Workflow v1 / 30 completed workflows

Market Row

Inspect the source packet, compare each system’s work, and read the exact findings behind the score.

The five original source files

Lev Agent

All 39 headline source and financial checks passed.

All 39 requested fields pass, including the executed amendment and rejection of the unsigned proposal. The workbook recalculates correctly but contains one invalid explanation formula and inaccurate README mappings. Memo formulas in prose and table layout need correction.

Material claims to inspect

PDF p.4 loan-sizing explanation — DSCR binds because 1.25 × NCF ÷ ADC yields the tightest principal.

Source-supported finding: 539,618.24 / (1.25 × 0.08102486454887782) is approximately 5,327,928.

The stated equation applies coverage in the wrong direction; the adjacent numerical table uses the correct equation.

All review findings (2)
  • README contains wrong output and input row addresses; reviewer located the actual labeled cells without editing the delivered workbook. Both the original instructions and reviewer map are retained.
  • Fields!D23 is explanation text stored as a formula and errors after recalculation.
Every artifact acceptance check (17/20)
Work productCheckOutcomeEvidence
Memo1PassA real PDF was downloaded and all pages rendered with readable main content.
Original PDF and full-page render review
Memo2PassThe memo identifies the named property, August 31, 2026 as-of date and first-mortgage refinance purpose.
PDF opening title, property table and recommendation
Memo3PassBase 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
Memo4PassHistorical T12 and forward underwriting are labeled separately, with NOI before reserves and NCF after reserves.
PDF historical and underwriting tables; original T12 and plan
Memo5FailThe prose and opening summary describe multiplying NCF by the DSCR minimum. The correct formula divides by DSCR; the numeric loan and detailed formula table are correct.
PDF pp.1 and 4: 1.25× NCF ÷ ADC. Correct: NCF ÷ (1.25 × ADC).
Memo6PassOccupancy 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
Memo7PassSensitivity, missing diligence and financing risks are disclosed without unsupported numerical conclusions.
PDF sensitivity and risk/limitations sections
Memo8PassThe supplied forecast, lender conventions and any provisional items are labeled as assumptions.
PDF assumptions and limitations; Property-and-Plan.pdf
Memo9PassThe memorandum identifies the five source files and their relevant content.
PDF source references and source pointers in the analysis
Memo10FailMultiple table cells overlap or continue beyond the page, including property, rent-roll totals, lease reconciliation and source references.
Rendered PDF pp.1,2,4,6–7.
Workbook1PassXLSX opens
Workbook2PassInputs, units, date and source references are identifiable.
Delivered input/instruction/source sheets; non-formula cell inspection
Workbook3PassHistorical and forward cash flows are separate and their totals reconcile.
Recalculated historical sheet totals and original T12; independently tested underwriting outputs
Workbook4Pass[{"field":"uw_noi_before_reserves","actual":544218.24,"expected":544218.24,"passed":true},{"field":"uw_ncf","actual":539618.24,"expected":539618.24,"passed":true},{"field":"maximum_loan","actual":5327927.6928183,"expected":5327927.692818298,"passed":true}]
Workbook5Pass{"uw_noi_before_reserves":true,"uw_ncf":true,"maximum_loan":true,"capitalization_value":true,"dscr_limit":true}
Workbook6Pass[{"field":"capitalization_value","actual":7774546.28571428,"expected":7774546.2857142845,"passed":true},{"field":"ltv_limit","actual":5053455.08571429,"expected":5053455.085714285,"passed":true},{"field":"maximum_loan","actual":5053455.08571429,"expected":5053455.085714285,"passed":true}]
Workbook7Pass[{"field":"dscr_limit","actual":4868062.08438842,"expected":4868062.084388347,"passed":true},{"field":"maximum_loan","actual":4868062.08438842,"expected":4868062.084388347,"passed":true}]
Workbook8Pass[{"field":"uw_noi_before_reserves","actual":507347.328,"expected":507347.3279999999,"passed":true},{"field":"uw_ncf","actual":502747.328,"expected":502747.3279999999,"passed":true},{"field":"maximum_loan","actual":4963882.26487971,"expected":4963882.26487975,"passed":true}]
Workbook9Fail{"formula_errors":["Fields!D23: #VALUE!"],"external_links_or_macros":[]}
Workbook10PassMain 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: $2.626. PostHog trace estimate using OpenRouter model rates; charged generation events summed, duplicate run-summary excluded

Read the analysis, checks and execution record

GPT-5 agent

All 39 headline source and financial checks passed.

All 39 headline fields and memo acceptance checks pass. The executed amendment controls correctly and the unsigned extension is rejected. The workbook recalculates, but omits source references and an exact as-of date.

All review findings (2)
  • PDF p.4 gives cap-stressed value $7,774,308 rather than $7,774,546.29. The $238 difference is within the stated 0.01% monetary tolerance; it is retained as a minor transcription finding.
  • The five-page PDF contains an empty Note table at the end; it does not hide or overlap content.
Every artifact acceptance check (19/20)
Work productCheckOutcomeEvidence
Memo1PassA real PDF was downloaded and all pages rendered with readable main content.
Original PDF and full-page render review
Memo2PassThe memo identifies the named property, August 31, 2026 as-of date and first-mortgage refinance purpose.
PDF opening title, property table and recommendation
Memo3PassBase 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
Memo4PassHistorical T12 and forward underwriting are labeled separately, with NOI before reserves and NCF after reserves.
PDF historical and underwriting tables; original T12 and plan
Memo5PassLoan constraints, binding minimum and debt-service/coverage figures follow the lender terms.
PDF financing/sizing section; Lender-Terms.pdf
Memo6PassOccupancy 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
Memo7PassSensitivity, missing diligence and financing risks are disclosed without unsupported numerical conclusions.
PDF sensitivity and risk/limitations sections
Memo8PassThe supplied forecast, lender conventions and any provisional items are labeled as assumptions.
PDF assumptions and limitations; Property-and-Plan.pdf
Memo9PassThe memorandum identifies the five source files and their relevant content.
PDF source references and source pointers in the analysis
Memo10PassRendered headings, tables and financial values are readable with no materially clipped content.
Full-page PDF rendering inspection
Workbook1PassXLSX opens
Workbook2FailNo source-file/page references or exact as-of date appear in the delivered workbook.
All populated non-formula cells inspected; title gives September 2026 forward but not the rent-roll as-of date.
Workbook3PassHistorical and forward cash flows are separate and their totals reconcile.
Recalculated historical sheet totals and original T12; independently tested underwriting outputs
Workbook4Pass[{"field":"uw_noi_before_reserves","actual":544218.24,"expected":544218.24,"passed":true},{"field":"uw_ncf","actual":539618.24,"expected":539618.24,"passed":true},{"field":"maximum_loan","actual":5327927.69281832,"expected":5327927.692818298,"passed":true}]
Workbook5Pass{"uw_noi_before_reserves":true,"uw_ncf":true,"maximum_loan":true,"capitalization_value":true,"dscr_limit":true}
Workbook6Pass[{"field":"capitalization_value","actual":7774546.28571428,"expected":7774546.2857142845,"passed":true},{"field":"ltv_limit","actual":5053455.08571429,"expected":5053455.085714285,"passed":true},{"field":"maximum_loan","actual":5053455.08571429,"expected":5053455.085714285,"passed":true}]
Workbook7Pass[{"field":"dscr_limit","actual":4868062.08438839,"expected":4868062.084388347,"passed":true},{"field":"maximum_loan","actual":4868062.08438839,"expected":4868062.084388347,"passed":true}]
Workbook8Pass[{"field":"uw_noi_before_reserves","actual":507347.328,"expected":507347.3279999999,"passed":true},{"field":"uw_ncf","actual":502747.328,"expected":502747.3279999999,"passed":true},{"field":"maximum_loan","actual":4963882.26487973,"expected":4963882.26487975,"passed":true}]
Workbook9Pass{"formula_errors":[],"external_links_or_macros":[]}
Workbook10PassMain 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: $0.395. Gateway usage.cost; all attempts included; absent usage remains unknown

Read the analysis, checks and execution record

Opus 5 agent

All 39 headline source and financial checks passed.

All 39 requested fields and all workbook acceptance checks pass, including executed-amendment precedence. The memo incorrectly keeps DSCR binding under cap-rate stress, understates two-year rollover exposure and misstates the historical expense ratio. Its workbook gives the correct stressed loan.

Material claims to inspect

PDF p.3 cap-rate sensitivity — Cap +50 bps leaves maximum loan unchanged at $5,327,928, still DSCR-bound.

Source-supported finding: $544,218.24 / .07 × .65 = $5,053,455.09 LTV capacity, below $5,327,927.69 DSCR capacity.

Overstates stressed principal by $274,472.61 (5.43%) and names the wrong binding constraint.

PDF p.1 rollover discussion — About 34% of area is vacant or rolling within two loan years.

Source-supported finding: (5,000 + 2,200 + 1,500 + 2,800) / 23,000 = 50.0%.

Omits both suites expiring in August 2028 from the two-year exposure total.

