- Before
- “I spend two days typing and an hour thinking — it should be the other way round.” Six to nine packages a week, 30–40 files each.
- Now
- Starts from the rent roll and T-12 already in the bank's template, with every suite checked, and spends her time on the four mismatches.
One refinance, from borrower package to signed 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.
- 01Morning
The deal opens as its building, not a spreadsheet
Priya Raman · CRE credit analystPriya 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”.
- 02Package in
37 files in 5 formats, read and sorted
Package readerA 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.
- 031 min 32 s later
“Start spreading” — and the bank's numbers appear
The agentsSix 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%).”
- 04Next
The rent roll in the bank's template, every suite checked
Rent roll normaliserAll 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%.
- 05One click
Suite 201: the rent an amendment cut
Lease and estoppel checkerThe 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)…”
- 06Next
Four mismatches, each with the three sources side by side
Deposit matcherMaple & 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.
- 07Next
Their chart of accounts, the bank's lines
Operating statement spreader36 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.
- 08Sized
Coverage binds: $12,850,000, not $14,500,000
Underwriting and sizingOn 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.
- 09The year the loan matures
2031: floors 4 to 7 light up together
Priya Raman · CRE credit analystBack 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.”
- 10Signed · with credit
Signed, reviewed, and on its way to committee
Priya Raman · CRE credit analystPriya 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.