Underwriting Engagement Playbook (how Sam runs an underwrite client)
The point: a repeatable lifecycle so you know your time, protect your scope, and get paid —
the same for Arsen or anyone. Two shapes: one-off underwrite or monthly retainer.
The lifecycle (7 steps)
| # | Step | Who/where | Your time | Paid? |
|---|---|---|---|---|
| 1 | Scope call — understand the deal, ask the 5, see if it's a fit | phone, 10–20 min | 0.25–0.5 hr | FREE |
| 2 | Proposal + deposit — send 1-page scope + fee + deposit; he signs + pays deposit | 0.25 hr | — | |
| 3 | Materials in — he sends docs (P&L, bank stmts, receivables aging, etc.) | — | 0 | (clock starts here) |
| 4 | The underwrite — normalize books, model, receivables analysis | your desk | 6–12 hr | yes |
| 5 | Review call — walk him through it, screen-share | screen-share, 30–60 min | 0.5–1 hr | yes |
| 6 | Deliverable — the one-pager + model + recommended structure | (in step 4) | yes | |
| 7 | Closeout — balance due on delivery; mark done | — | 0 | balance paid |
Rule that protects you: real work (step 4+) only starts AFTER the deposit. The scope call is
free; the underwrite is not. Never underwrite to "win" the deal — that's the Passover trap.
How much TIME (so you can price + plan)
- Quick go/no-go: 2–4 hrs total → ~$1.5K
- Full underwrite, clean books, one entity, few receivables: ~8 hrs (≈1 day) → ~$5K
- Messy / multi-entity / many receivables: 12–18 hrs → $6–8.5K
- That's ~$400–600/hr for specialized judgment — which is why $5K to de-risk a six-figure
advance is cheap for him. You're not selling hours; you're selling the call.
Format
- Default = remote. Materials by email/secure link, work at your desk, review by screen-share.
Faster for you, no travel. In-person only if he wants it and you bill for the time. - You do NOT need to be "in the office with him." Screen-share for the review is the norm.
Payment + contract (what to set + save)
- One-off: flat fee, 50% deposit to start, 50% on delivery. Deposit is non-refundable once
work begins (protects you if he ghosts). - Retainer: monthly fee billed in advance, covers N underwrites/mo + on-call; month-to-month,
30-day notice to cancel. This is the win if he has flow. - Contract = a 1-page engagement letter/proposal (template saved separately). Not a 20-page legal
doc — scope, deliverable, fee, deposit, timeline, exclusions, e-signature. Save a signed copy. - Collect deposit by [Zelle / check / Stripe link]. He said he has Stripe — a Stripe invoice/link
for the deposit is clean and gives you a record.
Scope guard (don't let it creep)
- One engagement = one defined underwrite, one deliverable, one clear end.
- Spell out what's excluded (legal opinion on the funding structure, ongoing monitoring,
re-runs after he changes terms — those are new engagements or the retainer). - Timeframe: X business days from COMPLETE materials (not from signing — protects you if he's
slow sending docs).
What to nail on the scope call (his ops questions → your answers)
- Volume / # deals: one-off now, or a pipeline? → picks one-off vs retainer.
- His availability + deadline: when does he need the call/answer by? → sets your turnaround + fee
(rush = premium). - The makeup: business type, # receivables, entity count → sets complexity tier.
- Payment: confirm deposit + method before you start.
- You quote AFTER this call (structure + range live; firm number once you see the materials).