Property Development Intelligence
Pencil Feasibility
Institutional-grade development feasibility — faster, error-free, and always up to date. Replace your spreadsheet without losing the rigour.
AI market benchmarking built in
Version control & scenario comparison
Live cost tracking vs forecast
Dual dashboards — internal & lender
Hours → Minutes Full feasibility in real time
Error-Free No broken macros or #REF! cells
Sharper Decisions Live scenarios & sensitivity
Audit Ready Transparent, version-controlled
The Problem

Excel breaks at project scale.

Complex feasibility models rely on brittle VBA macros, circular references, and manual version management. One wrong formula cascades through the entire model — often undetected until it reaches a financier.

#REF! #REF! #CIRC VBA macro Sub Solver() ' 847 lines
Circular references & silent failures
Funding waterfall errors propagate undetected
No collaboration or version control
Email attachments, conflicting copies, no audit trail
Scenario analysis takes hours
Decisions made on stale sensitivities
AI Market Benchmarking

Latest market data. Instantly.

Every input field is benchmarked against current comparable projects. Outliers are flagged before reaching a financier — with contextual reasoning, not just raw numbers.

GRV Constr. Prof. Fees Margin LIVE CoreLogic Rawlinsons JLL / CBRE RP Data ABS / HIA
Construction Costs
$3,850 / sqm
✓ In range
Low $2,800High $5,200 / sqm · High-rise residential
Professional & PM Fees
1.8% of TDC
⚠ Below typical
Low 2.0%High 3.5% · Mixed-use developments
GRV Assessment
$14,200 / sqm
✓ In range
Low $11,000High $18,500 · Inner metro residential
Key Outputs

Every metric your IC needs.

Full feasibility summary computed in real time — IRR, ROI, CoC, cashflow, DSCR, capital stack, and sensitivity analysis.

Project IRR
Calculated
Newton-Raphson · monthly
Cash-on-Cash
Calculated
Exit waterfall multiple
Return on Investment
Calculated
Profit ÷ total dev. cost
Net Profit
Calculated
Post-finance · post-GST
Cumulative project cashflow Start Completion $0 peak equity profit
Version Control & Scenario Comparison

Every change tracked, every scenario saved.

Compare feasibility snapshots side-by-side. See exactly what changed, when, and what it means for your returns — no more emailed V43_FINAL_v2.xlsb.

Base Case — Board Submission
Today · IRR 23.2% · Profit $172M
Current
Scenario: Construction +8%
2 days ago · IRR 19.4% · Profit $141M
IRR −3.8pp
Scenario: GRV −5%, Rate +0.5%
5 days ago · IRR 17.1% · Profit $118M
IRR −6.1pp
Initial Land Assessment
3 weeks ago · IRR 21.8% · Profit $158M
Archived
IRR sensitivity across scenarios 23.2% 19.4% 17.1% hurdle 15%
Live Cost Tracking

Actuals vs forecast, always in sync.

Enter actual costs as the project progresses. The model automatically blends actuals with forward forecasts — updating your returns, cashflow, and debt position in real time.

Construction Actual $487M · Forecast $585M
Development Costs Actual $48M · Forecast $51M
Marketing & Selling Actual $54M · Forecast $50M
Finance Costs Actual $62M · Forecast $80M
Forecast
Under budget
Over budget
On track
Project timeline · Month 38 of 74 Today Start Construction End
Capital Structure & Returns

Model any capital stack.

Senior debt, mezzanine, land loans, JV equity with preferred returns and profit share — all modelled with full exit waterfall distribution.

Senior Construction Debt Land / Mezzanine Developer / JV Equity Profit Distribution 60–75% 5–15% 10–20% Varies
DSCR
Calculated
Target ≥ 1.25×
Peak Equity
Calculated
Month of peak tracked
Payback
Calculated
Months to full return
Pencil Feasibility
pencil.dev [email protected]
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