Waterfall Calculator


Welcome to the CRE Suite! Our waterfall engine allows you free access to drop in a monthly cash flow and build your own waterfall calculations, run scenarios, compare our calculations to yours to ensure accuracy, and even share with your team to review waterfall scenarios on the go.

If you have any questions or feedback please reach out to us using the chat window. We have live analysts and support technicians available to help walk you through any questions.

There are 3 ways to get started with the Investor Waterfall Calculator:

You can copy/paste directly from Excel into this box (don't worry if it's not pretty)
Click here for Import Instructions
Import Notes:
  • Please import monthly levered cash flows in a single row with the initial purchase (ie - time 0) in the first column
  • This app supports up to 192 months of cash flows
  • If you import less than 192 months, we will assume there are zero cash flows after the dates you upload
  • The first cell should be a negative number to represent the initial equity investment for the project
Import Instructions:

  1. Open your monthly cash flow model
  2. Click here to download the excel template and open the file
  3. Right click the tab in this excel template and select “Move or Copy…”
  4. A new dialog box will open. In the dropdown menu select your cash flow model and click OK.
  5. Place your LEVERED CASH FLOW (including initial equity and all distributions from operations, refinance, and sale) into the BLUE Monthly Cash Flows section. This can be a formula reference or hard coded
  6. Save your monthly cash flow model. This model will now be compatible for future uploads of any deal
  7. Drag that file into the section called “Upload a CRE Suite enabled file.” OR click “Browse” and select the file you have saved to your computer

  1. Download the deal you would like to view from the CRE Suite Excel Add-In
  2. Save that file to your desktop on your computer
  3. Drag that file into the section called “Upload a CRE Suite enabled file.” OR click “Browse” and select the file you have saved to your computer

  1. Save your CRE Suite compatible model to a folder on your computer
  2. Navigate to the waterfall application online
  3. Drag that file into the section called “Upload a CRE Suite enabled file.” OR click “Browse” and select the file you have saved to your computer

  1. Verify your ARGUS Enterprise reports are on a monthly basis. - You may need to change your report settings by setting "Print Amounts per Area", "Print Annual Totals", and "Print Final Totals" to "No"
  2. Select the Sources and Uses report and copy all data in the report - If you are on a PC you can use "CTRL + A" to select all and "CTRL + C" to copy
  3. Navigate back to the CREModels Waterfall Calculator and locate the Cash Flows tab
  4. Once you are on the Cash Flows tab locate the Import Data text box
  5. Click in the text box and paste your data - If you are on a PC you can right click then select paste or use "CTRL + V"
  6. Click the blue Import button to import the data

  1. Export monthly cash flows from your underwriting software into Microsoft Excel®
  2. Find the MONTHLY levered cash flows row. The first value MUST be the initial equity amount with the following value being the first month of the analysis with the last value being the sale month (This can either be in a single row OR a single column)
  3. Highlight all monthly values and press "CTRL + C" to copy
  4. Navigate back to the CREModels Waterfall Calculator and locate the Cash Flows tab
  5. Once you are on the Cash Flows tab locate the Import Data text box
  6. Click in the text box and paste your data - If you are on a PC you can right click then select paste or use "CTRL + V"
  7. Click the blue Import button to import the data

Here are the cash flows you have imported. Confirm they look like you expect and the next step is to set assumptions.

The above chart shows the annual cash flows (based on investment year) that have been imported to the model.

Equity Contribution
GP: ($1)
$0 :LP
Preferred Return Options

Investment Tier Options
Compounding Frequency
First, pay the Preferred Return...
Add Tier 2
Then, split cash flows at Tier 2... Remove Tier 2

Add Tier 3
Then, split cash flows at Tier 3... Remove Tier 3

Add Tier 4
Then, split cash flows at Tier 4... Remove Tier 4

Finally, follow the residual split...

Project Cash Flow 
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Project Returns

Profit 

$ ----

IRR 

--- %

Multiple 

--.--x

Cash-on-Cash 

0.00 %

Investor Returns

Profit 

$ ----

IRR 

--- %

Multiple 

--.--x

Cash 

$ ----

General Partner Returns

Profit 

$ ----

IRR 

--- %

Multiple 

--.--x

Cash 

$ ----

Detailed Investor Waterfall
Annual Cash Flows
Initial Equity
Levered Cash Flows
Investor Pref and Equity
Cash Flow After Pref
Investor CF
GP Promote
Cash Flow After First Hurdle
Investor CF
GP Promote
Cash Flow After Second Hurdle
Investor Residual Split
GP Promote Residual Split
Total Investor Cash Flow
Total GP Promote Cash Flow w/o Fees
Total GP Cash Flow
Annual Cash Flow Check