The Lull

Commercial Real Estate · Mortgage · Mezzanine Debt · Preferred Equity · Other Structured Products · Equity

The Lull turns an OM into IC-ready underwriting.

Five minutes from upload, every number traced to its source.

See sample work product →Send us your last hard deal
canonical deal record · 240+ DD checksi · Deal AnalysisValuationDCF · DCRC · CompMemoTerm SheetLOAN$48.5MLTV60.0%SPRDS+285DY9.4%TERM5+1+1IO36mosenior + mezzthreedeliverablesone extractionii · Pipeline Management9 stagesteam kanbaniii · Intelligent CRMA!BCOVERAGE42 / 5614 stale, 9 duelive coveragefrom deal flow

Built by a sixteen‑year CRE practitioner in equity acquisitions, structured debt originations, and managing complex CRE transactions at top-tier institutions.

§ IThree workspaces

Three workspaces, one deal record, every screen smarter.

A fund touches a deal eight times before it closes. The Lull is where each touch happens, and each one sharpens the next.

i.
Deal Analysis
Drop an OM. Get a multi-method valuation, a 2-page screen, a 5-page committee memo, and a draftable term sheet, in five minutes. Replaces Excel, legacy underwriting tools, and your two-day analyst rebuild.
Valuationlease-level DCF, Direct Cap, Replacement
Diligence143-item checklist with NOI tie-out
MemosSummary and IC, three audiences
Term sheetssenior or mezz, three audiences
ii.
Pipeline
A 9-stage kanban built around how a debt team actually moves a deal, from screen to payoff. Team admin, kill-deal tracking, info-gap alerts, and resumable mid-flow sessions.
Kanbannine stages, screen to payoff
Alertsstage-specific info gaps
Flagskill-deal and reactivate, activity log
Teamadmin, sharing, resumable sessions
iii.
Intelligent CRM
A CRM populated by your live deal flow, not your typing. Coverage targets at 15/30/60/90 days, AI-drafted follow-ups, and gap analysis that surfaces who's transacting in your zone.
Contactsauto-extracted from every deal
Coverage15/30/60/90-day targets, stale alerts
DraftsAI follow-ups and meeting summaries
Gapsgeo and asset-class analysis
§ IIDeal Analysis

Where the OM becomes a deal

Three deliverables. One extraction. Five minutes.

Drop a 64-page offering memorandum, a rent roll, a T-12, a comp set. Claude parses every page, reconciles the numbers, and writes a canonical deal record, then drafts your valuation, your memo, and your term sheet from the same source of truth.

a.
Valuation Engine
Replaces Excel + legacy underwriting tools. Same flexibility, none of the rebuild time.
Tenant DCFlease-level: pools, stops, rollover
MethodsDirect Cap, Replacement, Sales Comp
Stackreconciles all four at the top
Taxesjurisdiction-method RET module
Exportthe full model, in xlsx
b.
Memo Generation
Numbers from deterministic helpers. Prose reconciled to the cell.
Summary2 pages, built for screening
IC Memo5 pages, built for committee
AudienceIC, Partner, Investor switch
Typographyeditorial, your firm's masthead
Integritynumeric drift physically prevented
c.
Term Sheet Generation
Drafts that survive a borrower's red-line.
Formatsindicative one-pager or full draft
Structuressenior debt or mezzanine
Audienceborrower, broker, counterparty
Pricingbuilt off live spread comparables
Editinginline, every cell tracks to source
§ IIIUnderwriting Integrity

No silent assumptions

Does the OM foot? Answered before you finish your coffee.

Every deal opens with an integrity pass: the sponsor's own revenue and expense stack, re-added, reconciled, and graded. When it foots, the memo says so with a citation. When it doesn't, the gap is flagged in rust. Never silently corrected, never quietly absorbed into an assumption.

