Workflow v1 / 30 completed workflows

Meadow Commerce

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

Business brief Answer key Reference workbook

The five original source files

Property-and-Plan.pdf T12-Statement.pdf Lease-File.pdf Lender-Terms.pdf Rent-Roll.xlsx

Lev Agent

All 39 headline source and financial checks passed.

All 39 requested fields and all ten workbook checks pass. Missing insurance evidence is clearly labeled provisional. The memo confuses sizing-rate debt service with the contractual payment after IO, misplaces lease expiry near loan maturity and clips source tables.

Material claims to inspect

PDF p.6 interest-only step-up — Contractual annual debt service rises to about $466,894 in month 13.

Source-supported finding: 12 × PMT(6.10% / 12, 360, principal 6,155,634.461538462) = 447,633.8862499241 annual debt service.

Overstates the future contractual payment by $19,260, about 4.3%, by using the underwriting floor rate.

All review findings (2)

All independent workbook base values and the three perturbations pass, with no formula errors.
The first-year interest-only debt service is correct; the extra payment-step-up narrative is where the contract/sizing-rate confusion occurs.

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 memo uses the 6.50% sizing-rate payment as the month-13 contractual payment. Contract rate is fixed at 6.10%. PDF p.6: IO steps up to approximately $466,894; correct annual contractual amortizing payment is $447,633.89 on the original principal over 360 months.
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	The memo equates August 2028 lease expiries with roughly the 60-month loan maturity. They occur about two years into a five-year loan. PDF p.5 lease rollover concentration; as-of 2026-08-31, 60-month maturity is approximately 2031.
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	The source-reference table extends beyond the page and the prepayment row overlaps the explanation column. Rendered PDF p.6; historical table header overlap also visible on p.2.
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":666860.4,"expected":666860.4,"passed":true},{"field":"uw_ncf","actual":652460.4,"expected":652460.4,"passed":true},{"field":"maximum_loan","actual":6155634.46153846,"expected":6155634.461538462,"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":9526577.14285714,"expected":9526577.142857142,"passed":true},{"field":"ltv_limit","actual":5715946.28571428,"expected":5715946.2857142845,"passed":true},{"field":"maximum_loan","actual":5715946.28571428,"expected":5715946.2857142845,"passed":true}]
Workbook	7	Pass	[{"field":"dscr_limit","actual":5981624.25175529,"expected":5981624.251755229,"passed":true},{"field":"maximum_loan","actual":5981624.25175529,"expected":5981624.251755229,"passed":true}]
Workbook	8	Pass	[{"field":"uw_noi_before_reserves","actual":622554,"expected":622554,"passed":true},{"field":"uw_ncf","actual":608154,"expected":608154,"passed":true},{"field":"maximum_loan","actual":5746652.30769231,"expected":5746652.307692307,"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: $3.306. PostHog trace estimate using OpenRouter model rates; charged generation events summed, duplicate run-summary excluded

Download underwriting workbookOriginal delivered file · SHA-256 8ba8ad097350
Download financing memoOriginal delivered file · SHA-256 896982152f52

Read the analysis, checks and execution record

GPT-5 agent

All 39 headline source and financial checks passed.

All 39 headline source and financial checks pass. The delivered workbook recalculates but has no source citations and displays its debt constant with a negative sign. The memo preserves provisional insurance correctly; its rent-roll citations point to the wrong original rows.

All review findings (3)

Workbook Inputs & Outputs!B33 displays annual debt constant −0.075848163, the PMT cash-flow sign, rather than a positive debt-service-per-dollar constant. Downstream debt service and sizing formulas compensate and all numerical acceptance tests pass. This extra displayed-output error remains visible beyond the limited base-value checks.
Workbook says edit yellow cells but shows blue input values without yellow fill; inputs are identifiable.
Five-page PDF is readable; heading orphaning and an empty final band are polish issues.

Every artifact acceptance check (18/20)

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	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	Fail	Rent-roll citations point to the model-created workbook layout, not the original source. Meadow PDF p.5 says rows 4–8 instead of 7–9.
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	Fail	The workbook has dates and labeled inputs but no source-file/page or worksheet/row citations. Every populated non-formula cell inspected; no PDF/XLSX source references.
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":666860.4,"expected":666860.4,"passed":true},{"field":"uw_ncf","actual":652460.4,"expected":652460.4,"passed":true},{"field":"maximum_loan","actual":6155634.46153846,"expected":6155634.461538462,"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":9526577.14285714,"expected":9526577.142857142,"passed":true},{"field":"ltv_limit","actual":5715946.28571428,"expected":5715946.2857142845,"passed":true},{"field":"maximum_loan","actual":5715946.28571428,"expected":5715946.2857142845,"passed":true}]
Workbook	7	Pass	[{"field":"dscr_limit","actual":5981624.25175529,"expected":5981624.251755229,"passed":true},{"field":"maximum_loan","actual":5981624.25175529,"expected":5981624.251755229,"passed":true}]
Workbook	8	Pass	[{"field":"uw_noi_before_reserves","actual":622554,"expected":622554,"passed":true},{"field":"uw_ncf","actual":608154,"expected":608154,"passed":true},{"field":"maximum_loan","actual":5746652.30769231,"expected":5746652.307692307,"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: ≥ $0.288. Gateway usage.cost; all attempts included; absent usage remains unknown

Download underwriting workbookOriginal delivered file · SHA-256 cb2f01d733a3
Download financing memoOriginal delivered file · SHA-256 8efa1e156383

Read the analysis, checks and execution record

Opus 5 agent

All 39 headline source and financial checks passed.

All 39 headline source and financial checks, ten workbook checks and ten memo checks pass. The memo preserves provisional insurance, correctly separates contractual post-IO payments from sizing debt service and identifies all leases rolling before maturity.

All review findings (2)

Six-page PDF is readable. Some tables continue on the next page, with repeated headers and no hidden or clipped data.
The agent corrected its own memo within the frozen run; every version and tool call is retained. No operator answer correction was supplied.

Every artifact acceptance check (20/20)

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	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	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":666860.4,"expected":666860.4,"passed":true},{"field":"uw_ncf","actual":652460.4,"expected":652460.4,"passed":true},{"field":"maximum_loan","actual":6155634.46153846,"expected":6155634.461538462,"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":9526577.14285714,"expected":9526577.142857142,"passed":true},{"field":"ltv_limit","actual":5715946.28571428,"expected":5715946.2857142845,"passed":true},{"field":"maximum_loan","actual":5715946.28571428,"expected":5715946.2857142845,"passed":true}]
Workbook	7	Pass	[{"field":"dscr_limit","actual":5981624.25175529,"expected":5981624.251755229,"passed":true},{"field":"maximum_loan","actual":5981624.25175529,"expected":5981624.251755229,"passed":true}]
Workbook	8	Pass	[{"field":"uw_noi_before_reserves","actual":622554,"expected":622554,"passed":true},{"field":"uw_ncf","actual":608154,"expected":608154,"passed":true},{"field":"maximum_loan","actual":5746652.30769231,"expected":5746652.307692307,"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: ≥ $2.172. Gateway usage.cost; all attempts included; absent usage remains unknown

Download underwriting workbookOriginal delivered file · SHA-256 cdb25d8a7403
Download financing memoOriginal delivered file · SHA-256 9ab3c71df548

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.

