Underwriting

How I Underwrote Anthropic at a $1.2 Trillion Valuation

Sep 25, 2026

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1 min read

How I Underwrote Anthropic at a $1.2 Trillion Valuation

Anthropic is the most popular Secondary block in demand right now, so I want to learn why.

Jordon Barnett

Underwriting

How I Underwrote a $70M Data Centre Park in Australia

Sep 25, 2026

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1 min read

How I Underwrote a $70M Data Centre Park in Australia

This is a large industrial site with grid infrastructure. One tenant pays $1.6M/yr and the site is ready to scale toward 350MW.

Jordon Barnett

Underwriting

How I Underwrote a $52M Hydro Refinance in Brazil

Sep 4, 2026

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1 min read

How I Underwrote a $52M Hydro Refinance in Brazil

29% LTV on 39MW of contracted generation, with revenue in reais against dollar debt and no hedge disclosed

Jordon Barnett

Underwriting

How I Underwrote a $35M BTR in Florence, SC.

Aug 29, 2026

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1 min read

How I Underwrote a $35M BTR in Florence, SC.

27.8% target IRR on 184 ground-up rental units, gated on a single overseas factory shipping eight modules a month

Jordon Barnett

Underwriting

How I Underwrote A £16.3M Retail Park In The UK

Aug 25, 2026

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1 min read

How I Underwrote A £16.3M Retail Park In The UK

£5.3M of equity into an Aldi-anchored scheme targeting a £22.2M exit in Q4 2028, with half the rent roll still unsigned

Jordon Barnett

Underwriting

How I Underwrote A $350M Tower in St. Louis.

Aug 21, 2026

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1 min read

How I Underwrote A $350M Tower in St. Louis.

13% over 12 months on an $8M first-position bridge at 54.79% LTV, with $6.6M of collateral surplus behind it

Jordon Barnett

Underwriting

How I Underwrote a $93M Multifamily in South Carolina

Aug 3, 2026

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1 min read

How I Underwrote a $93M Multifamily in South Carolina

288 Class-A units, fully entitled, shovel-ready, sitting across from a $300M USC medical school - with a 25.7% levered IRR and two tax breaks already in place.

Jordon Barnett

Underwriting

How I Underwrote an $18M Gold Mining Raise Projecting a 15x Return

Aug 1, 2026

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1 min read

How I Underwrote an $18M Gold Mining Raise Projecting a 15x Return

A historic Arizona mine, a Montana deposit, and $270M projected in 6 years - but no NI 43-101 report, no independent valuation, and exploration data dressed up as production-ready language.

Jordon Barnett

Underwriting

How I Underwrote a $20M Cannabis Facility in South Africa

Jul 28, 2026

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1 min read

How I Underwrote a $20M Cannabis Facility in South Africa

The land is independently valued at $650K against a $20M raise - that's a 30x collateral gap, no export licence, and no signed offtake contract.

Jordon Barnett

Underwriting

How I Underwrote a $71M Residential Build in Australia

Jul 27, 2026

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1 min read

How I Underwrote a $71M Residential Build in Australia

91 units, 3.5km from Brisbane's Olympic precinct, modular prefab builder - but no pre-sales and a thin sponsor balance sheet are doing a lot of damage.

Jordon Barnett

Underwriting

How I Underwrote a $15M Hydrogen Plant in Malaysia

Jul 22, 2026

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1 min read

How I Underwrote a $15M Hydrogen Plant in Malaysia

Land bought, EPC signed, electrolyser on order - but no offtake agreement signed, and that's the only number that actually matters here.

Jordon Barnett

Underwriting

How I Underwrote a $127M Luxury Resort in Mexico

Jul 20, 2026

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1 min read

How I Underwrote a $127M Luxury Resort in Mexico

Stage 1 is operational with $3.95M annual revenue and 43 homes delivered - the $127M funds 715 acres of coastal expansion at $10/m2 against comps of $200/m2

Jordon Barnett

Underwriting

How I Underwrote the £268M Raise for the London Tunnels Tourist Attraction

Jul 6, 2026

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1 min read

How I Underwrote the £268M Raise for the London Tunnels Tourist Attraction

Targeting a £700M–£1.1B NASDAQ valuation by 2030 on a freehold-owned, fully permitted WWII tunnel network set to become London's first major tourist attraction since the London Eye.

Jordon Barnett

Underwriting

How I Underwrote a 200MW Data Centre in Utah, USA

Jul 3, 2026

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1 min read

How I Underwrote a 200MW Data Centre in Utah, USA

Fully permitted 200MW data centre with its own power plant targeting institutional-grade returns before a single tenant is signed.

