Risk & Pricing · Deal #2419 · Apartment Refi
Meridian Ridge Apartments — $8.4M underwriting view
Run by Bravo Risk Engine · model v3.2 · 14,200 historical CRE comparables
Composite risk score
86
Grade A · low risk
Debt Service Coverage Ratio
NOI / annual debt service · industry threshold ≥ 1.20
1.42
NOI $634,420 / DS $446,775 · ✓ 18% headroom
Loan-to-Value
Loan amount / appraised value · max 75% multifamily
65%
$5.5M loan / $8.5M value · 10 pts below max
Cap Rate
NOI / value · IL multifamily Q1'26 median: 6.9%
7.46%
Above market — possible appraisal upside
DSCR sensitivity — vacancy × rate stress
How DSCR holds up if vacancy rises and rates move. Each cell is the resulting DSCR.
Vacancy →
Rate ↓ |
5% |
8% |
12% |
16% |
20% |
| 6.50% | 1.49 | 1.42 | 1.31 | 1.21 | 1.10 |
| 7.00% | 1.40 | 1.34 | 1.23 | 1.13 | 1.04 |
| 7.50% | 1.32 | 1.26 | 1.16 | 1.07 | 0.98 |
| 8.00% | 1.25 | 1.19 | 1.10 | 1.01 | 0.92 |
✓ Deal stays above 1.20 DSCR floor across the most likely stress envelope (vacancy ≤ 12%, rate ≤ 7.0%).
⚠ Recommend covenant: vacancy ≤ 15%.
AI pricing recommendation
Indicative rate range
6.35% – 6.65%
Based on current 4 active lender bid bands · 10-yr SOFR + 175-205 bps
- Suggested floor for term sheet: 6.45%
- Best lender (predicted): BMO Harris (96% match)
- Estimated all-in close cost: 1.10% of loan
- Win-probability above floor: 88%
Fraud & document signals
Cross-checked across Plaid · Onfido · public records · IRS
✓
Bank statement authenticity
Plaid live-link matches uploaded PDFs
PASS
✓
Entity verification (LLC)
Naperville Capital LLC active in IL since 2018
PASS
!
Tax return reconciliation
2024 NOI declared $612K vs. computed $634K (3.5% delta)
REVIEW
✓
OFAC / sanctions screening
All beneficial owners cleared
PASS
✓
Property-title check
No active liens · clean record
PASS
SBA 7(a) / 504 eligibility (alternate path)
If borrower wants to consider SBA structure
i
SBA 7(a) — N/A for refi at this LTV
Refis above $5M generally non-SBA
N/A
✓
Owner-occupancy threshold
N/A — investor-owned multifamily
SKIP
✓
Size standard (small business)
Entity revenues under SBA cap if SBA route considered
PASS
✓
Use-of-proceeds eligibility
Refi + cash-out for property improvement permitted
PASS
Recommendation: conventional commercial route is optimal here. SBA path adds 15-20 days vs. 14-day target.
Borrower & sponsor profile
Composite from credit + history + relationship
Personal credit (Equifax)
782 · Excellent
Years in real estate
14 yrs
Prior Bravo deals
3 · all closed on time
Liquidity (verified)
$1.7M
Repeat borrower — eligible for relationship pricing of −5 bps.