System Only value or citation failures

Lev Agent

space_countValue passedSource supported

Reported: 3
Expected: 3
Response evidence: Rent-Roll.xlsx C7:C9
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
Scoped response context: Source: T12-Statement.pdf p.1–2, Annual column. Capex ($112,000), P&I ($294,000) and depreciation ($180,000) held below-the-line — not operating expenses per drafting instruction.

occupied_countValue passedSource supported

Reported: 3
Expected: 3
Response evidence: Rent-Roll.xlsx F7:F9 all "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
Scoped response context: Source: T12-Statement.pdf p.1–2, Annual column. Capex ($112,000), P&I ($294,000) and depreciation ($180,000) held below-the-line — not operating expenses per drafting instruction.

total_area_sfValue passedSource supported

Reported: 72,000
Expected: 72,000
Response evidence: Rent-Roll.xlsx sum(E7:E9)
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
Scoped response context: Source: T12-Statement.pdf p.1–2, Annual column. Capex ($112,000), P&I ($294,000) and depreciation ($180,000) held below-the-line — not operating expenses per drafting instruction.

occupied_area_sfValue passedSource supported

Reported: 72,000
Expected: 72,000
Response evidence: Rent-Roll.xlsx sum where 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
Scoped response context: Source: T12-Statement.pdf p.1–2, Annual column. Capex ($112,000), P&I ($294,000) and depreciation ($180,000) held below-the-line — not operating expenses per drafting instruction.

occupancy_count_pctValue passedSource supported

Reported: 100.00
Expected: 100
Response evidence: 3/3 × 100
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
Scoped response context: Source: T12-Statement.pdf p.1–2, Annual column. Capex ($112,000), P&I ($294,000) and depreciation ($180,000) held below-the-line — not operating expenses per drafting instruction.

occupancy_area_pctValue passedSource supported

Reported: 100.00
Expected: 100
Response evidence: 72,000/72,000 × 100
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
Scoped response context: Source: T12-Statement.pdf p.1–2, Annual column. Capex ($112,000), P&I ($294,000) and depreciation ($180,000) held below-the-line — not operating expenses per drafting instruction.

rent_roll_monthly_baseValue passedSource supported

Reported: $62,000
Expected: 62,000
Response evidence: Rent-Roll.xlsx SUM(G7:G9)
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
Scoped response context: Source: T12-Statement.pdf p.1–2, Annual column. Capex ($112,000), P&I ($294,000) and depreciation ($180,000) held below-the-line — not operating expenses per drafting instruction.

effective_monthly_baseValue passedSource supported

Reported: $62,000
Expected: 62,000
Response evidence: Lease-authoritative; matches rent roll
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
Scoped response context: Source: T12-Statement.pdf p.1–2, Annual column. Capex ($112,000), P&I ($294,000) and depreciation ($180,000) held below-the-line — not operating expenses per drafting instruction.

t12_egiValue passedSource supported

Reported: $882,000
Expected: 882,000
Response evidence: 744,000 GPR + 0 vac − 18,000 conc − 2,400 bad debt + 158,400 other
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
Scoped response context: Source: T12-Statement.pdf p.1–2, Annual column. Capex ($112,000), P&I ($294,000) and depreciation ($180,000) held below-the-line — not operating expenses per drafting instruction.

t12_operating_expensesValue passedSource supported

Reported: $212,400
Expected: 212,400
Response evidence: 102,000 + 26,400 + 9,600 + 19,200 + 12,000 + 16,800 + 26,400
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
Scoped response context: Source: T12-Statement.pdf p.1–2, Annual column. Capex ($112,000), P&I ($294,000) and depreciation ($180,000) held below-the-line — not operating expenses per drafting instruction.

t12_noi_before_reservesValue passedSource supported

Reported: $669,600
Expected: 669,600
Response evidence: EGI − opex
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
Scoped response context: Source: T12-Statement.pdf p.1–2, Annual column. Capex ($112,000), P&I ($294,000) and depreciation ($180,000) held below-the-line — not operating expenses per drafting instruction.

t12_reservesValue passedSource supported

Reported: $14,400
Expected: 14,400
Response evidence: T12 line (below NOI)
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
Scoped response context: Source: T12-Statement.pdf p.1–2, Annual column. Capex ($112,000), P&I ($294,000) and depreciation ($180,000) held below-the-line — not operating expenses per drafting instruction.

t12_ncfValue passedSource supported

Reported: $655,200
Expected: 655,200
Response evidence: NOI − 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
Scoped response context: Source: T12-Statement.pdf p.1–2, Annual column. Capex ($112,000), P&I ($294,000) and depreciation ($180,000) held below-the-line — not operating expenses per drafting instruction.

subject_lease_monthly_rentValue passedSource supported

Reported: $12,800
Expected: 12,800
Response evidence: Lease-File.pdf §3 (Unit 101)
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
Scoped response context: Source: T12-Statement.pdf p.1–2, Annual column. Capex ($112,000), P&I ($294,000) and depreciation ($180,000) held below-the-line — not operating expenses per drafting instruction.

subject_lease_expiryValue passedSource supported

Reported: 2028-08-31
Expected: 2028-08-31
Response evidence: Lease-File.pdf §2
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
Scoped response context: Source: T12-Statement.pdf p.1–2, Annual column. Capex ($112,000), P&I ($294,000) and depreciation ($180,000) held below-the-line — not operating expenses per drafting instruction.

subject_lease_depositValue passedSource supported

Reported: $25,600
Expected: 25,600
Response evidence: Lease-File.pdf §4
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
Scoped response context: Source: T12-Statement.pdf p.1–2, Annual column. Capex ($112,000), P&I ($294,000) and depreciation ($180,000) held below-the-line — not operating expenses per drafting instruction.

renewal_option_exercisedValue passedSource supported

Reported: Not evidenced
Expected: Not evidenced
Response evidence: Lease-File.pdf §5 — no exercise notice/amendment in packet
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
Scoped response context: Source: T12-Statement.pdf p.1–2, Annual column. Capex ($112,000), P&I ($294,000) and depreciation ($180,000) held below-the-line — not operating expenses per drafting instruction.

uw_egiValue passed

Reported: $895,320
Expected: 895,320
Response evidence: 756,000 GPR − (3% × 756,000) + 162,000 other = 756,000 − 22,680 + 162,000

uw_management_feeValue passed

Reported: $26,859.60
Expected: 26,859.6
Response evidence: greater of T12 actual ($26,400) or 3% × UW EGI ($26,859.60)

uw_operating_expensesValue passed

Reported: $228,459.60
Expected: 228,459.6
Response evidence: 108,000 tax + 36,000 ins* + 9,600 util + 19,200 R&M + 12,000 payroll + 16,800 admin + 26,859.60 mgmt

uw_noi_before_reservesValue passed

Reported: $666,860.40
Expected: 666,860.4
Response evidence: UW EGI − UW opex

uw_reservesValue passed

Reported: $14,400
Expected: 14,400
Response evidence: $0.20/SF × 72,000 SF

uw_ncfValue passed

Reported: $652,460.40
Expected: 652,460.4
Response evidence: UW NOI − reserves

capitalization_valueValue passed

Reported: $10,259,390.77
Expected: 10,259,390.769231
Response evidence: 666,860.40 / 6.50%

contract_rateValue passed

Reported: 0.0610
Expected: 0.061
Response evidence: Fixed contract rate

sizing_rateValue passed

Reported: 0.0650
Expected: 0.065
Response evidence: max(6.10%, 6.50% floor)

annual_debt_constantValue passed

Reported: 0.075848
Expected: 0.075848
Response evidence: 12 × PMT at 6.50%/12, 360 mo

ltv_limitValue passed

Reported: $6,155,634.46
Expected: 6,155,634.461538
Response evidence: 60% × $10,259,390.77

dscr_limitValue passed

Reported: $6,617,070.17
Expected: 6,617,070.166634
Response evidence: $652,460.40 / (1.30 × 0.075848)

debt_yield_limitValue passed

Reported: $6,868,004.21
Expected: 6,868,004.210526
Response evidence: $652,460.40 / 9.50%

maximum_loanValue passed

Reported: $6,155,634.46
Expected: 6,155,634.461538
Response evidence: MIN of three

binding_constraintValue passed

Reported: LTV
Expected: LTV
Response evidence: No inline location supplied

sizing_annual_debt_serviceValue passed

Reported: $466,893.56
Expected: 466,893.564894
Response evidence: Max loan × ADC (amortizing @ sizing rate)

sizing_dscrValue passed

Reported: 1.3974x
Expected: 1.39745
Response evidence: NCF / sizing DS (vs. 1.30x min)

sizing_debt_yieldValue passed

Reported: 10.5994%
Expected: 0.105994
Response evidence: NCF / max loan (vs. 9.50% min)

first_year_debt_serviceValue passed

Reported: $375,493.70
Expected: 375,493.702154
Response evidence: 12 mo IO × 6.10% contract rate

cash_to_borrowerValue passed

Reported: $2,439,078.12
Expected: 2,439,078.116923
Response evidence: No inline location supplied

stress_uw_noiValue passed

Reported: $622,554
Expected: 622,554
Response evidence: No inline location supplied

stress_maximum_loanValue passed

Reported: $5,575,432
Expected: 5,575,432.187458
Response evidence: No inline location supplied

