Short answer: if you are a CRE lender or credit analyst who needs to know whether a borrower’s rent roll actually supports the operating statement before you size a loan, Moraine builds a lease-level model from the two documents, ties extracted rent, recoveries, and NOI back to the stated figures, links every number to its source page, and reads back DSCR and debt yield on your loan terms. It covers office, retail, and industrial collateral. Individual is $300 per month after a free 14-day evaluation. Honest limit: Moraine flags conflicts and unclear lease status; the credit judgment stays with your team.
Why this check gets skipped
A borrower’s package usually arrives as a rent roll, a T-12, and a sponsor pro forma. The loan is sized on NOI, and NOI is only as good as the leases behind it. Checking that means rebuilding the rent roll line by line, confirming the steps and expirations, and seeing whether the reimbursement income on the T-12 is consistent with what the leases say tenants pay.
Under a term-sheet deadline, that rebuild is the step that gets compressed. The risk isn’t dramatic fraud; it’s a tenant listed as occupied whose lease expired last quarter, or recoveries that assume a structure the leases don’t support.
Who this is for, and who it isn’t
This is for you if:
- You are a loan officer, credit analyst, or underwriter at a bank, debt fund, or other CRE lender, sizing loans on office, retail, or industrial collateral.
- You need a source-linked view of the borrower’s rent roll and operating statement for the credit memo.
- You want to test DSCR and debt yield under your own terms and a downside case, not the sponsor’s.
This isn’t for you if:
- The collateral is multifamily, hotel, self-storage, or single-family.
- You need ongoing portfolio monitoring or loan servicing. Moraine is an underwriting and diligence tool, not a system of record for loans or owned assets.
- Your vendor process requires an issued SOC 2 Type II report today. The management assertion letter is complete; the audit report has not been issued.
- You need a formatted PDF credit memo from the tool. Exports are XLSX.
The workflow, step by step
1. Build from the borrower’s documents. On the Acquisition pipeline, click Rent roll + statement. Upload the current rent roll (PDF, Excel, or CSV) and one operating statement (T-12, trailing-period, current year, or budget). Click Build model. Moraine preserves the page, sheet, and cell evidence from both files.
2. Check the census against the rent roll’s own counts. The intake report opens with census tiles: rent roll rows (tenants and vacant), MLAs, recovery pools, expense lines. If the borrower’s rent roll says 22 suites and the census says 20, something was missed. Rebuild from the right file before going further.
3. Read the three tie-outs. Extracted rent vs stated, reconstructed recoveries vs stated, and NOI vs stated. Each shows both figures and the delta. PASS is within tolerance (under $1,000 or 2%); FAIL means the documents don’t agree with each other, which is exactly what a credit reviewer wants to know. Tie-outs recompute with every edit.
4. Work the open items. Each item names the tenant or line, the conflicting evidence, and a Jump link to the exact input. Where a document doesn’t state whether a lease is executed, extended, or month-to-month, Moraine opens an item rather than assuming. Those items are your borrower follow-up list.
5. Trace anything you’ll cite in the memo. Click any value to open the Inspector: definition, formula, components, and the source page for extracted values. Trust states (Mapped, Inferred, Defaulted, Missing, Reviewed, Overridden, Reconciled) show which numbers come from documents and which from defaults.
6. Size the loan on your terms. On Assumptions (⌘1), the Financing Terms card takes sizing basis (for example, LTV of purchase price), LTV, interest rate, loan term, amortization, and I/O period. The engine reads back Year 1 debt service, DSCR, debt yield, and ending loan balance. Duplicate Base in Scenarios (⌘0), stress vacancy or rollover, and compare minimum DSCR across cases.
7. Export for the credit file. Add Debt Schedule & Terms, Debt Service Ledger (annual interest, principal, fees, balance, DSCR, debt yield), Rent Roll, Lease Expiration Schedule, In-Place vs. Pro Forma NOI, and Source Lineage & Warnings. Every workbook carries the model’s trust disclosure.
