Rent roll and operating statement analysis that spreads the deal and checks every rent against its lease
No re-keying, and every rent checked against its lease.
See one case, screen by screen ↓Software that turns a borrower's rent roll and operating statements into the lender's own spread and checks them before the loan is sized. Rent Roll & Operating Statement Analysis reads any rent roll or T-12, writes both into your spreading template with each number traced to its file, page and cell, checks every suite against its lease, estoppel and deposits, and sizes the loan.
How to choose AI solutions for lending →
Updated
Before a commercial real estate loan can be sized, someone has to turn the borrower's files into the bank's numbers. The rent roll comes as a property-management system export, a broker's spreadsheet or a scanned PDF. The T-12 comes from the property manager in a workbook with merged cells and its own chart of accounts. The CPA's annual statements come as scans. The credit analyst re-keys all of it into the bank's spreading template, and only then starts on credit.
What gets skipped is the check that matters most: the rent roll against the leases, the tenant estoppels and the bank deposits. That is where a rent cut by a later amendment, a tenant who has not paid in months, a lease end date typed wrong or a one-time reconciliation true-up sitting in income hides. The pro forma says 1.55x; the verified cash flow may say something else.
Estimated split for one office and retail refinance package, in hours, by hand and with the solution.
Six specialist agents spread the borrower's files and check every suite; the credit analyst signs the spread.
Wexley Crossing, a seven-floor office and retail building in Columbus, asks for a $14,500,000 refinance. The package is complete, and credit committee is Thursday 15 October. Here is what happens next, screen by screen, in the working solution.
Priya opens Wexley Crossing and sees it drawn from the rent roll: seven floors and two outparcels, 21 suites as blocks, coloured by lease expiry. One tenant, Hollis Freight Group, holds floors 4 to 7. As stated: $1,998,200 of base rent on 93.9% occupancy.
The badge under the title says what everything on screen is: “Stated · not checked”.
A rent roll export, a T-12 workbook with merged cells, scanned CPA statements, 14 leases and amendments, 12 estoppels and three months of bank statements. The borrower's side is already on screen: NOI $1,803,118 and coverage of 1.55x from the broker's pro forma. The bank's side waits for the spread.
Six agents write the rent roll and the operating statement into the bank's template, check every suite and apply the bank's standards. Verified NOI comes in at $1,428,503 — $374,615 or 20.8% below the borrower's — and coverage at the $14.5M request falls to 1.11x.
“On verified numbers the request fails coverage (1.11x against 1.25x) and debt yield (8.9% against 9.0%).”
All 21 suites with area, dates, rent per sq ft and verified annual rent, and a tick or a cross for lease, estoppel and deposits. 18 of 18 leased suites checked. Verified base rent is $1,793,100 against $1,998,200 stated; occupancy 89.6%, not 93.9%.
The rent roll still bills Pulse Athletic Club at $24.00 a sq ft ($235,200). Amendment 2 cut it to $16.50 for eighteen months from April 2026, and July, August and September deposits of $17,885 match the amendment rate, not the $24,010 billed. Underwritten at $161,700: −$73,500 a year.
Amendment 2, §3: “Commencing April 1, 2026 and continuing for eighteen (18) months, Annual Base Rent shall be $16.50 per rentable square foot ($161,700.00 per annum)…”
Maple & Main Kitchen is “current” on the rent roll, but its estoppel says rent is paid through 30 June and nothing came in July to September — underwritten as vacant, −$95,200. Lantern Nail Spa has no lease, no estoppel and no deposits — excluded until the lease arrives, −$36,400. Northpoint Family Dental ends March 2027, not 2031.
Never counts an unmatched deposit as rent — a $12,000 Delmont Property Group transfer stays out.
36 accounts mapped for 2024, 2025 and the T-12: 33 to the template, 3 below the line. A one-time 2025 CAM reconciliation of $41,800 comes out, late fees of $6,200 are excluded, vacancy goes to the 5% floor, taxes to the 2026 reassessment and insurance to the renewal quote. Each change says why.
