Use case · Buyer

Verify the broker's numbers before you sign.

You have an offering memorandum on a South Florida multifamily deal. The pro forma looks clean. Ferinus reconstructs the real numbers independently — NOI, DSCR, debt yield, and the post-sale tax reset the OM leaves out — with every figure sourced. The institutional second opinion, without commission bias.

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The moment this is for

"A broker sent me an 8-unit in Lake Worth — $1.6M ask, pro forma 7.5% cap, and I have until Friday to make an offer. The numbers look great. I have no way to check them before I commit $400K."

01 / 04 · Who this is for

The buyer holding an OM and a deadline.

You are evaluating a small-balance multifamily property in South Florida — Palm Beach or Martin County. A broker or listing agent handed you an offering memorandum with a payment plan, a pro forma, and a cap rate. You are expected to commit real capital fast.

You want a second opinion grounded in numbers, not a verdict from someone whose income depends on you signing. You do not have days to rebuild the pro forma line by line yourself.

02 / 04 · When you need it

Between "I'm interested" and "I commit."

Any time you receive an offer you are seriously considering, before you sign anything binding. It matters most when:

The pro forma cap rate feels high and you suspect the income basis is stretched
The OM omits the post-sale property-tax reset — the single biggest hidden expense in a Florida acquisition
Insurance looks light for a coastal or pre-1960 building with no wind mitigation
Expenses are quoted without full property management, reserves, or turnover
You need to know the price at which the deal actually pencils at a lender's DSCR

03 / 04 · How it works

Your OM in. A reconstructed underwrite out.

Send the OM.

Upload the offering memorandum, rent roll, or listing PDF you received.

Ferinus extracts the stated figures.

Asking price, advertised NOI and cap rate, unit mix, and expenses are parsed from the document. Every extracted figure is labelled listing-supplied — never treated as verified.

The engine reconstructs the deal independently.

Income is rebuilt as a full GPR-to-EGI waterfall; all nine operating-expense categories are reconstructed; property tax is modeled at the post-sale reassessment using parcel-level (PCN) millage. NOI, DSCR, debt yield, and a lender-sized loan follow deterministically.

You see exactly where the OM and reality diverge.

A discrepancy view puts the broker's claim next to Ferinus's number for NOI, cap rate, and supportable price — with the delta flagged where the OM flatters the deal.

You get a verdict and a path to pencil.

A structured pass / conditional / fail verdict against financeability gates, plus the maximum price at which the deal clears every gate — every threshold printed, every source cited.

04 / 04 · What you walk away with

The real numbers, in your hands.

You arrive at the next conversation with an independent, research-grade reconstruction of the deal in front of you. You know whether the pro forma holds up — and by how much it doesn't.

Whether the advertised NOI survives a full nine-category expense reconstruction
What the property tax becomes after the sale resets the assessment
Whether the deal clears a lender's DSCR, and the price at which it would
A verdict and supportable price you can take into your own due diligence

Decision support, not investment advice. The decision stays yours.

Verify the broker's numbers before you sign.

The buyer holding an OM and a deadline.

Between "I'm interested" and "I commit."

Your OM in. A reconstructed underwrite out.

The real numbers, in your hands.

See what the deal actually pencils to.