Case studies/Commercial real estate
A Sunbelt portfolio sponsor running 80 properties, 8 lenders, and roughly 24 covenant filings every quarter. Two analysts spent two weeks per quarter rebuilding each packet in Excel against the loan's requirement list. We built the pipeline that pulls the rent roll from Yardi, the T-12 from Sage Intacct, runs the DSCR per the lender's formula, and lands a packet on the asset manager's desk to verify and sign.
| Loan | Property | Lender | Items | DSCR | Status |
|---|---|---|---|---|---|
| L-2041 | Cypress Ridge Apts | Walker & Dunlop | 8/8 | 1.42x | filed |
| L-2068 | Northgate Industrial | MetLife | 7/7 | 1.61x | filed |
| L-2073 | Stonebridge Flex II | Berkadia | 9/9 | 1.28x | filed |
| L-2089 | Magnolia Park MF | Wells Fargo CMBS | 6/8 | 1.34x | assembling |
| L-2094 | Riverbend Logistics | KKR Real Estate | 8/8 | 1.51x | filed |
| L-2102 | Highland Office Park | Freddie Mac | 5/7 | 1.18x | DSCR flag |
| L-2118 | Brookwood Townhomes | Walker & Dunlop | 8/8 | 1.47x | filed |
| L-2126 | Trinity Industrial IV | MetLife | 7/8 | 1.55x | assembling |
At a glance
One asset management team, 80 properties, 8 lenders, each with their own covenant formula and required schedule. The packet assembly was the piece the team could not finish without trading two analysts away from underwriting for half the quarter.
The engagement
The stack
ISO 27001 · ISO 9001 · DPA and NDA signed at kickoff.
Before, the asset management desk
Two analysts ran the covenant cycle every quarter. They knew the loans, they knew the lenders, and they rebuilt each packet against the loan's requirement list in Excel. These were the two patterns we found in discovery.
The analyst opened the loan agreement, read the covenant section, pulled the rent roll out of Yardi, pulled the T-12 from accounting, and ran the DSCR by hand. Then they assembled the packet PDF in the order the lender wanted. Eight lenders, eight slightly different orders.
Pre-build baseline: two analysts, roughly two weeks per quarter, on packet assembly alone.
Some lenders required the T-12 ending in the covenant period; others required the T-12 ending in the calendar quarter. Internal close ran on a different cadence again. Lenders sometimes received the packet with the wrong T-12 month, which triggered a refile and a phone call.
Pre-build baseline: refiles for wrong-period T-12 happened on roughly 1 in 8 packets in the prior fiscal year.
What we built
The pipeline runs the same five stages on every covenant packet. Each lender's formula and required schedule are encoded once and versioned in the requirement library.
Rent roll pulled from Yardi at the lender's required period. T-12 pulled from the Sage Intacct GL on the same period. Sponsor financial statements picked up from the SFTP folder.
Each component tagged to the loan ID, the lender ID, and the covenant period. Lender requirement library sets the schedule and the formula version that applies for this filing.
LlamaParse on the lender requirement docs to lift covenant terms, DSCR formula, occupancy threshold, and the required schedule. Each formula encoded once, versioned per lender.
Covenant math run per the lender's formula. Completeness checked against the loan agreement requirements. Below 0.92 confidence on a covenant value, the packet holds for asset manager review.
Components stitched in the order the lender requires. Asset manager opens a ready packet, verifies the DSCR line and the T-12 month, signs, and the packet is filed with the lender.
After, the numbers the asset manager signs off
Same asset managers, same loans, same eight lenders. The pipeline pulled the right period, ran the right formula, and held the packet on low-confidence values. The two-week scramble each quarter went away.
Asset managers still own the covenant packet. They still sign every filing. The difference is the packet arrives ready, the T-12 month matches the lender's required period, and the DSCR has been run against the formula on file. The two analysts went back to underwriting.
From the desk
We stopped chasing T-12s the day before a covenant deadline. The packet shows up in the queue with the right period, and I read the DSCR line.
Asset managerCRE portfolio sponsor, US Sunbelt
Handover
The engagement ends at a clean handover. The asset management team runs the pipeline; Hexaa stays on call for a fixed retention period, then steps back.
Related cases
Each links to a named client, a named document, and the system the clean data lands in. We publish only what the client signed off to publish.
Monthly rolls from 11 third-party managers normalised to the portfolio schema, reconciled back to each source file.
→Real estate · 2025Property management firm · CAM reconciliation180 tenants reconciled against lease caps, exclusions, and gross-up rules. 97% cap-compliant on the first pass.
→Banking · 2025Regional bank · commercial loan intakeCommercial loan files extracted against the signed term sheet and posted into nCino with a full audit trail.
→Free 30-minute call
You'll leave with a clear next step.
One loan, one quarter, one DSCR. The pipeline pulls the NOI from the T-12, the debt service from the loan record, runs the lender's formula, and compares the result against the covenant threshold. The asset manager sees the inputs, the formula version, and the result before signing.
