Underwriting a deal isn't one step — it's three layers, each with a different job. Getting them in order keeps you from over-analyzing a deal that should have been screened out on page one.
The three layers
Screening. Does this opportunity even meet the operator's criteria? A fast yes/no/maybe before any deep work.
Recommendation. A defensible YES / NO / CONDITIONAL with the analytical backing to defend it in front of an investment committee.
Where AI helps. It compresses the deep-analysis layer — running downside scenarios in parallel and surfacing which sensitivities a deal can absorb and which break the thesis. The recommendation still belongs to a person.
Not advice. General educational and operational information — not legal, accounting, tax, or investment advice. George Howell Ward is not a CPA or registered investment adviser and provides no IRS Circular 230 services. Consult a licensed professional in your jurisdiction.