On underwritten net cash flow of $1,293,503, the three tests run side by side. Coverage binds at $12,890,457, rounded down to $12,850,000: 1.25x, 60.0% loan-to-value, 10.1% debt yield. Loan-to-value alone would have allowed $14,980,000.
Never recommends above the policy.
Back on the plan, Priya presses “The year the loan matures”. Hollis Freight Group, Bluebird Learning Center and Sakura Ramen House turn orange: $715,000, 39.9% of verified rent, expires in 2031. Hollis alone is 38% of the bank's NOI and ends six months before the loan matures.
“If none of the 3 leases ending in 2031 renew (and every earlier one does), net cash flow falls to $578,503 and coverage on $12,850,000 to 0.56x.”
Priya signs the spread with her password and the meaning of her signature: “Prepared — spread complete, numbers traced to source”. Owen Halvorsen reviews it and agrees with the adjustments, and it goes to Denise Okafor for Thursday's committee with five conditions — among them Hollis Freight Group's renewal by 30 Jun 2030, or excess cash swept to a $1,470,000 rollover reserve.
The same deal, seen by the five people who carry it — what they asked for, and what they get now.
Six specialist agents spread the borrower's files and check every suite; the credit analyst signs the spread.
Sorts every file in a borrower package and reads exports, workbooks with merged cells and scanned statements; finds each file's as-of date and period.
Writes every suite into the bank's rent roll template: tenant, use, area, lease start and end, base rent per sq ft and annual, recovery type, options.
Maps the property manager's chart of accounts to the bank's template for 2024, 2025 and the T-12, and flags one-time items such as prior-year reconciliations.
Reads each suite's lease and every amendment in date order, then the estoppel, and compares rent, area, dates and options with the rent roll.
Matches three months of bank deposits to tenants by payer and amount.
Applies the bank's standards — vacancy, management, taxes, insurance, reserves — computes NOI and net cash flow, sizes the loan on coverage, loan-to-value and debt yield, and drafts the memo summary and conditions.
Signs; senior underwriter reviews. The agents propose; a named person decides.
The analyst can ask in plain words — or tell it what to request from the borrower. Every answer points to the lease, estoppel, statement or deposit it rests on.
Which tenants show no deposits?
Two of the 18 leased tenants paid nothing from July to September. Maple & Main Kitchen ($95,200): its estoppel says paid through 30 Jun, and $23,800 is past due. Lantern Nail Spa ($36,400): no lease or estoppel, and listed as available in June. The $12,000 Delmont Property Group transfer on 30 Sep was not counted as rent.
What loan do the verified numbers support?
$12,850,000. Verified net cash flow is $1,293,503. At the $14,500,000 request, coverage is 1.11x against 1.25x and debt yield 8.9% against 9.0%. Coverage binds at $12,890,457, rounded down to $12,850,000. Loan-to-value alone would allow $14,980,000. If Lantern's lease is proven, the loan can go to $13,200,000.
How much rent ends before the loan matures?
$715,000 — 39.9% of verified rent — ends in 2031, the year the loan matures. Most of it is one tenant: Hollis Freight Group, floors 4 to 7, $546,000 a year to 30 Jun 2031 — 38% of the bank's NOI. Hollis's renewal notice is due by 30 Jun 2030; the renewal, or a cash sweep to a $1,470,000 rollover reserve, is a condition on the spread.
Ask the borrower for Lantern Nail Spa's lease and estoppel
Sent to Alan Pryce at Delmont Property Group: the lease for suite 107, a signed estoppel to Corran Ridge Bank and the first rent deposit. It is a condition on the spread. If all three arrive, net cash flow rises to $1,326,700 and the loan can be resized to $13,200,000. Until then Lantern stays out of income.
