Workflow v1 / 30 completed workflows

Stonebridge Logistics

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 image-only lease and floating-rate floor. The workbook recalculates but contains two invalid explanation formulas. The memo overstates the rate cushion and clips source-reference text.

Material claims to inspect

PDF p.4 interest-rate risk — Contractual rate has a 100+ basis-point cushion relative to sizing rate.

Source-supported finding: 7.25% − 6.75% = 0.50 percentage point = 50 basis points.

Overstates the rate allowance in the risk discussion.

All review findings (2)
  • Underwriting!D19 and Loan Sizing!D14 are explanation strings stored as formulas. Numerical outputs and changed-input checks pass.
  • Source lease is image-only. Lev correctly reports its rent, expiry, deposit and unexercised option.
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
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
Memo7FailThe risk section claims a 100+ bp cushion between contract and sizing rates; the difference is 50 bp.
PDF p.4: contract rate 6.75% embeds a 100+ bps cushion vs. sizing rate. Lender terms: sizing floor 7.25%.
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
Memo10FailSource descriptions extend past the right page edge and are clipped.
Rendered PDF p.4 source-document table; p.5 holds only the disclaimer.
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":760710,"expected":760710,"passed":true},{"field":"uw_ncf","actual":743710,"expected":743710,"passed":true},{"field":"maximum_loan","actual":6595637.13582959,"expected":6595637.135829609,"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":10492551.7241379,"expected":10492551.72413793,"passed":true},{"field":"ltv_limit","actual":6295531.03448276,"expected":6295531.034482758,"passed":true},{"field":"maximum_loan","actual":6295531.03448276,"expected":6295531.034482758,"passed":true}]
Workbook7Pass[{"field":"dscr_limit","actual":6046510.21686903,"expected":6046510.21686905,"passed":true},{"field":"maximum_loan","actual":6046510.21686903,"expected":6046510.21686905,"passed":true}]
Workbook8Pass[{"field":"uw_noi_before_reserves","actual":711094.5,"expected":711094.5,"passed":true},{"field":"uw_ncf","actual":694094.5,"expected":694094.5,"passed":true},{"field":"maximum_loan","actual":6155619.07191657,"expected":6155619.071916529,"passed":true}]
Workbook9Fail{"formula_errors":["Underwriting!D19: #N/A","Loan Sizing!D14: #N/A"],"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: $2.853. 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 requested fields pass, including reading the scanned lease. The workbook recalculates with no formula errors but omits sources. The memo gives the wrong cap-stressed value and incorrect original rent-roll coordinates.

All review findings (2)
  • The cap-stressed value is understated by $54,694.72 (0.52%), beyond the monetary tolerance but below the >1% materiality threshold. The delivered workbook calculates it correctly.
  • Five-page PDF is readable. Sparse pages and a single orphaned table row are polish issues, not clipped-content failures.
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
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
Memo7FailThe cap-rate sensitivity value in the memo disagrees with the constant-NOI calculation and the correct workbook.
PDF pp.1 and 4: $10,437,857. Correct: $760,710 / 7.25% = $10,492,551.72.
Memo8PassThe supplied forecast, lender conventions and any provisional items are labeled as assumptions.
PDF assumptions and limitations; Property-and-Plan.pdf
Memo9FailRent-roll citations point to the model-created workbook layout, not the original source.
Stonebridge PDF p.2 says rows 4–7 instead of 7–10.
Memo10PassRendered headings, tables and financial values are readable with no materially clipped content.
Full-page PDF rendering inspection
Workbook1PassXLSX opens
Workbook2FailThe 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.
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":760710,"expected":760710,"passed":true},{"field":"uw_ncf","actual":743710,"expected":743710,"passed":true},{"field":"maximum_loan","actual":6595637.13582959,"expected":6595637.135829609,"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":10492551.7241379,"expected":10492551.72413793,"passed":true},{"field":"ltv_limit","actual":6295531.03448276,"expected":6295531.034482758,"passed":true},{"field":"maximum_loan","actual":6295531.03448276,"expected":6295531.034482758,"passed":true}]
Workbook7Pass[{"field":"dscr_limit","actual":6046510.21686903,"expected":6046510.21686905,"passed":true},{"field":"maximum_loan","actual":6046510.21686903,"expected":6046510.21686905,"passed":true}]
Workbook8Pass[{"field":"uw_noi_before_reserves","actual":711094.5,"expected":711094.5,"passed":true},{"field":"uw_ncf","actual":694094.5,"expected":694094.5,"passed":true},{"field":"maximum_loan","actual":6155619.07191657,"expected":6155619.071916529,"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: ≥ $0.375. 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 ten workbook checks pass, including the scanned lease and floating-rate floor. The readable memo correctly separates contractual and sizing debt service, but places a large near-maturity lease rollover after maturity without support.