All review findings (4)
  • Cap-stress maximum proceeds are overstated by $274,472.61, or 5.43%; this is a material memo error despite the correct workbook.
  • PDF p.3 says NOI reductions cut loan proceeds nearly dollar-for-dollar. At the binding DSCR constraint, each $1 reduction in NCF lowers proceeds by $9.87 before considering changes to other constraints.
  • PDF p.3 says roughly 88% of principal remains at 60-month maturity. At the fixed 6.25% contract rate, 25-year amortization and no IO, approximately 90.25% remains.
  • Four-page PDF is readable; the final page carries only the remaining source paragraph and disclaimer. No numerical content is clipped.
Every artifact acceptance check (17/20)
Work productCheckOutcomeEvidence
Memo1PassA real PDF was downloaded and all pages rendered with readable main content.
Original PDF and full-page render review
Memo2PassThe memo identifies the named property, August 31, 2026 as-of date and first-mortgage refinance purpose.
PDF opening title, property table and recommendation
Memo3PassBase 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
Memo4FailThe historical discussion gives a 31.0% expense ratio; the source amounts imply 29.85%.
PDF p.1: operating expenses $216,000 (31.0%). Actual $216,000 / $723,600 = 29.8507%.
Memo5PassLoan constraints, binding minimum and debt-service/coverage figures follow the lender terms.
PDF financing/sizing section; Lender-Terms.pdf
Memo6FailThe memo reports about 34% of area vacant or rolling within two loan years, omitting two suites that expire in August 2028.
PDF p.1; source Rent Roll rows 8,12,13,14: suites 102,106,107 and vacant 108 total 11,500 SF, 50.0% of 23,000 SF.
Memo7FailAt cap +50 bps, LTV capacity falls below base DSCR capacity, so LTV binds. The memo wrongly leaves the maximum loan unchanged.
PDF p.3 prose and sensitivity table: max loan $5,327,928 / DSCR. Correct min($5,053,455.09, $5,327,927.69, $6,046,869.33) = $5,053,455.09 / LTV. Workbook Sensitivity!D18:D19 is correct.
Memo8PassThe supplied forecast, lender conventions and any provisional items are labeled as assumptions.
PDF assumptions and limitations; Property-and-Plan.pdf
Memo9PassThe memorandum identifies the five source files and their relevant content.
PDF source references and source pointers in the analysis
Memo10PassRendered headings, tables and financial values are readable with no materially clipped content.
Full-page PDF rendering inspection
Workbook1PassXLSX opens
Workbook2PassInputs, units, date and source references are identifiable.
Delivered input/instruction/source sheets; non-formula cell inspection
Workbook3PassHistorical and forward cash flows are separate and their totals reconcile.
Recalculated historical sheet totals and original T12; independently tested underwriting outputs
Workbook4Pass[{"field":"uw_noi_before_reserves","actual":544218.24,"expected":544218.24,"passed":true},{"field":"uw_ncf","actual":539618.24,"expected":539618.24,"passed":true},{"field":"maximum_loan","actual":5327927.69281832,"expected":5327927.692818298,"passed":true}]
Workbook5Pass{"uw_noi_before_reserves":true,"uw_ncf":true,"maximum_loan":true,"capitalization_value":true,"dscr_limit":true}
Workbook6Pass[{"field":"capitalization_value","actual":7774546.28571428,"expected":7774546.2857142845,"passed":true},{"field":"ltv_limit","actual":5053455.08571429,"expected":5053455.085714285,"passed":true},{"field":"maximum_loan","actual":5053455.08571429,"expected":5053455.085714285,"passed":true}]
Workbook7Pass[{"field":"dscr_limit","actual":4868062.08438839,"expected":4868062.084388347,"passed":true},{"field":"maximum_loan","actual":4868062.08438839,"expected":4868062.084388347,"passed":true}]
Workbook8Pass[{"field":"uw_noi_before_reserves","actual":507347.328,"expected":507347.3279999999,"passed":true},{"field":"uw_ncf","actual":502747.328,"expected":502747.3279999999,"passed":true},{"field":"maximum_loan","actual":4963882.26487973,"expected":4963882.26487975,"passed":true}]
Workbook9Pass{"formula_errors":[],"external_links_or_macros":[]}
Workbook10PassMain 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: ≥ $3.053. Gateway usage.cost; all attempts included; absent usage remains unknown

Read the analysis, checks and execution record

Inspect every reported value

The same 39 source and financial checks apply to every system. Open a row to see the response citation and review rationale. Direct controls are labeled separately.

Lev Agent

space_countValue passedCitation failed
Reported
8
Expected
8
Response evidence
Rent-Roll.xlsx
Review
The final answer provides no source page, worksheet/row or named clause supporting this complete field; document names and amendment discussion alone are insufficient for location credit.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
Scoped response context
Rent roll (as of 2026-08-31)
Historical T12 (Sep-25 → Aug-26)
Subject-lease / other requested fields
occupied_countValue passedCitation failed
Reported
7
Expected
7
Response evidence
Rent-Roll.xlsx
Review
The final answer provides no source page, worksheet/row or named clause supporting this complete field; document names and amendment discussion alone are insufficient for location credit.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
Scoped response context
Rent roll (as of 2026-08-31)
Historical T12 (Sep-25 → Aug-26)
Subject-lease / other requested fields
total_area_sfValue passedCitation failed
Reported
23,000
Expected
23,000
Response evidence
Rent-Roll.xlsx (sum)
Review
The final answer provides no source page, worksheet/row or named clause supporting this complete field; document names and amendment discussion alone are insufficient for location credit.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
Scoped response context
Rent roll (as of 2026-08-31)
Historical T12 (Sep-25 → Aug-26)
Subject-lease / other requested fields
occupied_area_sfValue passedCitation failed
Reported
20,200
Expected
20,200
Response evidence
Rent-Roll.xlsx
Review
The final answer provides no source page, worksheet/row or named clause supporting this complete field; document names and amendment discussion alone are insufficient for location credit.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
Scoped response context
Rent roll (as of 2026-08-31)
Historical T12 (Sep-25 → Aug-26)
Subject-lease / other requested fields
occupancy_count_pctValue passedCitation failed
Reported
87.50
Expected
87.5
Response evidence
7 / 8
Review
The final answer provides no source page, worksheet/row or named clause supporting this complete field; document names and amendment discussion alone are insufficient for location credit.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
Scoped response context
Rent roll (as of 2026-08-31)
Historical T12 (Sep-25 → Aug-26)
Subject-lease / other requested fields
occupancy_area_pctValue passedCitation failed
Reported
87.83
Expected
87.826087
Response evidence
20,200 / 23,000
Review
The final answer provides no source page, worksheet/row or named clause supporting this complete field; document names and amendment discussion alone are insufficient for location credit.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
Scoped response context
Rent roll (as of 2026-08-31)
Historical T12 (Sep-25 → Aug-26)
Subject-lease / other requested fields
rent_roll_monthly_baseValue passedCitation failed
Reported
$48,600
Expected
48,600
Response evidence
Rent roll as printed
Review
The final answer provides no source page, worksheet/row or named clause supporting this complete field; document names and amendment discussion alone are insufficient for location credit.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