13 screens from the working solution, on its sample data. Pick one to see it large.
The template and the underwriting standards every spread uses are settings. Changes are versioned and on the audit trail.
| Setting | Default | Choose from |
|---|---|---|
| Spreading template | Corran Ridge CRE spread v4.2 | Your rent roll, operating statement and sizing tabs |
| Vacancy and credit loss | 5.0% · anchored mixed use | The greater of actual or a floor by property type |
| Management fee | 4.0% of EGI | Or the actual fee if higher |
| Replacement reserves · TI and leasing commissions | $0.20 · $1.00 per sq ft | Per square foot a year |
| Real estate taxes and insurance | Current assessment and renewal quote | Not the trailing year |
| Loan sizing minimums | DSCR 1.25x · LTV 70% · debt yield 9.0% | Coverage and debt yield on underwritten net cash flow |
| Deposits checked · estoppels required | 3 months · 2,500 sq ft and above | Months of statements; tenant size that needs an estoppel |
| A tenant with no lease in the package | Excluded from income | Until the lease arrives |
Every figure is labelled: a target the solution is built to, an estimate, a typical published result, or a proven one.
“demo” = seen in the working solution, on its sample deal · “target” = the design goal, measured in the live solution · “estimated” = our estimate · “typical” = published figures (CleanRoll, a vendor estimate — 1–2 hours reformatting per rent roll; ApartmentIQ, a vendor estimate — 10–18 hours per full underwriting cycle; MBA loan-maturity survey, Feb 2026 — $875B maturing in 2026). People, companies and properties named on this page are fictional — characters and sample data in the working solution.
Software that turns a borrower's rent roll and operating statements into the lender's own spread and checks them before the loan is sized. Rent Roll & Operating Statement Analysis reads any rent roll or T-12, writes both into your spreading template with each number traced to its file, page and cell, checks every suite against its lease, estoppel and deposits, and sizes the loan.
The operating statement spreader maps the property manager's chart of accounts to your template for each year and the T-12, puts depreciation, interest and capital items below the line and flags one-time items. Then your standards are applied — vacancy floor, management fee, taxes at the current assessment, insurance at the renewal quote, reserves — and every change from the borrower's figure shows its reason.
Yes, suite by suite. The lease and estoppel checker reads each lease and every amendment in date order, then the estoppel, and compares rent, area, dates and options with the rent roll. The deposit matcher matches three months of bank deposits to tenants by payer and amount. Each difference is shown with both sources side by side.
On underwritten net cash flow, against your minimums for debt service coverage, loan-to-value and debt yield. It shows which test binds, rounds the loan down and lists sensitivities to rate, net cash flow and vacancy. It never recommends above the policy.
Yes. The template, vacancy floors by property type, management fee, reserves, tax and insurance treatment, sizing minimums, how many months of deposits are checked and which tenants need an estoppel are all settings. Changes are versioned and on the audit trail.
Rent roll exports from property-management systems, spreadsheets with merged cells and many tabs, scanned PDF statements, leases, amendments, estoppels, bank statements, aged receivables, tax notices and insurance quotes. A file it cannot read is reported, never dropped.
Yes. The agents recommend; the credit analyst signs the spread, a senior underwriter reviews it before credit, and the credit officer decides the loan. The agents never change a standard and never override a signed estoppel.
The Agentic Solution Engine builds and deploys it from your requirements — your spreading template, credit policy and a sample of past deal packages — and it goes live once every quality gate has passed. We will walk you through it on your own deals first.
Eighteen months of maturities ranked by refinance gap, evidence attached.
1-min demoConstruction Draw ManagementDraws funded in a day, not a week, every line tied to its invoice, waivers and inspection.
1-min demoCommercial Appraisal ReviewWeak comps and unsupported values flagged before the reviewer signs.
1-min demoWe'll run Rent Roll & Operating Statement Analysis on a sample of your own past deal packages.