Property Development Intelligence

Pencil
Feasibility

Institutional-grade development feasibility modelling — in your browser, not your spreadsheet.
Mixed-Use Developments
Multi-Tranche Debt
AI-Powered Benchmarking
Project Scale
$100M+
GRV from boutique to large-scale
Outputs
IRR · CoC · ROI
Full investment committee dashboard
AI Benchmarking
Built In
Costs · Professional fees · GRV
The Problem

Excel isn't built for this.

Large-scale property development feasibility models are among the most complex financial instruments in the industry — yet they live in brittle spreadsheets that break, don't scale, and can't collaborate.
Circular references & fragile macros
Funding waterfalls and interest calculations depend on iterative VBA solvers that break silently and are impossible to audit.
No real collaboration
Sharing a 3MB .xlsb file via email is not a workflow. Multiple stakeholders working from different versions creates data integrity risk.
Opaque black boxes
560-row input sheets, 80+ cost line items, and hard-coded assumptions mean even the model's author can't explain every number.
No scenario speed
Running sensitivity analysis — construction cost +5%, GRV -10%, senior margin shift — takes hours. Decisions get made with stale numbers.
The Solution

A web app built for the way developers actually work.

Pencil Feasibility replicates the full depth of an institutional Excel feasibility model — with live calculation, a clean interface, and outputs your financiers will trust.
01
Full Input Coverage
80+ development cost lines, S-curve time distributions, multi-tranche debt, JV equity structures, and actuals tracking — all configurable.
02
Iterative Debt Solver
Resolves circular funding references automatically. Converges interest, facility sizing, and PM fees to within $10 tolerance in milliseconds.
03
Dual Dashboards
Internal dashboard for the development team; external dashboard for lenders and JV partners — each showing the right level of detail.
04
GST & Tax Compliance
Margin scheme apportionment, ITC recovery, GST vendor withholding, and stamp duty concessions — built in, not bolted on.
Built for Scale

Handles any project type, any capital structure.

80+
Cost Line Items
Construction · Development · Marketing · Selling
6
Debt Facilities
Land · Senior · Mezzanine · Residual · Additional
74 mo
Max Timeline Modelled
Monthly cashflow · S-curve distributions
4
Revenue Streams
Residential · Retail · Commercial · Hotel
AI Benchmarking

Sanity-check every assumption against real market data.

Pencil's built-in AI benchmarking engine analyses your inputs against comparable projects and current market rates — flagging outliers before they reach a financier.
Instant benchmark ranges on any input field
Flags assumptions outside market norms
Contextual reasoning, not just raw numbers
Construction Costs
Your estimate: $3,850 / sqm
✓ Within range
Low $2,800 Market range for high-rise residential, QLD High $5,200
Professional & PM Fees
Your estimate: 1.8% of TDC
⚠ Below typical
Low 2.0% Market range for mixed-use developments High 3.5%
GRV Assessment
Your estimate: $14,200 / sqm
✓ Within range
Low $11,000 Comparable residential tower sales, inner metro High $18,500
Key Returns

Outputs your investment committee needs.

Project IRR
Calculated
Newton-Raphson monthly equity cashflows
Return on Investment
Calculated
Total profit ÷ total development cost
Cash-on-Cash
Calculated
Equity multiple at exit waterfall
Net Profit
Calculated
Post-finance, post-GST, post-waterfall

Typical Capital Stack

Senior Construction Debt
LTC-constrained · configurable rate & fees
60–75%
Land / Mezzanine Loan
Subordinated · bridging to senior
5–15%
Developer / JV Equity
Preferred return & profit share configurable
10–20%
Profit Distribution
Waterfall-modelled exit returns
Varies
Workflow

From inputs to investment decision in minutes.

1
Configure Inputs
Enter land costs, construction budget, revenue assumptions, and debt structure across 80+ configurable line items — pre-loaded with industry defaults.
2
Set Time Distributions
Apply S-curve distributions across the project timeline. Choose from 12–60 month build templates or define a custom drawdown schedule.
3
Run the Engine
The iterative solver resolves circular debt dependencies, applies GST waterfall logic, and computes IRR via Newton-Raphson — client-side, instantly.
4
Review & Share
Dual dashboards — internal and external — present the full feasibility summary, capital stack, KPIs, and cashflow. Export for board or lender submission.
Get Started

Replace your spreadsheet.
Keep the rigour.

Pencil Feasibility brings institutional-grade property development analysis to a modern, collaborative web platform — without sacrificing the depth your financiers expect.
pencil.dev  ·  [email protected]  ·  Brisbane, QLD