Rent rolls, operating statements and leases read into your model, so analysts underwrite rather than retype.
Bluegrass builds underwriting systems for commercial real estate lenders and the CRE groups of banks. They read rent rolls and operating statements into your underwriting model, abstract the leases and check the appraisal and third-party reports against your requirements.
Every deal arrives in a different format, so analysts spend the first days retyping rather than underwriting. A lender that screens deals faster and more consistently wins more of the ones it wants.
What CRE underwriting involves today
For each deal an analyst rebuilds the rent roll in the lender's format and maps the trailing twelve months to standard categories. The major leases are read for rent steps, renewal options and termination rights before the loan can be sized.
Later the appraisal and third-party reports are checked against your requirements, often by the same analyst under a closing deadline. Structured documents and traceable figures make this one of the clearest places in a CRE lender for AI.
How automated CRE document review works
- 01
Normalize the rent roll
Rent rolls in any format are read into your standard layout, with rents, lease dates, concessions and vacancies, and checked against the leases and operating statements.
- 02
Map the operating statements
Trailing twelve-month statements, budgets and year-end statements are mapped to your chart of accounts, so income, expenses and net operating income line up across periods and properties.
- 03
Abstract the leases
Major leases are read for the terms that affect the loan, such as rent schedules, renewal and termination options and co-tenancy, each linked to its clause.
- 04
Review the third-party reports
Appraisals and environmental, property condition and zoning reports are checked against your requirements and the underwriting, and any differences are listed for the analyst.
- 05
Feed the model and the memo
The normalized data flows into your underwriting model, and the findings are summarized for the screening or credit memo, so the analyst starts from a complete picture.
Where people stay in the loop
The decision to lend, sizing and structure stay with your analysts, underwriters and credit committee. Extractions are first tested on past deals, and anything the system can't read confidently goes to a person.
The systems it works with
The system works with your deal pipeline, underwriting model, data room and loan origination system, and writes the normalized data and abstracts back where your team works.
When to build it, and when to buy it
Several CRE data and software firms offer rent roll extraction and lease abstraction, and if your deals fit their formats, one of them may be enough, particularly for screening.
A custom build makes sense when the data must land in your own model, when third-party reports should be checked against your requirements, or when the same reading should serve closing, draws and asset management.
We hold no reseller agreements, partner quotas or revenue share with any vendor, so a recommendation to buy is made on its merits.
What this work costs you today
A quick way to put a number on the problem before talking to anyone, using your own figures rather than ours.
Enter your volume and the minutes each one takes to see what the work costs in a year.
The numbers stay in your browser and are not stored or sent anywhere. Bring the figure to the first call, since it is the baseline any system should be measured against.
Questions about CRE underwriting documents
- Can it handle any rent roll format?
- Property management exports, spreadsheets and scanned PDFs in any layout are read into your standard format and checked against the leases, with accuracy measured on your own past deals.
- Does it replace the appraisal review?
- It checks the appraisal against your requirements and underwriting and lists every difference, but the review itself, including any decision under your appraisal policy, stays with your reviewer.
- Which property types does it cover?
- It covers multifamily, office, retail, industrial, hospitality and mixed use, each with its own fields, and the evaluation starts with the types that make up most of your pipeline.
Related systems
A senior team that has done this before
We are a small, entirely senior team with fifty years of combined AI engineering, multiple granted patents and Y Combinator founders, from Yale, MIT, McKinsey, Goldman Sachs, Microsoft and Vista Equity Partners. The people who scope your work are the people who write the code.
Selected work
We built the AI transformation roadmap for a top-50 P&C brokerage, and it is saving the firm millions of dollars in vendor fees it did not need to pay.
Clients include some of the largest banks, RIAs, fintechs and AI labs, as well as a top-3 P&C carrier, a top-10 P&C brokerage, a top-5 trucking brokerage, a leading specialty MGA and a leading trucking MGA.
We run only 3 to 5 engagements at a time, so that every client works directly with the senior team.
About the team- Dozens
- of insurance companies, RIAs, banks and fintechs we have worked with
- 50 yrs
- combined AI engineering experience
- 10+ Patents
- granted to members of the team
- 100%
- of the IP we build is assigned to you
Find out whether this is worth building for your business.
A 30-minute call with an engineer usually shows whether this is worth building. Within a week you will have a free written point of view, including whether a packaged product would serve you better.