GPT-5 agent

space_countValue passedCitation failed

Reported: 3
Expected: 3
Response evidence: Rent-Roll.xlsx | Rent Roll!A4:A6
Calculation supplied: Units 101-103 listed = 3 suites.
Review: Citations point to the model-created workbook layout rather than the original source. Original source records start at row 7; area is column E and monthly rent column G.
Checked source: Rent-Roll.xlsx / Rent Roll rows 7 onward

occupied_countValue passedCitation failed

Reported: 3
Expected: 3
Response evidence: Rent-Roll.xlsx | Rent Roll!D4:D6
Calculation supplied: All three marked Occupied.
Review: Citations point to the model-created workbook layout rather than the original source. Original source records start at row 7; area is column E and monthly rent column G.
Checked source: Rent-Roll.xlsx / Rent Roll rows 7 onward

total_area_sfValue passedCitation failed

Reported: 72,000
Expected: 72,000
Response evidence: Rent-Roll.xlsx | Rent Roll!C4:C6, C8
Calculation supplied: 16,000 + 24,000 + 32,000 = 72,000 SF (C8 totals).
Review: Citations point to the model-created workbook layout rather than the original source. Original source records start at row 7; area is column E and monthly rent column G.
Checked source: Rent-Roll.xlsx / Rent Roll rows 7 onward

occupied_area_sfValue passedCitation failed

Reported: 72,000
Expected: 72,000
Response evidence: Rent-Roll.xlsx | Rent Roll!D4:D6,C4:C6
Calculation supplied: All occupied; occupied SF equals total 72,000.
Review: Citations point to the model-created workbook layout rather than the original source. Original source records start at row 7; area is column E and monthly rent column G.
Checked source: Rent-Roll.xlsx / Rent Roll rows 7 onward

occupancy_count_pctValue passedCitation failed

Reported: 100
Expected: 100
Response evidence: Rent-Roll.xlsx | Rent Roll!A4:A6,D4:D6
Calculation supplied: 3 occupied / 3 total = 100%.
Review: Citations point to the model-created workbook layout rather than the original source. Original source records start at row 7; area is column E and monthly rent column G.
Checked source: Rent-Roll.xlsx / Rent Roll rows 7 onward

occupancy_area_pctValue passedCitation failed

Reported: 100
Expected: 100
Response evidence: Rent-Roll.xlsx | Rent Roll!C4:C6,D4:D6
Calculation supplied: 72,000 occupied / 72,000 total = 100%.
Review: Citations point to the model-created workbook layout rather than the original source. Original source records start at row 7; area is column E and monthly rent column G.
Checked source: Rent-Roll.xlsx / Rent Roll rows 7 onward

rent_roll_monthly_baseValue passedCitation failed

Reported: 62,000
Expected: 62,000
Response evidence: Rent-Roll.xlsx | Rent Roll!E4:E6, E8
Calculation supplied: 12,800 + 20,400 + 28,800 = 62,000 monthly base (E8 totals).
Review: Citations point to the model-created workbook layout rather than the original source. Original source records start at row 7; area is column E and monthly rent column G.
Checked source: Rent-Roll.xlsx / Rent Roll rows 7 onward

effective_monthly_baseValue passedCitation failed

Reported: 62,000
Expected: 62,000
Response evidence: Lease-File.pdf | p1 (Sec.3 base rent $12,800) · Rent-Roll.xlsx | Rent Roll!E4:E6
Calculation supplied: Lease 101 matches rent roll; no amendments. Sum unchanged at $62,000.
Review: Citations point to the model-created workbook layout rather than the original source. Original source records start at row 7; area is column E and monthly rent column G.
Checked source: Rent-Roll.xlsx and Lease-File.pdf / executed amendment where present

t12_egiValue passedSource supported

Reported: 882,000
Expected: 882,000
Response evidence: T12-Statement.pdf | p2 Annual column
Calculation supplied: 744,000 GPR - 18,000 concessions - 2,400 bad debt + 158,400 other income = 882,000.
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_operating_expensesValue passedSource supported

Reported: 212,400
Expected: 212,400
Response evidence: T12-Statement.pdf | p2 Annual column
Calculation supplied: Taxes 102,000 + Insurance 26,400 + Utilities 9,600 + R&M 19,200 + Payroll 12,000 + Admin 16,800 + Mgmt 26,400 = 212,400.
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

t12_noi_before_reservesValue passedSource supported

Reported: 669,600
Expected: 669,600
Response evidence: T12-Statement.pdf | p2 Annual column
Calculation supplied: EGI 882,000 - Opex 212,400 = 669,600.
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: 14,400
Expected: 14,400
Response evidence: T12-Statement.pdf | p2 Annual column 'Replacement reserves'
Calculation supplied: Annual replacement reserves provided.
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: 655,200
Expected: 655,200
Response evidence: T12-Statement.pdf | p2 Annual column
Calculation supplied: NOI before reserves 669,600 - reserves 14,400 = 655,200.
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

subject_lease_monthly_rentValue passedSource supported

Reported: 12,800
Expected: 12,800
Response evidence: Lease-File.pdf | p1 Sec.3 · Rent-Roll.xlsx | Rent Roll!E4
Calculation supplied: Lease extract and rent roll both show $12,800 per month as of 2026-08-31.
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: 2028-08-31
Expected: 2028-08-31
Response evidence: Lease-File.pdf | p1 Sec.2 · Rent-Roll.xlsx | Rent Roll!G4
Calculation supplied: Initial term expires 2028-08-31; no exercised renewal delivered.
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: 25,600
Expected: 25,600
Response evidence: Lease-File.pdf | p1 Sec.4
Calculation supplied: Security deposit $25,600.
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 | p1 Sec.5
Calculation supplied: Packet states no delivery of option exercise; treat as 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: 895,320
Expected: 895,320
Response evidence: Property-and-Plan.pdf | p2 underwriting plan GPR, loss %, other income
Calculation supplied: GPR 756,000 - 3% loss (22,680) + other income 162,000 = 895,320.

uw_management_feeValue passed

Reported: 26,859.6
Expected: 26,859.6
Response evidence: Property-and-Plan.pdf | p2 'Management fee' rule and T12 actual 26,400
Calculation supplied: MAX(26,400, 3% * 895,320) = 26,859.60.

uw_operating_expensesValue passed

Reported: 228,459.6
Expected: 228,459.6
Response evidence: Property-and-Plan.pdf | p2 expense treatments
Calculation supplied: Taxes 108,000 + Insurance 36,000 + Utilities 9,600 + R&M 19,200 + Payroll 12,000 + Admin 16,800 + Mgmt 26,859.60 = 228,459.60.

uw_noi_before_reservesValue passed

Reported: 666,860.4
Expected: 666,860.4
Response evidence: Property-and-Plan.pdf | p2 plan; calcs above
Calculation supplied: UW EGI 895,320 - UW opex 228,459.60 = 666,860.40.

uw_reservesValue passed

Reported: 14,400
Expected: 14,400
Response evidence: Property-and-Plan.pdf | p2 reserves $0.20/SF/yr; 72,000 SF from rent roll
Calculation supplied: 0.20 * 72,000 = 14,400.

uw_ncfValue passed

Reported: 652,460.4
Expected: 652,460.4
Response evidence: Property-and-Plan.pdf | p2 reserves rule
Calculation supplied: UW NOI 666,860.40 - reserves 14,400 = 652,460.40.

capitalization_valueValue passed

Reported: 10,259,390.769231
Expected: 10,259,390.769231
Response evidence: Lender-Terms.pdf | p1 valuation method cap 6.50%
Calculation supplied: UW NOI before reserves 666,860.40 / 0.065 = 10,259,390.77.

contract_rateValue passed

Reported: 0.061
Expected: 0.061
Response evidence: Lender-Terms.pdf | p1 'Contract rate 6.10% fixed'
Calculation supplied: 6.10% = 0.061.

sizing_rateValue passed

Reported: 0.065
Expected: 0.065
Response evidence: Lender-Terms.pdf | p1 'Sizing rate greater of current rate and 6.50% floor'
Calculation supplied: Max(6.10%, 6.50%) = 6.50%.

