Excel Modeling

Describe a deal. Get a working Excel model.

XL-2 is the modeling engine at the core of Apers. Upload an OM or describe a deal in plain language — the engine returns a production-grade .xlsx with every formula traced to source.

Your analyst spends 4–6 hours building a model from scratch. Every time. Same tabs, same formulas, same structure — rebuilt deal after deal because the last one was slightly different. Meanwhile, three more OMs just hit the inbox.

How It Works

01 — MODEL CONSTRUCTION

From deal data to working model

Given deal data — property-level inputs, lease information, capital structure parameters, return targets — XL-2 constructs a complete institutional-grade financial model. Cash flow projections, debt service, partnership waterfall, return metrics, sensitivity analysis.

LEASE-BY-LEASE BUILDS PROMOTE STRUCTURES TIERED RETURN HURDLES MULTI-TRANCHE STACKS ARGUS INTEGRATION

02 — MODEL COMPREHENSION

Read your existing models without breaking them

XL-2 reads existing models of any complexity or origin — identifies the logic, traces cross-tab dependencies, disambiguates named ranges. Then operates within that structure: updating inputs, running scenarios, extending analysis.

CROSS-TAB TRACING NAMED RANGE DISAMBIGUATION THIRD-PARTY AUDIT SHOP-SPECIFIC CALIBRATION

What You Get

FORMAT

Standard .xlsx

A real Excel workbook — tabs for assumptions, cash flows, debt service, waterfall, returns. Download it, open it in Excel, send it to your IC. The recipient does not need Apers.

AUDIT TRAIL

Every decision tracked

Every assumption, every override, every output — tracked, timestamped, exportable. Built for IC review and LP reporting.

CONTROL

You approve every structural decision

XL-2 requests approvals at critical junctures — how to organize cash flows, which assumption sets to apply, how to treat ambiguous lease terms. You remain in command.

No proprietary format. No lock-in. No black boxes.

Full Coverage

Every structure institutional capital touches.

ACQUISITION DEVELOPMENT VALUE-ADD GROUND LEASE NNN SALE-LEASEBACK WATERFALL DEBT SIZING LIHTC 4% LIHTC 9% CONSTRUCTION DRAW MEZZ / PREF EQUITY BRIDGE LOAN HISTORIC TAX CREDIT

Works With

DOCUMENT INTELLIGENCE

Extract data from OMs and rent rolls — feed it directly into model construction.

DEAL WORKFLOW

Models generated as part of your deal pipeline — from screening through IC.

INVESTMENT PLAYBOOK

Your thesis criteria applied to every model automatically.

KNOWLEDGE ENGINE

Comps and benchmarks from past deals inform future assumptions.