Moraine at a glance

Is Moraine the right fit?

Moraine is AI underwriting software for institutional office, retail and industrial acquisitions: turn an OM, rent roll and operating statement into a source-linked DCF model and review due diligence in the same workspace.

Built by Jeff Axelrod, Founder & CEO. Ten years on the buy side at an institutional real estate investment manager, including five as Director of Research, and $2B+ in commercial real estate acquisitions closed before founding Moraine.

Start with ARGUS alternatives, OM to DCF software, rent roll abstraction, or IC memo workflows. Read about Moraine and our security position.

Who Moraine is for

  • Acquisitions analysts, associates, and VPs at PE real estate funds, REITs, and family offices underwriting office, retail, or industrial deals
  • Small acquisitions teams that need additional underwriting capacity
  • Investment sales and advisory brokers building BOVs and pricing guidance from an OM and rent roll
  • CRE lenders and credit teams who need a source-linked view of a borrower's rent roll and operating statement
  • Buyers who want full due diligence on a single property for $3,000, without an annual contract

Who Moraine is not for

  • Multifamily, hotel, self-storage, or single-family underwriting: Moraine supports office, retail, and industrial today
  • Lease administration or property management: Moraine is an acquisitions underwriting and diligence tool, not a system of record for owned assets
  • Teams that need a finished PDF investment committee memo out of the box
  • Teams that need live multi-user editing or in-product team administration
  • Procurement processes that require an issued SOC 2 Type II audit report today

Pricing

  • Free evaluation: 14 days of unlimited underwriting with Excel exports, starting when your first usable model is ready. No card, no automatic charge.
  • Individual: $300 per month for one user, unlimited underwriting models, scenarios, Excel exports, the full report catalog, and the modeling agent. Month-to-month.
  • Team: from $1,500 per month for five users, with shared underwriting, firm assumptions, centralized billing, and standard onboarding.
  • Due diligence: $3,000 per property for the full diligence module suite, separate from Individual and Team. Additional documents and reruns on the same property are included.
  • Institutional: from $75,000 per year for up to 10 users, unlimited first-pass underwriting, 15 diligence transactions, guided onboarding, and two scoped model conversions from supported report packages or Excel inputs. Qualified firms can start with a $5,000-$10,000 guided evaluation credited toward an annual agreement.
  • Enterprise: custom annual pricing for multi-team deployments, negotiated diligence capacity, dedicated implementation, SSO/SAML, and integration support.

What you can upload

  • Offering memoranda (PDF)
  • Rent rolls (PDF or Excel, or pasted from Excel)
  • T-12 and historical operating statements
  • Leases and amendments
  • Supported Excel report packages exported from ARGUS® Enterprise software
  • A blank model built by hand, with no documents required

What you get out

  • XLSX workbooks with flat headers and no merged cells
  • Report catalog: cash flows, returns, debt, waterfall, rent roll, tenant cash flows, recoveries, assumptions, sensitivities, source lineage
  • Monthly cash flow workbook for spreadsheet review and analysis
  • Due diligence findings with page-level citations
  • Tenant credit assessments in the due diligence suite: a credit rating and score per tenant, anchored to the S&P, Moody's or Fitch rating when one exists and otherwise a model-based assessment, with estimated one- and five-year default probabilities

Integrations

  • Imports supported Excel report packages exported from ARGUS® Enterprise software
  • Exports Excel (XLSX) for review alongside your existing underwriting process
  • SSO/SAML available on Enterprise deployments, after a security review
  • No native connectors to Yardi, MRI, or other property management systems today; data moves through Excel

Limits

  • Supports office, retail, and industrial; not multifamily
  • A qualified underwriter should still review open items, source conflicts, recoveries, and return assumptions before IC
  • Upload only files you are authorized to provide and process. Report imports and Excel exports do not establish native-file compatibility or identical calculations.

Security and data

  • SOC 2 Type II management assertion letter completed; the audit report has not yet been issued.
  • Customer documents are never used to train Moraine's or third-party models.
  • Each firm's data is isolated from other customers at the database level.

Compare workflows

Compare the output your team needs, the review process and each product’s limits.

For a practical review, see checking a broker’s pro forma and underwriting with a small team.

Try it on your own deal: Free evaluation: 14 days of unlimited underwriting with Excel exports, starting when your first usable model is ready. No card, no automatic charge.

See pricing and start the trial