CRE underwriting software
Connect the property's performance to the repayment decision.
SpreadSpace brings property financial statements, rental income, adjusted net operating income and debt service coverage into a connected commercial real estate underwriting review. Keep the property evidence beside the assumptions used for the loan.
Move from the property's operating results to the sponsor and guarantor relationship. Source-backed figures open at the highlighted line in the original document, giving the reviewer a direct path from the conclusion to the evidence.
Adjusted NOI for commercial real estate lending
Review property income and operating expenses before applying the lender's adjustments to net operating income. Keep the reported figures and the underwriting treatment visible so the analyst can explain how adjusted NOI was reached.
Make loan-specific adjustments without losing the source information. Compare the property's performance across the periods supplied and inspect the assumptions supporting the cash-flow view.
Property financial statements and rent rolls
Bring rent rolls and property operating statements into the review of the asset. Examine the supplied income and expense detail alongside the property's other financial information instead of relying on a single summary figure.
Keep dates and reporting periods clear when comparing the documents. A rent roll and an operating statement describe different parts of the property's performance and should retain that context in the credit file.
Schedule E and Form 8825 property income
Review rental income and expenses from Schedule E and Form 8825 alongside the property's operating statements. Connect the rental activity to the individual or business reporting it, with the supporting tax schedule available for inspection.
Use the property-level detail in the adjusted NOI and cash-flow discussion. Open source-backed values on the original return to investigate differences between the tax presentation and the underwriting analysis.
Sponsor and guarantor cash-flow analysis
Assess the support behind the property by connecting the sponsor's businesses, personal income and obligations. Review the personal financial statement and related tax returns alongside the property cash flow.
Entity Linking Intelligence keeps related business and personal profiles aware of the cash flow already included in the global analysis. The distribution received by a sponsor stays connected to the business or property that generated it.
Property DSCR and proposed financing
Review the property's cash flow against the debt service selected for the loan. Inspect the obligations, the proposed annual debt service and the lender adjustments behind the coverage discussion.
Connect the property view to the wider global analysis when the credit relies on sponsor or guarantor support. Keep the property result and the combined relationship result understandable as distinct parts of the lending decision.
REITs, FFO and adjusted FFO reconciliation
For real estate businesses with public reporting, review segment NOI and funds from operations as reported in the supplied filings. Follow the reconciliation from net income into FFO and adjusted FFO rather than treating those measures as interchangeable with property NOI.
Keep the issuer's definitions and reporting periods attached to the figures. The commercial real estate review can use the broader business information while retaining the evidence behind each reported measure.
A CRE credit memo with the evidence connected
Carry the property analysis, adjusted NOI, coverage and sponsor discussion into the credit memo. Keep the adjustments visible so a reviewer can follow the lender's treatment from source figures to the repayment conclusion.
Use the highlighted source lines to inspect the supporting property statements and returns. The review stays connected as new documents or a revised financing structure change the analysis.
Frequently asked questions
Which documents support CRE underwriting in SpreadSpace?
Review property operating statements, rent rolls, Schedule E, Form 8825 and related business and personal financial information. The supplied documents support the property's income analysis and the sponsor or guarantor review.
Can I adjust NOI for the individual loan?
Yes. Review the reported property figures, apply lender adjustments and inspect the resulting adjusted NOI. The source information and the chosen treatment remain available in the credit review.
Can the property analysis connect to global DSCR?
Yes. Review the property alongside the sponsor's business and personal profiles and the selected debt service. Entity Linking Intelligence helps keep the same underlying cash flow from being counted twice in the linked global analysis.
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Follow the property from source to coverage
Bring the operating statements, rent roll and sponsor information. Review adjusted NOI, debt service and the wider repayment relationship with the source evidence at hand.