annual_debt_constantValue passed

Reported: 0.075848
Expected: 0.075848
Response evidence: Lender-Terms.pdf | p1 amortization rule; workbook constant
Calculation supplied: 12 * PMT(0.065/12, 360, 1) = 7.584816%. ABS value used for service.

ltv_limitValue passed

Reported: 6,155,634.461538
Expected: 6,155,634.461538
Response evidence: Lender-Terms.pdf | p1 LTV 60%; value above
Calculation supplied: 0.60 * 10,259,390.77 = 6,155,634.46.

dscr_limitValue passed

Reported: 6,617,070.166634
Expected: 6,617,070.166634
Response evidence: Lender-Terms.pdf | p1 DSCR definition 1.30x using NCF and amortizing service
Calculation supplied: (UW NCF 652,460.40 / 1.30) / 0.07584816282 = 6,617,070.17.

debt_yield_limitValue passed

Reported: 6,868,004.210526
Expected: 6,868,004.210526
Response evidence: Lender-Terms.pdf | p1 debt yield 9.50% using NCF numerator
Calculation supplied: UW NCF 652,460.40 / 0.095 = 6,868,004.21.

maximum_loanValue passed

Reported: 6,155,634.461538
Expected: 6,155,634.461538
Response evidence: Lender-Terms.pdf | p1 'Lowest of' constraint; calculations above
Calculation supplied: Min(LTV 6,155,634.46; DSCR 6,617,070.17; DY 6,868,004.21) = 6,155,634.46.

binding_constraintValue passed

Reported: LTV
Expected: LTV
Response evidence: Lender-Terms.pdf | p1 constraints
Calculation supplied: LTV is the lowest sizing result.

sizing_annual_debt_serviceValue passed

Reported: 466,893.564894
Expected: 466,893.564894
Response evidence: Workbook Outputs 'Annual amortizing debt service'
Calculation supplied: Maximum loan 6,155,634.46 * annual constant 7.584816% = 466,893.56.

sizing_dscrValue passed

Reported: 1.39745
Expected: 1.39745
Response evidence: Workbook Outputs and DSCR definition
Calculation supplied: UW NCF 652,460.40 / 466,893.56 = 1.39745x.

sizing_debt_yieldValue passed

Reported: 0.105994
Expected: 0.105994
Response evidence: Debt yield definition using NCF numerator
Calculation supplied: UW NCF 652,460.40 / loan 6,155,634.46 = 10.5994%.

first_year_debt_serviceValue passed

Reported: 375,493.702154
Expected: 375,493.702154
Response evidence: Lender-Terms.pdf | p1 IO 12 months; contract rate 6.10%
Calculation supplied: Interest-only year 1: 6.10% * 6,155,634.46 = 375,493.70 annual.

cash_to_borrowerValue passed

Reported: 2,439,078.116923
Expected: 2,439,078.116923
Response evidence: Property-and-Plan.pdf | p1 payoff and costs; Lender-Terms p1 1% fee
Calculation supplied: Loan 6,155,634.46 - payoff 3,600,000 - origination (1% = 61,556.34) - costs 55,000 = 2,439,078.12.

stress_uw_noiValue passed

Reported: 622,554
Expected: 622,554
Response evidence: Property-and-Plan.pdf | p2 sensitivity instruction
Calculation supplied: EGI down 5%: 895,320*0.95=850,554; Mgmt=max(26,400,3%*850,554=25,516.62)=26,400; Other opex base 201,600; Total opex 228,000; NOI before reserves = 850,554 - 228,000 = 622,554.

stress_maximum_loanValue passed

Reported: 5,575,432.187458
Expected: 5,575,432.187458
Response evidence: Property-and-Plan.pdf | p2 combined downside rule; Lender-Terms p1 sizing rules
Calculation supplied: Stressed NCF 608,154; value 622,554/0.065=9,577,753.85; LTV 5,746,652.31; sizing rate 7.50%; annual constant 8.390574%; DSCR limit (608,154/1.30)/0.08390574=5,575,432.19; DY limit 6,081,54/0.095=6,401,621.05; Min = 5,575,432.19.

Opus 5 agent

space_countValue passedSource supported

Reported: 3
Expected: 3
Response evidence: Rent-Roll.xlsx, worksheet 'Rent Roll', rows 7-9 (units 101, 102, 103)
Calculation supplied: Count of unit rows = 3
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: 3
Expected: 3
Response evidence: Rent-Roll.xlsx 'Rent Roll' F7:F9 = 'Occupied'
Calculation supplied: COUNTIF(status,'Occupied') = 3
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: 72,000
Expected: 72,000
Response evidence: Rent-Roll.xlsx 'Rent Roll' E7=16000, E8=24000, E9=32000
Calculation supplied: 16,000 + 24,000 + 32,000 = 72,000
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: 72,000
Expected: 72,000
Response evidence: Rent-Roll.xlsx 'Rent Roll' E7:E9 with F7:F9 = Occupied
Calculation supplied: All three suites occupied: 16,000+24,000+32,000 = 72,000
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

occupancy_count_pctValue passedSource supported

Reported: 100
Expected: 100
Response evidence: Rent-Roll.xlsx 'Rent Roll' rows 7-9
Calculation supplied: 3/3 x 100 = 100.00
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: 100
Expected: 100
Response evidence: Rent-Roll.xlsx 'Rent Roll' rows 7-9
Calculation supplied: 72,000/72,000 x 100 = 100.00
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: 62,000
Expected: 62,000
Response evidence: Rent-Roll.xlsx 'Rent Roll' G7=12800, G8=20400, G9=28800
Calculation supplied: 12,800 + 20,400 + 28,800 = 62,000
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

effective_monthly_baseValue passedSource supported

Reported: 62,000
Expected: 62,000
Response evidence: Rent-Roll.xlsx 'Rent Roll' G7:G9 · Lease-File.pdf p.1 sections 3 and 6 (base rent $12,800/month as of 2026-08-31; signed amendment controls; none delivered)
Calculation supplied: No signed amendment conflicts with the roll; effective = printed = 12,800 + 20,400 + 28,800 = 62,000
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: 882,000
Expected: 882,000
Response evidence: T12-Statement.pdf p.2 annual column: GPR 744,000; vacancy 0; concessions -18,000; bad debt -2,400; other income 158,400
Calculation supplied: 744,000 + 0 - 18,000 - 2,400 + 158,400 = 882,000
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_operating_expensesValue passedSource supported

Reported: 212,400
Expected: 212,400
Response evidence: T12-Statement.pdf p.2 annual column: taxes 102,000; insurance 26,400; utilities 9,600; R&M 19,200; payroll 12,000; admin 16,800; management 26,400
Calculation supplied: 102,000+26,400+9,600+19,200+12,000+16,800+26,400 = 212,400 (excludes reserves 14,400, capex 112,000, debt 294,000, depreciation 180,000)
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: 669,600
Expected: 669,600
Response evidence: T12-Statement.pdf pp.1-2 annual column · Property-and-Plan.pdf p.1 (identify NOI before reserves separately)
Calculation supplied: 882,000 - 212,400 = 669,600
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: 14,400
Expected: 14,400
Response evidence: T12-Statement.pdf p.2 'Replacement reserves (below NOI)' annual = 14,400
Calculation supplied: Reported annual total 14,400
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

t12_ncfValue passedSource supported

Reported: 655,200
Expected: 655,200
Response evidence: T12-Statement.pdf p.2 annual column
Calculation supplied: 669,600 - 14,400 = 655,200
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