NOI tie-out · Atlantic Yards IIOM pp. 12–14

Base rent6,830,000
RecoveriesD1,102,000
VacancyS(341,000)
Operating expenses(3,043,180)
Net operating income4,547,820

FOOTS TO THE OM ✓ · WITHIN $0

Management fee omitted from sponsor opex. Flagged, not silently corrected.

noneextracted from the OM
Dderived from extracted values
Ssponsor-stated
MLull-modeled benchmark
LLull-canonical comp data
Uuser-overridden
§ IVDiligence Engine

Where memos earn their voice

A 143-item institutional checklist, run on every deal.

Sponsor, revenue, expenses, capex, debt structure, market, legal: every category a senior credit committee would walk through, resolved as answered, estimated, or missing. Sources cited. Gaps surfaced. Memos quote the items that resolved cleanly. Term sheets fold the missing items into Conditions Precedent. Nothing fabricated. And when the deal is multifamily, hospitality, or a data center, 14 asset-class modules with 99 more items switch on to match.

Resolution model

Answered, estimated, or missing.

Every answered item carries at least one citation back to the page, comp, or dataset it came from.

Every estimated item lists the assumption it rests on, in plain English. Confidence is never high on an estimate.

Missing means the underlying document isn't there yet: Phase I, PCA, title commitment. The Lull won't fabricate them. It surfaces them as required uploads.

  • Expense Analysis: per-line opex locks with comps.
  • Revenue Analysis: contract-to-market rents and net effective rent.
  • Capital Analysis: a construction-budget auditor with TI/LC and capex comps.
  • DD document pipeline: uploads parsed into a diligence Q&A.
I.Sponsor16 items12 ans
II.Underwriting Foundation14 items14 ans
III.Revenue30 items20 est
IV.Expenses17 items13 est
V.Capital Expenses14 items5 mis
VI.Business Plan11 items8 est
VII.Debt Structure14 items14 ans
VIII.Market & Macro9 items9 est
IX.Legal · Title · Environmental13 items9 mis
X.Risk Summary (synthesized)5 items5 ans
+14 asset-class modules, multifamily to data centers99 itemsgated
§ VReplaces your model stack

Legacy underwriting + Excel, retired

A decade of model flexibility. None of the two-day rebuild.

Today, your team does this

Legacy underwriting + Excel + a junior with two days.

Open the dev model. Hope it links.
Re-key the rent roll into cash flows.
Pull T-12, retype expense ratios.
Chase the tax bill through the assessor's site.
CoStar comps. Adjust by hand.
Build SU. Reconcile to OM.
Format. Print. Send. Wait for red-lines.
Two days. One analyst. One PDF.

With The Lull

Four reconciled methods. Five minutes.

Drop OM. Extraction starts.
DCF, DC, Replacement, Comp fire in parallel.
Stack Summary reconciles at the top.
Edit any cell. Others recalc, prose updates.
DCF
$80.2M
DC
$79.5M
RC
$81.9M
Comp
$80.9M

Reconciled value · $80.85M ± 2.4%

From the running example

Atlantic Yards II resolves to $80.85M ± 2.4% across four methods: DCF, Direct Cap, Replacement, Sales Comp. Memo, term sheet, and Stack Summary drafted from the same canonical record.

Read the sample pack →Download the capabilities brief (PDF) ↓
§ VIPipeline Management

Built around how deal teams actually work

Nine stages, one team, every deal, from first look to payoff.

Screening, Underwriting, Initial IC, Quote, Term Sheet, IC, Closing, Asset Management, Payoff. Every stage has its own info gaps, blockers, next-action queue, kill-deal flags, and timestamped activity log.

  • 9-stage kanban with stage-specific info-gap alerts.
  • Team collaboration · deal sharing · admin controls.
  • Activity log on every status change.
  • Resumable mid-flow. Every screen reopens to where you left off.
Tour the pipeline →

Coverage region · NE

Active deals across the kanban

Screen
Hudson Yards$220M
Brookfield Pl$95M
Underwrite
Atlantic Yards II$48.5M
Term Sheet
Williamsburg$110M
Greenpoint Multi$35M
IC
Bushwick Indus.$58M
Closing
Astoria Office$42M

+ Asset Management · Payoff · Killed · Archived

Median time-in-stage · last 90d

4d screen11d underwrite9d term sheet12d committee22d close
§ VIIIntelligent CRM

A CRM that fills itself

It knows you've gone quiet before your contacts do.

