For CDCs · Farm Credit · USDA · HUD · EB-5 · C-PACE · CDFI · Private Credit

The configurable underwriting engine built inside an active credit operator.

One borrower file from application through closing, servicing, and review — and a new loan program deployed as a configuration, not a build.

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Source-cited AIReview- and examiner-readyLive in 60 days

$1.5B+: Active program-credit deals
50+: Deals currently underwriting
60 days: Typical live window

§ MEMO IN GENERATIONMERCER MFG. · CDC 504 · $4.2MLIVE · 14:22:08

SECTIONS

✓§1 Executive Summary

✓§2 Eligibility & Fit

▸§3 Project Description

§4 Character

§5 Capacity

§6 Collateral

§7 Conditions

template-defined structure

§3 PROJECT DESCRIPTION

The Project supports acquisition of additional precision-machining equipment at the Borrower’s Findlay, Ohio facility, expanding capacity for industrial fasteners supplied to regional manufacturers.

[ cite · OperatingAgr_v3 · p2 §1.4 ]

Three-year customer concentration shows 38% Tier-1 automotive OEMs — meaningful but within the 50% policy threshold in §7.2.

[ cite · 2023_1120S · p4 ln 17 ][ cite · Cust_concentration_v3 · p1 ]

DECLINED · “supplier concentration risk has decreased materially” — insufficient source data to assert

ASSIST · LIVE

CITATIONS4
DECLINED1
UNGROUNDED0

MODEL claude-sonnet-4-6
SKILL memo-section@v3.2
POLICY OneRD-EB v6.0

✓ frozen on confirm

FIGURE · CORE PROGRAMS · CITE-OR-DECLINEL-2418 · MERCER MFG.

§ Product proof · Source to audit

From source evidence togoverned credit judgment.

Real, redacted product surfaces. The source document, extracted fact, analyst decision, and audit event stay in the same borrower file.

01Source document

Redacted CORE document viewer showing a borrower financial statement with extracted source facts in the side panel.

The file stays visible while CORE extracts facts.

02Credit signal

Redacted CORE extraction notes pane showing anomaly notes and analyst review cues for a borrower file.

The model flags what a credit officer would investigate.

03Audit event

Redacted CORE audit log showing a classifier event with evidence and raw payload details.

Every decision lands in the event log with evidence attached.

MORE CAPTURED SURFACESINTAKE INBOXSPREADING + REVIEW DRAWERDEAL-FILE SEARCHCOVERAGE MAPView the platform

§ Programs · Supported

Built for the lenders other vendors call “edge cases.”

CDC

SBA 504

Owner-occupied RE

Farm Credit

FCS Title I & III

Cooperative ag credit

USDA

B&I · CF · REAP · Rural

Rural mission

HUD

232 · 223(f) · 221(d)(4)

Multifamily insured

EB-5

Regional Centers

TEA · I-526

C-PACE

Energy · Water · Resil.

Capital programs

CDFI

Cert. CDFI lenders

Mission lending

Private Credit

Bridge · ABL · Direct

Bespoke programs

§ The Engine · Program Studio

One underwriting engine.
Every program is a configuration.

Plenty of software moves the file. CORE underwrites it — then carries the decision through closing, servicing, committee review, diligence, and examination without rebuilding the platform around each program.

FIGURE · CORE ARCHITECTUREEvery program family · one engine · one audit trail

SBA 504

USDA B&I

HUD 232

EB-5

C-PACE

CDFI

Farm Credit

Private Credit

Every program family. One engine. One audit trail.

Your document list.

Collection packages — base plus add-ons — not a hardcoded checklist.

Your credit box.

Underwriting policies built from your own metric, covenant, and scorecard catalogs — versioned, assigned per program, switchable mid-deal when the lender or capital source changes.

Your memo.

Templates define sections, intents, and mandates. There is no fixed memo.

Your industry research.

COREView reports generate from configurable profiles — the same discipline as the memos.

A new loan program is a configuration, not a build

PIPELINE · ROLLING WINDOWSOURCE · CORE PROJECT ACTIVITY

$1.5B+across50+active commercial-credit deals currently underwriting on CORE

C-PACE energy + resiliencyUSDA B&I + REAPEB-5 regional center capitalHUD bridge-to-perm housingBRIDGE interim capital

§ Who We Serve

The segments we serve in depth. One connected decision trail.

One engine, configured by program — packaging, decision, and replay surfaces tuned to each program’s eligibility, review posture, and capital path.

CDC

CDCs

504 packaging, eligibility, and credit memo — built against real SBA examination findings.

View CDC build

FCS

Farm Credit

Cooperative lending against patronage, captive book, and FCA examination.

View Farm Credit build

USDA

B&I, Community Facilities, REAP — rural mission, federal scrutiny.

View USDA build

PACE

C-PACE

Energy, water, resiliency capital — long-term assessment-backed credit.

View C-PACE build

CDFI

Mission lending with cert-level reporting and donor-defensible files.

View CDFI build

PRIV

Private Lenders

Bridge, ABL, and direct lending — bespoke programs as configurations, files ready for LP and capital-partner diligence.

View Private Credit build

§ Platform

Six products on one borrower file.

Find, manage, underwrite, configure, close, and service. Most teams land in Workflow or Underwriting, then add products as the operation is ready.