Jordon Barnett

Underwriting

How I Underwrote a €2.5B Theme Park in Europe

Jun 30, 2026

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1 min read

How I Underwrote a €2.5B Theme Park in Europe

Planning approved, land already owned, and independently valued above the total build cost. This €2.5B Mediterranean theme park is probably the largest leisure development in Europe right now.

Jordon Barnett

Underwriting

How I Underwrote a $65M Data Centre in Abu Dhabi

Jun 27, 2026

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1 min read

How I Underwrote a $65M Data Centre in Abu Dhabi

A sovereign-backed tenant, NVIDIA-certified architecture, and $72M annual revenue.A sovereign-backed tenant, signed 5-year lease, and $72M annual revenue — this is the first NVIDIA Vera Rubin-certified data centre I've seen come to market.

Jordon Barnett

Underwriting

How I Underwrote a £260M Residential Tower in Manchester, UK

Jun 25, 2026

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1 min read

How I Underwrote a £260M Residential Tower in Manchester, UK

Planning approved, Lloyds in discussion, and 542 units across 55 storeys. This £260M Manchester tower is the largest BTR raise I've seen outside London.

Jordon Barnett

Underwriting

How I Underwrote a $40M Mining Roll-Up In North America

Jun 23, 2026

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1 min read

How I Underwrote a $40M Mining Roll-Up In North America

Targeting $135M/year EBITDA on a $40M North American mining roll-up, cash-flowing in months.

Jordon Barnett

Underwriting

Lightrock Launches $500M Clean Energy Fund Targeting Africa and Asia

Jun 22, 2026

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1 min read

Lightrock Launches $500M Clean Energy Fund Targeting Africa and Asia

Lightrock has closed a $500M fund targeting growth-stage clean energy companies in Africa and Asia, deploying $10M–$50M per investment into businesses spanning solar, EVs, and energy storage.

Jordon Barnett

Underwriting

How I Underwrote a $108M Data Centre in Louisiana

Jun 21, 2026

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1 min read

How I Underwrote a $108M Data Centre in Louisiana

Shovel-ready, fully permitted, 10MW live on grid. This $108M Louisiana data centre campus can be operational in under 90 days.

Jordon Barnett

Underwriting

How I Underwrote a £20M Residential Development in London

Jun 19, 2026

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1 min read

How I Underwrote a £20M Residential Development in London

Targeting 20% p.a. on a £20M London development, with investors paid before the first private sale completes

Jordon Barnett

Underwriting

How I Underwrote a $100M+ Copper Mine in Sweden

Jun 15, 2026

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1 min read

How I Underwrote a $100M+ Copper Mine in Sweden

Targeting strong risk-adjusted returns on a restarted mine with major bank financing, long-term offtake contracts, and a $4.4B independent valuation.

Jordon Barnett

Underwriting

How I Underwrote a $120M Office Tower in Australia

Jun 15, 2026

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1 min read

How I Underwrote a $120M Office Tower in Australia

Targeting 15–16% net IRR on a 99.2% occupied A-grade office tower with strong downside protection

Jordon Barnett

Underwriting

How I Underwrote Anthropic at a $1.2 Trillion Valuation

How I Underwrote a $70M Data Centre Park in Australia

How I Underwrote a $52M Hydro Refinance in Brazil

How I Underwrote a $35M BTR in Florence, SC.

How I Underwrote A £16.3M Retail Park In The UK

How I Underwrote A $350M Tower in St. Louis.

How I Underwrote a $93M Multifamily in South Carolina

How I Underwrote an $18M Gold Mining Raise Projecting a 15x Return

How I Underwrote a $20M Cannabis Facility in South Africa

How I Underwrote a $71M Residential Build in Australia

How I Underwrote a $15M Hydrogen Plant in Malaysia

How I Underwrote a $127M Luxury Resort in Mexico

How I Underwrote the £268M Raise for the London Tunnels Tourist Attraction

How I Underwrote a 200MW Data Centre in Utah, USA

How I Underwrote a €2.5B Theme Park in Europe

How I Underwrote a $65M Data Centre in Abu Dhabi

How I Underwrote a £260M Residential Tower in Manchester, UK

How I Underwrote a $40M Mining Roll-Up In North America

Lightrock Launches $500M Clean Energy Fund Targeting Africa and Asia

How I Underwrote a $108M Data Centre in Louisiana

How I Underwrote a £20M Residential Development in London

How I Underwrote a $100M+ Copper Mine in Sweden

How I Underwrote a $120M Office Tower in Australia

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