One revised statement changes every team's work.
Whatever your part in the deal, your work rests on the borrower's figures. When a revised statement arrives, Operion drafts the update to your document and waits for your review.
Lenders
Cover falls to 2.00x, and the credit paper needs review.
Operion runs your credit model on every deal and drafts the credit paper from its figures.
Operion for lendersNorth Quay Works · Credit paper · Draft for committee
3. The loan
A loan of GBP 6,000,000 to North Quay Holdings towards the GBP 10,000,000 cost of North Quay Works, a canal-side warehouse in Leeds, at 60% loan-to-cost.
The loan is interest-only at 7%, or GBP 420,000 a year. The principal is repaid from the sale in year 5.
4. Income and cover
On net operating income of GBP 900,000, interest cover is 2.14x. The loan is supportable, subject to the current rent roll. On the revised income of GBP 840,000, interest cover falls to 2.00x. The loan remains supportable, subject to the current rent roll and the borrower's explanation of the GBP 60,000 fall.
Redrafted by Operion on the revised income
5. Conditions
Before drawdown: the current rent roll, requested from North Quay Holdings on 29 September 2026 and still outstanding, and the borrower's explanation of the GBP 60,000 fall in income.
Open questions: whether the borrower or any of its directors has been in administration and whether the change of use has been granted.
Revised operating statement, page 3
Page 2 of 6
Investors
The equity IRR falls to 17.55%, under the 18% target.
Operion reads the data room, runs your returns model and drafts the investment memo.
Operion for investorsBrokers
The pack you sent to lenders is out of date.
Operion drafts the pack for each lender you take a deal to, and the requests for what is still missing.
Appraisers
On the revised income, the indicated value falls to GBP 9,330,000.
Operion drafts the valuation from the deal's documents. The value stays your call.
North Quay Works, Leeds · Valuation report · Draft
5. Income approach
Net operating income is capitalised at 9.00%, the rate adopted for the first statement.
Revised column drafted by Operion
Revised operating statement, page 3
Operating statement v1, page 3
Page 4 of 9
Special situations
Operion drafts an update for every party on the deal.
On a deal with many parties, one revised figure changes what each of them needs from you. Nothing goes to any of them until your team sends it.
Drafted by Operion4