Scoped response context
Rent roll (as of 2026-08-31)
Historical T12 (Sep-25 → Aug-26)
Subject-lease / other requested fields
effective_monthly_baseValue passedCitation failed
Reported
$49,100
Expected
49,100
Response evidence
Rent roll + executed First Amendment on Unit 101 ($7,500)
Review
The final answer provides no source page, worksheet/row or named clause supporting this complete field; document names and amendment discussion alone are insufficient for location credit.
Checked source
Rent-Roll.xlsx and Lease-File.pdf / executed amendment where present
Scoped response context
Rent roll (as of 2026-08-31)
Historical T12 (Sep-25 → Aug-26)
Subject-lease / other requested fields
t12_egiValue passedCitation failed
Reported
$723,600
Expected
723,600
Response evidence
No inline location supplied
Review
The final answer provides no source page, worksheet/row or named clause supporting this complete field; document names and amendment discussion alone are insufficient for location credit.
Checked source
T12-Statement.pdf / annual column, page 2
Scoped response context
Rent roll (as of 2026-08-31)
Historical T12 (Sep-25 → Aug-26)
Subject-lease / other requested fields
t12_operating_expensesValue passedCitation failed
Reported
$216,000
Expected
216,000
Response evidence
No inline location supplied
Review
The final answer provides no source page, worksheet/row or named clause supporting this complete field; document names and amendment discussion alone are insufficient for location credit.
Checked source
T12-Statement.pdf / annual column, page 2
Scoped response context
Rent roll (as of 2026-08-31)
Historical T12 (Sep-25 → Aug-26)
Subject-lease / other requested fields
t12_noi_before_reservesValue passedCitation failed
Reported
$507,600
Expected
507,600
Response evidence
No inline location supplied
Review
The final answer provides no source page, worksheet/row or named clause supporting this complete field; document names and amendment discussion alone are insufficient for location credit.
Checked source
T12-Statement.pdf / annual column, page 2
Scoped response context
Rent roll (as of 2026-08-31)
Historical T12 (Sep-25 → Aug-26)
Subject-lease / other requested fields
t12_reservesValue passedCitation failed
Reported
$9,200
Expected
9,200
Response evidence
No inline location supplied
Review
The final answer provides no source page, worksheet/row or named clause supporting this complete field; document names and amendment discussion alone are insufficient for location credit.
Checked source
T12-Statement.pdf / annual column, page 2
Scoped response context
Rent roll (as of 2026-08-31)
Historical T12 (Sep-25 → Aug-26)
Subject-lease / other requested fields
t12_ncfValue passedCitation failed
Reported
$498,400
Expected
498,400
Response evidence
No inline location supplied
Review
The final answer provides no source page, worksheet/row or named clause supporting this complete field; document names and amendment discussion alone are insufficient for location credit.
Checked source
T12-Statement.pdf / annual column, page 2
Scoped response context
Rent roll (as of 2026-08-31)
Historical T12 (Sep-25 → Aug-26)
Subject-lease / other requested fields
subject_lease_monthly_rentValue passedCitation failed
Reported
$7,500
Expected
7,500
Response evidence
No inline location supplied
Review
The final answer provides no source page, worksheet/row or named clause supporting this complete field; document names and amendment discussion alone are insufficient for location credit.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
Scoped response context
Rent roll (as of 2026-08-31)
Historical T12 (Sep-25 → Aug-26)
Subject-lease / other requested fields
subject_lease_expiryValue passedCitation failed
Reported
2031-08-31
Expected
2031-08-31
Response evidence
No inline location supplied
Review
The final answer provides no source page, worksheet/row or named clause supporting this complete field; document names and amendment discussion alone are insufficient for location credit.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
Scoped response context
Rent roll (as of 2026-08-31)
Historical T12 (Sep-25 → Aug-26)
Subject-lease / other requested fields
subject_lease_depositValue passedCitation failed
Reported
$15,000
Expected
15,000
Response evidence
No inline location supplied
Review
The final answer provides no source page, worksheet/row or named clause supporting this complete field; document names and amendment discussion alone are insufficient for location credit.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
Scoped response context
Rent roll (as of 2026-08-31)
Historical T12 (Sep-25 → Aug-26)
Subject-lease / other requested fields
renewal_option_exercisedValue passedCitation failed
Reported
Not evidenced
Expected
Not evidenced
Response evidence
No inline location supplied
Review
The final answer provides no source page, worksheet/row or named clause supporting this complete field; document names and amendment discussion alone are insufficient for location credit.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
Scoped response context
Rent roll (as of 2026-08-31)
Historical T12 (Sep-25 → Aug-26)
Subject-lease / other requested fields
uw_egiValue passed
Reported
$768,144
Expected
768,144
Response evidence
(657,600 × 0.94) + 150,000
uw_management_feeValue passed
Reported
$30,725.76
Expected
30,725.76
Response evidence
max($24,000, 4% × EGI)
uw_operating_expensesValue passed
Reported
$223,925.76
Expected
223,925.76
Response evidence
Sum of normalized opex
uw_noi_before_reservesValue passed
Reported
$544,218.24
Expected
544,218.24
Response evidence
Derived
uw_reservesValue passed
Reported
$4,600
Expected
4,600
Response evidence
$0.20/SF × 23,000
uw_ncfValue passed
Reported
$539,618.24
Expected
539,618.24
Response evidence
Derived
capitalization_valueValue passed
Reported
$8,372,588
Expected
8,372,588.307692
Response evidence
NOI / 6.50%
contract_rateValue passed
Reported
0.0625
Expected
0.0625
Response evidence
No inline location supplied
sizing_rateValue passed
Reported
0.0650
Expected
0.065
Response evidence
No inline location supplied
annual_debt_constantValue passed
Reported
0.08102486
Expected
0.081025
Response evidence
No inline location supplied
ltv_limitValue passed
Reported
$5,442,182
Expected
5,442,182.4
Response evidence
No inline location supplied
dscr_limitValue passed
Reported
$5,327,928
Expected
5,327,927.692818
Response evidence
No inline location supplied
debt_yield_limitValue passed
Reported
$6,046,869
Expected
6,046,869.333333
Response evidence
No inline location supplied
maximum_loanValue passed
Reported
$5,327,928
Expected
5,327,927.692818
Response evidence
No inline location supplied
binding_constraintValue passed
Reported
DSCR
Expected
DSCR
Response evidence
No inline location supplied
sizing_annual_debt_serviceValue passed
Reported
$431,695
Expected
431,694.592
Response evidence
No inline location supplied
sizing_dscrValue passed
Reported
1.250x
Expected
1.25
Response evidence
No inline location supplied
sizing_debt_yieldValue passed
Reported
10.21%
Expected
0.102144
Response evidence
No inline location supplied
first_year_debt_serviceValue passed
Reported
$421,760
Expected
421,760.489859
Response evidence
No inline location supplied
cash_to_borrowerValue passed
Reported
+$1,826,648
Expected
1,826,648.41589
Response evidence
No inline location supplied
stress_uw_noiValue passed
Reported
$507,347
Expected
507,347.328
Response evidence
No inline location supplied
stress_maximum_loanValue passed
Reported
$4,535,438
Expected
4,535,438.248834
Response evidence
No inline location supplied

