When a deal has multiple investors, the Syndication section splits each year's cash flow — and the refinance and sale proceeds — between the limited partners (LPs) and the sponsor (GP), and reports each side's returns. This guide explains Mogul Deal Evaluator's current waterfall model, in the order the money actually moves.
In the Underwrite tab's Syndication section (part of Advanced Analysis, gated on the investor-split capability), you define each member's invested capital and ownership share, the preferred return rate, and the GP's promote. The setup is validated — members' equity must reconcile with the deal's required equity, and a promote requires the GP to hold a share. A sponsor investing alongside LPs enters that as a GP co-investment: it earns like invested capital, tracked separately from the promote, which is compensation.
Only LP members earn the preferred return, and an investor flagged preferred-only earns pref on a fixed amount without participating in the residual split — useful for debt-like positions.
For every year and at sale: the LP and GP cash flows, and per-side return metrics — member-level IRR and equity multiple — so a passive investor sees their return, not the whole-deal figure. After the waterfall those genuinely differ, which is the point: quoting deal-level IRR to LPs is the classic syndication mistake. The "Syndication & investor returns" report section presents the same split to the people you share with.
The waterfall is asset-agnostic: it splits whatever cash flow the underwrite produces, so the conventions above read the same on a multifamily, self-storage or mobile home park deal. What changes is what feeds it — on a park, the cash flow being split comes from pad and home income, the leasing plan, and the park's own capital budgets. Get those right first; the split can only be as good as the NOI beneath it.
