Lev Agent
All 39 headline source and financial checks passed.
All 39 requested fields pass and financial formulas recalculate correctly. The memo reverses positive downside cash into cash-in, misstates actual LTV and understates lease rollover. Several tables overflow; three workbook explanation cells are invalid formulas.
Material claims to inspect
PDF p.5 downside narrative — The stressed loan is below payoff plus fees and requires $1,431,464 cash in.
Source-supported finding: 4,812,558.614707205 × (1 − .0075) − 3,300,000 − 45,000 = +1,431,464.425096902 cash out.
Reverses the financing cash-flow sign.
PDF p.5 rollover risk — Twelve leases roll in the first twelve months.
Source-supported finding: All 33 occupied source rows have expiries between 2026-09-30 and 2027-08-31.
Understates the near-term renewal exposure by 21 leases.
All review findings (1)
- Workbook errors: Underwriting!C6, Reported_Fields!D8 and D9 are explanation text stored as formulas. Main numerical calculations and all three input perturbations pass.
Every artifact acceptance check (15/20)
| 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 | Fail | Opening recommendation gives actual LTV as 65.0%; 65% is the ceiling. At the stated loan and value, actual LTV is 61.03%. PDF p.1: LTV clears at 65.0% of indicative value against a 65% cap. |
| Memo | 6 | Fail | The memo says twelve leases roll in the first twelve months. All 33 occupied leases expire by August 31, 2027. PDF p.5 Near-term rollover; source Rent Roll!I7:I42, excluding vacant rows. |
| Memo | 7 | Fail | The downside narrative calls a positive cash-out amount a cash-in requirement. PDF p.5: loan becomes a cash-in refinance, approximately $-1,431,464 of borrower equity required. |
| 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 | Fail | Table notes overflow their columns and page width, and page 2 contains one orphaned cash-out row. Rendered PDF pp.1–3; historical-versus-underwritten table notes extend past the right edge. |
| 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":545960,"expected":545960,"passed":true},{"field":"uw_ncf","actual":535160,"expected":535160,"passed":true},{"field":"maximum_loan","actual":5794435.06022346,"expected":5794435.060223457,"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":8735360,"expected":8735360,"passed":true},{"field":"ltv_limit","actual":5677984,"expected":5677984,"passed":true},{"field":"maximum_loan","actual":5677984,"expected":5677984,"passed":true}] |
| Workbook | 7 | Pass | [{"field":"dscr_limit","actual":5229928.74076399,"expected":5229928.740763942,"passed":true},{"field":"maximum_loan","actual":5229928.74076399,"expected":5229928.740763942,"passed":true}] |
| Workbook | 8 | Pass | [{"field":"uw_noi_before_reserves","actual":503252,"expected":503252,"passed":true},{"field":"uw_ncf","actual":492452,"expected":492452,"passed":true},{"field":"maximum_loan","actual":5332014.97547866,"expected":5332014.975478739,"passed":true}] |
| Workbook | 9 | Fail | {"formula_errors":["Underwriting!C6: #VALUE!","Reported_Fields!D8: #VALUE!","Reported_Fields!D9: #VALUE!"],"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: $2.473. PostHog trace estimate using OpenRouter model rates; charged generation events summed, duplicate run-summary excluded
- Download underwriting workbookOriginal delivered file · SHA-256 e087476ec396
- Download financing memoOriginal delivered file · SHA-256 76719efeefab