GPT-5 agent

space_countValue passedSource supported
Reported
8
Expected
8
Response evidence
Rent-Roll.xlsx | Rent Roll!C7:C14
Calculation supplied
Units listed 101–108 inclusive = 8 suites.
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
occupied_countValue passedSource supported
Reported
7
Expected
7
Response evidence
Rent-Roll.xlsx | Rent Roll!F7:F14
Calculation supplied
All except 108 show Status=Occupied; 7 occupied.
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
total_area_sfValue passedSource supported
Reported
23,000
Expected
23,000
Response evidence
Rent-Roll.xlsx | Rent Roll!E7:E14
Calculation supplied
Sum SF: 1,800+2,200+2,500+3,200+4,000+5,000+1,500+2,800 = 23,000 SF.
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
occupied_area_sfValue passedSource supported
Reported
20,200
Expected
20,200
Response evidence
Rent-Roll.xlsx | Rent Roll!E7:E13, E14 vacant 2,800 SF
Calculation supplied
Total 23,000 - vacant 2,800 = 20,200 SF.
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
occupancy_count_pctValue passedSource supported
Reported
87.5
Expected
87.5
Response evidence
Rent-Roll.xlsx | Rent Roll!F7:F14
Calculation supplied
7 occupied / 8 total = 87.5%.
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
occupancy_area_pctValue passedSource supported
Reported
87.826087
Expected
87.826087
Response evidence
Rent-Roll.xlsx | Rent Roll!E7:E14, F7:F14
Calculation supplied
20,200 / 23,000 = 87.8260869565%.
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
rent_roll_monthly_baseValue passedSource supported
Reported
48,600
Expected
48,600
Response evidence
Rent-Roll.xlsx | Rent Roll!G7:G14
Calculation supplied
Sum monthly base in G7:G14 with vacant G14 blank=0: 7,000+5,500+6,000+7,200+9,000+10,500+3,400+0 = $48,600.
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
effective_monthly_baseValue passedSource supported
Reported
49,100
Expected
49,100
Response evidence
Lease-File.pdf | p.2 (amendment effective 2026-08-01 to $7,500) · Rent-Roll.xlsx | Rent Roll!G7:G14 shows $7,000 for 101 pre-amendment
Calculation supplied
Adjust suite 101 from $7,000 to $7,500 per executed amendment: 48,600 + 500 = $49,100.
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx and Lease-File.pdf / executed amendment where present
t12_egiValue passedSource supported
Reported
723,600
Expected
723,600
Response evidence
T12-Statement.pdf | p.2 'Annual' EGI computed: 645,600 - 46,800 - 14,400 - 3,600 + 142,800
Calculation supplied
Gross potential 645,600 less losses 46,800, 14,400, 3,600 plus other 142,800 = 723,600.
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
T12-Statement.pdf / annual column, page 2
t12_operating_expensesValue passedSource supported
Reported
216,000
Expected
216,000
Response evidence
T12-Statement.pdf | p.2 annual totals lines: taxes 86,400; insurance 25,200; utilities 19,200; R&M 28,800; payroll 18,000; admin/legal 14,400; management 24,000
Calculation supplied
Sum expenses above NOI = 86,400+25,200+19,200+28,800+18,000+14,400+24,000 = 216,000.
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
T12-Statement.pdf / annual column, page 2
t12_noi_before_reservesValue passedSource supported
Reported
507,600
Expected
507,600
Response evidence
T12-Statement.pdf | p.2 'Annual'
Calculation supplied
EGI 723,600 - opex 216,000 = 507,600.
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
T12-Statement.pdf / annual column, page 2
t12_reservesValue passedSource supported
Reported
9,200
Expected
9,200
Response evidence
T12-Statement.pdf | p.2 'Replacement reserves (below NOI)' Annual 9,200
Calculation supplied
As printed.
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
T12-Statement.pdf / annual column, page 2
t12_ncfValue passedSource supported
Reported
498,400
Expected
498,400
Response evidence
T12-Statement.pdf | p.2 'Annual'
Calculation supplied
507,600 - 9,200 = 498,400.
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
T12-Statement.pdf / annual column, page 2
subject_lease_monthly_rentValue passedSource supported
Reported
7,500
Expected
7,500
Response evidence
Lease-File.pdf | p.2 executed first amendment effective 2026-08-01
Calculation supplied
As executed amendment supersedes prior $7,000.
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
subject_lease_expiryValue passedSource supported
Reported
2031-08-31
Expected
2031-08-31
Response evidence
Lease-File.pdf | p.1 Section 2; p.2 amendment confirms unchanged
Calculation supplied
Initial term expires 2031-08-31; amendment leaves expiry unchanged; no exercised renewal provided.
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
subject_lease_depositValue passedSource supported
Reported
15,000
Expected
15,000
Response evidence
Lease-File.pdf | p.1 Section 4
Calculation supplied
Security deposit stated $15,000.
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
renewal_option_exercisedValue passedSource supported
Reported
Not evidenced
Expected
Not evidenced
Response evidence
Lease-File.pdf | p.1 Section 5 renewal; p.2 notes no exercise evidence in packet
Calculation supplied
Packet explicitly states no exercise notice or amendment included; therefore not exercised.
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
uw_egiValue passed
Reported
768,144
Expected
768,144
Response evidence
Property-and-Plan.pdf | p.2 underwriting plan
Calculation supplied
GPR 657,600 - 6% loss + 150,000 other = 768,144.
uw_management_feeValue passed
Reported
30,725.76
Expected
30,725.76
Response evidence
Property-and-Plan.pdf | p.2 'Management fee: greater of T12 actual and 4% of underwritten EGI' · T12-Statement.pdf | p.2 'Management fee' annual 24,000
Calculation supplied
4% of EGI 768,144 = 30,725.76 which is greater than $24,000 T12 actual.
uw_operating_expensesValue passed
Reported
223,925.76
Expected
223,925.76
Response evidence
Property-and-Plan.pdf | p.2 underwriting expense lines and rule for mgmt
Calculation supplied
Taxes 90,000 + insurance 27,600 + utilities 19,200 + R&M 24,000 + payroll 18,000 + admin 14,400 + mgmt 30,725.76 = 223,925.76.
uw_noi_before_reservesValue passed
Reported
544,218.24
Expected
544,218.24
Response evidence
Property-and-Plan.pdf | p.2 combined with EGI calc
Calculation supplied
EGI 768,144 - opex 223,925.76 = 544,218.24.
uw_reservesValue passed
Reported
4,600
Expected
4,600
Response evidence
Property-and-Plan.pdf | p.2 'Replacement reserves $0.20 per rentable SF per year' · Rent-Roll.xlsx | total SF 23,000
Calculation supplied
$0.20 * 23,000 SF = 4,600.
uw_ncfValue passed
Reported
539,618.24
Expected
539,618.24
Response evidence
Derived from above
Calculation supplied
544,218.24 - 4,600 = 539,618.24.
capitalization_valueValue passed
Reported
8,372,588.307692
Expected
8,372,588.307692
Response evidence
Lender-Terms.pdf | p.1 'Valuation: UW NOI BEFORE reserves / 6.50% cap'
Calculation supplied
544,218.24 / 0.065 = 8,372,588.3077.
contract_rateValue passed
Reported
0.0625
Expected
0.0625
Response evidence
Lender-Terms.pdf | p.1 'Contract rate 6.25% fixed'
Calculation supplied
As stated.
sizing_rateValue passed
Reported
0.065
Expected
0.065
Response evidence
Lender-Terms.pdf | p.1 'Sizing rate: greater of contract rate and 6.50% floor'
Calculation supplied
Greater of 6.25% and 6.50% = 6.50%.
annual_debt_constantValue passed
Reported
0.081025
Expected
0.081025
Response evidence
Lender-Terms.pdf | p.1 amortization 25 years monthly; computed in workbook
Calculation supplied
Annualized constant = -12*PMT(0.065/12, 300, 1) = 0.08102485936.
ltv_limitValue passed
Reported
5,442,182.4
Expected
5,442,182.4
Response evidence
Lender-Terms.pdf | p.1 LTV 65% of value; value above
Calculation supplied
0.65 * 8,372,588.3077 = 5,442,182.40.
dscr_limitValue passed
Reported
5,327,927.692818
Expected
5,327,927.692818
Response evidence
Lender-Terms.pdf | p.1 DSCR 1.25x using NCF after reserves; constant above
Calculation supplied
Loan <= NCF / (1.25 * constant) = 539,618.24 / (1.25*0.08102485936) = 5,327,927.69.
debt_yield_limitValue passed
Reported
6,046,869.333333
Expected
6,046,869.333333
Response evidence
Lender-Terms.pdf | p.1 debt yield min 9% using NOI before reserves
Calculation supplied
Loan <= NOI / 0.09 = 544,218.24 / 0.09 = 6,046,869.33.
maximum_loanValue passed
Reported
5,327,927.692818
Expected
5,327,927.692818
Response evidence
Computed limits above
Calculation supplied
Minimum of LTV 5,442,182; DSCR 5,327,928; DY 6,046,869 = 5,327,928.
binding_constraintValue passed
Reported
DSCR
Expected
DSCR
Response evidence
Lender-Terms.pdf | p.1 sizing definitions
Calculation supplied
DSCR limit is the smallest of the three constraints.
sizing_annual_debt_serviceValue passed
Reported
431,694.592
Expected
431,694.592
Response evidence
Computed from sized loan and constant
Calculation supplied
0.08102485936 * 5,327,927.69 = 431,694.592.
sizing_dscrValue passed
Reported
1.25
Expected
1.25
Response evidence
Definition: NCF / sizing annual debt service
Calculation supplied
539,618.24 / 431,694.592 = 1.25x by construction.
sizing_debt_yieldValue passed
Reported
0.102144
Expected
0.102144
Response evidence
Definition: NOI before reserves / loan
Calculation supplied
544,218.24 / 5,327,927.69 = 0.1021444493 (10.214%).
first_year_debt_serviceValue passed
Reported
421,760.489859
Expected
421,760.489859
Response evidence
Lender-Terms.pdf | p.1 contract rate 6.25%, 25-yr amort.; IO 0
Calculation supplied
Annual DS = -12*PMT(0.0625/12,300, sized loan) = $421,760.49.
cash_to_borrowerValue passed
Reported
1,826,648.41589
Expected
1,826,648.41589
Response evidence
Property-and-Plan.pdf | p.1 payoff and costs; Lender-Terms origination 1%
Calculation supplied
Net = loan*(1-1%) - payoff - fixed costs = 5,327,927.69*0.99 - 3,400,000 - 48,000 = 1,826,648.42.
stress_uw_noiValue passed
Reported
507,347.328
Expected
507,347.328
Response evidence
Property-and-Plan.pdf | p.2 sensitivity instruction
Calculation supplied
EGI down 5%: 768,144*0.95=729,736.80. Mgmt = max(24,000, 4%*EGI_down=29,189.472). Opex ex mgmt=193,200 held. NOI=EGI_down-(193,200+29,189.472)=507,347.328.
stress_maximum_loanValue passed
Reported
4,535,438.248834
Expected
4,535,438.248834
Response evidence
Property-and-Plan.pdf | p.2 combined downside; Lender-Terms sizing/constraints
Calculation supplied
With stress NOI 507,347.328 and NCF 502,747.328, value/cap unchanged -> LTV limit 5,073,473.28; DY limit 5,637,192.53; DSCR limit with sizing rate 7.50% (25y) constant 0.08867894134 gives loan <= 502,747.328/(1.25*0.08867894134)=4,535,438.25. Minimum is DSCR = 4,535,438.25.

