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CRE underwriting

CRE underwriting automation that reads rent rolls and T12s

Rent rolls, T12 operating statements, leases and offering memorandums, read line by line and tied out against each other. Underwriters get a checked property file and only the exceptions.

Book a demo →or get a free trial (1,000 pages)
  • 99% field-level accuracy on 250+ document types
  • 95%+ of documents processed straight through
  • SOC 2 Type 2, HIPAA and GDPR

A property file for Birchwood Commons, a 48-unit multifamily property on an acquisition loan, with five documents: rent roll, T12 operating statement, leases, offering memorandum and bank statements. Occupancy agrees across four documents: 45 of 48 units occupied on the rent roll (93.8%), 94.0% on the T12, 45 leases for 45 occupied units, and 48 units and 40,920 square feet in the OM. Deposits match the T12 within 0.3%. The rent roll's in-place rent, $850,920 a year, is 6.9% above the T12's net rental income of $795,960, so the file is ready for underwriting with one exception.

Every value carries a confidence score.

Trusted by 10,000+ mid-sized and enterprise teams, including

  • Grid Finance
  • Hitachi
  • PayU
What CRE underwriting covers

Docsumo does the reading and the tie-out. The judgment stays yours.

CRE underwriting turns a property's documents into a loan or a price. Here is who does which part.

The steps of CRE underwriting, and which Docsumo does and which stay with your underwriters and model
Docsumo doesRead and checkYour underwriters and model keepThe judgment
Collect the fileEmail, upload or API, split into documents
Rent rollEvery unit: type, area, tenant, dates, rentsRent roll analysis: mix, mark-to-market, rollover
T12 operating statementEvery income and expense line, month by monthNormalizing one-offs, reserves and fees
Tie-outRent roll against the T12, leases and OMDeciding which figure to underwrite
UnderwritingClean inputs sent to your modelPro forma, valuation, DSCR and loan sizing
DecisionCredit memo and approval

Comparing deal modeling and lending platforms? See our guide to CRE underwriting software.

How it works

From broker package to checked property file, in five steps.

  1. 01

    Collect

    Packages by email, upload or API, from brokers, borrowers or your LOS.

    Collection agent
  2. 02

    Classify and split

    A 90-page package becomes its rent roll, T12, leases and OM.

    Classification agent
  3. 03

    Extract

    Every unit row and statement line, each with a confidence score.

    Extraction agent
  4. 04

    Verify

    Rent roll against the T12, the leases and the OM, under your rules.

    Verification agent
  5. 05

    Map and export

    Clean data to your model, LOS or data warehouse.

    Analysis agent
The property file, checked

One property file. The rent roll tied out to everything else.

Pick a document to see what Docsumo reads from it and what it's checked against.

Ready for underwriting · 1 exception

Rent roll

Birchwood Commons · 48 units · as of 2026-08-31⚑ 1 exception

What Docsumo reads

Property
Birchwood Commons
As of
2026-08-31
Unit 214
2BR/2BA · 980 sq ft
Unit 214 rent
1,745.00
Occupied units
45 of 48 (93.8%)
In-place rent, monthly
70,910.00

Checked against

  • T12In-place rent × 12 against net rental incomeFlags a gap above your threshold⚑ 6.9% above T12
  • T12Occupancy against vacancy lossFlags vacancy the units don't explain✓ 93.8% vs 94.0%
  • LeasesTenant, rent, start and end date per unitFlags a unit whose lease says otherwise✓ 45 of 45 match
  • Offering memoUnits, square feet and occupancyFlags a property the OM describes differently✓ 48 units on both
  • ItselfUnit rows against the totals rowFlags totals that don't add up; leases past their end date✓ Totals add up

Field names, thresholds and the output schema are configurable.

An exception is a question for the underwriter, not a decline: rents rose through the year, so the rent roll runs ahead of the trailing twelve months. Cross-document checks are on the Enterprise plan, and you choose the rules and thresholds for each loan program.

Review queue

Underwriters review exceptions, not rent rolls.

Files that pass every check move on. The rest arrive with the reason, the source line and the values that disagree.

Review queue 3 of 8 files

✓ 5 passed every check and moved on

In-place rent × 12 · rent rollBirchwood Commons⚑ Rent roll 6.9% above T12
Rent roll in place × 12
$850,920.00
T12 net rental income
$795,960.00

Rents rose through the year, so the rent roll runs ahead of the T12. Every other check passed.

T12 · Sep 2025–Aug 2026
  • Gross potential rent921,600.00
  • Vacancy loss(55,296.00)
  • Loss to lease(70,344.00)
  • Net rental income795,960.00
  • Exceptions onlyProperty files that pass every check don't wait for a person.
  • The source, highlightedClick a value to see the line on the rent roll or T12 it came from.
  • Thresholds you setConfidence thresholds per field decide what goes to review.
  • On the recordEvery correction and approval is logged, and corrections improve the model.
In production

What changes when property files stop waiting on people.

99%
field-level accuracy on 250+ document types
95%+
of documents processed straight through, no manual review
<5 min
per document, down from 2+ hours
$15
saved per processed document
Who uses it

For teams that underwrite income property.

Four kinds of teams, and the documents they send Docsumo.

