M2 / Comp Review
Agree what is comparable.
Start with the accepted subject rent roll and a dated, approved market set. Keep unit attributes, asking-versus-achieved rent and concessions visible.
See Comp ReviewMonthly asset review
Review the loan.
The market.
The value.
Three monthly reviews with explicit dependencies. An accepted input is what connects them—not a convenient assumption.
The review order
Comp → Valuation → Loan LTV.
Comp Review provides market context for Valuation Review. A dated, accepted value can then support the LTV portion of Loan Review alongside an approved debt balance. Other loan sections use their own accepted financial and debt inputs and can proceed when those inputs are ready.
M3 / Valuation Review
Review the value assumptions.
Use accepted comps and financial/NOI inputs, an approved method and the valuation date. A cap rate needs relevant market evidence or an explicit scenario-only label.
See Valuation ReviewM1 / Loan Review
Use the right debt basis.
Coverage and covenants require the agreement’s definitions and accepted financial/debt inputs. LTV additionally requires the accepted dated value and approved debt balance.
See Loan ReviewThere is no circular loan-to-valuation dependency. Missing valuation blocks LTV; it does not automatically block every debt-calendar or coverage review.
Three separate fictional illustrations
The numbers explain the method.
They do not prove the conclusion.
These examples come from separate design scenarios. They are not one reconciled property pack and should not be combined into a valuation, a debt decision or a lending recommendation.
| Review | What the example shows | What remains open |
|---|---|---|
| Comp | Asking rents of $1,450, $1,500 and $1,550 have a median of $1,500. A subject asking rent of $1,450 is 3.3% below that median. | Concessions are missing. Asking rents are not achieved rents, and these figures do not establish an investment cap rate or authorize a pricing change. |
| Valuation | A separate scenario annualizes monthly NOI of $80,000 to $960,000. At an assumed 6% cap rate, the arithmetic indicates $16 million. | Annualization is not a forecast. The 6% rate has no market validation in the example. This is a scenario, not an accepted value or appraisal. |
| Loan coverage | Another scenario uses lender-defined cash flow of $80,000 and debt service of $50,000, giving illustrative coverage of 1.60×. | Accepted agreement terms are required for a covenant-compliance conclusion. This cash-flow measure is not silently substituted for NOI. |
| Loan LTV | No LTV is calculated. | The example has no accepted dated value or approved debt balance. The $16 million scenario does not fill that gap. |
The customer team decides
Accept the assumptions.
Then choose the next step.
- Confirm sources and definitions. Accept the comparable set, financial period, valuation method and agreement terms relevant to each review.
- Resolve the missing inputs. Keep concessions, cap-rate evidence, covenant definitions or debt balances open until supplied and reviewed.
- Review the implications. Decide whether further market research, appraisal, underwriting or lender clarification is required.
- Approve the communication. The customer’s authorized person approves any lender contact or commitment. The review itself does not execute a transaction.
Start with one useful review
Bring the question.
And the context.
Show us the property, the inputs your team has and the decision the review needs to support. We can discuss fit and a scoped pilot.
Book a demo