Opus 5 agent

space_countValue passedSource supported
Reported
8
Expected
8
Response evidence
Rent-Roll.xlsx 'Rent Roll' rows 7-14 (units 101-108)
Calculation supplied
Count of unit rows = 8
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
occupied_countValue passedSource supported
Reported
7
Expected
7
Response evidence
Rent-Roll.xlsx rows 7-13 Status = Occupied; row 14 unit 108 Status = Vacant
Calculation supplied
8 total less 1 vacant = 7
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
total_area_sfValue passedSource supported
Reported
23,000
Expected
23,000
Response evidence
Rent-Roll.xlsx column E rows 7-14
Calculation supplied
1800+2200+2500+3200+4000+5000+1500+2800 = 23,000
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
occupied_area_sfValue passedSource supported
Reported
20,200
Expected
20,200
Response evidence
Rent-Roll.xlsx column E rows 7-13
Calculation supplied
23,000 - 2,800 (vacant 108) = 20,200
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
occupancy_count_pctValue passedSource supported
Reported
87.5
Expected
87.5
Response evidence
Rent-Roll.xlsx rows 7-14
Calculation supplied
100 x 7/8 = 87.50
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
occupancy_area_pctValue passedSource supported
Reported
87.826087
Expected
87.826087
Response evidence
Rent-Roll.xlsx column E rows 7-14
Calculation supplied
100 x 20,200/23,000 = 87.8261
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
rent_roll_monthly_baseValue passedSource supported
Reported
48,600
Expected
48,600
Response evidence
Rent-Roll.xlsx column G rows 7-13 (row 14 blank, vacant)
Calculation supplied
7000+5500+6000+7200+9000+10500+3400 = 48,600
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
effective_monthly_baseValue passedSource supported
Reported
49,100
Expected
49,100
Response evidence
Rent-Roll.xlsx column G rows 7-13; Lease-File.pdf p.2 executed first amendment signed 2026-07-20, effective 2026-08-01 ($7,500/mo for 101); Rent-Roll.xlsx row 19 manager note
Calculation supplied
48,600 - 7,000 + 7,500 = 49,100 (unsigned $8,000 proposal excluded)
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx and Lease-File.pdf / executed amendment where present
t12_egiValue passedSource supported
Reported
723,600
Expected
723,600
Response evidence
T12-Statement.pdf p.2 Annual column: 645,600 gross potential; -46,800 vacancy; -14,400 concessions; -3,600 bad debt; +142,800 other income
Calculation supplied
645,600-46,800-14,400-3,600+142,800 = 723,600
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
T12-Statement.pdf / annual column, page 2
t12_operating_expensesValue passedSource supported
Reported
216,000
Expected
216,000
Response evidence
T12-Statement.pdf p.2 Annual column: taxes 86,400; insurance 25,200; utilities 19,200; R&M 28,800; payroll 18,000; admin 14,400; management 24,000; reserves/capex/P&I/depreciation excluded per statement footnote and Property-and-Plan.pdf p.1
Calculation supplied
86,400+25,200+19,200+28,800+18,000+14,400+24,000 = 216,000
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
T12-Statement.pdf / annual column, page 2
t12_noi_before_reservesValue passedSource supported
Reported
507,600
Expected
507,600
Response evidence
T12-Statement.pdf p.2 Annual column; Property-and-Plan.pdf p.1 instruction to report NOI before reserves separately
Calculation supplied
723,600 - 216,000 = 507,600
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
T12-Statement.pdf / annual column, page 2
t12_reservesValue passedSource supported
Reported
9,200
Expected
9,200
Response evidence
T12-Statement.pdf p.2 'Replacement reserves (below NOI)' Annual = 9,200
Calculation supplied
Reported annual total
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
T12-Statement.pdf / annual column, page 2
t12_ncfValue passedSource supported
Reported
498,400
Expected
498,400
Response evidence
T12-Statement.pdf p.2 Annual column
Calculation supplied
507,600 - 9,200 = 498,400
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
T12-Statement.pdf / annual column, page 2
subject_lease_monthly_rentValue passedSource supported
Reported
7,500
Expected
7,500
Response evidence
Lease-File.pdf p.2 executed first amendment signed by both parties 2026-07-20, effective 2026-08-01: base rent changes to $7,500/month; manager note states the amendment is authoritative over the rent roll
Calculation supplied
Authoritative amendment amount; rent roll $7,000 is stale; unsigned $8,000 broker proposal excluded
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
subject_lease_expiryValue passedSource supported
Reported
2031-08-31
Expected
2031-08-31
Response evidence
Lease-File.pdf p.1 Section 2 initial term expires 2031-08-31; p.2 amendment states the existing expiration date remains unchanged
Calculation supplied
No exercised extension; unsigned 2033 proposal excluded
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
subject_lease_depositValue passedSource supported
Reported
15,000
Expected
15,000
Response evidence
Lease-File.pdf p.1 Section 4; p.2 amendment leaves the $15,000 deposit unchanged
Calculation supplied
As stated; not income
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
renewal_option_exercisedValue passedSource supported
Reported
Not evidenced
Expected
Not evidenced
Response evidence
Lease-File.pdf p.1 Section 5: one conditional option requiring written notice at least 180 days before expiration; 'No exercise notice, landlord acknowledgment or amendment exercising this option is included in the packet'
Calculation supplied
No evidence of exercise; current expiry not extended
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
uw_egiValue passed
Reported
768,144
Expected
768,144
Response evidence
Property-and-Plan.pdf p.2: gross potential base rent $657,600; combined revenue loss 6.00%; other income $150,000 added after loss
Calculation supplied
657,600 x 0.94 = 618,144; + 150,000 = 768,144
uw_management_feeValue passed
Reported
30,725.76
Expected
30,725.76
Response evidence
Property-and-Plan.pdf p.2: management fee = greater of T12 actual ($24,000) and 4.00% of underwritten EGI
Calculation supplied
max(24,000; 0.04 x 768,144 = 30,725.76) = 30,725.76
uw_operating_expensesValue passed
Reported
223,925.76
Expected
223,925.76
Response evidence
Property-and-Plan.pdf p.2 expense table: taxes 90,000; insurance 27,600; utilities 19,200; R&M 28,800 less 4,800 one-time = 24,000; payroll 18,000; admin 14,400; management per formula
Calculation supplied
90,000+27,600+19,200+24,000+18,000+14,400+30,725.76 = 223,925.76
uw_noi_before_reservesValue passed
Reported
544,218.24
Expected
544,218.24
Response evidence
Property-and-Plan.pdf p.2; workbook Underwriting!B17
Calculation supplied
768,144 - 223,925.76 = 544,218.24
uw_reservesValue passed
Reported
4,600
Expected
4,600
Response evidence
Property-and-Plan.pdf p.2 reserves $0.20/SF/yr; Rent-Roll.xlsx 23,000 SF
Calculation supplied
0.20 x 23,000 = 4,600
uw_ncfValue passed
Reported
539,618.24
Expected
539,618.24
Response evidence
workbook Underwriting!B19
Calculation supplied
544,218.24 - 4,600 = 539,618.24
capitalization_valueValue passed
Reported
8,372,588.307692
Expected
8,372,588.307692
Response evidence
Lender-Terms.pdf p.1 Valuation: UW NOI BEFORE reserves / 6.50% cap rate
Calculation supplied
544,218.24 / 0.065 = 8,372,588.31
contract_rateValue passed
Reported
0.0625
Expected
0.0625
Response evidence
Lender-Terms.pdf p.1 Contract rate 6.25% fixed
Calculation supplied
As stated
sizing_rateValue passed
Reported
0.065
Expected
0.065
Response evidence
Lender-Terms.pdf p.1 Sizing rate = greater of current contractual rate (6.25%) and 6.50% floor
Calculation supplied
max(0.0625, 0.065) = 0.065
annual_debt_constantValue passed
Reported
0.081025
Expected
0.081025
Response evidence
Lender-Terms.pdf p.1: 25-year amortization, monthly payments, annual debt service = 12 monthly payments; workbook 'Loan Sizing'!B5
Calculation supplied
12 x PMT(0.065/12, 300, 1) = 0.08102485936
ltv_limitValue passed
Reported
5,442,182.4
Expected
5,442,182.4
Response evidence
Lender-Terms.pdf p.1 LTV 65.00% of indicative value; workbook 'Loan Sizing'!B7
Calculation supplied
0.65 x 8,372,588.31 = 5,442,182.40
dscr_limitValue passed
Reported
5,327,927.692818
Expected
5,327,927.692818
Response evidence
Lender-Terms.pdf p.1 DSCR minimum 1.25x on NCF after reserves at sizing rate, amortizing; workbook 'Loan Sizing'!B8
Calculation supplied
(539,618.24 / 1.25) / 0.08102485936 = 5,327,927.69
debt_yield_limitValue passed
Reported
6,046,869.333333
Expected
6,046,869.333333
Response evidence
Lender-Terms.pdf p.1 Debt yield minimum 9.00%, numerator NOI BEFORE reserves; workbook 'Loan Sizing'!B9
Calculation supplied
544,218.24 / 0.09 = 6,046,869.33
maximum_loanValue passed
Reported
5,327,927.692818
Expected
5,327,927.692818
Response evidence
Lender-Terms.pdf p.1 loan ceiling = lowest of the three constraints; workbook 'Loan Sizing'!B10
Calculation supplied
min(5,442,182.40; 5,327,927.69; 6,046,869.33) = 5,327,927.69
binding_constraintValue passed
Reported
DSCR
Expected
DSCR
Response evidence
workbook 'Loan Sizing'!B11
Calculation supplied
DSCR limit is the lowest of the three
sizing_annual_debt_serviceValue passed
Reported
431,694.592
Expected
431,694.592
Response evidence
workbook 'Loan Sizing'!B13
Calculation supplied
5,327,927.69 x 0.08102485936 = 431,694.59
sizing_dscrValue passed
Reported
1.25
Expected
1.25
Response evidence
workbook 'Loan Sizing'!B14
Calculation supplied
539,618.24 / 431,694.59 = 1.250 (binding at the minimum)
sizing_debt_yieldValue passed
Reported
0.102144
Expected
0.102144
Response evidence
Lender-Terms.pdf p.1 debt yield numerator = NOI before reserves; workbook 'Loan Sizing'!B15
Calculation supplied
544,218.24 / 5,327,927.69 = 0.102144
first_year_debt_serviceValue passed
Reported
421,760.48986
Expected
421,760.489859
Response evidence
Lender-Terms.pdf p.1: contract rate 6.25%, interest-only period 0 months, 25-yr monthly amortization; workbook 'Loan Sizing'!B19
Calculation supplied
IO = 0, so 12 x PMT(0.0625/12,300,1) x 5,327,927.69 = 0.07916032540 x 5,327,927.69 = 421,760.49
cash_to_borrowerValue passed
Reported
1,826,648.41589
Expected
1,826,648.41589
Response evidence
Property-and-Plan.pdf p.1 payoff $3,400,000, fixed closing costs $48,000; Lender-Terms.pdf p.1 origination 1.00% of actual initial principal; workbook 'Sources and Uses'!B15
Calculation supplied
5,327,927.69 - 3,400,000 - 53,279.28 - 48,000 = 1,826,648.42 (positive = cash out)
stress_uw_noiValue passed
Reported
507,347.328
Expected
507,347.328
Response evidence
Property-and-Plan.pdf p.2 sensitivity instruction (EGI -5%, recompute management minimum, hold other expenses and reserves constant); workbook Sensitivity!C10
Calculation supplied
768,144 x 0.95 = 729,736.80 EGI; management max(24,000; 0.04 x 729,736.80 = 29,189.472); other expenses 193,200; NOI = 729,736.80 - 193,200 - 29,189.472 = 507,347.328
stress_maximum_loanValue passed
Reported
4,535,438.248834
Expected
4,535,438.248834
Response evidence
Property-and-Plan.pdf p.2 combined downside (EGI -5% and sizing rate +100 bps, cap rate unchanged); workbook Sensitivity!E18
Calculation supplied
Stressed NOI 507,347.328, NCF 502,747.328; value 507,347.328/0.065 = 7,805,343.51; LTV limit 5,073,473.28; constant at 7.50% = 0.08867894134; DSCR limit (502,747.328/1.25)/0.08867894134 = 4,535,438.25; DY limit 5,637,192.53; min = 4,535,438.25 (DSCR)