  • Banks and credit unions

    Acquisition and refinance loans underwritten from the rent roll and T12.

    • Rent rolls
    • T12s
    • Leases

  • Debt funds and bridge lenders

    Broker packages screened the day they arrive, before a term sheet.

    • OMs
    • Rent rolls
    • T12s

  • Servicers and asset managers

    Annual operating statements and rent rolls for loan and portfolio reviews.

    • Operating statements
    • Rent rolls

  • Investors and acquisitions

    Due diligence on a deal's documents before it goes into your model.

    • OMs
    • Rent rolls
    • T12s
    • Leases
Customer story

Arbor · CRE lending, insurance compliance

99%accuracy on insurance compliance documents
3,000+work hours saved every month
“We love Docsumo for its ease of integration and the flexibility it provides with API and webhook callbacks.”
Howard Leiner, CTO, Arbor
Read the case study →
Output and security

Clean data in your model, audited end to end.

Each rent roll and T12 arrives as JSON or Excel in the system you decide in, with the controls your security review will ask about.

  • SOC 2 Type 2Independently audited controls
  • ISO 27001Certified security management
  • HIPAAFor protected health data
  • GDPRFor EU personal data

Encrypted with TLS in transit and AES-256 at rest. Your documents are not used to train shared or third-party models.

How Docsumo protects your data →
webhook · document processedexample payload
// POST https://your-los.example.com/hooks/docsumo
{
  "meta_data": { "title": "birchwood-commons-t12.pdf" },
  "data": {
    "Income": {
      "Net Rental Income": { "value": 795960, "confidence": 0.99 },
      "Other Income": { "value": 38400, "confidence": 0.98 }
    },
    "Expenses": [
      {
        "Line": { "value": "Payroll", "confidence": 0.99 },
        "Total": { "value": 62400, "confidence": 0.99 }
      },
      // 6 more rows
    ],
    "NOI": { "value": 484186, "confidence": 0.99 }
  }
}

  • Your model, LOS or warehouse

    Packages in by email, upload or API; clean data out, or as an Excel download.

  • A test environment

    Your engineers validate changes before they reach production.

  • Audit log and permissions

    By role, team and document type. Every approval recorded.

Questions

CRE underwriting questions, answered.

What is CRE underwriting?

CRE underwriting is how a lender or investor decides whether a commercial property supports a loan or a price. The underwriter reads the rent roll, the T12 operating statement, the leases and the offering memorandum, normalizes income and expenses, then sizes the loan from net operating income, debt service coverage and value. Docsumo is an intelligent document processing platform: its CRE underwriting automation reads the rent roll and T12, ties them out against each other and the leases, and sends underwriters only the exceptions.

What is the difference between a rent roll and a T12?

A rent roll is a snapshot of every unit or suite today: tenant, rent, lease dates and status. A T12 is the property's income and expenses for the last twelve months. The rent roll shows what the property is set up to earn; the T12 shows what it collected. Underwriters compare the two, and a gap between them is a question to answer before the loan is sized.

How do you automate rent roll analysis?

Extract every unit row and the totals from the rent roll, whatever its layout, then check the totals, match each line to its lease and compare the rent with the T12. Docsumo does the extraction and the checks, so the analysis your model runs, such as mark-to-market or lease rollover, starts from clean data. For a walkthrough, read our guide to rent roll automation.

Which CRE documents can Docsumo read?

Rent rolls, T12 and annual operating statements, leases, offering memorandums, and the borrower documents in the same file, such as bank statements and tax returns. Scanned and digital PDFs, Excel files and images all work. Docsumo covers 250+ document types with pre-trained models and isn't limited to them, because language models structure what OCR reads.

Which property types does it work for?

Multifamily, office, retail, industrial, self-storage and mixed-use. Multifamily and self-storage rent rolls list units; office, retail and industrial rent rolls list suites and tenants with square footage and lease dates. Docsumo reads both, and your rules decide which checks apply to each loan program.

Does Docsumo replace ARGUS or our underwriting model?

No. Docsumo reads and checks the documents, then sends structured data to your model, loan origination system or data warehouse by API and webhook, or as an Excel download. The pro forma, valuation, DSCR and loan sizing stay in the model your team already trusts.

How accurate is it, and what happens when it's unsure?

Docsumo reaches 99% field-level accuracy on 250+ document types. Every value carries a confidence score, and values below the threshold you set for that field go to a reviewer, who sees the source line highlighted on the rent roll or T12. Corrections improve the model.

Is it secure enough for borrower and property data?

Docsumo is SOC 2 Type 2 audited, ISO/IEC 27001:2022 certified, and HIPAA and GDPR compliant. Your documents and extracted data are not used to train shared or third-party models. Access is set by role, team and document type, and every review and approval is recorded in an audit log.

How do we get started?

Start with a free trial after a short setup call: 1,000 pages over 14 days, with the API and webhooks. Cross-document validation and case management, which tie out a whole property file, are on the Enterprise plan. For a production rollout, book a demo and bring a real rent roll and T12; we run them live and map the checks your underwriters need.

Bring a rent roll and a T12 to the demo.

Scanned or digital, from any property manager. We run them live and show every field, every tie-out and every exception.

Book a demo →or get a free trial (1,000 pages)