subject_lease_monthly_rentValue passedSource supported

Reported: 12,800
Expected: 12,800
Response evidence: Lease-File.pdf p.1 section 3 ('Base rent is $12,800 per month as of August 31, 2026'; no increase before 2027-09-01) · Rent-Roll.xlsx 'Rent Roll' G7=12800
Calculation supplied: Executed lease and rent roll agree; no amendment delivered
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: 2028-08-31
Expected: 2028-08-31
Response evidence: Lease-File.pdf p.1 section 2 ('initial term expires 2028-08-31') and section 5 (do not extend on option existence alone) · Rent-Roll.xlsx 'Rent Roll' I7='2028-08-31'
Calculation supplied: Authoritative initial-term expiry; renewal option not evidenced as 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: 25,600
Expected: 25,600
Response evidence: Lease-File.pdf p.1 section 4 ('The security deposit is $25,600 and is not prepaid rent or recurring income')
Calculation supplied: Stated amount; excluded from 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 ('No exercise notice, landlord acknowledgment or amendment exercising this option is included in the packet') · Rent-Roll.xlsx 'Rent Roll' C14 ('no option exercise notice is included')
Calculation supplied: Conditional option exists (180-day written notice, no uncured default) but delivered materials contain no evidence of exercise; 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: 895,320
Expected: 895,320
Response evidence: Property-and-Plan.pdf p.2: GPR $756,000; 3.00% combined revenue loss; other income $162,000 added after loss
Calculation supplied: 756,000 x (1 - 0.03) + 162,000 = 733,320 + 162,000 = 895,320

uw_management_feeValue passed

Reported: 26,859.6
Expected: 26,859.6
Response evidence: Property-and-Plan.pdf p.2 'Management fee: Greater of T12 actual and 3.00% of underwritten EGI' · T12-Statement.pdf p.2 management fee annual 26,400
Calculation supplied: MAX(26,400, 0.03 x 895,320 = 26,859.60) = 26,859.60

uw_operating_expensesValue passed

Reported: 228,459.6
Expected: 228,459.6
Response evidence: Property-and-Plan.pdf p.2 expense treatment table
Calculation supplied: 108,000 (taxes) + 36,000 (insurance provisional) + 9,600 (utilities) + 19,200 (R&M, $0 cleanup removed) + 12,000 (payroll) + 16,800 (admin) + 26,859.60 (management) = 228,459.60

uw_noi_before_reservesValue passed

Reported: 666,860.4
Expected: 666,860.4
Response evidence: Property-and-Plan.pdf p.2 · Workbook Underwriting!B16
Calculation supplied: 895,320 - 228,459.60 = 666,860.40

uw_reservesValue passed

Reported: 14,400
Expected: 14,400
Response evidence: Property-and-Plan.pdf p.2 ($0.20 per rentable SF per year, deducted after NOI) · Rent-Roll.xlsx area total 72,000 SF
Calculation supplied: 0.20 x 72,000 = 14,400

uw_ncfValue passed

Reported: 652,460.4
Expected: 652,460.4
Response evidence: Workbook Underwriting!B18
Calculation supplied: 666,860.40 - 14,400 = 652,460.40

capitalization_valueValue passed

Reported: 10,259,390.77
Expected: 10,259,390.769231
Response evidence: Lender-Terms.pdf p.1 'Underwritten NOI BEFORE reserves divided by 6.50% cap rate'
Calculation supplied: 666,860.40 / 0.065 = 10,259,390.77

contract_rateValue passed

Reported: 0.061
Expected: 0.061
Response evidence: Lender-Terms.pdf p.1 'Contract rate 6.10% fixed annual contractual rate'
Calculation supplied: Stated 6.10% = 0.061

sizing_rateValue passed

Reported: 0.065
Expected: 0.065
Response evidence: Lender-Terms.pdf p.1 'Sizing rate: Greater of current contractual rate and 6.50% underwriting floor'
Calculation supplied: MAX(0.061, 0.065) = 0.065

annual_debt_constantValue passed

Reported: 0.075848
Expected: 0.075848
Response evidence: Lender-Terms.pdf p.1 (30-year monthly amortization; annual DS = 12 monthly payments)
Calculation supplied: 12 x PMT(0.065/12, 360, 1) = 12 x 0.00632068 = 0.07584816

ltv_limitValue passed

Reported: 6,155,634.46
Expected: 6,155,634.461538
Response evidence: Lender-Terms.pdf p.1 'LTV 60.00% of indicative value'
Calculation supplied: 0.60 x 10,259,390.77 = 6,155,634.46

dscr_limitValue passed

Reported: 6,617,070.17
Expected: 6,617,070.166634
Response evidence: Lender-Terms.pdf p.1 'Minimum 1.30x using NCF AFTER reserves / annual amortizing debt service at sizing rate'
Calculation supplied: 652,460.40 / 1.30 / 0.07584816 = 6,617,070.17

debt_yield_limitValue passed

Reported: 6,868,004.21
Expected: 6,868,004.210526
Response evidence: Lender-Terms.pdf p.1 'Debt yield minimum 9.50%; numerator is underwritten NCF AFTER reserves'
Calculation supplied: 652,460.40 / 0.095 = 6,868,004.21

maximum_loanValue passed

Reported: 6,155,634.46
Expected: 6,155,634.461538
Response evidence: Lender-Terms.pdf p.1 'Lowest of the LTV, DSCR and debt-yield constraints; no separate dollar cap' · Workbook Sizing!B14
Calculation supplied: MIN(6,155,634.46; 6,617,070.17; 6,868,004.21) = 6,155,634.46

binding_constraintValue passed

Reported: LTV
Expected: LTV
Response evidence: Workbook Sizing!B15
Calculation supplied: LTV constraint is the lowest of the three

sizing_annual_debt_serviceValue passed

Reported: 466,893.56
Expected: 466,893.564894
Response evidence: Lender-Terms.pdf p.1 (amortizing debt service at sizing rate) · Workbook Sizing!B16
Calculation supplied: 6,155,634.46 x 0.07584816 = 466,893.56

sizing_dscrValue passed

Reported: 1.3974
Expected: 1.39745
Response evidence: Workbook Sizing!B17
Calculation supplied: 652,460.40 / 466,893.56 = 1.39745

sizing_debt_yieldValue passed

Reported: 0.10599
Expected: 0.105994
Response evidence: Lender-Terms.pdf p.1 (numerator = UW NCF after reserves) · Workbook Sizing!B18
Calculation supplied: 652,460.40 / 6,155,634.46 = 0.105994

first_year_debt_serviceValue passed

Reported: 375,493.7
Expected: 375,493.702154
Response evidence: Lender-Terms.pdf p.1 (6.10% contract rate; 12-month interest-only period) · Workbook Sizing!B20
Calculation supplied: 12 months IO: 6,155,634.46 x 0.061 = 375,493.70 (post-IO amortizing at contract rate would be 447,633.89)

cash_to_borrowerValue passed

Reported: 2,439,078.12
Expected: 2,439,078.116923
Response evidence: Property-and-Plan.pdf p.1 (payoff $3,600,000; fixed closing costs $55,000) · Lender-Terms.pdf p.1 (origination fee 1.00% of actual initial principal) · Workbook SourcesUses!B12
Calculation supplied: 6,155,634.46 - 3,600,000 - (0.01 x 6,155,634.46 = 61,556.34) - 55,000 = 2,439,078.12 (positive = cash out)

stress_uw_noiValue passed

Reported: 622,554
Expected: 622,554
Response evidence: Property-and-Plan.pdf p.2 sensitivity instruction (EGI -5%, recompute management minimum, hold other expenses) · Workbook Sensitivity!B9
Calculation supplied: EGI 895,320 x 0.95 = 850,554; management = MAX(26,400, 0.03 x 850,554 = 25,516.62) = 26,400; opex = 201,600 + 26,400 = 228,000; NOI = 850,554 - 228,000 = 622,554

stress_maximum_loanValue passed

Reported: 5,575,432.19
Expected: 5,575,432.187458
Response evidence: Property-and-Plan.pdf p.2 (combined downside: EGI -5% and sizing rate +100 bps; cap rate constant) · Workbook Sensitivity!B21
Calculation supplied: Stressed NCF = 622,554 - 14,400 = 608,154. LTV: 0.60 x (622,554/0.065 = 9,577,753.85) = 5,746,652.31. Constant at 7.50% = 0.08390574; DSCR: 608,154/1.30/0.08390574 = 5,575,432.19. Debt yield: 608,154/0.095 = 6,401,621.05. MIN = 5,575,432.19 (DSCR binding)

