy above 85-90%.

CREDevSim models this as a two-phase structure: the construction loan draws on an S-curve schedule with capitalized interest, then the engine automatically payoffs the bridge and originate the perm loan at the user-defined refi month. The perm loan size, rate, IO period, and amortization schedule are set independently from the bridge.

Tenant Improvement (TI) allowance is the landlord's contribution to fit-out costs when signing a new lease or renewing an existing one. Leasing Commissions (LC) are broker fees typically paid as a percentage of the lease revenue.

In the model, TI/LC is computed as an annual reserve: (TI $/SF × rentable SF ÷ average lease term) + (leasing commission % × annual gross rent). This reserve is funded from operating income before distributions, reflecting the real cash drag on NOI available for debt service and equity payouts. Office and retail deals often carry TI/LC reserves that consume 25-40% of gross NOI, a critical underwriting input that many simplified models ignore.

Rate caps are insurance contracts that limit the floating interest rate on a loan, for example, a SOFR cap at 4.5% means the borrower never pays more than 4.5% + spread even if SOFR rises above that level. Lenders often require them on floating-rate construction loans. CREDevSim includes rate cap cost as a Day-0 project expense in the Sources & Uses, which adds it to LP's equity basis for waterfall purposes.

Real property can be depreciated for tax purposes over its IRS-defined recovery period: 27.5 years for residential, 39 years for commercial. This creates an annual non-cash tax deduction that reduces taxable income, effectively sheltering a portion of operating distributions from ordinary income tax.

The annual depreciation shield = Depreciable Basis ÷ Recovery Period. A $10M apartment property depreciates at $10M ÷ 27.5 = $364K/yr. If LP's tax rate is 37%, that is ~$134K/yr in saved taxes. CREDevSim's After-Tax view applies the appropriate recovery period based on the asset class you have selected.

Cost segregation is an engineering study that reclassifies building components into shorter-life asset classes, personal property (5-year), land improvements (15-year), allowing accelerated depreciation instead of straight-line over 27.5 or 39 years.

CREDevSim models the economic effect through its Bonus Depreciation methods: you set an eligible short-life percentage of the depreciable basis (default 20%), which is front-loaded in Year 1 while the remaining basis depreciates straight-line. This is a deliberate approximation, a true cost-seg percentage requires a property-specific engineering study, which the model does not attempt to generate for you.

When you sell a property that benefited from cost segregation or bonus depreciation on personal property, the IRS "recaptures" the accelerated depreciation you claimed, taxing that portion at ordinary income rates (up to 37%) rather than the lower long-term capital gains rate (typically 20%). This recapture under §1245 applies specifically to personal property components. Real property recapture under §1250 is taxed at a 25% unrecaptured rate. CREDevSim models both recapture types at exit and shows after-tax net proceeds.

Bonus depreciation allows immediate 100% expensing of qualifying personal property in Year 1 (phasing down under current tax law). Combined with cost segregation, this can generate very large paper losses in the first year, which pass through to investors.

Whether to use it depends on your LP investors' tax situation, passive loss rules may prevent non-real estate professionals from deducting those losses immediately. CREDevSim models the Year 1 bonus depreciation impact on after-tax IRR. Consult a tax advisor for LP-specific implications.

Yes, in two places. The Waterfall Snapshot shows the reserve as a color-coded block at the refi event. The Monthly Operating Heatmap tracks a dynamic cash line showing the pool declining through early months and leveling off as NOI covers debt service.

CREDevSim has three Sankey views, selectable in the dashboard dropdown:

NOI Distribution: Shows how cumulative operating income flows to debt service, reserves, management fees, and equity distributions over the hold period. Useful for identifying cash flow drag (e.g., TI/LC consuming 30% of NOI on an office deal).

Exit Waterfall: Shows gross sale proceeds flowing to disposition costs, bank repayment, LP return of capital, preferred return, and GP promote, tier by tier.

Sources & Uses: Shows where construction capital came from (bank loan, LP equity, GP equity) and how it was spent (land, hard costs, soft costs, fees, contingency, financing).

