For sponsors and principals
Find out what actually clears — before you burn a relationship.
A lender lends the lowest amount three tests each support — debt service coverage, loan-to-value and debt yield — not the amount you ask for. Relendi runs that sizing on your file and returns one dollar figure, the test that held it down, and the bridge from the income you filed to the income underwritten. It is a sizing, not an approval.
You already know your numbers cold. What never comes back is theirs — which line they cut, by how much, and which test the loan finally hit.
Clears at
$11,000,000
Bound by debt service coverage
The property's cash flow is what limits the loan — not the value.
Your own ratios, at the amount you asked for. Rounded to the nearest $250,000, and the rate the loan was sized at is withheld — both on purpose, explained below.
Your filed T-12, and the same lines as underwritten.
- Gross income$1,950,000$1,950,000—
- Vacancy & collection loss−$58,500−$136,500−$78,000
- Effective gross income$1,891,500$1,813,500−$78,000
- Operating expenses (as you filed them)−$610,000−$610,000—
- Underwriting expense adjustments—−$123,500−$123,500
- Net operating income$1,281,500$1,080,000−$201,500
Two of the six lines never move: your gross income and the operating expenses you filed are carried across untouched. Two lines are added — a vacancy and collection-loss assumption, and one aggregate expense adjustment — and their sum is the whole difference in NOI. That is the number the coverage test was run on.
“Not a fit right now.”
Four of those, and you still don't know which line was the problem.
Nobody owes you their credit committee's reasoning, and a lender who declines you is not being difficult. But a decline with no figure attached leaves you re-guessing your own file — so the next lender gets the same file, with the same problem still in it, and you find out the same way six weeks later. The fix is not more transparency from lenders. It is one number, computed the way they compute it, before anyone spends a relationship finding out.
“We're going to pass on this one.”
A decline with nothing attached to it. No figure, no line, no test — so nothing about the file changes before the next lender opens it.
What is actually here
A dollar figure and the name of the test that held the loan down. Coverage, value, or debt yield — whichever one bound, said in a sentence.
“You've been pre-qualified.”
A band or a tier produced before anyone opened your operating statement. It survives exactly as long as it takes an underwriter to read the T-12.
What is actually here
No band. The figure comes out of the same three constraints a lender sizes with, run against the documents actually on the file.
“Deal score: B+”
A grade with no unit on it. You cannot check it, cannot argue with it, and it does not tell you which line to go fix.
What is actually here
A bridge from your filed income to the underwritten income, every deduction named in dollars. Disagree with a line and you have something to bring to the conversation.
“Instant approval.”
A decision presented on a screen by something with no authority to make it, on a file nobody has read.
What is actually here
No approval, ever — not here and not anywhere else on this platform. Relendi sizes the loan and shows the arithmetic. Lenders approve loans, after underwriting the file themselves.
A number you can trust is a number that tells you what it withholds.
There are four things this figure deliberately does not do, and it is better that you read them here than discover them later.
Rounded to the nearest $250,000, deliberately
The exact figure, sitting next to your own coverage ratio, would let anyone holding the page back-solve a lender's coverage floor to two decimals. Rounding turns that solve into a band instead of a value. It costs you roughly ±$125,000 of precision on an eight-figure deal, and it is one of the reasons a lender is willing to have their credit box anywhere near this at all. It is a disclosure control, not cosmetic rounding — so it does not get sharpened later.
You are not shown their thresholds
We name which test bound the loan. We never print the number it had to beat, and we never print the vacancy floor, the management fee, the reserve per unit, the expense floor, or the rate the loan was sized at. Those describe the lender's policy, not your building. On the bridge, vacancy and collection loss are combined into one dollar line and every haircut lands in a single adjustments line for the same reason: aggregated, no individual assumption can be divided back out.
Provisional is not a decline
If there is no supported value on the file yet, the collateral test has not run — so the figure is provisional and can only come down once an appraisal arrives, never up. If there is too little on the file to test at all, the answer is that we could not size it yet. A missing document is a missing document. It is never scored as a mark against you.
A sizing is not an offer
Nothing on Relendi approves a loan, prices a loan, or commits anybody to fund one. The clearing number is what the constraints support on the figures and documents in your file today, under standard lending assumptions. An individual lender's box, and an individual lender's terms, will differ — which is the entire reason to put the file in front of several of them.
A lender underwriting this same file sees it at full precision — that asymmetry is the deal we make with them, and it is why they are willing to have their credit box in the loop at all. Their side of the same promise is written down on the lender page.
What clears is not what reaches you.
Reserves and holdbacks are funded out of proceeds without reducing the loan you pay interest on, and a refinance hands over nothing until the existing lien is retired. Publishing only the gross would overstate your cash by the whole reserve, on the exact screen you would use to decide whether to change your ask.
So both figures ship, under names that cannot be confused. And a reserve nobody has sized yet is shown as unsized — never quietly treated as zero — which makes the usable figure a ceiling rather than a quote.
Gross loan proceeds
What the loan sizes to — not what reaches you
$11,000,000
Less: Payoff of existing debtstated
Retires the existing lien on file.
−$8,420,000
Less: Construction / capex holdbacknot sized
There is a rehab budget on file with no holdback sized against it, so nothing is deducted for it below.
not deducted
Usable proceeds to you
A ceiling — the holdback above is still to be sized
at most$2,580,000
Closing costs are not modelled here. The usable figure is taken off the rounded gross, so it carries the same rounding and no more precision than the figure above it.