An example: two expired leases and a smaller loan
Illustrative numbers, not a real borrower. A borrower’s package states in-place base rent of $1,860,000 and NOI of $1,150,000. The rent roll lists suites 210 and 340 as occupied at $96,000 and $84,000 a year. The leases show both expired last quarter, and nothing in the file says they were extended or are month-to-month.
| Item | Stated | After tie-out |
|---|---|---|
| Base rent from the two suites | $180,000 | $0 until status is confirmed |
| Recoveries from the two suites | $30,000 | $0 until status is confirmed |
| NOI | $1,150,000 | $1,150,000 - $210,000 = $940,000 |
| Max debt service at 1.25x DSCR | $920,000 | $752,000 |
| Max loan at a 7.5% loan constant | about $12.27 million | about $10.03 million |
The difference is about $2.24 million of proceeds ($210,000 / 1.25 / 0.075). The follow-up to the borrower is specific: confirm whether suites 210 and 340 are in holdover, extended, or vacant, and send the signed extensions if they exist. If they do, the loan sizes at the higher figure and you have the document on file. Moraine will not assume either answer when the documents are silent; it opens a review item.
Collateral due diligence beyond the rent roll
The rent roll check is the first filter. A lender’s collateral file usually needs four more reads:
- Lease terms that threaten the income. Termination and contraction rights, co-tenancy and go-dark clauses, purchase options, and expirations that fall inside the loan term. Weighted average lease term remaining matters more than the occupancy percentage. Moraine extracts these terms from the leases and amendments with page-level citations.
- Concentration. If one tenant is 40% of gross income and has a termination option in year three, that belongs in the sizing and in the covenants (cash sweep triggers, reserves) rather than in a footnote.
- NOI trend and quality. Is NOI rising or falling over three years of statements? Are expenses growing faster than revenue? Are there one-time items inflating the trailing figure? Do recoveries match what the leases say tenants owe?
- Third-party reports. Appraisals, property condition assessments and environmental site assessments remain part of the file. Environmental exposure is a real lender concern, but a secured lender is generally protected under CERCLA’s secured-creditor exemption so long as it does not participate in managing the property or hold title longer than needed to divest; the risk rises if the lender forecloses and operates the asset. Commission the Phase I from an environmental professional; Moraine does not replace it.
At maturity or refinance, repeat the same steps on a fresh rent roll and T-12, and compare to origination. The re-underwrite is the same check on newer documents.
Pricing, integrations, and limits that apply
- Trial: 14 days of unlimited underwriting with Excel exports, starting when the first usable model is ready. No card, no automatic charge.
- Individual: $300 per month for unlimited underwriting models, scenarios, Excel exports, the full report catalog, and the modeling agent. Month-to-month.
- Team: from $1,500/month for five users, with shared seats, centralized billing, and standard onboarding.
- Institutional: from $75,000/year for up to 10 users, unlimited first-pass underwriting, 15 diligence transactions, guided onboarding, and two legacy-model conversions. Enterprise: custom annual pricing, including SSO/SAML.
- Due diligence suite: $3,000 per property, separate from Individual, when you want findings with page-level citations across the full collateral file. Additional documents and reruns on the same property are included.
- Integrations: XLSX exports drop into existing credit memo and Excel templates. No native Yardi, MRI, or property management connectors; data moves through Excel.
- Limits: office, retail, and industrial only. Underwriting exports are XLSX, not PDF. No live multi-user editing; team members and roles are managed by your Moraine contact. Refinance modeling is off by default until you enable it.
- Security: borrower documents are never used to train Moraine’s or third-party models; each firm’s data is isolated at the database level.
How this compares
Re-keying in Excel. The common approach at most lenders. It works if someone has the hours, and the credit file shows the result but not the evidence behind it.
Relying on the sponsor’s model. Fast, and it means sizing on the borrower’s assumptions. A source-linked rebuild shows where the sponsor’s NOI depends on things the leases don’t say.
Third-party reports. Appraisals and property condition reports remain part of the file. Moraine doesn’t replace them; it covers the lease-level income check underneath them, before you’ve paid for third-party work.
For the mechanics, see our guides to commercial real estate loan underwriting, debt service coverage ratio, and debt yield.
Run the next borrower package through it
Upload the rent roll and T-12 from a loan you’re sizing now and read the tie-outs.
Start a free trial → 14 days of unlimited underwriting with Excel exports, starting when the first usable model is ready. No card, no automatic charge.