All review findings (3)
  • Suite 103 represents 35.3% of property area and 44.5% of occupied monthly rent. Its near-maturity rollover should be disclosed, rather than assumed beyond the refinancing window.
  • Minor displayed dollar rounding differences for origination fee, IO debt service and stressed principal are within the frozen monetary tolerance.
  • Six-page PDF is readable, with wrapped table cells and repeated continuation headers. Some orphaned headings and sparse final-page space are polish issues.
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
Memo6FailThe lease discussion treats suite 103 as expiring after maturity, although its August 2029 expiry is around the end of the 36-month scenario beginning September 2026. Exact closing is not supplied, so this timing needs qualification.
PDF p.2: suites 101 and 103 expire after maturity. Source Rent Roll!I9: suite 103 expires 2029-08-31, 30,000 SF and $27,000 monthly rent; term is 36 months.
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
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":760710,"expected":760710,"passed":true},{"field":"uw_ncf","actual":743710,"expected":743710,"passed":true},{"field":"maximum_loan","actual":6595637.13582959,"expected":6595637.135829609,"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":10492551.7241379,"expected":10492551.72413793,"passed":true},{"field":"ltv_limit","actual":6295531.03448276,"expected":6295531.034482758,"passed":true},{"field":"maximum_loan","actual":6295531.03448276,"expected":6295531.034482758,"passed":true}]
Workbook7Pass[{"field":"dscr_limit","actual":6046510.21686903,"expected":6046510.21686905,"passed":true},{"field":"maximum_loan","actual":6046510.21686903,"expected":6046510.21686905,"passed":true}]
Workbook8Pass[{"field":"uw_noi_before_reserves","actual":711094.5,"expected":711094.5,"passed":true},{"field":"uw_ncf","actual":694094.5,"expected":694094.5,"passed":true},{"field":"maximum_loan","actual":6155619.07191657,"expected":6155619.071916529,"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: ≥ $4.551. 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 passedSource supported
Reported
4
Expected
4
Response evidence
No inline location supplied
Review
The source-labeled table reproduces each uniquely identified source record 101–104 with area, occupancy and rent. These row identities support the aggregate and derived calculations; the lease reconciliation also identifies clauses 2 and 3.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
Scoped response context
Rent roll & occupancy (source: `Rent-Roll.xlsx`; Unit 101 confirmed by `Lease-File.pdf` §3)
Historical (T12) vs Underwritten cash flow (sources: `T12-Statement.pdf` p.2 Annual; `Property-and-Plan.pdf` p.2)
Lease file (§3) confirms Unit 101 base rent of $15,000/mo as of 2026-08-31 and initial expiry 2030-08-31 (§2). No amendment or renewal-option exercise is in the packet, so the effective monthly base equals the rent roll ($60,700).
occupied_countValue passedSource supported
Reported
3
Expected
3
Response evidence
No inline location supplied
Review
The source-labeled table reproduces each uniquely identified source record 101–104 with area, occupancy and rent. These row identities support the aggregate and derived calculations; the lease reconciliation also identifies clauses 2 and 3.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
Scoped response context
Rent roll & occupancy (source: `Rent-Roll.xlsx`; Unit 101 confirmed by `Lease-File.pdf` §3)
Historical (T12) vs Underwritten cash flow (sources: `T12-Statement.pdf` p.2 Annual; `Property-and-Plan.pdf` p.2)
Lease file (§3) confirms Unit 101 base rent of $15,000/mo as of 2026-08-31 and initial expiry 2030-08-31 (§2). No amendment or renewal-option exercise is in the packet, so the effective monthly base equals the rent roll ($60,700).
total_area_sfValue passedSource supported
Reported
85,000
Expected
85,000
Response evidence
No inline location supplied
Review
The source-labeled table reproduces each uniquely identified source record 101–104 with area, occupancy and rent. These row identities support the aggregate and derived calculations; the lease reconciliation also identifies clauses 2 and 3.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
Scoped response context
Rent roll & occupancy (source: `Rent-Roll.xlsx`; Unit 101 confirmed by `Lease-File.pdf` §3)
Historical (T12) vs Underwritten cash flow (sources: `T12-Statement.pdf` p.2 Annual; `Property-and-Plan.pdf` p.2)
Lease file (§3) confirms Unit 101 base rent of $15,000/mo as of 2026-08-31 and initial expiry 2030-08-31 (§2). No amendment or renewal-option exercise is in the packet, so the effective monthly base equals the rent roll ($60,700).
occupied_area_sfValue passedSource supported
Reported
70,000
Expected
70,000
Response evidence
No inline location supplied
Review
The source-labeled table reproduces each uniquely identified source record 101–104 with area, occupancy and rent. These row identities support the aggregate and derived calculations; the lease reconciliation also identifies clauses 2 and 3.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
Scoped response context
Rent roll & occupancy (source: `Rent-Roll.xlsx`; Unit 101 confirmed by `Lease-File.pdf` §3)
Historical (T12) vs Underwritten cash flow (sources: `T12-Statement.pdf` p.2 Annual; `Property-and-Plan.pdf` p.2)
Lease file (§3) confirms Unit 101 base rent of $15,000/mo as of 2026-08-31 and initial expiry 2030-08-31 (§2). No amendment or renewal-option exercise is in the packet, so the effective monthly base equals the rent roll ($60,700).
occupancy_count_pctValue passedSource supported
Reported
75.00
Expected
75
Response evidence
No inline location supplied
Review
The source-labeled table reproduces each uniquely identified source record 101–104 with area, occupancy and rent. These row identities support the aggregate and derived calculations; the lease reconciliation also identifies clauses 2 and 3.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
Scoped response context
Rent roll & occupancy (source: `Rent-Roll.xlsx`; Unit 101 confirmed by `Lease-File.pdf` §3)
Historical (T12) vs Underwritten cash flow (sources: `T12-Statement.pdf` p.2 Annual; `Property-and-Plan.pdf` p.2)
Lease file (§3) confirms Unit 101 base rent of $15,000/mo as of 2026-08-31 and initial expiry 2030-08-31 (§2). No amendment or renewal-option exercise is in the packet, so the effective monthly base equals the rent roll ($60,700).
occupancy_area_pctValue passedSource supported
Reported
82.35
Expected
82.352941
Response evidence
No inline location supplied
Review
The source-labeled table reproduces each uniquely identified source record 101–104 with area, occupancy and rent. These row identities support the aggregate and derived calculations; the lease reconciliation also identifies clauses 2 and 3.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
Scoped response context
Rent roll & occupancy (source: `Rent-Roll.xlsx`; Unit 101 confirmed by `Lease-File.pdf` §3)
Historical (T12) vs Underwritten cash flow (sources: `T12-Statement.pdf` p.2 Annual; `Property-and-Plan.pdf` p.2)
Lease file (§3) confirms Unit 101 base rent of $15,000/mo as of 2026-08-31 and initial expiry 2030-08-31 (§2). No amendment or renewal-option exercise is in the packet, so the effective monthly base equals the rent roll ($60,700).
rent_roll_monthly_baseValue passedSource supported
Reported
$60,700
Expected
60,700
Response evidence
No inline location supplied
Review
The source-labeled table reproduces each uniquely identified source record 101–104 with area, occupancy and rent. These row identities support the aggregate and derived calculations; the lease reconciliation also identifies clauses 2 and 3.
Checked source
Rent-Roll.xlsx / Rent Roll rows 7 onward
Scoped response context
Rent roll & occupancy (source: `Rent-Roll.xlsx`; Unit 101 confirmed by `Lease-File.pdf` §3)
Historical (T12) vs Underwritten cash flow (sources: `T12-Statement.pdf` p.2 Annual; `Property-and-Plan.pdf` p.2)
Lease file (§3) confirms Unit 101 base rent of $15,000/mo as of 2026-08-31 and initial expiry 2030-08-31 (§2). No amendment or renewal-option exercise is in the packet, so the effective monthly base equals the rent roll ($60,700).
effective_monthly_baseValue passedSource supported
Reported
$60,700
Expected
60,700
Response evidence
No inline location supplied
Review
The source-labeled table reproduces each uniquely identified source record 101–104 with area, occupancy and rent. These row identities support the aggregate and derived calculations; the lease reconciliation also identifies clauses 2 and 3.
Checked source
Rent-Roll.xlsx and Lease-File.pdf / executed amendment where present