GPT-5 agent · direct API control

space_countValue passedSource supported
Reported
8
Expected
8
Response evidence
Rent-Roll.xlsx | Rent Roll!C7:C14 (units 101–108)
Calculation supplied
Count of listed suites 101–108 = 8
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
occupied_countValue passedSource supported
Reported
7
Expected
7
Response evidence
Rent-Roll.xlsx | Rent Roll!F7:F14 (status flags)
Calculation supplied
Occupied statuses in F7–F13 = 7; F14 is Vacant
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
total_area_sfValue passedSource supported
Reported
23,000
Expected
23,000
Response evidence
Rent-Roll.xlsx | Rent Roll!E7:E14 (areas per suite)
Calculation supplied
Sum(1800+2200+2500+3200+4000+5000+1500+2800) = 23,000 sf
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
occupied_area_sfValue passedSource supported
Reported
20,200
Expected
20,200
Response evidence
Rent-Roll.xlsx | Rent Roll!E7:E14; F7:F14
Calculation supplied
Total area 23,000 sf minus vacant 108 (2,800 sf) = 20,200 sf
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
occupancy_count_pctValue passedSource supported
Reported
87.5
Expected
87.5
Response evidence
Rent-Roll.xlsx | Rent Roll!C7:C14; F7:F14
Calculation supplied
7 occupied / 8 total = 0.875 = 87.5%
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
occupancy_area_pctValue passedSource supported
Reported
87.826087
Expected
87.826087
Response evidence
Rent-Roll.xlsx | Rent Roll!E7:E14; F7:F14
Calculation supplied
20,200 sf occupied / 23,000 sf total = 0.87826087 = 87.826087%
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
rent_roll_monthly_baseValue passedSource supported
Reported
48,600
Expected
48,600
Response evidence
Rent-Roll.xlsx | Rent Roll!G7:G13 (monthly base rent for occupied) and G14 blank
Calculation supplied
Sum(7,000+5,500+6,000+7,200+9,000+10,500+3,400) = 48,600
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
effective_monthly_baseValue passedSource supported
Reported
49,100
Expected
49,100
Response evidence
Rent-Roll.xlsx | Rent Roll!G7:G13 (shows 7,000 for 101; manager note C19) · Lease-File.pdf | p.2 (Executed first amendment: base rent $7,500/month effective 2026-08-01)
Calculation supplied
Adjust unit 101 from 7,000 to 7,500 per executed amendment; 48,600 + 500 = 49,100
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx and Lease-File.pdf / executed amendment where present
t12_egiValue passedSource supported
Reported
723,600
Expected
723,600
Response evidence
T12-Statement.pdf | p.2 Annual column: GP base rent 645,600; Vacancy -46,800; Concessions -14,400; Bad debt -3,600; Other income 142,800
Calculation supplied
645,600 - 46,800 - 14,400 - 3,600 + 142,800 = 723,600
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
T12-Statement.pdf / annual column, page 2
t12_operating_expensesValue passedSource supported
Reported
216,000
Expected
216,000
Response evidence
T12-Statement.pdf | p.2 Annual column: RE taxes 86,400; Insurance 25,200; Utilities 19,200; R&M 28,800; Payroll 18,000; Admin/legal 14,400; Mgmt fee 24,000
Calculation supplied
86,400 + 25,200 + 19,200 + 28,800 + 18,000 + 14,400 + 24,000 = 216,000
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
T12-Statement.pdf / annual column, page 2
t12_noi_before_reservesValue passedSource supported
Reported
507,600
Expected
507,600
Response evidence
T12-Statement.pdf | p.2 Annual column (inputs as cited above)
Calculation supplied
T12 EGI 723,600 - T12 operating expenses 216,000 = 507,600
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
T12-Statement.pdf / annual column, page 2
t12_reservesValue passedSource supported
Reported
9,200
Expected
9,200
Response evidence
T12-Statement.pdf | p.2 Annual column: Replacement reserves 9,200
Calculation supplied
Per reported annual replacement reserves
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
T12-Statement.pdf / annual column, page 2
t12_ncfValue passedSource supported
Reported
498,400
Expected
498,400
Response evidence
T12-Statement.pdf | p.2 Annual column
Calculation supplied
T12 NOI before reserves 507,600 - T12 reserves 9,200 = 498,400
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
T12-Statement.pdf / annual column, page 2
subject_lease_monthly_rentValue passedSource supported
Reported
7,500
Expected
7,500
Response evidence
Lease-File.pdf | p.2 (Executed first amendment effective 2026-08-01: base rent $7,500/month) · Lease-File.pdf | p.1 (Premises 101)
Calculation supplied
Stated in executed amendment
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
subject_lease_expiryValue passedSource supported
Reported
2031-08-31
Expected
2031-08-31
Response evidence
Lease-File.pdf | p.1 (Initial term expires 2031-08-31; renewal not exercised) · Lease-File.pdf | p.2 (Amendment leaves expiration unchanged)
Calculation supplied
Stated expiry; no extension exercised
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
subject_lease_depositValue passedSource supported
Reported
15,000
Expected
15,000
Response evidence
Lease-File.pdf | p.1 (Security deposit is $15,000)
Calculation supplied
Stated
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
renewal_option_exercisedValue passedSource supported
Reported
Not evidenced
Expected
Not evidenced
Response evidence
Lease-File.pdf | p.1 (Option exists; packet includes no exercise notice or amendment exercising it)
Calculation supplied
Per instruction, do not extend without evidence; none supplied
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
uw_egiValue passed
Reported
768,144
Expected
768,144
Response evidence
Property-and-Plan.pdf | p.2 (Underwriting plan: GPR $657,600; Combined revenue loss 6%; Other income $150,000)
Calculation supplied
GPR 657,600 - 6% loss (39,456) = 618,144; + Other income 150,000 = 768,144
uw_management_feeValue passed
Reported
30,725.76
Expected
30,725.76
Response evidence
Property-and-Plan.pdf | p.2 (Mgmt fee: greater of T12 actual and 4% of UW EGI) · T12-Statement.pdf | p.2 Annual column: Management fee 24,000
Calculation supplied
Max(24,000; 4% x 768,144) = Max(24,000; 30,725.76) = 30,725.76
uw_operating_expensesValue passed
Reported
223,925.76
Expected
223,925.76
Response evidence
Property-and-Plan.pdf | p.2 (Underwriting adjustments by category and mgmt rule)
Calculation supplied
RE taxes 90,000 + Insurance 27,600 + Utilities 19,200 + R&M (28,800 - 4,800) 24,000 + Payroll 18,000 + Admin/legal 14,400 + Mgmt fee 30,725.76 = 223,925.76
uw_noi_before_reservesValue passed
Reported
544,218.24
Expected
544,218.24
Response evidence
Property-and-Plan.pdf | p.2 (Underwriting plan components)
Calculation supplied
UW EGI 768,144 - UW operating expenses 223,925.76 = 544,218.24
uw_reservesValue passed
Reported
4,600
Expected
4,600
Response evidence
Property-and-Plan.pdf | p.2 (Replacement reserves $0.20 per rentable SF per year) · Rent-Roll.xlsx | Rent Roll!E7:E14 (total RSF 23,000)
Calculation supplied
0.20 x 23,000 sf = 4,600
uw_ncfValue passed
Reported
539,618.24
Expected
539,618.24
Response evidence
Property-and-Plan.pdf | p.2 (Reserve instruction)
Calculation supplied
UW NOI before reserves 544,218.24 - UW reserves 4,600 = 539,618.24
capitalization_valueValue passed
Reported
8,372,588.31
Expected
8,372,588.307692
Response evidence
Lender-Terms.pdf | p.1 (Value = UW NOI BEFORE reserves / 6.50% cap)
Calculation supplied
544,218.24 / 0.065 = 8,372,588.31
contract_rateValue passed
Reported
0.0625
Expected
0.0625
Response evidence
Lender-Terms.pdf | p.1 (Contract rate 6.25% fixed)
Calculation supplied
Stated
sizing_rateValue passed
Reported
0.065
Expected
0.065
Response evidence
Lender-Terms.pdf | p.1 (Sizing rate is greater of contractual and 6.50% floor)
Calculation supplied
Max(6.25%, 6.50%) = 6.50%
annual_debt_constantValue passed
Reported
0.080998
Expected
0.081025
Response evidence
Lender-Terms.pdf | p.1 (25-year amortization, monthly; annual DS = 12 monthly payments)
Calculation supplied
Monthly i = 0.065/12 = 0.0054166667; n=300; Monthly pmt factor = i / (1 - (1+i)^-n) ≈ 0.006749848; Annual constant = 12 x 0.006749848 = 0.08099818
ltv_limitValue passed
Reported
5,442,182.4
Expected
5,442,182.4
Response evidence
Lender-Terms.pdf | p.1 (LTV 65% of indicative value) · Value as computed above
Calculation supplied
0.65 x 8,372,588.31 = 5,442,182.40
dscr_limitValue failed
Reported
5,329,659
Expected
5,327,927.692818
Response evidence
Lender-Terms.pdf | p.1 (DSCR ≥ 1.25x using NCF/annual amortizing DS at sizing rate)
Calculation supplied
Allowable annual DS = UW NCF 539,618.24 / 1.25 = 431,694.592; Max loan = 431,694.592 / 0.08099818 ≈ 5,329,659
debt_yield_limitValue passed
Reported
6,046,869.33
Expected
6,046,869.333333
Response evidence
Lender-Terms.pdf | p.1 (Debt yield min 9.00%; numerator = UW NOI before reserves)
Calculation supplied
Max loan = 544,218.24 / 0.09 = 6,046,869.33
maximum_loanValue failed
Reported
5,329,659
Expected
5,327,927.692818
Response evidence
Lender-Terms.pdf | p.1 (Loan ceiling = lowest of LTV, DSCR, debt yield)
Calculation supplied
Min(5,442,182.40; 5,329,659; 6,046,869.33) = 5,329,659 (DSCR binds)
binding_constraintValue passed
Reported
DSCR
Expected
DSCR
Response evidence
Comparative limits calculated above
Calculation supplied
DSCR limit (≈$5.33MM) < LTV and Debt Yield limits
sizing_annual_debt_serviceValue passed
Reported
431,694.592
Expected
431,694.592
Response evidence
Lender-Terms.pdf | p.1 (DSCR definition)
Calculation supplied
At DSCR-binding maximum, Annual DS = UW NCF / 1.25 = 539,618.24 / 1.25 = 431,694.592
sizing_dscrValue passed
Reported
1.25
Expected
1.25
Response evidence
Lender-Terms.pdf | p.1
Calculation supplied
UW NCF 539,618.24 / 431,694.592 = 1.25x (by construction)
sizing_debt_yieldValue passed
Reported
0.10211
Expected
0.102144
Response evidence
Lender-Terms.pdf | p.1 (Debt yield numerator = UW NOI before reserves)
Calculation supplied
544,218.24 / 5,329,659 ≈ 0.10211 (10.211%)
first_year_debt_serviceValue failed
Reported
422,167.71
Expected
421,760.489859
Response evidence
Lender-Terms.pdf | p.1 (Contract rate 6.25%; 25-yr amort; 0 months IO)
Calculation supplied
Annual constant at 6.25%, 25-yr ≈ 0.0792108; DS = 5,329,659 x 0.0792108 ≈ 422,167.71
cash_to_borrowerValue failed
Reported
1,828,362.41
Expected
1,826,648.41589
Response evidence
Property-and-Plan.pdf | p.1 (Existing payoff $3,400,000; Fixed closing costs $48,000) · Lender-Terms.pdf | p.1 (Origination fee 1.00%)
Calculation supplied
Net = Loan 5,329,659 - Payoff 3,400,000 - Orig fee 53,296.59 - Closing 48,000 = 1,828,362.41
stress_uw_noiValue passed
Reported
507,347.328
Expected
507,347.328
Response evidence
Property-and-Plan.pdf | p.2 (Sensitivity instruction: reduce EGI 5%, recompute management; hold other OpEx constant)
Calculation supplied
Stressed EGI = 768,144 x 0.95 = 729,736.8; Mgmt = max(24,000; 4% x 729,736.8 = 29,189.472) = 29,189.472; OpEx(stressed) = 223,925.76 - 30,725.76 + 29,189.472 = 222,389.472; NOI(before reserves) = 729,736.8 - 222,389.472 = 507,347.328
stress_maximum_loanValue failed
Reported
4,535,993
Expected
4,535,438.248834
Response evidence
Property-and-Plan.pdf | p.2 (Combined downside: EGI -5%; sizing rate +100 bps; cap rate unchanged) · Lender-Terms.pdf | p.1 (Sizing, DSCR, DY, LTV rules; amort 25-yr monthly)
Calculation supplied
Stressed NOI(before) 507,347.328; Value = 507,347.328/0.065 = 7,805,343.51; LTV limit = 0.65 x 7,805,343.51 = 5,073,473.28. Reserves held constant $4,600; Stressed NCF = 507,347.328 - 4,600 = 502,747.328; Allowable DS = 502,747.328/1.25 = 402,197.8624. Sizing rate = 7.50% => annual constant ≈ 0.0886679. DSCR-limited loan = 402,197.8624 / 0.0886679 ≈ 4,535,993. Debt yield limit = 507,347.328/0.09 = 5,637,192.53. Minimum is DSCR ≈ 4,535,993.

