Go from the approved underwrite to a closed deal of record.
Closing reads the executed documents, ties the settlement statement to what was contracted, financed, and underwritten, and trues the going-in basis to what actually closed. The deal you funded becomes the deal of record.
01 · The line
Turn the executed documents into a closed deal of record.
- Closing reads the executed documents for the business terms the deal team tracks, the dates, dollars, prorations, and conditions, then reconciles the numbers on top of them.
- Counsel and the title company run the agreement, the title work, and the settlement statement; Cap Orbit reads them for the business terms the deal team tracks.
- Every term cites the section it came from. Every figure traces to the documents, and inferred values are marked as such.
Fig · Read for the terms, reconcile the numbers
Sign to fund
From the executed agreement to a closed-as-underwritten record.
The same path runs on every close, working the deal’s own documents and model, and producing a trued-up basis that asset management adopts on day one.
- 01
01
Abstract the binding terms
Read the executed agreement, every amendment, and the lender’s conditions to funding into one cited reference of the critical dates, the dollars, the proration method, and the conditions the closing team tracks.
- 02
02
Reconcile the settlement statement
Tie the title company’s statement to the contract, the loan, and the underwrite. Flag every variance, line by line, with its cause, whether a retrade, a proration true-up, a fee delta, or a rate move.
- 03
03
True up the going-in basis
Write the actuals into the model so the all-in basis, the going-in cap, and the day-one coverage read what was actually paid and funded, then recalculate and confirm the headline numbers moved.
- 04
04
Draft the closing memo
Record what closed against what was approved, the actual sources and uses, the diligence and conditions satisfied, and the obligations carried forward, in the firm’s house format.
- 05
05
Hand a clean basis to the book
Freeze the closing record as a timestamped snapshot and hand the trued-up basis to asset management as its going-in baseline.
02 · Abstract the terms
One cited reference the whole closing team tracks against.
- The executed agreement, its amendments, and the lender’s conditions to funding read into a single reference of the critical dates, the purchase price and deposit, the proration method, and the conditions to close, each with its source section.
- It tracks amendments. A newly filed amendment supersedes the prior terms, the reference reads the latest, and it notes exactly what changed.
- The team signs off on the extracted terms before they become the reference of record.
Fig · Dates, dollars, prorations, conditions, each sourced
Reconcile and true up
Tie the settlement statement to what you contracted, financed, and underwrote.
The title company produces the settlement statement, and your team reconciles it: the actual price, prorations, closing costs, reserves, and loan proceeds tied to the contract, the loan, and the underwritten sources and uses, every variance surfaced with its cause, and the trued-up going-in basis written into the model. Every figure traces to its source.
Fig · Settlement statement tied to the underwrite
What the close produces
Four records, one deal.
Closing leaves the deal with a cited terms reference, a working tracker, a model trued up to the actuals, and the closed-as-underwritten memo.
Terms reference
The binding terms, cited
The critical dates, the dollars, the proration method, and the conditions to close and to fund, each tied to its section in the executed documents and the lender’s conditions.
Critical-path tracker
Dates and conditions at a glance
A working tracker of the closing dates, flagging imminent and overdue, and the condition status across the contract and the loan, refreshed on every run.
Trued-up model
The basis on what closed
The actuals written into the same model the deal was underwritten in, so the going-in basis, cap, and coverage reflect what was actually paid and funded.
Closing memo
Closed as underwritten
The record of final terms against the approval, the actual sources and uses, diligence and conditions satisfied, and the obligations carried forward.
The closing memo
The closed-as-underwritten record, in your house format.
The most comprehensive memo in the lifecycle. By close the committee’s projections are facts the team now holds: the executed agreement, the actual loan, completed diligence, the actual settlement. The memo confirms what closed against what was approved, carries the actual-versus-approved variance plainly, and traces every figure to the model, the terms reference, or a filed report. Diligence is received and summarized with a pointer to the report.
Fig · Final terms versus the approval
03 · Finalize and hand off
A snapshot of the close, and a clean basis for the book.
- Finalize freezes a timestamped closing record and confirms the memo’s headline numbers match the trued-up model, with every open item surfaced for the team to decide what to waive.
- Every waiver is recorded against the item, so the record is complete whether or not the item was resolved before fund.
- The trued-up basis becomes asset management’s going-in baseline, so the period close measures performance against what the deal actually cost.
deal · oak-street
Fig · One workspace, the basis carried forward
After fund, the team holds a basis trued to what actually closed, a record tying every figure to its source, and a memo that stands behind the decision.
What is material, what to waive, and what to fund are the team’s to decide. The funding decision and business record stay with the firm.
Cited, to the section
Every abstracted term carries the section it came from. Counsel and the title company own the legal work, and the team owns the business record.
Sourced, to the line
Every figure on the settlement statement ties to the contract, the loan, or the underwrite. Variances surface with their cause, line by line.
Complete, on the record
The closing record is timestamped and final. Every open item is resolved or knowingly waived by the team, and the waiver sits in the record.