Scoped response context
Rent roll & occupancy (source: `Rent-Roll.xlsx`; Unit 101 confirmed by `Lease-File.pdf` §3)
Historical (T12) vs Underwritten cash flow (sources: `T12-Statement.pdf` p.2 Annual; `Property-and-Plan.pdf` p.2)
Lease file (§3) confirms Unit 101 base rent of $15,000/mo as of 2026-08-31 and initial expiry 2030-08-31 (§2). No amendment or renewal-option exercise is in the packet, so the effective monthly base equals the rent roll ($60,700).
t12_egiValue passedSource supported
Reported
$846,000
Expected
846,000
Response evidence
No inline location supplied
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
Rent roll & occupancy (source: `Rent-Roll.xlsx`; Unit 101 confirmed by `Lease-File.pdf` §3)
Historical (T12) vs Underwritten cash flow (sources: `T12-Statement.pdf` p.2 Annual; `Property-and-Plan.pdf` p.2)
Lease file (§3) confirms Unit 101 base rent of $15,000/mo as of 2026-08-31 and initial expiry 2030-08-31 (§2). No amendment or renewal-option exercise is in the packet, so the effective monthly base equals the rent roll ($60,700).
t12_operating_expensesValue passedSource supported
Reported
$253,200
Expected
253,200
Response evidence
No inline location supplied
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
Rent roll & occupancy (source: `Rent-Roll.xlsx`; Unit 101 confirmed by `Lease-File.pdf` §3)
Historical (T12) vs Underwritten cash flow (sources: `T12-Statement.pdf` p.2 Annual; `Property-and-Plan.pdf` p.2)
Lease file (§3) confirms Unit 101 base rent of $15,000/mo as of 2026-08-31 and initial expiry 2030-08-31 (§2). No amendment or renewal-option exercise is in the packet, so the effective monthly base equals the rent roll ($60,700).
t12_noi_before_reservesValue passedSource supported
Reported
$592,800
Expected
592,800
Response evidence
No inline location supplied
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
Rent roll & occupancy (source: `Rent-Roll.xlsx`; Unit 101 confirmed by `Lease-File.pdf` §3)
Historical (T12) vs Underwritten cash flow (sources: `T12-Statement.pdf` p.2 Annual; `Property-and-Plan.pdf` p.2)
Lease file (§3) confirms Unit 101 base rent of $15,000/mo as of 2026-08-31 and initial expiry 2030-08-31 (§2). No amendment or renewal-option exercise is in the packet, so the effective monthly base equals the rent roll ($60,700).
t12_reservesValue passedSource supported
Reported
$17,000
Expected
17,000
Response evidence
No inline location supplied
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
Rent roll & occupancy (source: `Rent-Roll.xlsx`; Unit 101 confirmed by `Lease-File.pdf` §3)
Historical (T12) vs Underwritten cash flow (sources: `T12-Statement.pdf` p.2 Annual; `Property-and-Plan.pdf` p.2)
Lease file (§3) confirms Unit 101 base rent of $15,000/mo as of 2026-08-31 and initial expiry 2030-08-31 (§2). No amendment or renewal-option exercise is in the packet, so the effective monthly base equals the rent roll ($60,700).
t12_ncfValue passedSource supported
Reported
$575,800
Expected
575,800
Response evidence
No inline location supplied
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
Rent roll & occupancy (source: `Rent-Roll.xlsx`; Unit 101 confirmed by `Lease-File.pdf` §3)
Historical (T12) vs Underwritten cash flow (sources: `T12-Statement.pdf` p.2 Annual; `Property-and-Plan.pdf` p.2)
Lease file (§3) confirms Unit 101 base rent of $15,000/mo as of 2026-08-31 and initial expiry 2030-08-31 (§2). No amendment or renewal-option exercise is in the packet, so the effective monthly base equals the rent roll ($60,700).
subject_lease_monthly_rentValue passedSource supported
Reported
$15,000
Expected
15,000
Response evidence
No inline location 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
Scoped response context
Rent roll & occupancy (source: `Rent-Roll.xlsx`; Unit 101 confirmed by `Lease-File.pdf` §3)
Historical (T12) vs Underwritten cash flow (sources: `T12-Statement.pdf` p.2 Annual; `Property-and-Plan.pdf` p.2)
Lease file (§3) confirms Unit 101 base rent of $15,000/mo as of 2026-08-31 and initial expiry 2030-08-31 (§2). No amendment or renewal-option exercise is in the packet, so the effective monthly base equals the rent roll ($60,700).
subject_lease_expiryValue passedSource supported
Reported
2030-08-31
Expected
2030-08-31
Response evidence
No inline location 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
Scoped response context
Rent roll & occupancy (source: `Rent-Roll.xlsx`; Unit 101 confirmed by `Lease-File.pdf` §3)
Historical (T12) vs Underwritten cash flow (sources: `T12-Statement.pdf` p.2 Annual; `Property-and-Plan.pdf` p.2)
Lease file (§3) confirms Unit 101 base rent of $15,000/mo as of 2026-08-31 and initial expiry 2030-08-31 (§2). No amendment or renewal-option exercise is in the packet, so the effective monthly base equals the rent roll ($60,700).
subject_lease_depositValue passedCitation failed
Reported
$30,000
Expected
30,000
Response evidence
No inline location supplied
Review
Correct answer, but the final response does not locate the deposit clause or the conditional-option clause respectively.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
Scoped response context
Rent roll & occupancy (source: `Rent-Roll.xlsx`; Unit 101 confirmed by `Lease-File.pdf` §3)
Historical (T12) vs Underwritten cash flow (sources: `T12-Statement.pdf` p.2 Annual; `Property-and-Plan.pdf` p.2)
Lease file (§3) confirms Unit 101 base rent of $15,000/mo as of 2026-08-31 and initial expiry 2030-08-31 (§2). No amendment or renewal-option exercise is in the packet, so the effective monthly base equals the rent roll ($60,700).
renewal_option_exercisedValue passedCitation failed
Reported
Not evidenced
Expected
Not evidenced
Response evidence
No inline location supplied
Review
Correct answer, but the final response does not locate the deposit clause or the conditional-option clause respectively.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
Scoped response context
Rent roll & occupancy (source: `Rent-Roll.xlsx`; Unit 101 confirmed by `Lease-File.pdf` §3)
Historical (T12) vs Underwritten cash flow (sources: `T12-Statement.pdf` p.2 Annual; `Property-and-Plan.pdf` p.2)
Lease file (§3) confirms Unit 101 base rent of $15,000/mo as of 2026-08-31 and initial expiry 2030-08-31 (§2). No amendment or renewal-option exercise is in the packet, so the effective monthly base equals the rent roll ($60,700).
uw_egiValue passed
Reported
$1,023,000
Expected
1,023,000
Response evidence
No inline location supplied
uw_management_feeValue passed
Reported
$30,690
Expected
30,690
Response evidence
No inline location supplied
uw_operating_expensesValue passed
Reported
$262,290
Expected
262,290
Response evidence
No inline location supplied
uw_noi_before_reservesValue passed
Reported
$760,710
Expected
760,710
Response evidence
No inline location supplied
uw_reservesValue passed
Reported
$17,000
Expected
17,000
Response evidence
No inline location supplied
uw_ncfValue passed
Reported
$743,710
Expected
743,710
Response evidence
No inline location supplied
capitalization_valueValue passed
Reported
$11,269,778
Expected
11,269,777.777778
Response evidence
No inline location supplied
contract_rateValue passed
Reported
0.0675
Expected
0.0675
Response evidence
No inline location supplied
sizing_rateValue passed
Reported
0.0725
Expected
0.0725
Response evidence
No inline location supplied
annual_debt_constantValue passed
Reported
0.08673682
Expected
0.086737
Response evidence
No inline location supplied
ltv_limitValue passed
Reported
$6,761,867
Expected
6,761,866.666667
Response evidence
No inline location supplied
dscr_limitValue passed
Reported
$6,595,637
Expected
6,595,637.13583
Response evidence
No inline location supplied
debt_yield_limitValue passed
Reported
$7,437,100
Expected
7,437,100
Response evidence
No inline location supplied
maximum_loanValue passed
Reported
$6,595,637
Expected
6,595,637.13583
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
$572,085
Expected
572,084.615385
Response evidence
No inline location supplied
sizing_dscrValue passed
Reported
1.300
Expected
1.3
Response evidence
No inline location supplied
sizing_debt_yieldValue passed
Reported
0.1128
Expected
0.112758
Response evidence
No inline location supplied
first_year_debt_serviceValue passed
Reported
$445,206
Expected
445,205.506668
Response evidence
No inline location supplied
cash_to_borrowerValue passed
Reported
$2,243,192
Expected
2,243,191.671632
Response evidence
No inline location supplied
stress_uw_noiValue passed
Reported
$711,095
Expected
711,094.5
Response evidence
No inline location supplied
stress_maximum_loanValue passed
Reported
$5,643,126
Expected
5,643,126.333816
Response evidence
No inline location supplied

