FirmSource Intelligence

Every figure, recomputed from the source.

FirmSource Intelligence is the engine behind the platform. It reads the broker packet, recomputes contested numbers from the T-12 and rent roll, and produces a disciplined, cited verdict in seconds. Think analyst-level review, tied back to the source documents.

FirmSource Intelligence· Screen memo · 83 Birge Stdrafted 41s · 90% confidence
×
Pass on it — four hard knockouts, no price fix
Screened on 3 of 4 key docs · still needs the P&L
1
Two knockouts are structural
Torrington is off your target list, and 8 units misses the ≥10 minimum. Binary and price-invariant — a perfect number everywhere else wouldn't fix it.OM p.2
2
The cap collapses once the expenses are normalized
The OM's 30% ratio and $88K NOI become ~54% and ~$54,300 once the management fee and reserves are added, R&M is marked to the audited $15,524 (vs the OM's $5,135), and vacancy is marked to market — a ~4.6% cap, ~215 bps under the 6.75% hurdle.OM p.2T-12
3
Not financeable at this price
At 75% LTV / 6.5% / 25-yr, debt service is $71,707 against ~$54,300 NOI — a 0.76× DSCR. The property doesn't cover debt; negative leverage.
4
Rent upside is real but doesn't move it
In-place rents average ~$1,309 vs the OM's $1,550 'market' — an ~18% gap that clears the soft ≥10% criterion — but $1,550 is top-of-range and unverified.RR 03/25OM p.2
Reconciled figuresas-quoted vs FirmSource Intelligence
Going-in cap contested~7.5% ~4.6% ▼2.9pp
Rent upside~18% ~18% — in line
Normalized financials · NOI bridge$88,141 ~$54,300 ▼38%
VacancyVacancy / credit loss @ 5% — OM assumes noneOM p.2−$6,302
ExpensesAdd management fee — 6% EGI, OM omitsT-12−$7,184
ReservesAdd reserves — ~$300/unit, OM omits−$2,400
ExpensesR&M to actual — $15,524 vs OM $5,135T-12−$10,389
ExpensesUtilities to actual — $9,178 vs OM $7,043T-12−$2,135
TaxesHeld at actual $19,417 — CT doesn't reassess on saleT-12$0
✓ ties to the rent roll
What would change the call:Reprice ≤ $37MVerify the T-12Confirm rents
From the T-12
every number recomputed
Cited
to page and line
~40 seconds
packet to verdict
In-place actuals
normalized from the source
How it works

Independent by default. Cited by design.

01

Recomputes, doesn't repeat

FirmSource Intelligence rebuilds the cap rate and NOI from the T-12 and rent roll, then shows where they differ from the broker's pro forma.

02

Everything is cited

Every figure and judgment traces back to the source document, page, tab, or line, so your team can verify the work.

03

NOI bridge, line by line

Move from broker-stated NOI to normalized NOI with each adjustment shown, including vacancy, management fee, reserves, repairs and maintenance, utilities, and other expense changes.

04

A defensible verdict

Pursue or pass, with the reasons behind the call and the conditions that would change it.

05

Across the lifecycle

The same intelligence screens the deal, reconciles the underwriting, and drafts the IC memo, so the analysis stays consistent from intake to committee.

06

Your data stays yours

Your deals, documents, financials, and investor records are isolated to your firm and are not used to train shared models.

In the underwriting model

It reconciles the full underwriting, too.

FirmSource Intelligence is not only a screener. It reconciles income, expenses, assumptions, and contested figures inside the underwriting model, so the full deal analysis is tied back to the same source documents the screen was built from.

  • Income and expenses reconciled to the T-12
  • Contested figures flagged, not smoothed over
  • The screen, model, and IC memo share one source of truth
app.firmsource.com · Underwriting · Wexley Commonsauto-saved
Price$13.9MExit cap6.25%Hold5 yrLTV68%Rent growth3%Loan $9.5M · equity $5.1M · sizes on DSCR
AssumptionsSummaryIncomeExpensesRent rollAcq CostsDebtPro formaExitSensitivityWaterfall
Sources & usestotal $14,580,000
Purchase price $13,900,000
Down payment 32%$4,400,000
1st mortgage DSCR-bound$9,500,000
Acquisition fee 1.5%$208,500
Closing + reserve itemized$471,500
Total equity to close $5,080,000
Year 1 · income & expensesNOI $820,000
Gross potential rent $1,568,000
Less vacancy 5%($78,400)
Effective gross income $1,490,000
Operating expenses 45% EGI($670,500)
Net operating income $820,000
Less debt service ($612,000)
Cash flow after debt $208,000
14.6%
Levered IRR
5.0%
Avg CoC
5.90%
Going-in cap
1.34×
Yr-1 DSCR
8.6%
Debt yield
6 / 6
Hurdles
Investor returns90% LP / 10% GP · 8% pref · 30% promote · 5-yr
LP · 90%
GP
PartnerIRRMultAvg CoC
Limited partners12.9%1.78×4.9%
General partner23.6%2.71×3.0%
Talk to it

An analyst you can talk to — that acts on your model.

Ask FirmSource Intelligence anything about a deal. Have it research the submarket, identify what the offering materials missed, or test a new assumption. When you tell it to change the management fee, exit cap, rent growth, or another input, it applies the change directly to the underwriting.

  • Researches the market: jobs, supply, rents, sales comps, and other key drivers, with sources and as-of dates
  • Acts on your model: apply an assumption to one deal or establish a firm-wide underwriting standard
  • Grounded in the source: cites its research and never replaces your verified figures without your direction
FirmSource Intelligence· Ask · Wexley Commonsgrounded · cited · acts on the model
I think management will run 7% here — not the 5% standard.
7% is above your firm's 5%-of-EGI standard. On this deal's ~$2.38M EGI that's ~$167K vs the ~$119K normalized — about $48K more, trimming the going-in cap 5.9% → 5.66%. It won't touch your firm default unless you set it there.
Set management fee to 7%?
This dealFirm defaultApplies straight to the underwriting
Is the submarket getting oversupplied?
Two projects totaling ~540 units are under construction within a mile — a near-term rent-growth headwind, though absorption has held above 94%.SourcesGreensboro permits · Q3 2025CoStar submarket · 2025
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Recompute the numbers from the source documents, cite the work, and carry the verified analysis from screen to underwriting to IC.

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