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Strong fundamentals, supported demand and a credible financing and execution pathway.
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GB First Look Deal Score
A structured framework for challenging the assumptions, risks and execution plan behind a real estate development opportunity.
By Greenbuild Communities
8 min read
Updated September 2026
THE IDEA
A Project Should Survive More Than the Sales Pitch.
A projected return is an outcome. The GB First Look Deal Score looks underneath that outcome and evaluates the assumptions, structure and execution plan that would have to support it.
Greenbuild does not score how exciting a deal sounds. The goal is to understand how well the opportunity holds up when important assumptions are challenged.
STEP 01
Mandatory Deal Gates
Before a project receives a numerical score, it should first clear a set of fundamental deal gates.
- Credible site control or a clear acquisition path
- Legally permissible development strategy
- Identifiable entitlement path
- No known unmitigated environmental, title, access or utility defect
- Preliminary budget and schedule
- Realistic financing path
- Identifiable exit market
- Sufficient Greenbuild capacity to execute
- Capital structure capable of being legally implemented
A serious failure at the deal-gate level can override an otherwise attractive projected return.
STEP 02
Eight Scoring Categories
15
Basis & Margin of Safety
Are we buying or controlling at a basis that leaves real room for error?
15
Market & Exit Validation
Is there credible demand and support for absorption?
15
Site & Entitlements
Can the proposed project legally and physically be approved and built?
15
Construction & Cost Certainty
How complete are scope, bids, contingencies and schedule?
15
Capital Stack & Financeability
Is the capital structure financeable and resilient to delay?
15
Downside Resilience
What happens if price, cost, timing or rates move against the project?
5
Greenbuild Execution Fit
Does the team have the control, knowledge and capacity to execute?
5
Exit Optionality & Timing
Is there a credible primary exit, backup exit and realistic timing?
STEP 03
85–100
65–84
0–64
Decision Bands
MAYBE
Potential exists, but important items should be clarified, repriced, restructured or de-risked.
PASS
Risk is not adequately compensated, or a fundamental flaw overrides the numeric score.
UNDERWRITING CONFIDENCE
Not Every Score Has the Same Level of Evidence.
HIGH
Third-party reports, bids, approvals and market evidence substantially support the assumptions.
MEDIUM
Material information exists, but several estimates or approvals remain preliminary.
LOW
Early-stage opportunity relying heavily on conceptual plans, preliminary pricing or unverified assumptions.
LIVING UNDERWRITING
The Score Can Change as the Facts Change.
Development underwriting is not static. New bids, approvals, financing terms, engineering information or market evidence can materially change the strength of a project.
The Deal Score should therefore be updated when material information changes. The objective is not to defend the original score. It is to improve the quality of the decision.
THE FIRST LOOK TAKEAWAY
Better Information Supports Better Decisions.
Development involves uncertainty. The goal of disciplined review is not to eliminate every risk, but to understand the assumptions, evidence and execution work behind the opportunity before making a decision.
Educational Use Only
This resource is educational and informational only. It is not an independent credit rating, appraisal, investment recommendation, legal advice, tax advice or guarantee of performance.
Private real estate investments involve substantial risk, including possible loss of principal. Any potential participation occurs only through applicable project-specific legal documentation and eligibility requirements.
CONTINUE LEARNING
See How These Questions Apply to Real Opportunities.
Request First Look access to follow selected Greenbuild development opportunities and learn how the evaluation process develops over time.
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