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 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 | Fail | The 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%. |
| 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 | Source descriptions extend past the right page edge and are clipped. Rendered PDF p.4 source-document table; p.5 holds only the disclaimer. |
| 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":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}] |
| 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":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}] |
| Workbook | 7 | Pass | [{"field":"dscr_limit","actual":6046510.21686903,"expected":6046510.21686905,"passed":true},{"field":"maximum_loan","actual":6046510.21686903,"expected":6046510.21686905,"passed":true}] |
| Workbook | 8 | Pass | [{"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}] |
| Workbook | 9 | Fail | {"formula_errors":["Underwriting!D19: #N/A","Loan Sizing!D14: #N/A"],"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: $2.853. PostHog trace estimate using OpenRouter model rates; charged generation events summed, duplicate run-summary excluded
- Download underwriting workbookOriginal delivered file · SHA-256 825bf9d12dc5
- Download financing memoOriginal delivered file · SHA-256 79a9fd3a50f0