Opus 5 agent · direct API control

space_countValue passedSource supported
Reported
8
Expected
8
Response evidence
Rent-Roll.xlsx, 'Rent Roll', rows 7-14 (units 101-108)
Calculation supplied
Count of unit rows 7,8,9,10,11,12,13,14 = 8
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
occupied_countValue passedSource supported
Reported
7
Expected
7
Response evidence
Rent-Roll.xlsx rows 7-13 Status='Occupied'; row 14 (108) Status='Vacant'
Calculation supplied
8 total - 1 vacant = 7
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
total_area_sfValue passedSource supported
Reported
23,000
Expected
23,000
Response evidence
Rent-Roll.xlsx column E, rows 7-14
Calculation supplied
1800+2200+2500+3200+4000+5000+1500+2800 = 23,000
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
occupied_area_sfValue passedSource supported
Reported
20,200
Expected
20,200
Response evidence
Rent-Roll.xlsx column E, rows 7-13
Calculation supplied
23,000 - 2,800 (unit 108 vacant, E14) = 20,200
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
occupancy_count_pctValue passedSource supported
Reported
87.5
Expected
87.5
Response evidence
Rent-Roll.xlsx rows 7-14 Status column F
Calculation supplied
7 / 8 x 100 = 87.50
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
occupancy_area_pctValue passedSource supported
Reported
87.83
Expected
87.826087
Response evidence
Rent-Roll.xlsx column E/F, rows 7-14
Calculation supplied
20,200 / 23,000 x 100 = 87.8261 -> 87.83
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
rent_roll_monthly_baseValue passedSource supported
Reported
48,600
Expected
48,600
Response evidence
Rent-Roll.xlsx column G, rows 7-13 (G14 blank = vacant, no contractual rent; H column market rent not income, per note C17)
Calculation supplied
7,000+5,500+6,000+7,200+9,000+10,500+3,400 = 48,600
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
effective_monthly_baseValue passedSource supported
Reported
49,100
Expected
49,100
Response evidence
Rent-Roll.xlsx G7 ($7,000, stale per note C19); Lease-File.pdf p.2 Executed First Amendment signed 2026-07-20, effective 2026-08-01, base rent $7,500/mo
Calculation supplied
48,600 - 7,000 (stale 101) + 7,500 (amended 101) = 49,100
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Rent-Roll.xlsx and Lease-File.pdf / executed amendment where present
t12_egiValue passedSource supported
Reported
723,600
Expected
723,600
Response evidence
T12-Statement.pdf p.2 Annual column: GPR 645,600; vacancy (46,800); concessions (14,400); bad debt (3,600); other income/recoveries 142,800
Calculation supplied
645,600 - 46,800 - 14,400 - 3,600 + 142,800 = 723,600
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
T12-Statement.pdf / annual column, page 2
t12_operating_expensesValue passedSource supported
Reported
216,000
Expected
216,000
Response evidence
T12-Statement.pdf p.2 Annual column: taxes 86,400; insurance 25,200; utilities 19,200; R&M 28,800; payroll 18,000; admin/legal 14,400; management 24,000. Reserves 9,200, capex 98,000, P&I 294,000, depreciation 180,000 excluded per page footnote.
Calculation supplied
86,400+25,200+19,200+28,800+18,000+14,400+24,000 = 216,000
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
T12-Statement.pdf / annual column, page 2
t12_noi_before_reservesValue passedSource supported
Reported
507,600
Expected
507,600
Response evidence
Derived from T12-Statement.pdf p.2 Annual column
Calculation supplied
723,600 EGI - 216,000 OpEx = 507,600
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
T12-Statement.pdf / annual column, page 2
t12_reservesValue passedSource supported
Reported
9,200
Expected
9,200
Response evidence
T12-Statement.pdf p.2, 'Replacement reserves (below NOI)', Annual = 9,200
Calculation supplied
Reported annual total (monthly rows sum to 9,200)
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
T12-Statement.pdf / annual column, page 2
t12_ncfValue passedSource supported
Reported
498,400
Expected
498,400
Response evidence
Derived; T12-Statement.pdf p.2
Calculation supplied
507,600 - 9,200 = 498,400
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
T12-Statement.pdf / annual column, page 2
subject_lease_monthly_rentValue passedSource supported
Reported
7,500
Expected
7,500
Response evidence
Lease-File.pdf p.2, Executed First Amendment signed 2026-07-20, effective 2026-08-01 (controls over rent roll G7 = 7,000 per p.1 Sec. 6 authority clause and Rent-Roll.xlsx note C19)
Calculation supplied
Authoritative amended rent; unsigned 2026-08-27 broker proposal of $8,000 disregarded (not binding)
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
subject_lease_expiryValue passedSource supported
Reported
2031-08-31
Expected
2031-08-31
Response evidence
Lease-File.pdf p.1 Sec. 2 (initial term expires 2031-08-31); p.2 amendment leaves expiration unchanged; Rent-Roll.xlsx I7 agrees
Calculation supplied
No extension applied: renewal option not exercised and the unsigned proposal's 2033-08-31 extension is not binding
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
subject_lease_depositValue passedSource supported
Reported
15,000
Expected
15,000
Response evidence
Lease-File.pdf p.1 Sec. 4; p.2 amendment ('$15,000 deposit remains unchanged')
Calculation supplied
Not income and not prepaid rent; excluded from EGI
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
renewal_option_exercisedValue passedSource supported
Reported
Not evidenced
Expected
Not evidenced
Response evidence
Lease-File.pdf p.1 Sec. 5 ('No exercise notice, landlord acknowledgment or amendment exercising this option is included in the packet'); p.2 broker proposal is UNSIGNED
Calculation supplied
No evidence of timely written exercise; current expiry not extended
Review
The cited original source location, including explicitly linked calculations and scoped table context, supports the reported value.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
uw_egiValue passed
Reported
768,144
Expected
768,144
Response evidence
