Table Evidence
The Excel add-in sends entity-scoped workbook tables into CORE as versioned, reviewed evidence staged for underwriting.
§ Platform - CORE Underwriting
CORE Underwriting: judgment work that ends in a memo decision.
The underwriting workspace is where confirmed spreads, table evidence, scenarios, capital stack, coverage, policy tests, risk themes, waivers, and memo treatment meet in one borrower file.
Risk work does not end in a rating. It ends in a memo decision.
CORE measures the file against the tenant's own credit box: policy tests, coverage periods, scorecard factors, covenant applicability, waivers, compensating factors, and memo treatment. The policy snapshot, inputs, exceptions, and sign-off stay attached to the project history.
Bound policy, coverage, and risk treatment in one file§ Judgment Layer
Your credit box, literally yours.
Scenarios
Lender base, borrower base, and downside cases carry assumptions, projections, and sensitivity context without becoming disconnected spreadsheets.
Capital stack
Facilities, guarantee splits, debt service, rate shocks, and sources-and-uses stay inside the underwriting record.
Coverage
DSCR and related tests are measured by the bound policy and period lens, with source context visible when a number is missing.
Risk treatment
Risk themes become decisions: carry as risk, accept mitigant, require condition, require diligence, or exclude from memo treatment with rationale.
Policy sign-off
Waivers, compensating factors, scorecard factors, and sign-off are saved with policy version, inputs, and recorded-by history.
§ Underwriting System
From source evidence to a signed credit decision.
CORE turns uploaded documents and analyst workbook captures into governed, source-linked evidence, then carries that evidence through financial analysis, structure, coverage, risk treatment, and memo approval.
- 01 Ingest
Document Uploads
Borrower & analyst suppliedUploads are classified, parsed, and converted into source-linked text and, when appropriate, summaries, key facts, and metadata under analyst-controlled review.
Excel Add-in
Microsoft AppSourceSelected workbook tables are captured inside the analyst's own model, preserving rows, columns, formulas, and source range without a rebuild.
Both paths converge in the governed evidence layer, preserving source trace and review state.
- 02 Govern
Governed Evidence
Source documentsExtracted artifactsTable evidenceSource documents, derived artifacts, and structured workbook captures retain version, entity, provenance, and review state before downstream use.
analyst confirmation governs downstream use
- 03 Analyze
Analysis Models
Historicals for multi-period spreads · Pro Forma for scenarios and assumptions · Capital Stack for facilities, sources, and uses.
confirmed underwriting state three models · one file
- 04 Measure
Coverage
Debt service, policy periods, and sensitivities are measured against the structure.
DSCR / FCCR / sensitivity policy-measured
- 05 Judge
Risk
Policy tests, scorecard, covenants, waivers, mitigants, and conditions converge.
tenant credit box waivers with compensating factors
- 06 Decide
Memo Decision
Approved treatment and durable sign-off stay attached to the evidence trail.
signed / snapshotted replayable
Product Proof
Four credit questions. One governed underwriting state.
The interface is shown selectively: each chapter proves a different judgment job without turning the public site into a complete product manual.
01
Financial state
Establish the financial state.
Confirmed historical performance and scenario projections resolve into one model of cash flow, debt service, and coverage.
- Historical movement remains visible beside the period values.
- Lender base, borrower base, and downside cases share the same evidence trail.
Redacted product view · representative workflowForecast horizonConfirmed source state
02
Capital structure
Structure the credit.
Facility amount, guarantee, seniority, debt service, and balanced sources and uses stay inside the underwriting record.
- The financing structure remains explicit rather than buried in a memo draft.
- Sources and uses reconcile the debt, equity, project costs, contingency, and reserves.
Redacted product view · representative workflowDebt and equityBalanced plan
03
Coverage and security
Test repayment and security.
CORE keeps repayment capacity, collateral lending value, and legal perfection connected without collapsing them into one ratio.
- Policy periods distinguish measured from unmeasured coverage.
- Security support remains linked to closing and perfection controls.
Redacted product view · representative workflowWeakest DSCRNet eligible coverage
04
Policy to decision
Resolve policy into a durable decision.
Analysts turn issues and policy context into mitigants, conditions, diligence actions, memo treatment, and recorded sign-off.
- The lender's detailed scorecard and covenant catalog remain private.
- The public proof shows the decision path and durable approval—not the tenant's model.
Redacted product view · representative workflowMemo treatmentDurable approval
§ Fit
Underwriting workspace includes
CORE keeps the judgment work visible instead of flattening it into a status column.
01
Workbook-sourced Table Evidence and AppSource Excel add-in path
02
Historical spreads and confirmed metrics feeding policy
03
Scenario pro forma and sensitivity context
04
Guarantee-aware capital stack and debt-service math
05
Coverage, policy tests, covenant applicability, and scorecard factors
06
Risk themes that land as memo decisions with waiver/sign-off history
§ Path
How judgment moves through the file
Confirm the underwriting state
Confirmed spreads, projections, and structure establish the metric state that policy tests consume. Source evidence remains attached for review.
Bind the credit box
The selected program's versioned policy snapshot applies thresholds, scorecard factors, covenant rules, and waiver treatment.
Resolve risk
Analysts decide exceptions, mitigants, conditions, and memo treatment against the bound policy.
Draft from the decision
Memo generation carries forward the approved policy and risk state. It does not silently recalculate or override analyst judgment.
§ In Depth
Commercial loan underwriting software that carries the judgment, not just the checklist.
Most underwriting software tracks status. The decision lives somewhere else.
In a typical stack, the loan origination system knows the deal's stage while the actual underwriting — spreads, projections, coverage math, policy exceptions — lives across workbooks, drafts, and email. When committee or an examiner asks how the decision was reached, someone rebuilds the story by hand.
CORE's workspace holds the analysis itself: confirmed spreads, scenario pro formas, the capital stack, coverage tests, risk themes, waivers, and sign-off, all attached to one borrower file with the evidence trail intact.
Your credit box, bound to the deal
Underwriting runs against the lender's own configured policy — thresholds, covenant rules, scorecard factors — applied as a versioned snapshot bound to the deal. The scorecard adopts the tenant's own rating model rather than imposing one: CORE records the lender's values and weights, it does not recreate the model.
Policies can be swapped mid-deal when a lender or capital source changes, with the file re-evaluated against the new snapshot — so "which policy was this decision made under?" always has a literal answer.
Built for complex commercial credit
Multi-entity borrowers, guarantee-aware capital stacks, lender-base and downside scenarios, and policy-measured coverage periods are the normal case here, not an edge case. That depth is what makes the workspace usable for government-guaranteed programs, private credit committees, and LP diligence alike.
Risk work ends in a memo decision
Every risk theme resolves to a recorded decision — carry as risk, accept mitigant, require condition, require diligence — and memo generation drafts from those decisions rather than rediscovering them. Confirmed spreads flow in from the spreading engine with their sources attached.
§ Next Step
Bring the credit box your current software cannot represent.
We will walk through how CORE keeps policy, projections, risk, waivers, and memo treatment attached to the same borrower file.