GPT-5 agent

space_countValue passedCitation failed
Reported
4
Expected
4
Response evidence
Rent-Roll.xlsx Row 4-7
Calculation supplied
Count of suites on rent roll rows 4-7 = 4
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 Row 4-7
Calculation supplied
Rows marked Occupied: 101,102,103 = 3
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
85,000
Expected
85,000
Response evidence
Rent-Roll.xlsx C4:C7
Calculation supplied
18,000+22,000+30,000+15,000=85,000 SF
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
70,000
Expected
70,000
Response evidence
Rent-Roll.xlsx C4:C6
Calculation supplied
18,000+22,000+30,000=70,000 SF
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
75
Expected
75
Response evidence
Rent-Roll.xlsx rows 4-7
Calculation supplied
3 occupied / 4 total = 0.75 = 75%
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
82.352941
Expected
82.352941
Response evidence
Rent-Roll.xlsx C4:C7
Calculation supplied
70,000 / 85,000 = 0.8235294118 = 82.3529%
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
60,700
Expected
60,700
Response evidence
Rent-Roll.xlsx E4:E7
Calculation supplied
15,000 + 18,700 + 27,000 + 0 = 60,700 per month
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
60,700
Expected
60,700
Response evidence
Rent-Roll.xlsx E4:E7 · Lease-File.pdf p1 §3
Calculation supplied
No amendments supplied; Lease 101 confirms $15,000/mo. Effective monthly base equals printed roll = $60,700
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
846,000
Expected
846,000
Response evidence
T12-Statement.pdf p2 Annual column
Calculation supplied
852,000 -150,000 -36,000 -6,000 +186,000 = 846,000
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
253,200
Expected
253,200
Response evidence
T12-Statement.pdf p2 Annual column rows taxes through management
Calculation supplied
126,000 +30,000 +12,000 +24,000 +18,000 +18,000 +25,200 = 253,200
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_noi_before_reservesValue passedSource supported
Reported
592,800
Expected
592,800
Response evidence
T12-Statement.pdf p2 Annual column
Calculation supplied
846,000 - 253,200 = 592,800
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
17,000
Expected
17,000
Response evidence
T12-Statement.pdf p2 Annual column 'Replacement reserves'
Calculation supplied
Given
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
575,800
Expected
575,800
Response evidence
T12-Statement.pdf p2 Annual column; calc
Calculation supplied
592,800 - 17,000 = 575,800
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
15,000
Expected
15,000
Response evidence
Lease-File.pdf p1 §3; Rent-Roll.xlsx row 4
Calculation supplied
Given $15,000/mo 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
2030-08-31
Expected
2030-08-31
Response evidence
Lease-File.pdf p1 §2; Rent-Roll.xlsx row 4
Calculation supplied
Given
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
30,000
Expected
30,000
Response evidence
Lease-File.pdf p1 §4
Calculation supplied
Given security deposit $30,000
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 p1 §5; Rent-Roll.xlsx C15 note
Calculation supplied
Packet states no exercise notice included; 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
1,023,000
Expected
1,023,000
Response evidence
Property-and-Plan.pdf p2 underwriting plan
Calculation supplied
$900,000*(1-8%) + $195,000 = $1,023,000
uw_management_feeValue passed
Reported
30,690
Expected
30,690
Response evidence
Property-and-Plan.pdf p2 rule; T12-Statement.pdf p2 mgmt $25,200
Calculation supplied
Greater of $25,200 and 3% of EGI = 0.03 * 1,023,000 = 30,690
uw_operating_expensesValue passed
Reported
262,290
Expected
262,290
Response evidence
Property-and-Plan.pdf p2 underwriting treatments
Calculation supplied
Taxes 132,000 + Insurance 33,600 + Utilities 12,000 + R&M 18,000 + Payroll 18,000 + Admin 18,000 + Mgmt 30,690 = 262,290
uw_noi_before_reservesValue passed
Reported
760,710
Expected
760,710
Response evidence
Property-and-Plan.pdf p2 and calc
Calculation supplied
EGI 1,023,000 - OpEx before reserves 262,290 = 760,710
uw_reservesValue passed
Reported
17,000
Expected
17,000
Response evidence
Property-and-Plan.pdf p2 reserves $0.20/SF/yr; Rent-Roll.xlsx total SF 85,000
Calculation supplied
0.20 * 85,000 SF = 17,000
uw_ncfValue passed
Reported
743,710
Expected
743,710
Response evidence
Calc from above
Calculation supplied
760,710 - 17,000 = 743,710
capitalization_valueValue passed
Reported
11,269,777.777778
Expected
11,269,777.777778
Response evidence
Lender-Terms.pdf p1 cap rate 6.75% · UW NOI before reserves 760,710
Calculation supplied
760,710 / 0.0675 = 11,269,777.78
contract_rateValue passed
Reported
0.0675
Expected
0.0675
Response evidence
Lender-Terms.pdf p1 contract rate = index floor 4.00% + 2.75% spread
Calculation supplied
4.00% floor + 2.75% = 6.75%
sizing_rateValue passed
Reported
0.0725
Expected
0.0725
Response evidence
Lender-Terms.pdf p1 sizing rate greater of contractual and 7.25% floor
Calculation supplied
Greater of 6.75% and 7.25% = 7.25%
annual_debt_constantValue passed
Reported
0.086737
Expected
0.086737
Response evidence
Lender-Terms.pdf p1; 25-yr monthly amortization
Calculation supplied
12*PMT(7.25%/12, 25*12, 1) = 0.0867368237
ltv_limitValue passed
Reported
6,761,866.666667
Expected
6,761,866.666667
Response evidence
Lender-Terms.pdf p1 60% LTV; capitalization value above
Calculation supplied
60% * 11,269,777.78 = 6,761,866.67
dscr_limitValue passed
Reported
6,595,637.13583
Expected
6,595,637.13583
Response evidence
Lender-Terms.pdf p1 DSCR 1.30x using NCF and sizing constant
Calculation supplied
743,710 / (1.30 * 0.0867368237) = 6,595,637.14
debt_yield_limitValue passed
Reported
7,437,100
Expected
7,437,100
Response evidence
Lender-Terms.pdf p1 10% debt yield; numerator NCF
Calculation supplied
743,710 / 0.10 = 7,437,100
maximum_loanValue passed
Reported
6,595,637.13583
Expected
6,595,637.13583
Response evidence
Minimum of LTV, DSCR, Debt yield limits above
Calculation supplied
min(6,761,866.67, 6,595,637.14, 7,437,100) = 6,595,637.14
binding_constraintValue passed
Reported
DSCR
Expected
DSCR
Response evidence
Comparison of constraints above
Calculation supplied
DSCR limit is the lowest
sizing_annual_debt_serviceValue passed
Reported
572,084.615385
Expected
572,084.615385
Response evidence
Annual constant * maximum loan
Calculation supplied
0.0867368237 * 6,595,637.14 = 572,084.62
sizing_dscrValue passed
Reported
1.3
Expected
1.3
Response evidence
Definition DSCR = NCF / sizing P&I
Calculation supplied
743,710 / 572,084.62 = 1.30x
sizing_debt_yieldValue passed
Reported
0.112758
Expected
0.112758
Response evidence
Debt yield = NCF / loan
Calculation supplied
743,710 / 6,595,637.14 = 11.275787%
first_year_debt_serviceValue passed
Reported
445,205.506668
Expected
445,205.506668
Response evidence
Lender-Terms.pdf p1 IO year 1; contractual rate 6.75%
Calculation supplied
Loan * 6.75% = 6,595,637.14 * 0.0675 = 445,205.51
cash_to_borrowerValue passed
Reported
2,243,191.671632
Expected
2,243,191.671632
Response evidence
Property-and-Plan.pdf p1 payoff and costs; Lender-Terms.pdf origination 1.25%
Calculation supplied
Loan - payoff - closing costs - 1.25% origination = 6,595,637.14 - 4,200,000 - 70,000 - 82,445.46 = 2,243,191.67 cash out
stress_uw_noiValue passed
Reported
711,094.5
Expected
711,094.5
Response evidence
Plan p2 sensitivity instruction
Calculation supplied
EGI stressed = 1,023,000*0.95=971,850; mgmt = max(25,200, 3%*971,850=29,155.50); other OpEx unchanged (231,600); NOI before reserves = 971,850 - (231,600+29,155.50) = 711,094.50
stress_maximum_loanValue passed
Reported
5,643,126.333816
Expected
5,643,126.333816
Response evidence
Plan p2 downside instruction; Lender terms sizing
Calculation supplied
At sizing rate +100 bps: constant = 0.0946140162; Stress NCF = 694,094.5; LTV = 60%*(711,094.5/0.0675)=6,320,840; DSCR = 694,094.5/(1.30*0.0946140162)=5,643,126.33; DY = 6,940,945; Minimum = 5,643,126.33