Property-and-Plan.pdf p.2: GPR $657,600 (supplied scenario); revenue loss 6.00% of UW GPR; other income $150,000 added after loss
Calculation supplied
657,600 x (1 - 0.06) = 618,144; + 150,000 = 768,144
uw_management_feeValue passed
Reported
30,725.76
Expected
30,725.76
Response evidence
Property-and-Plan.pdf p.2: 'Greater of T12 actual and 4.00% of underwritten EGI'; T12 actual 24,000 (T12-Statement.pdf p.2)
Calculation supplied
max(24,000; 0.04 x 768,144 = 30,725.76) = 30,725.76
uw_operating_expensesValue passed
Reported
223,925.76
Expected
223,925.76
Response evidence
Property-and-Plan.pdf p.2 expense table: taxes 90,000; insurance 27,600; utilities 19,200 (T12); R&M 28,800 - 4,800 one-time casualty = 24,000; payroll 18,000 (T12); admin/legal 14,400 (T12); management per above
Calculation supplied
90,000+27,600+19,200+24,000+18,000+14,400+30,725.76 = 223,925.76
uw_noi_before_reservesValue passed
Reported
544,218.24
Expected
544,218.24
Response evidence
Derived from Property-and-Plan.pdf p.2
Calculation supplied
768,144 - 223,925.76 = 544,218.24
uw_reservesValue passed
Reported
4,600
Expected
4,600
Response evidence
Property-and-Plan.pdf p.2 ($0.20/RSF/yr, deducted after NOI); area from Rent-Roll.xlsx col E
Calculation supplied
0.20 x 23,000 SF = 4,600
uw_ncfValue passed
Reported
539,618.24
Expected
539,618.24
Response evidence
Derived
Calculation supplied
544,218.24 - 4,600 = 539,618.24
capitalization_valueValue passed
Reported
8,372,588.31
Expected
8,372,588.307692
Response evidence
Lender-Terms.pdf p.1 'Valuation': UW NOI BEFORE reserves / 6.50% cap
Calculation supplied
544,218.24 / 0.065 = 8,372,588.3077 (indicative; no appraisal implied)
contract_rateValue passed
Reported
0.0625
Expected
0.0625
Response evidence
Lender-Terms.pdf p.1 'Contract rate' 6.25% fixed
Calculation supplied
n/a
sizing_rateValue passed
Reported
0.065
Expected
0.065
Response evidence
Lender-Terms.pdf p.1 'Sizing rate' = greater of contract rate and 6.50% floor
Calculation supplied
max(0.0625, 0.0650) = 0.0650
annual_debt_constantValue passed
Reported
0.081025
Expected
0.081025
Response evidence
Lender-Terms.pdf p.1: 25-yr amortization, monthly payments, annual DS = 12 monthly payments; sizing rate 6.50%
Calculation supplied
i = 0.065/12 = 0.00541667, n = 300; monthly factor = i / (1-(1+i)^-300) = 0.00675207; x 12 = 0.08102486
ltv_limitValue passed
Reported
5,442,182.4
Expected
5,442,182.4
Response evidence
Lender-Terms.pdf p.1: LTV 65.00% of indicative value
Calculation supplied
0.65 x 8,372,588.3077 = 5,442,182.40
dscr_limitValue passed
Reported
5,327,927
Expected
5,327,927.692818
Response evidence
Lender-Terms.pdf p.1: min 1.25x, NCF AFTER reserves / annual amortizing DS at sizing rate
Calculation supplied
539,618.24 / (1.25 x 0.08102486) = 539,618.24 / 0.10128108 = 5,327,927.5 (displayed 5,327,927)
debt_yield_limitValue passed
Reported
6,046,869.33
Expected
6,046,869.333333
Response evidence
Lender-Terms.pdf p.1: min 9.00%, numerator = UW NOI BEFORE reserves
Calculation supplied
544,218.24 / 0.09 = 6,046,869.33
maximum_loanValue passed
Reported
5,327,927
Expected
5,327,927.692818
Response evidence
Lender-Terms.pdf p.1 'Loan ceiling' = lowest of LTV/DSCR/debt-yield; no separate dollar cap
Calculation supplied
min(5,442,182.40; 5,327,927.5; 6,046,869.33) = 5,327,927.5
binding_constraintValue passed
Reported
DSCR
Expected
DSCR
Response evidence
Comparison of the three limits above (Lender-Terms.pdf p.1)
Calculation supplied
DSCR limit is lowest; it is $114,255 below the LTV limit and $718,942 below the debt-yield limit
sizing_annual_debt_serviceValue passed
Reported
431,694.59
Expected
431,694.592
Response evidence
Lender-Terms.pdf p.1 (sizing rate 6.50%, 25-yr amortization, 12 monthly payments)
Calculation supplied
5,327,927.5 x 0.08102486 = 431,694.59 (= NCF 539,618.24 / 1.25 by construction)
sizing_dscrValue passed
Reported
1.25
Expected
1.25
Response evidence
Lender-Terms.pdf p.1 DSCR definition
Calculation supplied
539,618.24 / 431,694.59 = 1.2500 (binding at the minimum)
sizing_debt_yieldValue passed
Reported
0.1021
Expected
0.102144
Response evidence
Lender-Terms.pdf p.1: numerator = UW NOI BEFORE reserves
Calculation supplied
544,218.24 / 5,327,927.5 = 0.102143 (10.21%; above 9.00% minimum)
first_year_debt_serviceValue passed
Reported
421,760
Expected
421,760.489859
Response evidence
Lender-Terms.pdf p.1: contract rate 6.25%, IO period 0 months, 25-yr monthly amortization
Calculation supplied
i = 0.0625/12 = 0.00520833, n = 300; monthly factor 0.00659669; monthly pmt = 5,327,927.5 x 0.00659669 = 35,146.7; x 12 = 421,760.4. No IO period, so year 1 is fully amortizing.
cash_to_borrowerValue passed
Reported
1,826,648
Expected
1,826,648.41589
Response evidence
Property-and-Plan.pdf p.1: payoff $3,400,000, fixed closing costs $48,000; Lender-Terms.pdf p.1: origination 1.00% of actual initial principal; no fee capitalization/holdbacks
Calculation supplied
5,327,927.5 - 3,400,000 - (0.01 x 5,327,927.5 = 53,279.28) - 48,000 = 1,826,648.2 (positive = cash out to borrower)
stress_uw_noiValue passed
Reported
507,347.33
Expected
507,347.328
Response evidence
Property-and-Plan.pdf p.2 sensitivity instruction (EGI -5%, recompute management minimum, all other expense/reserves constant)
Calculation supplied
EGI 768,144 x 0.95 = 729,736.80; mgmt = max(24,000; 0.04 x 729,736.80 = 29,189.47) = 29,189.47; other OpEx 193,200 unchanged; NOI = 729,736.80 - 222,389.47 = 507,347.33 (stress NCF = 502,747.33 after 4,600 reserves)
stress_maximum_loanValue passed
Reported
4,535,439
Expected
4,535,438.248834
Response evidence
Property-and-Plan.pdf p.2 (combined downside: EGI -5% AND sizing rate +100 bps; cap rate unchanged at 6.50%)
Calculation supplied
Stress sizing rate 7.50%: i=0.00625, n=300, monthly factor 0.00738991, annual constant 0.08867892. Value = 507,347.33/0.065 = 7,805,343.5; LTV limit = 5,073,473.3. DSCR limit = 502,747.33/(1.25 x 0.08867892) = 4,535,439.4. DY limit = 507,347.33/0.09 = 5,637,192.6. Min = 4,535,439 (DSCR binding); vs base case -$792,488 (-14.9%)

Back to the complete comparison