Walkthroughs
The document goes in. A memo comes back.
One deal, Harborline Building, carried the whole way. An offering memorandum arrives, and what comes back is a screen memo with a verdict, an underwriting workbook, and a committee memorandum. This page shows the run twice on film, opens the workbook as a live sheet, and then lists the figures the build produced with the file each one was read from.
The document in
The offering memorandum
An 84,000 square foot warehouse offered for conversion, asking $10,800,000, with a requested senior facility of $9,529,390. This is the book as it arrived, before any Pursuit run touched it.
The screen out
The screen model
The deal tested criterion by criterion against the house buy box. Eight of the ten criteria pass. Two fail, and the screen says which: occupancy in place at 56.95% against an 85.00% floor, and loan to value at 88.24% against a 65.00% ceiling. Solved backwards, the box supports a facility of $7,020,000, so the request is $2,509,390 short. The verdict is DECLINE, and the reason is named rather than implied.
Open the screen model →The walkthrough
The model, built on screen
3:02Watch the model get built.
Three minutes with the build left on screen rather than cut away from. The documents are read in. The revenue base is assembled off the rent roll. Net operating income is built line by line to the expense. Value is struck off it, the facility is sized on two separate bases, and the lower of the two is named as the binding constraint. No summary card stands in for the sheet.
The second act
The same deal, short
1:38Documents in. A cited model and a committee memorandum out.
The short cut, for a reader who wants the shape of the thing before the detail. One deal in, and two families of deliverable back: the underwriting workbook with its citations attached, and the Investment Committee memorandum written off that workbook. Both files are open further down this page.
The live sheet
The workbook itself, open in the page.
Not a picture of a model. This is harborline_uw.xlsx rendered cell for cell out of the file the run produced. Switch tabs along the bottom; click a computed cell to read the formula the workbook carries. Sources, conflicts and data gaps are on its Notes and Sources tab.
Every cell is generated from harborline_uw.xlsx, the workbook itself and not a picture of one. Sample deal: the geography is real; the parties and instruments are illustrative.
The results
The numbers the build produced.
Each figure below was read out of a file this page hands you, and the note beside it names that file and the tab it sits on. Nothing here is re-derived for display, and nothing that could not be found in a shipped file is printed at all.
Sample deal. The two total-uses lines are stated as the files state them: the model's, with closing, financing and reserves entered at $0, and the offering memorandum's as the committee memo's source annex reproduces it, which adds the $960,600 it states in aggregate for closing costs, financing costs, fees and carry.
The point
The spreadsheet is not going away. The week of mechanical work around it is.
Pursuit does the mechanical work and shows where every figure came from. Your analyst keeps the judgment, and signs the output before it counts.
Ready to start
Run this on your own deal.
Your first skill run is free. No credit card.