Moraine at a glance

Is Moraine the right fit?

Moraine is the deal engine for commercial real estate: upload deal documents and get a defensible DCF model and IC-ready due diligence, with every number linked to its source.

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

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 institutional underwriting without a dedicated ARGUS seat or analyst bench
  • 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 formatted PDF deliverables out of the box: every export is an XLSX workbook
  • 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 legacy-model conversions. 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
  • ARGUS Enterprise Excel report exports
  • 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 designed to paste into ARGUS or pandas
  • Due diligence findings with page-level citations

Integrations

  • Imports ARGUS Enterprise Excel report exports
  • Exports Excel (XLSX) that drops into existing ARGUS, Excel, and IC templates
  • 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
  • No PDF export; all exports are XLSX
  • No live multi-user editing; team members and roles are managed by your Moraine contact
  • Will not infer whether a lease is executed, extended, or month-to-month when the documents do not say; it opens a review item instead
  • A qualified underwriter should still review open items, source conflicts, recoveries, and return assumptions before IC

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.

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