How We Vet the Top 5%: Inside Origire's Underwriting Process

Origire's platform ingests data on more than 100,000 properties across Greece. Our investment team only underwrites a fraction of one percent. Here is how a property moves from raw listing to investment committee.

Stage 1 — Algorithmic pre-screen

Every listing is scored on floor, condition, noise exposure, metro proximity, view quality, façade, and modelled renovation cost. The platform compares the asking price to its modelled fair value at the unit level — not the neighbourhood level. Only the bottom decile by price-to-fair-value passes.

Stage 2 — Human due diligence

• Physical inspection by a senior asset manager.
• Legal title and encumbrance verification by Greek counsel.
• Engineering survey on properties over 30 years old or with structural questions.
• Independent contractor bid on the renovation scope.
• Exit comparables pulled from the same platform that flagged the deal.

Stage 3 — Investment committee

Three-person committee, unanimous approval required. We underwrite a base case, a downside case, and a stress case. We commit our own capital on every deal we present to investors — alignment is not negotiable.

Of the roughly 30 projects currently in process, every one has cleared all three stages. Most of what our platform surfaces, we walk away from.