The heatmap shows LP IRR across a matrix of blended bank rates (rows) and exit cap rates (columns). The current deal scenario is highlighted. Green cells = LP meets or exceeds pref hurdle; yellow = marginal; red = LP IRR below pref. This lets you see at a glance how much your deal's return depends on interest rate direction and exit pricing, and identify the breakeven rate/cap combination where LP barely clears the hurdle.

PDF export is a Pro feature. The free plan gives you the full interactive model; PDF is the deliverable layer for investor packages and lender submissions.

The IC Memo is a placement-agent quality investor document generated directly from your deal model. It includes: deal overview, sources & uses, capital structure, projected returns (IRR/MOIC by tier), risk factor checklist with mitigants, sponsor track record, deal thesis, regulatory disclosures, and optional Reg D language.

Exported as an HTML file (browser-renderable, easily converted to PDF via browser print) or as an RTF file compatible with Word. The entire document populates from your live deal model, there is no manual copy-paste from the spreadsheet to the deck.

The risk factor editor contains 12 standard risk categories: construction cost overrun, interest rate, lease-up timing, exit cap rate compression, capital call, entitlement, operator, market, environmental, regulatory, force majeure, and interest coverage. The engine auto-detects which risks are elevated from your deal inputs, for example, if your DSCR is below 1.20× the interest coverage risk is flagged automatically. You can accept, dismiss, add custom risks, and edit the mitigant text for each. Selected risks are rendered as a formatted risk matrix in the IC Memo export.

A firm-level section (saved globally, not per-deal) where you enter your sponsor's credentials: years in business, total AUM, deals closed, total transaction volume, up to 3 named principals with bios, and a table of up to 10 prior deals (name, type, market, size, LP IRR, hold period, status). This data populates a "Sponsor Profile" section in every IC Memo you generate, saving re-entry across deals.

Rule 506(b) of Regulation D is the most commonly used SEC exemption for private real estate offerings. The IC Memo includes a pre-filled, editable 506(b) disclosure block covering: private offering notice, forward-looking statement disclaimer, accredited investor restriction, and a mandatory attorney-review reminder. This is a template only, the disclosure must be reviewed by a securities attorney before use in any actual investor communication.

The Marginal Deal badge appears when the LP's projected IRR falls below the LP preferred return threshold you have set. It signals that, at current assumptions, the LP does not clear their hurdle rate. The engine continues to run and show all outputs; the badge is a heads-up that the deal's return projections do not support the stated preferred return, and deal assumptions should be scrutinized carefully before presenting to investors. The IC Memo auto-thesis also reflects this language when the badge is active.

Deal Summary is a one-page investor snapshot, total project cost, capital stack breakdown, IRR and MOIC by tier, exit waterfall table, and a key metrics panel. Designed for quick LP conversations and lender submissions.

Developer Pro Forma is a full institutional report (4-5 pages): construction draw schedule showing monthly bank and equity draws, debt structure detail, annual operating cash flow table (NOI / debt service / CapEx / distributions for each year of the hold), and a complete exit analysis.

Rule of thumb: use the Deal Summary for first conversations; use the Developer Pro Forma for due diligence packages or when a counterparty needs to audit your numbers.

Very. The engine uses exact monthly cash flow timing, not annual approximations or simplified period returns. Each equity dollar is tracked from its actual draw date, and returns are discounted back to Month 0 using monthly compounding.

For multi-tier promotes with IRR hurdles, the engine maintains a running present-value accumulator that updates at every distribution event, construction surplus, refi proceeds, monthly operating distributions, and exit. Promote gates reflect the LP's actual return path at every point in the deal, not an end-of-hold estimate.

Yes, the Stabilized Acquisition deal type is designed exactly for this. There is no construction period, no bridge loan, and no refi. You model the acquisition at a going-in cap rate, set your permanent financing, define the hold period and exit cap, and the engine runs the operating waterfall and exit analysis directly. The lease-up ramp is still available if the property is not fully stabilized at purchase.