Organize the property picture
Group rental properties by street or property type. Review business-owned real estate with the entity and personally held real estate with the individual, keeping the property detail available beneath each group.
Real estate lending
Bring the properties behind a real estate loan into view. Analyze business and personal real estate from tax returns and personal financial statements, group properties by street or type, and review income, expenses and adjusted net operating income over time.
From the return to the property
Build an adjustable NOI bridge
Follow the bridge to net operating income (NOI), then make adjustments for each property. Save those selections for the ongoing review and reuse your analysis setup as the credit work develops.
See how expenses change
Compare rental income margins and operating expenses as a percentage of rental income across the years provided. Open the property expense detail to investigate changes in costs or management performance.
Group properties by street or type
A tax return can cover several buildings with very different economics. SpreadSpace organizes the reported rental properties by street or property type, with the individual addresses and figures available inside each group.
Move between the grouped view and the property detail to see which buildings contribute the income and which carry the expenses. Use the same grouping when reviewing the activity, expense breakdown and NOI analysis.
Follow business and personal real estate
Review business real estate under the entity that owns it, including property detail reported on Form 8825 and its supporting statements. For personally held rentals, the analysis uses Schedule E in the Form 1040 return.
The personal financial statement adds the real estate, values and related liabilities it reports. Review it alongside the personal return to connect the ownership and debt picture with the rental activity, keeping each document and reporting period available.
Customize NOI for each property
The net operating income bridge shows how reported rental results lead to NOI. Review the components and apply property-specific adjustments, including analyst write-ins, to produce adjusted NOI with the assumptions visible.
Save the property adjustments and reuse your analysis setup in subsequent reviews. You can return to the saved selections, revise an amount or its applicable years, and keep the figures tied to the property being underwritten.
Open the full property expense breakdown
For a REIT, borrowing group or individual owner, review the property detail provided in the uploaded returns and supporting statements. Each reported property keeps its own expense breakdown, so group totals can be traced to the buildings behind them.
Inspect management fees, repairs, insurance, taxes, utilities and other reported costs. Open a source-backed figure to check the return or statement, then decide whether an expense belongs in the recurring operating picture or needs an adjustment.
Compare rental margins and expense trends
Analyze property expenses over the years provided, alongside rental income margin and operating expenses as a percentage of rental income. Comparing costs with income helps show whether expenses are rising faster than the rents supporting them.
Use the trends to identify changes that deserve a closer look, such as increasing management costs, recurring repairs or a narrowing rental margin. The property detail and source documents support the follow-up on potential management issues or unusual patterns.
Inside the property analysis
- Street and property type
- Organize reported rental properties by street, property type or individual address.
- Business and personal ownership
- Review entity real estate, Form 1040 Schedule E rentals and the property holdings reported on a personal financial statement.
- NOI and adjusted NOI
- Follow the income bridge and apply adjustments at the property level, with the supporting components available for review.
- Saved property adjustments
- Retain the analyst selections and write-ins for the ongoing review, with control over the years they apply to.
- Itemized property expenses
- Inspect the costs reported for each property and trace source-backed figures to the return or supporting statement.
- Income and expense trends
- Compare rental income margin and operating expenses as a percentage of rental income across the available years.
Questions lenders ask
Can I group properties by street or property type?
Yes. The rental analysis can group reported properties by street or property type, while retaining the individual property figures beneath each group. You can also review properties individually.
Can I analyze both business and personal real estate?
Yes. Review business property detail with the entity, personally held rentals from Form 1040 Schedule E, and the real estate reported on the personal financial statement. Each source keeps its own figures and reporting period.
Can I customize NOI for each property?
Yes. Review the NOI bridge, select property-specific adjustments and add analyst write-ins. Save the selections for the ongoing review and revise them as your underwriting assumptions change.
Can I review expenses across a borrowing group?
Yes. Use the supplied returns and supporting statements to review the expense detail for the reported properties of the entities and people in the borrowing group. Grouped views retain access to individual property costs.
How do rental margins help with the review?
Rental income margin and operating expenses as a percentage of rental income put costs in context. Compare them over the available years, then use the itemized property expenses and source documents to investigate changes or unusual trends.