Lev Agent
All 39 headline source and financial checks passed.
All 39 requested source and financial checks pass and the workbook passes all ten acceptance checks. The memo correctly handles the swap caveat but overstates downside cash-out in its opening recommendation; later pages give the correct amount.
Material claims to inspect
PDF p.1 financing decision — Downside cash-out is roughly $1.06 million after fees.
Source-supported finding: 5,313,426.592763869 × (1 − .008) − 4,200,000 − 52,000 = 1,018,919.1800217582.
The opening recommendation overstates downside net proceeds by approximately 4%; later pages correct it.
All review findings (2)
- Opening downside cash-out should be $1,018,919.18: $5,313,426.59 × 99.2% − $4.2M payoff − $52,000 closing. The $1.06M claim overstates it by about $41,081.
- Six pages are readable; the property and financial tables remain legible.
Every artifact acceptance check (19/20)
| Work product | Check | Outcome | Evidence |
|---|---|---|---|
| Memo | 1 | Pass | A real PDF was downloaded and all pages rendered with readable main content. Original PDF and full-page render review |
| Memo | 2 | Pass | The memo identifies the named property, August 31, 2026 as-of date and first-mortgage refinance purpose. PDF opening title, property table and recommendation |
| Memo | 3 | Pass | Base loan, existing payoff, loan-based fee, fixed closing costs and net borrower cash reconcile to the supplied scenario. PDF sources/uses and independently checked key |
| Memo | 4 | Pass | Historical T12 and forward underwriting are labeled separately, with NOI before reserves and NCF after reserves. PDF historical and underwriting tables; original T12 and plan |
| Memo | 5 | Pass | Loan constraints, binding minimum and debt-service/coverage figures follow the lender terms. PDF financing/sizing section; Lender-Terms.pdf |
| Memo | 6 | Pass | Occupancy and the subject lease are discussed against the supplied rent roll and controlling executed document. PDF property/lease discussion; Rent-Roll.xlsx and Lease-File.pdf |
| Memo | 7 | Fail | Opening downside cash-out is inconsistent with its own later analysis and the fee-inclusive calculation. PDF p.1: roughly $1.06 million after fees; pp.3 and 5: approximately $1,019,000. |
| Memo | 8 | Pass | The supplied forecast, lender conventions and any provisional items are labeled as assumptions. PDF assumptions and limitations; Property-and-Plan.pdf |
| Memo | 9 | Pass | The memorandum identifies the five source files and their relevant content. PDF source references and source pointers in the analysis |
| Memo | 10 | Pass | Rendered headings, tables and financial values are readable with no materially clipped content. Full-page PDF rendering inspection |
| Workbook | 1 | Pass | XLSX opens |
| Workbook | 2 | Pass | Inputs, units, date and source references are identifiable. Delivered input/instruction/source sheets; non-formula cell inspection |
| Workbook | 3 | Pass | Historical and forward cash flows are separate and their totals reconcile. Recalculated historical sheet totals and original T12; independently tested underwriting outputs |
| Workbook | 4 | Pass | [{"field":"uw_noi_before_reserves","actual":629760,"expected":629760,"passed":true},{"field":"uw_ncf","actual":625440,"expected":625440,"passed":true},{"field":"maximum_loan","actual":6261936.6076267,"expected":6261936.6076267185,"passed":true}] |
| Workbook | 5 | Pass | {"uw_noi_before_reserves":true,"uw_ncf":true,"maximum_loan":true,"capitalization_value":true,"dscr_limit":true} |
| Workbook | 6 | Pass | [{"field":"capitalization_value","actual":9329777.77777778,"expected":9329777.777777778,"passed":true},{"field":"ltv_limit","actual":5831111.11111111,"expected":5831111.111111111,"passed":true},{"field":"maximum_loan","actual":5831111.11111111,"expected":5831111.111111111,"passed":true}] |
| Workbook | 7 | Pass | [{"field":"dscr_limit","actual":5717561.19445978,"expected":5717561.194459818,"passed":true},{"field":"maximum_loan","actual":5717561.19445978,"expected":5717561.194459818,"passed":true}] |
| Workbook | 8 | Pass | [{"field":"uw_noi_before_reserves","actual":585552,"expected":585552,"passed":true},{"field":"uw_ncf","actual":581232,"expected":581232,"passed":true},{"field":"maximum_loan","actual":5819323.89729484,"expected":5819323.897294822,"passed":true}] |
| Workbook | 9 | Pass | {"formula_errors":[],"external_links_or_macros":[]} |
| Workbook | 10 | Pass | Main underwriting labels and numbers are visible and a reviewer can locate assumptions and decision outputs. Main underwriting sheet rendered at 1.3 scale; input and sizing cells inspected |
Inference: $4.030. PostHog trace estimate using OpenRouter model rates; two charged generation events; duplicate run-summary event excluded
- Download underwriting workbookOriginal delivered file · SHA-256 e7280699a858
- Download financing memoOriginal delivered file · SHA-256 7493bebc25de