GPT-5 agent · direct API control

space_countValue passedSource supported

Reported: 3
Expected: 3
Response evidence: Rent-Roll.xlsx 'Rent Roll' C7:C9 (units 101-103)
Calculation supplied: Count of listed suites (101, 102, 103)
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: 3
Expected: 3
Response evidence: Rent-Roll.xlsx 'Rent Roll' F7:F9 = 'Occupied' for all
Calculation supplied: Number of suites with Status = 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: 72,000
Expected: 72,000
Response evidence: Rent-Roll.xlsx 'Rent Roll' E7=16000, E8=24000, E9=32000
Calculation supplied: 16,000 + 24,000 + 32,000 = 72,000 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: 72,000
Expected: 72,000
Response evidence: Rent-Roll.xlsx 'Rent Roll' E7:E9 and F7:F9 all Occupied
Calculation supplied: Sum of areas for occupied suites = 72,000 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

occupancy_count_pctValue passedSource supported

Reported: 100
Expected: 100
Response evidence: Rent-Roll.xlsx 'Rent Roll' C7:C9 and F7:F9
Calculation supplied: occupied_count / space_count = 3/3 = 100%
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: 100
Expected: 100
Response evidence: Rent-Roll.xlsx 'Rent Roll' E7:E9 and F7:F9
Calculation supplied: occupied_area_sf / total_area_sf = 72,000 / 72,000 = 100%
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: 62,000
Expected: 62,000
Response evidence: Rent-Roll.xlsx 'Rent Roll' G7=12800, G8=20400, G9=28800
Calculation supplied: 12,800 + 20,400 + 28,800 = 62,000 per month
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: 62,000
Expected: 62,000
Response evidence: Lease-File.pdf p1 §3 confirms Unit 101 base $12,800/mo as of 2026-08-31; Rent-Roll.xlsx G7:G9
Calculation supplied: Authoritative lease for 101 matches rent roll; no amendments for other suites provided. Therefore effective equals printed total = $62,000/mo
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: 882,000
Expected: 882,000
Response evidence: T12-Statement.pdf p2 Annual: GPBR 744,000; Concessions -18,000; Bad debt -2,400; Other income 158,400; Vacancy 0
Calculation supplied: EGI = 744,000 - 18,000 - 2,400 + 158,400 = 882,000
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_operating_expensesValue passedSource supported

Reported: 212,400
Expected: 212,400
Response evidence: T12-Statement.pdf p2 Annual: Taxes 102,000; Insurance 26,400; Utilities 9,600; R&M 19,200; Payroll 12,000; Admin/Legal 16,800; Mgmt 26,400
Calculation supplied: 102,000 + 26,400 + 9,600 + 19,200 + 12,000 + 16,800 + 26,400 = 212,400 (excludes reserves/capex/debt/dep.)
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: 669,600
Expected: 669,600
Response evidence: Derived from T12 EGI and operating expenses
Calculation supplied: 669,600 = 882,000 - 212,400
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

t12_reservesValue passedSource supported

Reported: 14,400
Expected: 14,400
Response evidence: T12-Statement.pdf p2 Annual 'Replacement reserves (below NOI) 14,400'
Calculation supplied: Direct from T12
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: 655,200
Expected: 655,200
Response evidence: T12-Statement.pdf p2 Annual values as above
Calculation supplied: NCF after reserves = 669,600 - 14,400 = 655,200
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

subject_lease_monthly_rentValue passedSource supported

Reported: 12,800
Expected: 12,800
Response evidence: Lease-File.pdf p1 §3 'Base rent is $12,800 per month as of August 31, 2026'
Calculation supplied: Direct from executed lease extract
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: 2028-08-31
Expected: 2028-08-31
Response evidence: Lease-File.pdf p1 §2 'initial term expires 2028-08-31'
Calculation supplied: Direct from executed lease extract
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: 25,600
Expected: 25,600
Response evidence: Lease-File.pdf p1 §4 'The security deposit is $25,600'
Calculation supplied: Direct from executed lease extract
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 p1 §5 'No exercise notice... is included in the packet.'
Calculation supplied: No evidence of exercise; option not deemed 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: 895,320
Expected: 895,320
Response evidence: Property-and-Plan.pdf p2 (Underwriting plan)
Calculation supplied: Underwritten EGI = (GPR 756,000 × (1 - 0.03)) + Other income 162,000 = 733,320 + 162,000 = 895,320

uw_management_feeValue passed

Reported: 26,859.6
Expected: 26,859.6
Response evidence: Property-and-Plan.pdf p2 'Management fee: Greater of T12 actual and 3.00% of underwritten EGI'; T12 mgmt fee 26,400 (T12-Statement.pdf p2)
Calculation supplied: max(26,400; 3% × 895,320) = max(26,400; 26,859.60) = 26,859.60

uw_operating_expensesValue passed

Reported: 228,459.6
Expected: 228,459.6
Response evidence: Property-and-Plan.pdf p2 category table for expenses
Calculation supplied: Taxes 108,000 + Insurance 36,000 (provisional) + Utilities 9,600 + R&M 19,200 + Payroll 12,000 + Admin/Legal 16,800 + Mgmt 26,859.60 = 228,459.60

uw_noi_before_reservesValue passed

Reported: 666,860.4
Expected: 666,860.4
Response evidence: Derived from underwriting plan inputs
Calculation supplied: UW NOI before reserves = UW EGI 895,320 - UW OpEx 228,459.60 = 666,860.40

uw_reservesValue passed

Reported: 14,400
Expected: 14,400
Response evidence: Property-and-Plan.pdf p2 'Replacement reserves $0.20 per rentable SF per year'
Calculation supplied: 0.20 × 72,000 SF = 14,400

uw_ncfValue passed

Reported: 652,460.4
Expected: 652,460.4
Response evidence: Derived from UW NOI and reserves
Calculation supplied: UW NCF after reserves = 666,860.40 - 14,400 = 652,460.40

capitalization_valueValue passed

Reported: 10,259,390.77
Expected: 10,259,390.769231
Response evidence: Lender-Terms.pdf p1 (valuation rule); UW NOI before reserves above
Calculation supplied: Value = UW NOI before reserves / 0.065 = 666,860.40 / 0.065 = 10,259,390.77

contract_rateValue passed

Reported: 0.061
Expected: 0.061
Response evidence: Lender-Terms.pdf p1 'Contract rate 6.10% fixed'
Calculation supplied: Decimal form of 6.10%

sizing_rateValue passed

Reported: 0.065
Expected: 0.065
Response evidence: Lender-Terms.pdf p1 'Sizing rate: Greater of current contractual rate and 6.50% underwriting floor'
Calculation supplied: max(0.061, 0.065) = 0.065

annual_debt_constantValue passed

Reported: 0.075888
Expected: 0.075848
Response evidence: Lender-Terms.pdf p1 (30-yr amort, monthly, sizing rate 6.50%)
Calculation supplied: Monthly payment factor i/(1-(1+i)^-360) with i=0.065/12=0.0054166667; annualize = 12×monthly ≈ 0.075888

ltv_limitValue passed

Reported: 6,155,634.46
Expected: 6,155,634.461538
Response evidence: Lender-Terms.pdf p1 'LTV 60.00% of indicative value'
Calculation supplied: 0.60 × 10,259,390.77 = 6,155,634.46

dscr_limitValue failed

Reported: 6,613,590
Expected: 6,617,070.166634
Response evidence: Lender-Terms.pdf p1 'DSCR min 1.30x using NCF AFTER reserves / annual amortizing debt service'
Calculation supplied: Max principal = NCF / (1.30 × annual_debt_constant) = 652,460.40 / (1.30 × 0.075888) = 6,613,590

debt_yield_limitValue passed

Reported: 6,868,004.21
Expected: 6,868,004.210526
Response evidence: Lender-Terms.pdf p1 'Debt yield minimum 9.50%; numerator is UW NCF AFTER reserves'
Calculation supplied: Max principal = NCF / 0.095 = 652,460.40 / 0.095 = 6,868,004.21

maximum_loanValue passed

Reported: 6,155,634.46
Expected: 6,155,634.461538
Response evidence: Lender-Terms.pdf p1 'Loan ceiling Lowest of the LTV, DSCR and debt-yield constraints'
Calculation supplied: min(LTV 6,155,634.46; DSCR 6,613,590; DY 6,868,004.21) = 6,155,634.46

binding_constraintValue passed

Reported: LTV
Expected: LTV
Response evidence: Comparison of constraint results above
Calculation supplied: LTV produces the lowest maximum principal