Every contact came from a real deal extraction. Coverage targets at 15/30/60/90 days. AI-drafted follow-ups. Gap analysis by metro and asset class.

  • Coverage tracker with stale-relationship alerts.
  • AI-generated meeting summaries and follow-up drafting.
  • Market coverage gap analysis by metro + asset class.
  • Deal feed surfaces who's transacting in your zone right now.
Open the CRM →

Coverage pulse · NE Region

Relationship health, this week

186
Active contacts
+12 from new deals
42
In coverage
14/28 hit target
9
Stale ≥ 60d
Drafts ready
3
New gaps
No DFW coverage

Recent activity · this week

  • · Drafted follow-up to Sarah Chen · Goldman
  • · Atlantic Yards II moved to IC
  • · 4 contacts extracted from new OM
§ VIIIThe database beneath

Canonical comps, continuously ingested

Ten metros of recorded sales and leases, cited by name.

Latest recorded · deal tapelive
162 Court Street, Brooklyn, NYMixed Use$9.25MACRIS · 26d
47 Jane Street, Manhattan, NYMixed Use$8.5MACRIS · 26d
1201 Ocean Parkway, Brooklyn, NYMixed Use$6.7MACRIS · 26d
Tracking $110B across 3,176 live deals · ACRIS · Cook County · LA ULA · FHFA · UCC · EDGAR
Browse the public markets →This layer ships with every account →
§ IXThe compounding edge

Where the workspace gets smarter than its operator

Every deal you screen makes the next one sharper.

Deal Analysis writes to the same record the Pipeline tracks and the CRM enriches. The system reads what you screen, advance, and kill, then surfaces the deals you should be seeing, the brokers you should be calling, the gaps you should be filling.

DEALANALYSISPIPELINE9 stagesCRMcoveragedealfocusadvancescontacts ↔ dealssurfaces

What it surfaces

Live origination suggestions, drafted from your own deal flow.

The system watches what you screen, advance, and close. It correlates that pattern against the live deal database and your CRM, then drops suggestions where it sees a fit.

  1. 01.
    Origination · suggested
    3 NYC multifamily deals just hit ACRIS in your sweet spot ($30–60M, Class A, 60–65% LTV). Two have repeat sponsors you've underwritten. Open in deal analysis →
  2. 02.
    CRM · stale relationships
    Two brokers you placed deals with last year haven't been contacted in 73 days. Follow-up drafts ready. One has a deal moving in your zone now.
  3. 03.
    Pipeline · gap detected
    Your pipeline has zero DFW exposure but you screened 4 DFW deals in Q1. Coverage gap. Suggested brokers.
“

Every memo, every term sheet, every valuation reads like it came off the desk of a sixteen‑year veteran at a top-tier institutional CRE shop, because it did. We embedded that craft into the workspace, then handed it to your analyst.

Built by practitioners

Institutional Equity·Structured Debt·Mortgage Investment·CRE Credit
§ XSecurity posture
Row-level isolation
auth.uid()-gated reads. Cross-tenant access physically blocked.
Direct upload
PDFs go browser-direct to encrypted storage; upload bytes never touch our web servers.
Your IP stays yours
Inputs never train models. Outputs gated by group_id.
Auditability
Every figure traces to a source. Timestamped activity log on every change.

The invitation

Send us the last hard deal you screened. We'll run it through The Lull.

Memo, valuation stack, and term sheet drafted live on the call. We'll show you where it agrees with your team, and where it pushes back.

Run it through The Lull →Download a sample pack
Prefer paper? The one-page capabilities brief ↓

Tracking $110B across 3,176 live deals