01Find

CORE Lead Discovery

Program-fit borrowers

Find borrower opportunities that fit your programs - human-screened before they touch the pipeline.02Manage

CORE Workflow

Manage the file

Manage the borrower file: pipeline, portal, collection, data room, routing, and audit trail.Most teams land here 03Underwrite

CORE Underwriting

Underwrite the deal

Underwrite the deal: Table Evidence, spreads, pro forma, capital, coverage, risk, and COREView.Most teams land here 04Configure

CORE Programs

Configure each program

Program-specific credit memo analysis - grounded in evidence, policy, risk, and analyst review.Human-in-the-loop 05Close

CORE Closing

Close with control

Close with control: approval snapshot, conditions, funding reconciliation, blockers, and human certification.06Service

CORE Servicing

Service the portfolio

Service the portfolio: boarding, obligations, ledger, payment controls, reviews, and action packages.

Six products on one borrower file. Most teams begin with Workflow or Underwriting, then add products upstream or downstream as the operation is ready.

Configured by Program Studio

A loan program is a configuration, not a build.

Collection packages, underwriting policies, and memo templates stay versioned by program.

Explore the platform

§ AI · Built for examination

AI in CORE is judged by its citations, not its prose.

These controls answer the question credit teams get after the memo is written: where did this claim come from?

Cite-or-decline. If the model cannot ground a claim in a file, rule, or accepted fact, it declines to write it.
Analyst-owned decisions. The model proposes; the analyst accepts, edits, or rejects. The human decision is logged separately.
Audit-ready snapshots. Model, inputs, output, and overrides are frozen against the loan file — replayable after the decision.
The receipt. The analyst assembles the evidence; the receipt proves what the model saw.
Organized like a credit department. 23 personas across four divisions — underwriting, credit policy, program policy, operations — route section work to analyst-and-supervisor pairs per program. Every agent action is timestamped, actor-named, and queryable.

CORE AUDIT LEDGER · GENERATION SNAPSHOTFROZEN · EXAMINABLE

decisionFILE PINNED · Tax Return — 2023

modelclaude-sonnet-4-6 · 2026-03-19

skillcredit-analysis-spreading@v3.2.1

candidatesMercerMfg_2023_1120S.pdf · conf 0.94 · PINNED
MercerMfg_2023_K1.pdf · conf 0.81

analystR. Tabori · approved · 14:22:11 EDT

snapshot3f9c-b21e-44a7-c019

FIGURE · AUDIT REPLAYABLEL-2418 · CDC 504

§ Origin · Built in production

Built inside a working commercial-credit shop. Against real examination findings. While the loans were closing.

Every major surface came from pressure inside the work: analysts assembling files, supervisors checking memos, lenders answering examination questions, borrowers waiting on decisions.

SBA, USDA, and conventional bridge are the configurations Waterside runs on its own deals — the product is used on the builder’s book before it is sold.

§ COREView · Live library

Public industry credit intelligence.

Browse the library · 100+ reports

USDA B&I · NAICS 111422LIVE

Pick the path that matches your program.

Demos are 30 minutes — real deal artifacts, source citations, and the audit trail behind a credit decision. Bring your hardest credit-review question.

Source-cited AI · Human-controlled decisions · Review-ready replay · Live in 60 days

The configurable underwriting engine built inside an active credit operator.

From source evidence togoverned credit judgment.

The file stays visible while CORE extracts facts.

The model flags what a credit officer would investigate.

Every decision lands in the event log with evidence attached.

Built for the lenders other vendors call “edge cases.”

One underwriting engine.
Every program is a configuration.

$1.5B+across50+active commercial-credit deals currently underwriting on CORE

The segments we serve in depth. One connected decision trail.

CDCs

Farm Credit

USDA

C-PACE

CDFI

Private Lenders

Six products on one borrower file.

CORE Lead Discovery

CORE Workflow

CORE Underwriting

CORE Programs

CORE Closing

CORE Servicing

A loan program is a configuration, not a build.

AI in CORE is judged by its citations, not its prose.

Built inside a working commercial-credit shop. Against real examination findings. While the loans were closing.

Public industry credit intelligence.

Greenhouse & Nursery Production

Concrete & Ready-Mix Manufacturing

Rural Building & General Contracting

Pick the path that matches your program.

The configurable underwriting engine built inside an active credit operator.

From source evidence togoverned credit judgment.

The file stays visible while CORE extracts facts.

The model flags what a credit officer would investigate.

Every decision lands in the event log with evidence attached.

Built for the lenders other vendors call “edge cases.”

One underwriting engine.Every program is a configuration.

$1.5B+across50+active commercial-credit deals currently underwriting on CORE

The segments we serve in depth. One connected decision trail.

Six products on one borrower file.

CORE Lead Discovery

CORE Workflow

CORE Underwriting

CORE Programs

CORE Closing

CORE Servicing

A loan program is a configuration, not a build.

AI in CORE is judged by its citations, not its prose.

Built inside a working commercial-credit shop. Against real examination findings. While the loans were closing.

Public industry credit intelligence.

Greenhouse & Nursery Production

Concrete & Ready-Mix Manufacturing

Rural Building & General Contracting

Pick the path that matches your program.

One underwriting engine.
Every program is a configuration.