AI in the loop, never in the chair.
What it reads
Your rent roll, operating statement, appraisal, personal financial statement and bank statements — pulling the figures out with the page each one came from attached. That is the transcription half of underwriting, and it is the half nobody should still be doing by hand.
What decides
The lender's own policy and a deterministic engine. Sizing takes the lowest of the ceilings the constraints imply. Same inputs, same answer, every time, and reproducible with a calculator. No model decides anything, prices anything, or moves a status.
What you can check
Every extracted figure traces back to the document and page it came from, and the bridge foots to the income the coverage test ran on. Where a figure could not be established, the file says so rather than guessing at it.
The co-pilot on your application
While you fill the application, a co-pilot sits beside it and answers the question you would otherwise text your broker at 11pm — why does this deal need a co-borrower — in the context of the file you are actually filling in. It explains and it drafts. It does not submit anything for you, it does not size your loan, and it never speaks to a lender on your behalf.
Free for borrowers. Not free-trial free.
You do not pay Relendi. There is no plan for borrowers to be upgraded out of, no cap you hit at the worst moment, and no card. The platform is paid on the broker's side, as a success fee charged only when a lender Relendi introduced funds a deal — the pricing page is the binding version of that sentence.
If you already have a broker, none of this displaces them. They run the placement and own the relationships; the file just lives somewhere that can underwrite it. Everyone invited to a deal — broker, borrower, lender, title, counsel — works on it free.
Free, with no card
Every part of it: the application, the co-pilot, document storage, the e-signatures, and the clearing number itself.
One guided application
It starts from the property address. A co-pilot sits beside it to answer what a lender will want on this deal and why — it explains and drafts; it does not submit or decide.
Documents in one place
Uploaded once, read once, reused across every lender the deal goes to. Files are served through expiring links, never from an open bucket.
ESIGN-compliant signatures
Each signature is recorded with the method, timestamp, IP address and a hash of the exact PDF signed, so the envelope is tamper-evident afterwards.
Anonymised lender activity
Once the deal goes out, a timeline shows what happened without saying who: a lender expressed interest, a lender submitted a term sheet, a lender declined. Silence stops being the only thing you get back.
The clearing number and the bridge
The figure, the test that bound it, and the line-by-line reconciliation from your filed income to the income it was sized on.
What travels with the file — and what waits.
A lender being shopped your deal sees the property and the figures. Your identity and your personal file are held back until your broker explicitly grants that one lender access — a grant recorded with who made it and when, and revocable.
When a lender is chosen, access closes automatically for every lender who was not. It works in the other direction too: which lenders your broker approached is not shown to you either, until you pick one — which is why the activity timeline says a lender expressed interest, never which one.
Never sent, at any stage
- Social Security and taxpayer identification numbers
- Date of birth
- The demographic information collected for fair-lending reporting
Held until your broker grants it
- Your name and contact details
- Your personal financial statement
- The unit-level rent roll
- Working links to your documents
Our privacy policy is the binding version of this section — read it before you take our word for any of it.
What sponsors ask before they upload anything.
What will a lender actually lend me on this property?
The lowest amount that three tests each support: debt service coverage, loan-to-value and debt yield. Whichever is smallest is the loan. Relendi runs that sizing on your file and returns the figure with the test that bound it named, rounded to the nearest $250,000. It is a sizing, not an approval or a commitment to lend.
Why is the underwritten NOI lower than the one I filed?
Because a lender rebuilds it. Your gross income and your filed operating expenses carry across untouched. Two lines get added: a vacancy and collection-loss assumption applied to gross income, and one aggregate expense adjustment. Both appear as dollars on the bridge, so the underwritten NOI foots line by line against your own T-12.
Is the clearing number an approval?
No. Nothing on Relendi approves a loan, prices a loan, or commits anyone to fund one. The clearing number is arithmetic: what the constraints support on the figures and documents in your file today. A lender approves loans, after underwriting the file themselves, and their terms will differ from any figure shown here.
Do lenders see my personal financial statement?
Not until your broker grants a specific lender access to your file — a grant that is recorded with who made it and when, and can be revoked. Before that, a lender sees the property and the figures, not your name, contact details, personal financial statement or document links. Taxpayer numbers, date of birth and fair-lending demographics are excluded at every stage.
Why is the number rounded to $250,000?
To protect the lender's credit box, which is what makes lenders willing to be in the loop in the first place. An exact figure shown beside your own coverage ratio would let anyone holding it back-solve a lender's coverage floor. Rounding turns that into a range instead. It is a disclosure control, not cosmetic rounding.
What does Relendi cost a borrower?
Nothing, and there is no card. The platform is paid on the broker side, as a success fee charged only when a lender Relendi introduced funds a deal. Everyone invited to a deal — broker, borrower, lender, title, counsel — works on that deal free, so putting your file here does not cost your broker anything either.
What you won't find on this page.
No approval. No pre-qualification letter, no funding promise, no green tick the moment you finish typing — because nothing on a screen has the authority to give you one, and you are making a financing decision. No borrowed logos, no originated counter, no accuracy percentage, no case study with the numbers rounded our way. Every figure here is a labelled sample you can redo with a calculator. We are an early platform running real deals in New York and Florida.
Put a number on it. Then go negotiate.
Start an application, upload what you already have, and see what the file clears at with the bridge that produced it. Nothing goes out to a lender until the deal is deliberately sent.
Free for borrowers. No card. Already on Relendi? Sign in