Go from a borrower file to a committee-ready credit view.
Hand Cap Orbit the borrower file. It returns a clean, source-traced read, sizes and stresses the debt against it, and drafts the credit memo downside-first in your house voice, ready for the committee before the next call.
What changes for the credit team
Work the borrower file the way a credit analyst works it.
The same file carries the loan from the first read of the borrower file to covenant standing on the book. Each piece is a defined job, run the same way every time, while approve-or-decline stays with credit.
The borrower file
A clean read of what arrived
The rent roll and trailing-twelve come out of a buried tab or a scanned exhibit as a clean extract, every figure traced back to the file, sheet, and row it came from, and footed to the totals the source itself states.
Size and stress
The debt sized to the binding test
The loan sizes to the lesser of the loan-to-value, loan-to-cost, coverage, and debt-yield tests, with annual DSCR and debt yield across the hold, the breakeven occupancy, and a downside case run against the same model.
The case
A credit memo that leads with the risk
The credit memo opens with borrower, facility, amount, rate, term, LTV, DSCR, and debt yield, leans on the annual coverage and the downside, and pairs every risk with its mitigant in the format your committee already reads.
Through the hold
Covenant standing carried forward
Once the loan closes, covenant terms are read from the loan agreement and tested against the model on each one’s stated basis, with what trips it, the consequence, and the cure path cited to the agreement section.
The credit team’s day
From a borrower file to a committee-ready credit view.
Each step is a named job, runs the same way on every deal, and the analyst directs each one. A typical path through a credit file:
- 01
01
Read the borrower file clean
Normalize the rent roll and the operating statement into source-traced extracts with a standard NOI bridge, the below-the-line items pulled back out, and the diligence flags surfaced up front for the analyst to review.
- 02
02
Set the debt terms
Quote the terms from a filed term sheet, or assume them and label them assumed, so the deal can be levered before a quote exists: rate, leverage caps, term, interest-only, amortization, floor, cap, and fees.
- 03
03
Size and stress
Size the loan to the binding constraint and read the coverage year by year, the breakeven occupancy, and the downside case, with a sensitivity grid that flexes returns against exit cap and exit NOI.
- 04
04
Draft the credit memo
Approve a section-by-section outline first, then the memo is drafted downside-first, every figure traced to the model or a cited source and any missing number left as a flagged blank for your call.
01 · Size and stress the debt
Size the loan, read the coverage, run the downside, off one model.
- The loan sizes to the binding test: the lesser of the loan-to-value, loan-to-cost, debt-service-coverage, and debt-yield constraints, with house caps you control: 65% max LTV, 70% max LTC, a 1.25x minimum DSCR, and an 8% minimum debt yield.
- Coverage runs year by year across the hold: NOI, debt service, DSCR, debt yield, and cash-on-cash, alongside the breakeven occupancy at which the property covers its costs and its debt service.
- Every model carries Base, Upside, and Downside at once on a single switch, so the downside case re-prices against the same workbook, and a built-in sensitivity grid flexes returns against exit cap and exit NOI without a rebuild.
Fig · The debt sized to the binding test, stressed in place
02 · The credit memo, downside-first
The lender case, built from the borrower file and the model.
- The credit memo is drafted from the loan terms, the borrower file, and your credit underwrite, opening with borrower, facility, amount, rate, term, LTV, DSCR, and debt yield, then the case behind them.
- It leads where a lender reads: the annual DSCR and debt yield, the operating comparison, the sensitivity, and the downside case, with the capital stack, the borrower’s net worth and liquidity, and the collateral laid in.
- You approve the outline before a word is drafted, every figure traces to the model or a cited source, and a regulated bank can add a proposed ratings section for internal PD, expected loss, and risk class.
Fig · The credit memo, your recommendation on the first line
03 · Carry covenant standing through the hold
The same file tracks performance after it funds.
- Covenant terms are read straight from the loan agreement and its amendments and tested against the model’s current metrics on each covenant’s stated basis, trailing-twelve or otherwise, into a compliance report.
- Each test states what trips it and the consequence: a cash trap or sweep, blocked distributions, technical default, or springing recourse, plus the cure path, every line cited to its loan-agreement section.
- You review and sign off on the full schedule before it becomes the reference of record; every covenant term is sourced to the agreement.
Fig · Covenant standing tested against the live model
The credit workflow
The work runs the same way on every loan.
Ask in plain language. Each step produces a defined credit artifact, run deliberately on one deal at a time, so the team carries one continuous case from the first file read to covenant standing.
Fig · The credit workflow, one deal at a time
The work sharpens the credit view. The approve-or-decline decision stays with your team.
Cap Orbit produces the numbers, the stresses, and the draft. The analyst directs every step, signs off on every output, and owns the approve-or-decline.
Assumptions are labeled until a term sheet is filed
Debt terms and the exit cap run as house assumptions, each one labeled assumed, until a real term sheet is on file.
The covenant schedule is yours to sign off on
The covenant check reads the loan agreement and the model. The compliance schedule is presented for your review before it stands as the reference of record.
The analyst’s voice, the analyst’s conviction
The memo is drafted in your house style and your voice.
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