Opus 5 agent

space_countValue passedSource supported
Reported
4
Expected
4
Response evidence
Rent-Roll.xlsx 'Rent Roll' rows 7-10 (units 101, 102, 103, 104)
Calculation supplied
Count of unit rows = 4
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:F10 = Occupied, Occupied, Occupied, Vacant
Calculation supplied
Rows with 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
85,000
Expected
85,000
Response evidence
Rent-Roll.xlsx 'Rent Roll' E7:E10 = 18,000 / 22,000 / 30,000 / 15,000
Calculation supplied
18000+22000+30000+15000 = 85000
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
70,000
Expected
70,000
Response evidence
Rent-Roll.xlsx 'Rent Roll' E7:E9 with F7:F9 = Occupied
Calculation supplied
18000+22000+30000 = 70000
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
75
Expected
75
Response evidence
Rent-Roll.xlsx 'Rent Roll' rows 7-10
Calculation supplied
100 x 3/4 = 75.00
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
82.35
Expected
82.352941
Response evidence
Rent-Roll.xlsx 'Rent Roll' E7:E10 and F7:F10
Calculation supplied
100 x 70,000/85,000 = 82.3529 -> 82.35
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
60,700
Expected
60,700
Response evidence
Rent-Roll.xlsx 'Rent Roll' G7:G10 = 15,000 / 18,700 / 27,000 / blank · Rent-Roll.xlsx C13: blank contractual rent means no current rent for vacant premises
Calculation supplied
15000+18700+27000 = 60700 (unit 104 vacant, no contractual rent)
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
60,700
Expected
60,700
Response evidence
Lease-File.pdf p1 s3: base rent $15,000 per month as of 2026-08-31; no increase before 2027-09-01 · Lease-File.pdf p1 s6: written amendment signed by both parties controls; none included · Rent-Roll.xlsx 'Rent Roll' G7:G10
Calculation supplied
Executed lease confirms unit 101 at $15,000 and no authoritative amendment alters any rent, so effective = printed = 15000+18700+27000 = 60700
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
846,000
Expected
846,000
Response evidence
T12-Statement.pdf p2 Annual column: GPR 852,000; vacancy -150,000; concessions -36,000; bad debt -6,000; other income 186,000
Calculation supplied
852000-150000-36000-6000+186000 = 846000
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
253,200
Expected
253,200
Response evidence
T12-Statement.pdf p2 Annual column: taxes 126,000; insurance 30,000; utilities 12,000; R&M 24,000; payroll 18,000; admin 18,000; management 25,200 · T12-Statement.pdf pp1-2 footnote: reserves, capex, loan P&I and depreciation are below operating income
Calculation supplied
126000+30000+12000+24000+18000+18000+25200 = 253200 (excludes reserves 17,000; capex 220,000; loan P&I 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
592,800
Expected
592,800
Response evidence
T12-Statement.pdf p2 Annual column · Property-and-Plan.pdf p1: separately identify NOI before replacement reserves
Calculation supplied
846000 - 253200 = 592800
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
17,000
Expected
17,000
Response evidence
T12-Statement.pdf p2 Annual column, 'Replacement reserves (below NOI)' = 17,000
Calculation supplied
As reported
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
575,800
Expected
575,800
Response evidence
T12-Statement.pdf p2 Annual column
Calculation supplied
592800 - 17000 = 575800
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
15,000
Expected
15,000
Response evidence
Lease-File.pdf p1 s3: base rent $15,000 per month as of 2026-08-31; no base-rent increase before 2027-09-01 · Rent-Roll.xlsx 'Rent Roll' G7 = 15,000 (agrees)
Calculation supplied
Authoritative executed lease amount; no amendment in the 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
subject_lease_expiryValue passedSource supported
Reported
2030-08-31
Expected
2030-08-31
Response evidence
Lease-File.pdf p1 s2: commencement 2025-09-01, initial term expires 2030-08-31 · Lease-File.pdf p1 s5: do not extend the current expiry based on the existence of the option alone · Rent-Roll.xlsx 'Rent Roll' I7 = 2030-08-31 (agrees)
Calculation supplied
Initial term expiry; renewal option not evidenced as exercised, so no extension
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
30,000
Expected
30,000
Response evidence
Lease-File.pdf p1 s4: security deposit $30,000, not prepaid rent or recurring income
Calculation supplied
As stated; 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 p1 s5: no exercise notice, landlord acknowledgment or amendment exercising this option is included in the packet · Rent-Roll.xlsx C15: no option exercise notice is included
Calculation supplied
No delivered material evidences exercise; the option requires written notice at least 180 days before expiration and no uncured default
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
1,023,000
Expected
1,023,000
Response evidence
Property-and-Plan.pdf p2: GPR $900,000; combined revenue loss 8.00% of GPR; other income $195,000 added after revenue loss
Calculation supplied
900000 x (1-0.08) + 195000 = 828000 + 195000 = 1023000
uw_management_feeValue passed
Reported
30,690
Expected
30,690
Response evidence
Property-and-Plan.pdf p2: management fee = greater of T12 actual and 3.00% of underwritten EGI · T12-Statement.pdf p2: T12 actual management fee 25,200
Calculation supplied
MAX(25200, 0.03 x 1023000 = 30690) = 30690
uw_operating_expensesValue passed
Reported
262,290
Expected
262,290
Response evidence
Property-and-Plan.pdf p2 underwriting treatment: taxes 132,000; insurance 33,600; utilities T12 12,000; R&M 24,000 less 6,000 one-time casualty = 18,000; payroll 18,000; admin 18,000; management per test
Calculation supplied
132000+33600+12000+18000+18000+18000+30690 = 262290
uw_noi_before_reservesValue passed
Reported
760,710
Expected
760,710
Response evidence
Property-and-Plan.pdf p2; workbook Underwriting!B19
Calculation supplied
1023000 - 262290 = 760710
uw_reservesValue passed
Reported
17,000
Expected
17,000
Response evidence
Property-and-Plan.pdf p2: replacement reserves $0.20 per rentable SF per year, deducted after NOI · Rent-Roll.xlsx E7:E10 total 85,000 SF
Calculation supplied
0.20 x 85000 = 17000
uw_ncfValue passed
Reported
743,710
Expected
743,710
Response evidence
Property-and-Plan.pdf p2; workbook Underwriting!B21
Calculation supplied
760710 - 17000 = 743710
capitalization_valueValue passed
Reported
11,269,778
Expected
11,269,777.777778
Response evidence
Lender-Terms.pdf p1 Valuation: underwritten NOI BEFORE reserves divided by 6.75% cap rate; no appraisal implied
Calculation supplied
760710 / 0.0675 = 11,269,777.78 -> 11,269,778
contract_rateValue passed
Reported
0.0675
Expected
0.0675
Response evidence
Lender-Terms.pdf p1 Contract rate: index 3.25% with index floor 4.00%; add 2.75% spread AFTER applying the floor
Calculation supplied
MAX(0.0325, 0.0400) + 0.0275 = 0.0675
sizing_rateValue passed
Reported
0.0725
Expected
0.0725
Response evidence
Lender-Terms.pdf p1 Sizing rate: greater of current contractual rate and 7.25% underwriting floor
Calculation supplied
MAX(0.0675, 0.0725) = 0.0725
annual_debt_constantValue passed
Reported
0.086737
Expected
0.086737
Response evidence
Lender-Terms.pdf p1 Amortization: 25 years, monthly payments; annual debt service = 12 monthly payments
Calculation supplied
12 x PMT(0.0725/12, 300, 1) = 0.086736823691660 per $1 principal
ltv_limitValue passed
Reported
6,761,867
Expected
6,761,866.666667
Response evidence
Lender-Terms.pdf p1 LTV: 60.00% of indicative value
Calculation supplied
0.60 x 11,269,777.78 = 6,761,866.67 -> 6,761,867
dscr_limitValue passed
Reported
6,595,637
Expected
6,595,637.13583
Response evidence
Lender-Terms.pdf p1 DSCR: minimum 1.30x using NCF AFTER reserves divided by annual amortizing debt service at sizing rate
Calculation supplied
743710 / (1.30 x 0.08673682369) = 6,595,637.14 -> 6,595,637
debt_yield_limitValue passed
Reported
7,437,100
Expected
7,437,100
Response evidence
Lender-Terms.pdf p1 Debt yield: minimum 10.00%; numerator is underwritten NCF AFTER reserves
Calculation supplied
743710 / 0.10 = 7,437,100
maximum_loanValue passed
Reported
6,595,637
Expected
6,595,637.13583
Response evidence
Lender-Terms.pdf p1 Loan ceiling: lowest of the LTV, DSCR and debt-yield constraints; no separate dollar cap · Workbook Loan Sizing!B12
Calculation supplied
MIN(6,761,867; 6,595,637; 7,437,100) = 6,595,637
binding_constraintValue passed
Reported
DSCR
Expected
DSCR
Response evidence
Workbook Loan Sizing!B13
Calculation supplied
DSCR limit is the lowest of the three constraints
sizing_annual_debt_serviceValue passed
Reported
572,085
Expected
572,084.615385
Response evidence
Lender-Terms.pdf p1 Amortization and Sizing rate; workbook Loan Sizing!B15
Calculation supplied
6,595,637.14 x 0.08673682369 = 572,084.62 -> 572,085
sizing_dscrValue passed
Reported
1.3
Expected
1.3
Response evidence
Workbook Loan Sizing!B16
Calculation supplied
743,710 / 572,084.62 = 1.300 (binding at the minimum)
sizing_debt_yieldValue passed
Reported
0.1128
Expected
0.112758
Response evidence
Lender-Terms.pdf p1 Debt yield numerator is underwritten NCF after reserves · Workbook Loan Sizing!B17
Calculation supplied
743,710 / 6,595,637.14 = 0.112758 -> 11.28%
first_year_debt_serviceValue passed
Reported
445,205
Expected
445,205.506668
Response evidence
Lender-Terms.pdf p1 Interest-only period: 12 months (underwriting DSCR still uses amortizing debt service) · Lender-Terms.pdf p1 Contract rate
Calculation supplied
Year 1 fully interest-only at the 6.75% contract rate: 6,595,637.14 x 0.0675 = 445,205.51 -> 445,205
cash_to_borrowerValue passed
Reported
2,243,192
Expected
2,243,191.671632
Response evidence
Property-and-Plan.pdf p1: existing debt payoff $4,200,000; fixed closing costs $70,000 · Lender-Terms.pdf p1: origination fee 1.25% of actual initial principal
Calculation supplied
6,595,637.14 - 4,200,000 - 82,445.46 - 70,000 = 2,243,191.67 -> 2,243,192 (positive = cash out)
stress_uw_noiValue passed
Reported
711,094.5
Expected
711,094.5
Response evidence
Property-and-Plan.pdf p2 sensitivity instruction: reduce total underwritten EGI by 5%, recompute the management minimum, hold all other operating expense and reserve assumptions constant
Calculation supplied
EGI 1,023,000 x 0.95 = 971,850; management MAX(25,200, 0.03 x 971,850 = 29,155.50) = 29,155.50; other opex 231,600 unchanged; NOI = 971,850 - 29,155.50 - 231,600 = 711,094.50
stress_maximum_loanValue passed
Reported
5,643,127
Expected
5,643,126.333816
Response evidence
Property-and-Plan.pdf p2: for the combined downside also increase the sizing rate by 100 basis points; cap rate stays constant · Lender-Terms.pdf p1 three constraints
Calculation supplied
Stress NCF = 711,094.50 - 17,000 = 694,094.50; sizing rate 8.25%, constant = 12 x PMT(0.0825/12,300,1) = 0.094614016; LTV = 0.60 x 711,094.50/0.0675 = 6,320,840; DSCR = 694,094.50/(1.30 x 0.094614016) = 5,643,126.33; DY = 6,940,945; MIN = 5,643,126.33 -> 5,643,127 (DSCR-binding)

