Synthetic example: every name, party and figure in this record is fictional.
Sonoran Self Storage - Peoria, AZ
Stabilized self-storage acquisition in the northwest Phoenix metro with a mix of drive-up and climate-controlled units. The underwriting case assumes modest rate growth and continued physical occupancy above 85%.
Property
json
{
"_meta": {
"section": "property",
"provenance": {
"source": "manual",
"actor": "test-fixture",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-06-05T09:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": null,
"rentable_units": 880,
"occupied_units": 760,
"net_rentable_square_feet": 82000,
"year_built": 2014,
"year_renovated": 2022,
"building_class": "B",
"asset_subtype": "drive_up_climate_control",
"climate_controlled_pct": 0.32,
"drive_up_pct": 0.68,
"land_area_acres": 6.4,
"condition": "good"
}Rent Roll
json
{
"_meta": {
"section": "rent_roll",
"provenance": {
"source": "manual",
"actor": "test-fixture",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-06-05T09:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": null,
"rentable_units": 880,
"occupied_units": 760,
"physical_occupancy": 0.8636363636,
"economic_occupancy": 0.975,
"vacancy_pct": 0.1363636364,
"economic_vacancy_pct": 0.15,
"average_monthly_rent_per_occupied_unit": 118.42,
"unit_mix": [
{
"type": "drive_up",
"units": 598,
"occupied_units": 524,
"nrsf": 55760
},
{
"type": "climate_control",
"units": 282,
"occupied_units": 236,
"nrsf": 26240
}
]
}NOI Model
json
{
"_meta": {
"section": "noi_model",
"provenance": {
"source": "manual",
"actor": "test-fixture",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-06-05T09:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": null,
"income": {
"gross_potential_rent": {
"value": 1080000,
"source": "rent_roll",
"per_unit_monthly": null,
"per_sqft_annually": null,
"rationale": null
},
"economic_vacancy_loss": 162000,
"admin_fees": 45000,
"tenant_insurance_income": 72000,
"other_income": 18000,
"effective_gross_income": 1053000
},
"expenses": {
"payroll": 105000,
"property_taxes": 92000,
"insurance": 34000,
"utilities": 26000,
"repairs_maintenance": 24000,
"marketing": 18000,
"management_fee": 52000,
"general_admin": 30000,
"total_operating_expenses": 381000
},
"net_operating_income": 672000,
"expense_ratio": 0.3618233618,
"rent_growth_pct_y1": 0.025,
"revenue_per_nrsf": 12.8414634146
}Valuation
json
{
"_meta": {
"section": "valuation",
"provenance": {
"source": "manual",
"actor": "test-fixture",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-06-05T09:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": null,
"purchase_price": 9600000,
"going_in_cap_rate": 0.07,
"price_per_nrsf": 117.0731707317,
"exit_cap_rate": 0.0675
}Debt Structure
json
{
"_meta": {
"section": "debt_structure",
"provenance": {
"source": "manual",
"actor": "test-fixture",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-06-05T09:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": null,
"loan_amount": 6240000,
"interest_rate": 0.0675,
"loan_term_years": 7,
"amortization_years": 30,
"io_period_months": 0,
"annual_debt_service": 510606,
"dscr": 1.3161,
"ltv": 0.65,
"debt_yield": 0.1076923077,
"recourse": "non_recourse"
}Sources & Uses
json
{
"_meta": {
"section": "sources_uses",
"provenance": {
"source": "manual",
"actor": "test-fixture",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-06-05T09:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "equity_metrics.equity_total equals the stated sources.sponsor_equity (3,560,000): it is the only non-debt source, so this is an identity of stated fields, not an inferred allocation or cash flow.",
"equity_metrics": {
"equity_total": 3560000
},
"sources": {
"loan_amount": 6240000,
"sponsor_equity": 3560000,
"total": 9800000
},
"uses": {
"purchase_price": 9600000,
"closing_costs": 150000,
"reserves": 50000,
"total": 9800000
},
"total_sources": 9800000,
"total_uses": 9800000
}DCF
json
{
"_meta": {
"section": "dcf",
"provenance": {
"source": "manual",
"actor": "test-fixture",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-06-05T09:00:00Z",
"notes": null
},
"quality": {
"confidence": "medium",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": null,
"assumptions": {
"hold_period_years": 5,
"exit_cap_rate": 0.0675,
"annual_rent_growth": 0.025
},
"levered_irr": 0.071,
"summary": {
"equity_multiple": 1.52
}
}Pipeline Log
json
{
"_meta": {
"section": "pipeline_log",
"provenance": {
"source": "system/engine",
"actor": "system",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-06-05T09:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"entries": [
{
"entry_id": "log_001",
"timestamp": "2026-06-05T09:00:00Z",
"event_type": "file_created",
"agent_or_actor": "test-fixture",
"section_affected": null,
"status": "success",
"input_sections": [],
"output_sections": [],
"flags_raised": [],
"flags_cleared": [],
"duration_ms": null,
"input_hash": null,
"output_hash": null,
"error_code": null,
"error_message": null,
"notes": null
}
]
}Operating Statement (T-12)
Trailing-twelve summary reconciled to the NOI model — same revenue, expense, and NOI totals; the line-item detail lives in the source statement.
