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 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 | The 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). |
| 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 | Pass | Sensitivity, missing diligence and financing risks are disclosed without unsupported numerical conclusions. PDF sensitivity and risk/limitations sections |
| 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 | Multiple 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. |
| 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":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}] |
| 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":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}] |
| Workbook | 7 | Pass | [{"field":"dscr_limit","actual":4868062.08438842,"expected":4868062.084388347,"passed":true},{"field":"maximum_loan","actual":4868062.08438842,"expected":4868062.084388347,"passed":true}] |
| Workbook | 8 | Pass | [{"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}] |
| Workbook | 9 | Fail | {"formula_errors":["Fields!D23: #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: $2.626. PostHog trace estimate using OpenRouter model rates; charged generation events summed, duplicate run-summary excluded
- Download underwriting workbookOriginal delivered file · SHA-256 cbc2840babad
- Download financing memoOriginal delivered file · SHA-256 ad4daafafe78