sizing_annual_debt_serviceValue failed

Reported: 467,141.58
Expected: 466,893.564894
Response evidence: Lender-Terms.pdf p1 (amortization method)
Calculation supplied: ADS at sizing rate = maximum_loan × annual_debt_constant = 6,155,634.46 × 0.075888 ≈ 467,141.58

sizing_dscrValue failed

Reported: 1.3971
Expected: 1.39745
Response evidence: Derived from UW NCF and sizing ADS
Calculation supplied: DSCR at max loan = UW NCF / sizing ADS = 652,460.40 / 467,141.58 ≈ 1.3971x

sizing_debt_yieldValue passed

Reported: 0.106
Expected: 0.105994
Response evidence: Derived from UW NCF and maximum loan
Calculation supplied: UW NCF / maximum_loan = 652,460.40 / 6,155,634.46 ≈ 0.1060

first_year_debt_serviceValue passed

Reported: 375,493.7
Expected: 375,493.702154
Response evidence: Lender-Terms.pdf p1 'Contract rate 6.10%... Interest-only period 12 months'
Calculation supplied: Year-1 IO ADS = maximum_loan × 0.061 = 6,155,634.46 × 0.061 = 375,493.70

cash_to_borrowerValue passed

Reported: 2,439,078.12
Expected: 2,439,078.116923
Response evidence: Property-and-Plan.pdf p1 Existing payoff $3,600,000; Fixed closing costs $55,000. Lender-Terms.pdf p1 Origination fee 1.00%
Calculation supplied: Net = Loan 6,155,634.46 − Origination (1% = 61,556.34) − Payoff 3,600,000 − Closing 55,000 = 2,439,078.12

stress_uw_noiValue passed

Reported: 622,554
Expected: 622,554
Response evidence: Property-and-Plan.pdf p2 Sensitivity instruction
Calculation supplied: EGI_stress = 895,320 × 0.95 = 850,554; Mgmt_stress = max(26,400; 3%×850,554=25,516.62) = 26,400; OpEx (ex-mgmt) unchanged = 201,600; Total OpEx_stress = 201,600 + 26,400 = 228,000; NOI_stress = 850,554 − 228,000 = 622,554 (before reserves)

stress_maximum_loanValue failed

Reported: 5,579,401
Expected: 5,575,432.187458
Response evidence: Property-and-Plan.pdf p2 (sensitivity); Lender-Terms.pdf p1 (sizing rules)
Calculation supplied: With EGI −5%: NOI_bef_res = 622,554; Value = 622,554/0.065 = 9,577,753.85; LTV cap = 5,746,652.31. Reserves unchanged = 14,400; NCF_stress = 622,554 − 14,400 = 608,154. Sizing rate +100 bps => 7.50%; 30-yr annual constant ≈ 0.083868; DSCR cap = 608,154 / (1.30×0.083868) ≈ 5,579,401. Debt-yield cap = 608,154 / 0.095 = 6,401,621. Min = 5,579,401 (DSCR binds).

Opus 5 agent · direct API control

space_countValue passedSource supported

Reported: 3
Expected: 3
Response evidence: Rent-Roll.xlsx, worksheet 'Rent Roll', rows 7-9 (units 101, 102, 103)
Calculation supplied: Count of populated unit rows = 3
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: 3
Expected: 3
Response evidence: Rent-Roll.xlsx, 'Rent Roll', F7:F9 = 'Occupied'
Calculation supplied: All three suites carry status 'Occupied' and contractual rent; no vacant rows present
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: 72,000
Expected: 72,000
Response evidence: Rent-Roll.xlsx, 'Rent Roll', E7=16000, E8=24000, E9=32000
Calculation supplied: 16,000 + 24,000 + 32,000 = 72,000
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: 72,000
Expected: 72,000
Response evidence: Rent-Roll.xlsx, 'Rent Roll', E7:E9 with F7:F9='Occupied'
Calculation supplied: 16,000 + 24,000 + 32,000 = 72,000
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

occupancy_count_pctValue passedSource supported

Reported: 100
Expected: 100
Response evidence: Rent-Roll.xlsx, 'Rent Roll', rows 7-9
Calculation supplied: 3 occupied / 3 total x 100 = 100.00
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: 100
Expected: 100
Response evidence: Rent-Roll.xlsx, 'Rent Roll', E7:F9
Calculation supplied: 72,000 / 72,000 x 100 = 100.00
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: 62,000
Expected: 62,000
Response evidence: Rent-Roll.xlsx, 'Rent Roll', G7=12800, G8=20400, G9=28800
Calculation supplied: 12,800 + 20,400 + 28,800 = 62,000 per month (annualized 744,000)
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

effective_monthly_baseValue passedSource supported

Reported: 62,000
Expected: 62,000
Response evidence: Rent-Roll.xlsx G7:G9; Lease-File.pdf p.1 §3 ('Base rent is $12,800 per month as of August 31, 2026'), §6 (amendment authority)
Calculation supplied: Unit 101 executed lease rent ($12,800) equals the rent-roll figure, so no adjustment. No signed amendment for any suite is in the packet; units 102/103 have no lease document delivered, so their rent-roll amounts are unreconciled to legal documents. Effective total = 12,800 + 20,400 + 28,800 = 62,000
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: 882,000
Expected: 882,000
Response evidence: T12-Statement.pdf p.2, Annual column: GPR 744,000; vacancy 0; concessions (18,000); bad debt (2,400); other income/recoveries 158,400
Calculation supplied: 744,000 - 0 - 18,000 - 2,400 + 158,400 = 882,000 (monthly columns on pp.1-2 foot to each annual figure)
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: 212,400
Expected: 212,400
Response evidence: T12-Statement.pdf p.2, Annual column: taxes 102,000; insurance 26,400; utilities 9,600; R&M 19,200; payroll 12,000; admin/legal 16,800; management 26,400
Calculation supplied: 102,000+26,400+9,600+19,200+12,000+16,800+26,400 = 212,400. Excludes reserves (14,400), capital improvements (112,000), loan P&I (294,000) and depreciation (180,000) per the statement footnote
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: 669,600
Expected: 669,600
Response evidence: T12-Statement.pdf pp.1-2 (annual column and footnote placing reserves below operating income)
Calculation supplied: 882,000 EGI - 212,400 operating expenses = 669,600
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: 14,400
Expected: 14,400
Response evidence: T12-Statement.pdf p.2, 'Replacement reserves (below NOI)' annual = 14,400
Calculation supplied: Reported line; monthly columns sum to 14,400
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

t12_ncfValue passedSource supported

Reported: 655,200
Expected: 655,200
Response evidence: T12-Statement.pdf p.2; Property-and-Plan.pdf p.1 (separately identify NOI before reserves and NCF after reserves)
Calculation supplied: 669,600 - 14,400 = 655,200
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

subject_lease_monthly_rentValue passedSource supported

Reported: 12,800
Expected: 12,800
Response evidence: Lease-File.pdf p.1 §3 (base rent $12,800 per month as of August 31, 2026; no increase before 2027-09-01); corroborated by Rent-Roll.xlsx G7=12800
Calculation supplied: Executed lease controls; equals rent-roll amount, so no reconciliation adjustment
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: 2028-08-31
Expected: 2028-08-31
Response evidence: Lease-File.pdf p.1 §2 ('The initial term expires 2028-08-31') and §5 (do not extend based on the option alone); Rent-Roll.xlsx I7='2028-08-31'
Calculation supplied: Initial term expiry retained; renewal option not evidenced as 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: 25,600
Expected: 25,600
Response evidence: Lease-File.pdf p.1 §4 ('The security deposit is $25,600 and is not prepaid rent or recurring income')
Calculation supplied: Stated; excluded from income in all EGI calculations
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 §5 ('No exercise notice, landlord acknowledgment or amendment exercising this option is included in the packet'); Rent-Roll.xlsx C14 ('no option exercise notice is included')
Calculation supplied: No exercise evidence delivered; one conditional option remains outstanding (requires no uncured default and written notice at least 180 days before the 2028-08-31 expiry)
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: 895,320
Expected: 895,320
Response evidence: Property-and-Plan.pdf p.2: GPR $756,000; combined revenue loss 3.00% of underwritten GPR; other income/recoveries $162,000 added after revenue loss
Calculation supplied: 756,000 x (1 - 0.03) = 733,320; 733,320 + 162,000 = 895,320

