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// underwriting // March 4, 2025
The mid-market underwriting checklist nobody publishes
Practice notes
Most published mid-market underwriting templates are theatrical. They show you what to model; they do not show you what to refuse to model.
Here is the seventeen-line check we actually run before we agree to list a sub-$25M asset. It is short on purpose — anything that needs more than seventeen lines of pre-listing analysis is not yet a listing.
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Reach out if you're underwriting in our markets — happy to share what we're seeing.
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