Terms of Enrollment.

Effective: April 27, 2026 · Last updated: April 27, 2026

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These Terms of Enrollment ("Terms") govern your participation in the "Art of Underwriting — Ground-Up Construction Course" (the "Program") delivered by The Art of Underwriting, LLC ("The Art of Underwriting," "we"). By applying or paying tuition, you agree to these Terms.

1. The agreement

Your application becomes a binding enrollment agreement when The Art of Underwriting accepts you into a cohort and you pay tuition (or your first installment). These Terms, plus our Privacy Policy, are the entire agreement between you and us regarding the Program.

2. Enrollment & tuition

  • Tuition: $5,000 USD per cohort (subject to occasional promotional pricing).
  • Payment options: single payment ($5,000) or three monthly installments of $1,700 (0% APR, no credit check, total $5,100). The 3-month plan is the only installment plan we offer; we do not offer 6-month, 12-month, or third-party-financed plans for this program.
  • Acceptance: seats are limited (currently 24 per cohort). We reserve the right to decline applications. If declined, no charge.
  • Hybrid track travel: students choosing the Hybrid format are responsible for their own travel and lodging for the two Philadelphia weekends. We provide curated nearby lodging options.

3. Lender-Ready Commitment

3.1 The Commitment

We commit to outcome — not to refunds. If by the final cohort week you have not built a lender-ready underwriting deck a regional lender would accept for review (and you have completed all weekly deliverables on time), you may re-enroll in the next available cohort at no additional cost. Same instructors, same curriculum, same network access. We keep working with you until the package meets the standard.

3.2 Tuition is non-refundable

Tuition paid is non-refundable. We do not offer 14-day, money-back, or partial refunds. Our promise is that you finish with a package a lender will entertain — if you don't, we carry you into the next cohort. If you've paid in installments, all scheduled installments remain due.

3.3 Single deferral

If you cannot proceed with your enrolled cohort due to extenuating circumstances, contact us before mid-program (no later than the start of week 6). We allow a single deferral to the next available cohort at no additional cost. Deferral requests after mid-program are at our discretion.

3.4 Cancellation by The Art of Underwriting

If we cancel a cohort or substantially fail to deliver the Program, we refund you in full within 14 business days. This is the only circumstance under which a refund is issued.

4. Earnings & outcomes disclaimer

The Program is education, not investment advice. Real estate development is inherently risky and may result in total loss of principal. References to student outcomes ("$10M+ closed & sold," "dozens of operators trained," "students closing deals," etc.) describe results achieved by our cohort base in aggregate, and by individual students whose effort, market conditions, capital access, and prior experience varied widely.

The Art of Underwriting makes no guarantee that you will close a deal, raise capital, receive a lender approval, or earn a specific financial return as a result of completing the Program — except where expressly stated in our written guarantees (section 5). Statements regarding lender introductions, capital partners, or alumni network access are subject to the conditions stated in those guarantees.

The Art of Underwriting is not a registered investment adviser, broker-dealer, real estate broker, mortgage broker, law firm, accounting firm, or tax adviser. Nothing in the Program constitutes investment, legal, accounting, or tax advice. Always consult licensed professionals before making financial decisions.

5. The four guarantees

We make four written guarantees, summarized below. The full operative text appears on our homepage:

  1. Lender-Ready Guarantee. If by Week 12 you have not built a lender-ready underwriting package, The Art of Underwriting will continue working with you at no additional charge until you do — provided you completed all weekly deliverables on time.
  2. Lender-Ready Commitment. See section 3.1. (Replaces our prior 14-day refund offer; we now stand behind outcome rather than reversal.)
  3. Capital-Network Promise. Top three students per cohort, ranked by The Art of Underwriting's grading rubric, earn warm introductions to The Art of Underwriting's lender + LP network. We do not guarantee a specific lender or LP will work with you; we guarantee the introduction.
  4. Lifetime Alumni Pledge. Graduates retain access to the alumni community, may re-attend any future cohort module on a space-available basis, and may submit deals for community review.

Each guarantee is conditional on you having complied with all course requirements, paid in full (or current on installments), and remaining in good standing under the Code of Conduct.

6. Code of conduct

We expect all students to:

  • Treat fellow cohort members, instructors, and guest speakers with professional respect.
  • Not record, screen-cap, or redistribute course materials, sessions, or third-party guest content without written permission.
  • Not use AI to generate weekly deliverables in a way that misrepresents your work to instructors or the lender panel.
  • Not solicit other students for unrelated business, MLM schemes, or capital raises during the cohort.

Material breach of the Code of Conduct may result in removal from the cohort. No re-enrollment will be offered, and tuition paid remains non-refundable. We reserve discretion in applying this clause and will document any decisions in writing.

7. Intellectual property

All Program materials — curriculum, slides, recordings, templates, the pro-forma master model, the Underwriting Cheat Sheet, the 30-Day Practice-to-Success campaign, and the alumni community content — are the intellectual property of The Art of Underwriting, LLC.

You receive a limited, non-exclusive, non-transferable license to use the materials for your own real-estate development practice. You may not: (a) resell, sublicense, or redistribute the materials, (b) use them to build a competing course or curriculum, or (c) train an AI model on them.

Your work product is yours. The deals you underwrite, the models you build (using your data), and the deliverables you produce belong to you.

8. Confidentiality & recordings

Cohort sessions are recorded for the benefit of all enrolled students. By participating in a live session, you consent to your video, audio, and chat contributions being recorded and retained for the Program's lifetime. You can request your face/name redacted from any recording at any time (see privacy policy retention).

Deal-specific information shared by other students or guest speakers is confidential between cohort participants. Don't post it. Don't share it. Don't discuss specific deal details outside the cohort.

9. Limitation of liability

TO THE FULLEST EXTENT PERMITTED BY LAW, The Art of Underwriting'S TOTAL LIABILITY ARISING OUT OF OR RELATING TO THESE TERMS OR THE PROGRAM SHALL NOT EXCEED THE TUITION YOU ACTUALLY PAID. The Art of Underwriting IS NOT LIABLE FOR INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, OR PUNITIVE DAMAGES, INCLUDING LOST PROFITS, LOST OPPORTUNITY, OR LOSS OF DATA, EVEN IF ADVISED OF THE POSSIBILITY.

Some jurisdictions do not allow these limitations; in those jurisdictions, our liability is limited to the maximum extent allowed by law.

10. Disputes & governing law

These Terms are governed by the laws of the Commonwealth of Pennsylvania (without regard to conflict-of-laws principles). The parties first agree to attempt good-faith resolution by direct discussion. If unresolved within 30 days, disputes will be resolved by binding arbitration before a single arbitrator under the Commercial Arbitration Rules of the American Arbitration Association (AAA), seated in Philadelphia, PA.

Class waiver: claims must be brought individually; class actions are waived.

11. General provisions

  • Severability. If any provision is unenforceable, the rest remain in effect.
  • No waiver. Not enforcing a right in one instance doesn't waive it for the future.
  • Assignment. You can't assign these Terms. We can, in connection with a merger or sale.
  • Force majeure. Neither party is liable for delays caused by events outside reasonable control (war, natural disaster, internet outage, pandemic government order).
  • Entire agreement. These Terms + the Privacy Policy = the entire agreement; supersede prior emails or marketing claims.
  • Updates. We may update these Terms; material changes will be communicated by email and the new effective date posted at the top of this page.

12. Contact

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