uw_management_feeValue passed

Reported: 26,859.6
Expected: 26,859.6
Response evidence: Property-and-Plan.pdf p.2, 'Management fee: Greater of T12 actual and 3.00% of underwritten EGI'; T12-Statement.pdf p.2 management fee annual 26,400
Calculation supplied: 3.00% x 895,320 = 26,859.60 vs T12 actual 26,400; greater = 26,859.60

uw_operating_expensesValue passed

Reported: 228,459.6
Expected: 228,459.6
Response evidence: Property-and-Plan.pdf p.2 expense table (taxes 108,000; insurance 36,000 provisional; utilities T12 9,600; R&M T12 19,200 with $0 casualty removal; payroll T12 12,000; admin T12 16,800; management per formula)
Calculation supplied: 108,000+36,000+9,600+19,200+12,000+16,800+26,859.60 = 228,459.60 (before reserves)

uw_noi_before_reservesValue passed

Reported: 666,860.4
Expected: 666,860.4
Response evidence: Property-and-Plan.pdf p.2 (plan revenue and expense instructions)
Calculation supplied: 895,320 - 228,459.60 = 666,860.40

uw_reservesValue passed

Reported: 14,400
Expected: 14,400
Response evidence: Property-and-Plan.pdf p.2 ('$0.20 per rentable SF per year; deduct after NOI'); Rent-Roll.xlsx E7:E9 = 72,000 SF
Calculation supplied: 0.20 x 72,000 = 14,400

uw_ncfValue passed

Reported: 652,460.4
Expected: 652,460.4
Response evidence: Property-and-Plan.pdf p.2
Calculation supplied: 666,860.40 - 14,400 = 652,460.40

capitalization_valueValue passed

Reported: 10,259,390.77
Expected: 10,259,390.769231
Response evidence: Lender-Terms.pdf p.1, Valuation: 'Underwritten NOI BEFORE reserves divided by 6.50% cap rate; no appraisal is implied'
Calculation supplied: 666,860.40 / 0.065 = 10,259,390.77 (indicative only; no appraisal supplied)

contract_rateValue passed

Reported: 0.061
Expected: 0.061
Response evidence: Lender-Terms.pdf p.1, 'Contract rate 6.10% fixed annual contractual rate'
Calculation supplied: Stated

sizing_rateValue passed

Reported: 0.065
Expected: 0.065
Response evidence: Lender-Terms.pdf p.1, 'Sizing rate: Greater of current contractual rate and 6.50% underwriting floor'
Calculation supplied: max(0.0610, 0.0650) = 0.0650

annual_debt_constantValue passed

Reported: 0.075848
Expected: 0.075848
Response evidence: Lender-Terms.pdf p.1, 'Amortization 30 years, monthly payments; calculate annual debt service as 12 monthly payments'
Calculation supplied: i = 0.065/12 = 0.00541667; n = 360; monthly factor = i / (1 - (1+i)^-360) = 0.00541667 / 0.85697526 = 0.00632068; x 12 = 0.07584816

ltv_limitValue passed

Reported: 6,155,634.46
Expected: 6,155,634.461538
Response evidence: Lender-Terms.pdf p.1, 'LTV 60.00% of indicative value'
Calculation supplied: 0.60 x 10,259,390.77 = 6,155,634.46

dscr_limitValue passed

Reported: 6,617,070.4
Expected: 6,617,070.166634
Response evidence: Lender-Terms.pdf p.1, 'DSCR Minimum 1.30x using NCF AFTER reserves divided by annual amortizing debt service at sizing rate'
Calculation supplied: 652,460.40 / (1.30 x 0.07584816) = 652,460.40 / 0.09860261 = 6,617,070.4

debt_yield_limitValue passed

Reported: 6,867,988.42
Expected: 6,868,004.210526
Response evidence: Lender-Terms.pdf p.1, 'Debt yield Minimum 9.50%; numerator is underwritten NCF AFTER reserves'
Calculation supplied: 652,460.40 / 0.095 = 6,867,988.42

maximum_loanValue passed

Reported: 6,155,634.46
Expected: 6,155,634.461538
Response evidence: Lender-Terms.pdf p.1, 'Loan ceiling: Lowest of the LTV, DSCR and debt-yield constraints below; no separate dollar cap'
Calculation supplied: min(6,155,634.46 LTV; 6,617,070.40 DSCR; 6,867,988.42 debt yield) = 6,155,634.46

binding_constraintValue passed

Reported: LTV
Expected: LTV
Response evidence: Lender-Terms.pdf p.1 (loan ceiling definition)
Calculation supplied: LTV limit is the lowest of the three constraints (6.156M < 6.617M < 6.868M)

sizing_annual_debt_serviceValue passed

Reported: 466,893.55
Expected: 466,893.564894
Response evidence: Lender-Terms.pdf p.1 (sizing rate; 30-year monthly amortization; 12 monthly payments)
Calculation supplied: 6,155,634.46 x 0.07584816 = 466,893.55 (monthly payment approx. 38,907.80)

sizing_dscrValue passed

Reported: 1.3974
Expected: 1.39745
Response evidence: Lender-Terms.pdf p.1 (DSCR definition uses NCF after reserves)
Calculation supplied: 652,460.40 / 466,893.55 = 1.3974 (above 1.30x minimum because LTV binds)

sizing_debt_yieldValue passed

Reported: 0.10599
Expected: 0.105994
Response evidence: Lender-Terms.pdf p.1 (debt-yield numerator is underwritten NCF after reserves)
Calculation supplied: 652,460.40 / 6,155,634.46 = 0.10599 (10.60%), above the 9.50% minimum

first_year_debt_serviceValue passed

Reported: 375,493.7
Expected: 375,493.702154
Response evidence: Lender-Terms.pdf p.1, 'Contract rate 6.10%'; 'Interest-only period 12 months; underwriting DSCR still uses amortizing debt service'
Calculation supplied: First 12 months are interest-only at the contractual rate: 6,155,634.46 x 0.061 = 375,493.70 (12 x monthly 31,291.14). This is 91,399.85 below the sizing debt service of 466,893.55

cash_to_borrowerValue passed

Reported: 2,439,078.12
Expected: 2,439,078.116923
Response evidence: Property-and-Plan.pdf p.1 (existing debt payoff $3,600,000; fixed closing costs $55,000); Lender-Terms.pdf p.1 (origination fee 1.00% of actual initial principal; no fee capitalization/holdback assumed)
Calculation supplied: 6,155,634.46 - 3,600,000 - (0.01 x 6,155,634.46 = 61,556.34) - 55,000 = 2,439,078.12 net cash out to borrower

stress_uw_noiValue passed

Reported: 622,554
Expected: 622,554
Response evidence: Property-and-Plan.pdf p.2 sensitivity instruction ('reduce total underwritten EGI by 5%, recompute the management minimum and hold all other operating expense and reserve assumptions constant')
Calculation supplied: Stressed EGI = 895,320 x 0.95 = 850,554. Management = max(26,400 T12; 3% x 850,554 = 25,516.62) = 26,400. OpEx = 108,000+36,000+9,600+19,200+12,000+16,800+26,400 = 228,000. NOI before reserves = 850,554 - 228,000 = 622,554 (stressed NCF = 622,554 - 14,400 = 608,154)

stress_maximum_loanValue passed

Reported: 5,575,428.3
Expected: 5,575,432.187458
Response evidence: Property-and-Plan.pdf p.2 ('For the combined downside, also increase the sizing rate by 100 basis points. Cap rate stays constant'); Lender-Terms.pdf p.1 (three constraints)
Calculation supplied: Stressed value = 622,554 / 0.065 = 9,577,753.85; LTV = 0.60 x = 5,746,652.31. Stressed sizing rate 7.50%: i = 0.00625, monthly factor = 0.00625/0.89386020 = 0.00699215, annual constant = 0.08390581; DSCR limit = 608,154 / (1.30 x 0.08390581) = 608,154 / 0.10907755 = 5,575,428.3; debt-yield limit = 608,154 / 0.095 = 6,401,621.05. Minimum = 5,575,428.3, binding constraint becomes DSCR (a 580,206 reduction vs. base sizing)

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