GPT-5 agent · direct API control

space_countValue passedSource supported
Reported
4
Expected
4
Response evidence
Rent-Roll.xlsx | Rent Roll!C7:C10
Calculation supplied
Count of listed suites 101-104 = 4
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:F10
Calculation supplied
Statuses: 101 Occupied, 102 Occupied, 103 Occupied, 104 Vacant -> 3 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
85,000
Expected
85,000
Response evidence
Rent-Roll.xlsx | Rent Roll!E7:E10
Calculation supplied
18,000 + 22,000 + 30,000 + 15,000 = 85,000
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
70,000
Expected
70,000
Response evidence
Rent-Roll.xlsx | Rent Roll!E7:E9
Calculation supplied
Occupied suites 101-103: 18,000 + 22,000 + 30,000 = 70,000
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
75
Expected
75
Response evidence
Rent-Roll.xlsx | Rent Roll!C7:C10, F7:F10
Calculation supplied
3 / 4 = 0.75 -> 75.0
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
82.3529
Expected
82.352941
Response evidence
Rent-Roll.xlsx | Rent Roll!E7:E10
Calculation supplied
70,000 / 85,000 = 0.823529 -> 82.3529
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
60,700
Expected
60,700
Response evidence
Rent-Roll.xlsx | Rent Roll!G7:G9
Calculation supplied
15,000 + 18,700 + 27,000 = 60,700; vacant 104 has no contractual rent
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 passedCitation failed
Reported
60,700
Expected
60,700
Response evidence
Rent-Roll.xlsx | Rent Roll!G7:G10; Lease-File.pdf p1 (no extractable text)
Calculation supplied
No lease amendments provided; effective equals printed rent roll total 60,700
Review
The text-only control cannot inspect the image-only executed lease. Rent-roll figures alone do not establish the requested authoritative lease facts; the unverified or missing answer remains visible.
Checked source
Rent-Roll.xlsx and Lease-File.pdf / executed amendment where present
t12_egiValue passedSource supported
Reported
846,000
Expected
846,000
Response evidence
T12-Statement.pdf | p2 Annual column
Calculation supplied
EGI = GP Base 852,000 - Vacancy 150,000 - Concessions 36,000 - Bad debt 6,000 + Other income 186,000 = 846,000
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
253,200
Expected
253,200
Response evidence
T12-Statement.pdf | p2 Annual column (expense rows above reserves)
Calculation supplied
RE taxes 126,000 + Insurance 30,000 + Utilities 12,000 + R&M 24,000 + Payroll 18,000 + Admin 18,000 + Mgmt 25,200 = 253,200
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_noi_before_reservesValue passedSource supported
Reported
592,800
Expected
592,800
Response evidence
Derived from T12-Statement.pdf | p2 Annual
Calculation supplied
EGI 846,000 - OpEx 253,200 = 592,800
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
17,000
Expected
17,000
Response evidence
T12-Statement.pdf | p2 Annual 'Replacement reserves' = 17,000
Calculation supplied
As reported
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
575,800
Expected
575,800
Response evidence
Derived from T12-Statement.pdf | p2 Annual
Calculation supplied
NOI before reserves 592,800 - Reserves 17,000 = 575,800
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 passedCitation failed
Reported
15,000
Expected
15,000
Response evidence
Rent-Roll.xlsx | Rent Roll!G7 (Unit 101)
Calculation supplied
As printed on rent roll
Review
The text-only control cannot inspect the image-only executed lease. Rent-roll figures alone do not establish the requested authoritative lease facts; the unverified or missing answer remains visible.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
subject_lease_expiryValue passedCitation failed
Reported
2030-08-31
Expected
2030-08-31
Response evidence
Rent-Roll.xlsx | Rent Roll!I7 (Unit 101)
Calculation supplied
As printed on rent roll
Review
The text-only control cannot inspect the image-only executed lease. Rent-roll figures alone do not establish the requested authoritative lease facts; the unverified or missing answer remains visible.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
subject_lease_depositValue failedCitation failed
Reported
Unknown
Expected
30,000
Response evidence
Lease-File.pdf p1 (no extractable text); Rent-Roll.xlsx does not list deposits
Calculation supplied
Not provided
Review
The text-only control cannot inspect the image-only executed lease. Rent-roll figures alone do not establish the requested authoritative lease facts; the unverified or missing answer remains visible.
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
Rent-Roll.xlsx | Rent Roll!C15 'no option exercise notice is included.'
Calculation supplied
No evidence of exercise 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
uw_egiValue passed
Reported
1,023,000
Expected
1,023,000
Response evidence
Property-and-Plan.pdf | p2 Underwriting plan
Calculation supplied
GP base 900,000 - 8% revenue loss (72,000) + Other income 195,000 = 1,023,000
uw_management_feeValue passed
Reported
30,690
Expected
30,690
Response evidence
Property-and-Plan.pdf | p2 (management fee rule and EGI inputs); T12-Statement.pdf p2 Annual mgmt fee 25,200
Calculation supplied
Greater of T12 actual 25,200 and 3% of UW EGI (0.03 * 1,023,000 = 30,690) => 30,690
uw_operating_expensesValue passed
Reported
262,290
Expected
262,290
Response evidence
Property-and-Plan.pdf | p2 category treatments
Calculation supplied
RE taxes 132,000 + Insurance 33,600 + Utilities 12,000 + R&M (24,000 - 6,000 one-time) 18,000 + Payroll 18,000 + Admin 18,000 + Mgmt 30,690 = 262,290
uw_noi_before_reservesValue passed
Reported
760,710
Expected
760,710
Response evidence
Derived from Property-and-Plan.pdf | p2
Calculation supplied
UW EGI 1,023,000 - UW OpEx 262,290 = 760,710
uw_reservesValue passed
Reported
17,000
Expected
17,000
Response evidence
Property-and-Plan.pdf | p2 replacement reserves $0.20 per rentable SF; Rent-Roll.xlsx areas sum 85,000 SF
Calculation supplied
0.20 * 85,000 = 17,000
uw_ncfValue passed
Reported
743,710
Expected
743,710
Response evidence
Derived from Property-and-Plan.pdf | p2 and Rent-Roll.xlsx
Calculation supplied
UW NOI before reserves 760,710 - Reserves 17,000 = 743,710
capitalization_valueValue passed
Reported
11,269,777.78
Expected
11,269,777.777778
Response evidence
Lender-Terms.pdf | p1 Valuation method 6.75% cap; Property-and-Plan.pdf | p2 UW NOI before reserves
Calculation supplied
Value = UW NOI before reserves / 0.0675 = 760,710 / 0.0675 ≈ 11,269,777.78
contract_rateValue passed
Reported
0.0675
Expected
0.0675
Response evidence
Lender-Terms.pdf | p1 Contract rate: index floor 4.00% + 2.75% spread
Calculation supplied
Max(index 3.25%, floor 4.00%) = 4.00% + 2.75% = 6.75%
sizing_rateValue passed
Reported
0.0725
Expected
0.0725
Response evidence
Lender-Terms.pdf | p1 Sizing rate: greater of contractual rate and 7.25% floor
Calculation supplied
Greater of 6.75% and 7.25% = 7.25%
annual_debt_constantValue passed
Reported
0.086754
Expected
0.086737
Response evidence
Lender-Terms.pdf | p1 (25-yr amortization, monthly payments)
Calculation supplied
Monthly r = 0.0725/12 = 0.006041667; n = 300; Pmt_factor = r/(1-(1+r)^-n) ≈ 0.0072295; Annual constant = 12 * 0.0072295 ≈ 0.086754
ltv_limitValue passed
Reported
6,761,866.67
Expected
6,761,866.666667
Response evidence
Lender-Terms.pdf | p1 LTV 60%; capitalization value above
Calculation supplied
0.60 * 11,269,777.78 = 6,761,866.67
dscr_limitValue failed
Reported
6,594,255
Expected
6,595,637.13583
Response evidence
Lender-Terms.pdf | p1 DSCR 1.30x using NCF and amortizing ADS
Calculation supplied
Max ADS = 743,710 / 1.30 = 572,084.62; Max loan = 572,084.62 / 0.086754 ≈ 6,594,255
debt_yield_limitValue passed
Reported
7,437,100
Expected
7,437,100
Response evidence
Lender-Terms.pdf | p1 Debt yield 10.00% using NCF after reserves
Calculation supplied
Max loan = 743,710 / 0.10 = 7,437,100
maximum_loanValue failed
Reported
6,594,255
Expected
6,595,637.13583
Response evidence
Lender-Terms.pdf | p1 Loan ceiling is lowest of LTV, DSCR, Debt yield
Calculation supplied
Min(6,761,866.67, 6,594,255, 7,437,100) = 6,594,255
binding_constraintValue passed
Reported
DSCR
Expected
DSCR
Response evidence
Comparative sizing above
Calculation supplied
DSCR limit (≈6.59mm) is lowest among the three
sizing_annual_debt_serviceValue passed
Reported
572,084.62
Expected
572,084.615385
Response evidence
Derived from DSCR sizing and annual debt constant
Calculation supplied
At max loan, ADS = annual_debt_constant * maximum_loan ≈ 0.086754 * 6,594,255 ≈ 572,085 (also equals UW NCF / 1.30)
sizing_dscrValue passed
Reported
1.3
Expected
1.3
Response evidence
Derived
Calculation supplied
743,710 / 572,084.62 = 1.30x
sizing_debt_yieldValue passed
Reported
0.1128
Expected
0.112758
Response evidence
Derived
Calculation supplied
743,710 / 6,594,255 ≈ 0.1128
first_year_debt_serviceValue failed
Reported
445,112.21
Expected
445,205.506668
Response evidence
Lender-Terms.pdf | p1 Interest-only period 12 months; contractual rate 6.75%
Calculation supplied
IO Year-1 ADS = 6,594,255 * 0.0675 ≈ 445,112.21
cash_to_borrowerValue failed
Reported
2,241,826.81
Expected
2,243,191.671632
Response evidence
Property-and-Plan.pdf | p1 Existing payoff $4,200,000; Fixed closing costs $70,000. Lender-Terms.pdf | p1 Origination fee 1.25%
Calculation supplied
Proceeds 6,594,255 - Payoff 4,200,000 - Orig fee (1.25%*6,594,255=82,428.19) - Closing 70,000 = 2,241,826.81
stress_uw_noiValue passed
Reported
711,094.5
Expected
711,094.5
Response evidence
Property-and-Plan.pdf | p2 Sensitivity instruction
Calculation supplied
Stressed EGI = 1,023,000 * 0.95 = 971,850; Mgmt = max(25,200, 3%*971,850=29,155.50) = 29,155.50; Other OpEx unchanged (132,000+33,600+12,000+18,000+18,000+18,000) = 231,600; Total OpEx = 231,600 + 29,155.50 = 260,755.50; NOI before reserves = 971,850 - 260,755.50 = 711,094.50
stress_maximum_loanValue failed
Reported
5,640,212
Expected
5,643,126.333816
Response evidence
Property-and-Plan.pdf | p2 Sensitivity; Lender-Terms.pdf | p1 sizing and LTV methods
Calculation supplied
Combined downside: EGI -5% and sizing rate +100 bps (to 8.25%); Reserves unchanged. Stressed NCF = 711,094.5 - 17,000 = 694,094.5. Annual debt constant @8.25%, 25yr ≈ 0.094644. DSCR limit = 694,094.5 / (1.30 * 0.094644) ≈ 5,640,212. LTV limit (value uses same 6.75% cap on stressed NOI): Value = 711,094.5 / 0.0675 ≈ 10,534,730; 60% LTV = 6,320,838. Debt Yield limit = 694,094.5 / 0.10 = 6,940,945. Minimum = DSCR ≈ 5,640,212

