Terms of Service

Pencil is a multifamily underwriting platform operated by PENCIL LLC ("Pencil," "we," "us"). By creating an account or using pencil.deals, you agree to these terms on behalf of yourself and, if you join or create a team workspace, the firm you represent. If you don't agree, don't use the service.

Pencil lets you build financial models for multifamily and mixed-use real estate: importing rent rolls and operating statements, editing assumptions, and exporting live-formula Excel workbooks. The models are computed from inputs you provide and assumptions you control.

Pencil is a modeling tool, not investment, legal, tax, or financial advice. Outputs are only as good as their inputs, and AI-assisted document extraction can make mistakes. Every imported number is visible and editable precisely so you can verify it. You are responsible for verifying the numbers and for any decision made on them.

You need an account with a valid email to use Pencil. Keep your credentials to yourself; you're responsible for activity under your account. Team plans are priced per seat, and invites are capped at the seat count you pay for. Everyone in a workspace can see that workspace's deals and shared data.

New workspaces get a 14-day free trial with no card required. Paid plans bill monthly or annually through Stripe and renew automatically until you cancel. You can cancel anytime from the billing portal; cancellation takes effect at the end of the current billing period, and we don't prorate partial periods.

If your trial ends or a subscription lapses, your workspace becomes read-only. Every deal, model, and export remains visible and exportable. Your data is never held hostage, and resubscribing picks up exactly where you left off.

AI usage is metered as described on the pricing page: PDF extractions count against a monthly quota, and spreadsheet imports are unlimited. We may adjust quotas prospectively; we won't reduce what your current plan includes mid-cycle.

The deals, documents, and models you put into Pencil are yours. You grant us the limited license needed to host, process, back up, and display that content to you and your workspace, and nothing more. We don't sell your data and we don't use your deal data to build products for anyone else. See the privacy policy for the details, including how AI processing works.

Don't misuse the service: no unauthorized access attempts, no probing or disrupting our infrastructure, no reselling or scraping the service, no uploading content you don't have the right to use, and no using Pencil to violate the law. We may suspend accounts that put the service or other customers at risk.

We work to keep Pencil fast and available, but the service is provided without an uptime guarantee at these plan tiers. We ship improvements continuously and may change or retire features; if a change materially reduces what you're paying for, you can cancel and your lapse rights in Section 4 apply.

The service is provided "as is" and "as available," without warranties of any kind, express or implied, including merchantability, fitness for a particular purpose, and non-infringement. To the maximum extent permitted by law, PENCIL LLC is not liable for indirect, incidental, special, consequential, or exemplary damages, or for lost profits, revenues, or data, and our total liability for any claim is capped at the amounts you paid us in the twelve months before the claim arose.

You can stop using Pencil and delete your account at any time. We may suspend or terminate accounts that violate these terms after notice where practical. On termination you retain export access to your data for a reasonable period, consistent with Section 4.

We may update these terms as the product evolves. For material changes we'll notify you by email or in the app before they take effect. Continuing to use Pencil after a change takes effect means you accept the updated terms.

These terms are governed by the laws of the State of Oregon, without regard to conflict-of-law rules. Questions about these terms: support@pencil.deals.