json
{
"_meta": {
"section": "operating_statement",
"provenance": {
"source": "system/extractor",
"resolution": "ai_extracted",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-26T09:00:00Z",
"notes": "T-12 summary reconciled to the NOI model; line detail retained in the source statement."
},
"quality": {
"confidence": "medium",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"period": "t12",
"period_end": "2026-06-30",
"statement_basis": "accrual",
"income": {
"total_revenue": 1053000
},
"expenses": {
"total_operating_expenses": 381000
},
"net_operating_income": 672000,
"reconciles_to_noi_model": true
}Preliminary Sizing
Loan sizing against the three standard constraints. The governing test is dscr; the proposed loan of $6,240,000 fits inside it.
json
{
"_meta": {
"section": "preliminary_sizing",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-26T09:00:00Z",
"notes": null
},
"quality": {
"confidence": "medium",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"sizing_basis": {
"noi_underwritten": 672000,
"value_basis": 9600000,
"annual_debt_constant": 0.0818
},
"constraints": [
{
"test": "max_ltv",
"limit": 0.75,
"max_loan": 7200000
},
{
"test": "min_dscr",
"limit": 1.25,
"max_loan": 6569888
},
{
"test": "min_debt_yield",
"limit": 0.09,
"max_loan": 7466667
}
],
"max_supportable_loan": 6569888,
"governing_constraint": "dscr",
"proposed_loan": 6240000,
"proposed_within_constraints": true,
"cushion": 329888
}Borrower / Sponsor
Sonoran Storage Partners LLC — single-principal sponsorship; figures PFS-stated pending CPA verification.
json
{
"_meta": {
"section": "borrower_sponsor",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-26T09:00:00Z",
"notes": "Figures are PFS-stated; CPA verification requested for the DD period."
},
"quality": {
"confidence": "medium",
"human_review_required": true,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"principals": [
{
"name": "Greg Hutton",
"role": "managing_member",
"ownership_pct": 1,
"is_guarantor": true,
"is_key_man": true,
"net_worth_stated": 11232000,
"liquid_assets_stated": 686400,
"contingent_liabilities_stated": 0,
"years_cre_experience": 15,
"pfs_received": true,
"tax_returns_received": false,
"figures_verified": false,
"verification_basis": "pfs_stated"
}
],
"entity": {
"name": "Sonoran Storage Partners LLC",
"type": "llc",
"state": "AZ"
},
"financial_summary": {
"global_net_worth": 11232000,
"global_liquidity": 686400,
"nw_to_loan_ratio": 1.8,
"nw_to_loan_policy_min": 1,
"liquidity_to_loan_ratio": 0.11,
"liquidity_to_loan_policy_min": 0.1,
"all_figures_verified": false,
"unverified_flag": true
}
}Market Analysis
Peoria / Northwest Valley self-storage fundamentals as of 2026-08.
json
{
"_meta": {
"section": "market_analysis",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-26T09:00:00Z",
"notes": "Broker survey and published market reports; refresh before credit committee."
},
"quality": {
"confidence": "medium",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"market": "Phoenix Metro",
"submarket": "Peoria / Northwest Valley",
"data_as_of": "2026-08-01",
"vacancy": {
"current_rate": 0.09,
"trend": "stable"
},
"rents": {
"yoy_growth_pct": 0.028,
"trend": "flat"
},
"cap_rates": {
"range_low": 0.0675,
"range_high": 0.0725,
"subject_going_in": 0.07
},
"supply": {
"note": "Two facilities (145k NRSF combined) in lease-up within three miles; street-rate pressure expected through 2027."
}
}Validation
Financial-validity engine run over the sections above.
json
{
"_meta": {
"section": "validation",
"provenance": {
"source": "system/financialValidityChecker",
"actor": "system",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-26T09:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"overall_status": "clean",
"financial_validity": [],
"completeness": []
}