Opus 5 agent · direct API control

space_countValue passedSource supported
Reported
4
Expected
4
Response evidence
Rent-Roll.xlsx, worksheet 'Rent Roll', rows 7-10 (units 101, 102, 103, 104)
Calculation supplied
Count of listed units = 4
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:F10 (Occupied, Occupied, Occupied, Vacant)
Calculation supplied
Units with Status = 'Occupied' = 101, 102, 103 = 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
85,000
Expected
85,000
Response evidence
Rent-Roll.xlsx 'Rent Roll' E7:E10
Calculation supplied
18,000 + 22,000 + 30,000 + 15,000 = 85,000
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
70,000
Expected
70,000
Response evidence
Rent-Roll.xlsx 'Rent Roll' E7:E9 with F7:F9 = Occupied
Calculation supplied
18,000 + 22,000 + 30,000 = 70,000
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
75
Expected
75
Response evidence
Rent-Roll.xlsx 'Rent Roll' rows 7-10
Calculation supplied
3 occupied / 4 units x 100 = 75.00
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
82.352941
Expected
82.352941
Response evidence
Rent-Roll.xlsx 'Rent Roll' E7:E10, F7:F10
Calculation supplied
70,000 / 85,000 x 100 = 82.35294118
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
60,700
Expected
60,700
Response evidence
Rent-Roll.xlsx 'Rent Roll' G7:G10 (G7=15,000; G8=18,700; G9=27,000; G10 blank/vacant)
Calculation supplied
15,000 + 18,700 + 27,000 = 60,700 (vacant unit 104 has no contractual rent; market rent 12,500 excluded per note C13)
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 failedCitation failed
Reported
Unknown
Expected
60,700
Response evidence
Rent-Roll.xlsx 'Rent Roll' note C15: 'Review executed lease evidence for premises 101; no option exercise notice is included.' Lease-File.pdf p.1 returns no extractable text in this control (image-only).
Calculation supplied
Cannot be established. If (and only if) the unreadable lease file contains no amendment altering unit 101, effective monthly base would equal the rent-roll total of 60,700 (15,000 + 18,700 + 27,000). Because the rent roll explicitly directs review of the executed lease evidence for 101, the authoritative amended amount is unresolved. Note: loan sizing is unaffected because the underwriting scenario uses a supplied $900,000 gross potential base rent rather than the rent roll (Property-and-Plan.pdf p.2).
Review
The text-only control cannot inspect the image-only executed lease. Rent-roll figures alone do not establish the requested authoritative lease facts; the unverified or missing answer remains visible.
Checked source
Rent-Roll.xlsx and Lease-File.pdf / executed amendment where present
t12_egiValue passedSource supported
Reported
846,000
Expected
846,000
Response evidence
T12-Statement.pdf p.2, Annual column: GPR 852,000; vacancy (150,000); concessions (36,000); bad debt (6,000); other income/recoveries 186,000 (Sep-2025 through Aug-2026)
Calculation supplied
852,000 - 150,000 - 36,000 - 6,000 + 186,000 = 846,000
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
253,200
Expected
253,200
Response evidence
T12-Statement.pdf p.2, Annual column: taxes 126,000; insurance 30,000; utilities 12,000; R&M 24,000; payroll 18,000; admin/legal 18,000; management fee 25,200. Reserves, capital improvements, loan P&I and depreciation excluded per the statement footnote and Property-and-Plan.pdf p.1.
Calculation supplied
126,000 + 30,000 + 12,000 + 24,000 + 18,000 + 18,000 + 25,200 = 253,200
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_noi_before_reservesValue passedSource supported
Reported
592,800
Expected
592,800
Response evidence
Derived from T12-Statement.pdf p.2 Annual column
Calculation supplied
846,000 EGI - 253,200 operating expenses = 592,800
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
17,000
Expected
17,000
Response evidence
T12-Statement.pdf p.2, 'Replacement reserves (below NOI)', Annual column = 17,000
Calculation supplied
Reported annual total 17,000 (monthly column sum 8,372 + 8,628 = 17,000, ties)
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
575,800
Expected
575,800
Response evidence
Derived from T12-Statement.pdf p.2
Calculation supplied
592,800 NOI before reserves - 17,000 reserves = 575,800
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 failedCitation failed
Reported
Unknown
Expected
15,000
Response evidence
Lease-File.pdf p.1 is image-only with no extractable text in this control, so the authoritative executed lease for unit 101 cannot be read. Rent-Roll.xlsx 'Rent Roll' G7 shows 15,000/month as printed, and note C15 directs review of the executed lease evidence for premises 101.
Calculation supplied
Not determinable. Rent-roll-printed figure = 15,000/month (unverified against the lease).
Review
The text-only control cannot inspect the image-only executed lease. Rent-roll figures alone do not establish the requested authoritative lease facts; the unverified or missing answer remains visible.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
subject_lease_expiryValue failedCitation failed
Reported
Unknown
Expected
2030-08-31
Response evidence
Lease-File.pdf p.1 unreadable (no extractable text). Rent-Roll.xlsx 'Rent Roll' I7 = '2030-08-31' as printed.
Calculation supplied
Authoritative expiry not determinable; rent-roll-printed expiry = 2030-08-31 (unverified).
Review
The text-only control cannot inspect the image-only executed lease. Rent-roll figures alone do not establish the requested authoritative lease facts; the unverified or missing answer remains visible.
Checked source
Lease-File.pdf / clauses 2-5, including executed amendment where present
subject_lease_depositValue failedCitation failed
Reported
Unknown
Expected
30,000
Response evidence
No security deposit appears anywhere in the readable packet (Rent-Roll.xlsx has no deposit column; Property-and-Plan.pdf and T12-Statement.pdf do not state deposits). Lease-File.pdf p.1 unreadable.
Calculation supplied
Not available in readable sources; remains unknown.
Review
The text-only control cannot inspect the image-only executed lease. Rent-roll figures alone do not establish the requested authoritative lease facts; the unverified or missing answer remains visible.
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
Rent-Roll.xlsx 'Rent Roll' note C15: 'Review executed lease evidence for premises 101; no option exercise notice is included.' No option notice appears in Property-and-Plan.pdf, Lender-Terms.pdf or T12-Statement.pdf.
Calculation supplied
No exercise notice is present in any readable document. The existence and terms of any renewal option in the unreadable Lease-File.pdf cannot be confirmed.
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
1,023,000
Expected
1,023,000
Response evidence
Property-and-Plan.pdf p.2: GPR $900,000 scenario; combined revenue loss 8.00% of underwritten GPR; other income/recoveries $195,000 added after revenue loss
Calculation supplied
900,000 x (1 - 0.08) = 828,000; 828,000 + 195,000 = 1,023,000
uw_management_feeValue passed
Reported
30,690
Expected
30,690
Response evidence
Property-and-Plan.pdf p.2: 'Greater of T12 actual and 3.00% of underwritten EGI'; T12 actual 25,200 (T12-Statement.pdf p.2)
Calculation supplied
max(25,200; 0.03 x 1,023,000 = 30,690) = 30,690
uw_operating_expensesValue passed
Reported
262,290
Expected
262,290
Response evidence
Property-and-Plan.pdf p.2 expense table (taxes 132,000; insurance 33,600; utilities T12 12,000; R&M T12 24,000 less 6,000 one-time casualty cleanup; payroll T12 18,000; admin/legal T12 18,000; management per formula)
Calculation supplied
132,000 + 33,600 + 12,000 + 18,000 + 18,000 + 18,000 + 30,690 = 262,290 (before reserves)
uw_noi_before_reservesValue passed
Reported
760,710
Expected
760,710
Response evidence
Derived from Property-and-Plan.pdf p.2 plan
Calculation supplied
1,023,000 - 262,290 = 760,710
uw_reservesValue passed
Reported
17,000
Expected
17,000
Response evidence
Property-and-Plan.pdf p.2: $0.20 per rentable SF per year, deducted after NOI; area from Rent-Roll.xlsx E7:E10 = 85,000 SF
Calculation supplied
0.20 x 85,000 = 17,000
uw_ncfValue passed
Reported
743,710
Expected
743,710
Response evidence
Derived from Property-and-Plan.pdf p.2
Calculation supplied
760,710 - 17,000 = 743,710
capitalization_valueValue passed
Reported
11,269,777.78
Expected
11,269,777.777778
Response evidence
Lender-Terms.pdf p.1, Valuation: 'Underwritten NOI BEFORE reserves divided by 6.75% cap rate; no appraisal is implied'
Calculation supplied
760,710 / 0.0675 = 11,269,777.78 (unrounded 11,269,777.7778)
contract_rateValue passed
Reported
0.0675
Expected
0.0675
Response evidence
Lender-Terms.pdf p.1, Contract rate: 'Index 3.25% with an index floor of 4.00%; add 2.75% spread AFTER applying the index floor'
Calculation supplied
max(0.0325, 0.0400) = 0.0400; 0.0400 + 0.0275 = 0.0675
sizing_rateValue passed
Reported
0.0725
Expected
0.0725
Response evidence
Lender-Terms.pdf p.1, Sizing rate: 'Greater of current contractual rate and 7.25% underwriting floor'
Calculation supplied
max(0.0675, 0.0725) = 0.0725
annual_debt_constantValue passed
Reported
0.086737
Expected
0.086737
Response evidence
Lender-Terms.pdf p.1: 25-year amortization, monthly payments, annual debt service = 12 monthly payments; sizing rate 7.25%
Calculation supplied
i = 0.0725/12 = 0.00604166667; n = 300; monthly factor = i / (1 - (1+i)^-n) = 0.00604166667 / (1 - 0.1641382) = 0.00722807; annual constant = 12 x 0.00722807 = 0.0867368
ltv_limitValue passed
Reported
6,761,866.67
Expected
6,761,866.666667
Response evidence
Lender-Terms.pdf p.1: LTV 60.00% of indicative value
Calculation supplied
0.60 x 11,269,777.78 = 6,761,866.67
dscr_limitValue passed
Reported
6,595,638
Expected
6,595,637.13583
Response evidence
Lender-Terms.pdf p.1: 'Minimum 1.30x using NCF AFTER reserves divided by annual amortizing debt service at sizing rate'
Calculation supplied
Max annual DS = 743,710 / 1.30 = 572,084.6154; principal = 572,084.6154 / 0.0867368 = 6,595,638 (approx; +/- a few hundred dollars depending on constant precision)
debt_yield_limitValue passed
Reported
7,437,100
Expected
7,437,100
Response evidence
Lender-Terms.pdf p.1: 'Minimum 10.00%; numerator is underwritten NCF AFTER reserves'
Calculation supplied
743,710 / 0.10 = 7,437,100
maximum_loanValue passed
Reported
6,595,638
Expected
6,595,637.13583
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(6,761,866.67 LTV; 6,595,638 DSCR; 7,437,100 debt yield) = 6,595,638
binding_constraintValue passed
Reported
DSCR
Expected
DSCR
Response evidence
Comparison of the three Lender-Terms.pdf p.1 constraints
Calculation supplied
DSCR limit (6,595,638) < LTV limit (6,761,867) < debt yield limit (7,437,100)
sizing_annual_debt_serviceValue passed
Reported
572,084.62
Expected
572,084.615385
Response evidence
Lender-Terms.pdf p.1: amortizing debt service at sizing rate, 12 monthly payments
Calculation supplied
6,595,638 x 0.0867368 = 572,084.62 (equals 743,710 / 1.30 by construction)
sizing_dscrValue passed
Reported
1.3
Expected
1.3
Response evidence
Lender-Terms.pdf p.1 DSCR definition (NCF after reserves / amortizing DS at sizing rate)
Calculation supplied
743,710 / 572,084.62 = 1.300 (binding at the 1.30x minimum)
sizing_debt_yieldValue passed
Reported
0.112758
Expected
0.112758
Response evidence
Lender-Terms.pdf p.1: debt-yield numerator is underwritten NCF AFTER reserves
Calculation supplied
743,710 / 6,595,638 = 0.112758 (11.28%), above the 10.00% minimum
first_year_debt_serviceValue passed
Reported
445,205.57
Expected
445,205.506668
Response evidence
Lender-Terms.pdf p.1: Interest-only period 12 months; contract rate 6.75%; 'underwriting DSCR still uses amortizing debt service'
Calculation supplied
6,595,638 x 0.0675 = 445,205.57 (12 months of interest-only at the contractual 6.75%)
cash_to_borrowerValue passed
Reported
2,243,192.52
Expected
2,243,191.671632
Response evidence
Property-and-Plan.pdf p.1: existing debt payoff $4,200,000; fixed closing costs $70,000. Lender-Terms.pdf p.1: origination fee 1.25% of actual initial principal; no fee capitalization or holdbacks.
Calculation supplied
6,595,638 - 4,200,000 - (0.0125 x 6,595,638 = 82,445.48) - 70,000 = 2,243,192.52 (positive = cash out to borrower)
stress_uw_noiValue passed
Reported
711,094.5
Expected
711,094.5
Response evidence
Property-and-Plan.pdf p.2 sensitivity instruction: reduce total underwritten EGI by 5%, recompute the management minimum, hold all other operating expense and reserve assumptions constant
Calculation supplied
Stressed EGI = 1,023,000 x 0.95 = 971,850; management = max(25,200; 0.03 x 971,850 = 29,155.50) = 29,155.50; other opex unchanged = 262,290 - 30,690 = 231,600; total opex = 260,755.50; NOI before reserves = 971,850 - 260,755.50 = 711,094.50 (stressed NCF = 711,094.50 - 17,000 = 694,094.50)
stress_maximum_loanValue passed
Reported
5,643,084
Expected
5,643,126.333816
Response evidence
Property-and-Plan.pdf p.2 (EGI -5%, cap rate constant) and Lender-Terms.pdf p.1 constraints with sizing rate +100 bps
Calculation supplied
Stressed sizing rate = 0.0725 + 0.0100 = 0.0825; i = 0.006875, n = 300, constant = 12 x 0.00788456 = 0.0946147. Value = 711,094.50 / 0.0675 = 10,534,733.33; LTV = 0.60 x 10,534,733.33 = 6,320,840. DSCR = (694,094.50 / 1.30 = 533,918.85) / 0.0946147 = 5,643,084. Debt yield = 694,094.50 / 0.10 = 6,940,945. Minimum = 5,643,084 (DSCR binding); decrease of approximately 952,554 (-14.4%) versus base maximum loan.

Back to the complete comparison