The AI operating system for commercial real estate lenders
Grow your loan book with technology that wins you deals.
Grow your ROE with agents that process deals efficiently.
Meet Sphera
Your AI assistant
What you originate
Multifamily, insured and conventional
CMHC MLI Select, HUD 223(f), Fannie Mae DUS and Freddie Mac Optigo packages, and conventional deals.
Key ratios- DSCR
- LTV
- Debt yield
Office and industrial
Rent rolls and leases read tenant by tenant, for stabilized and transitional properties.
Key ratios- NOI
- DSCR
- Cap rate
Mixed-use and retail
Residential and commercial income spread in one model.
Key ratios- NOI
- LTV
- Break-even occupancy
Small-balance commercial
Owner-occupied and investor loans, with the sponsor's global cash flow.
Key ratios- DSCR
- Global DSCR
- LTV
Land and construction
Budgets, draw schedules and completed value.
Key ratios- LTC
- Loan-to-completed-value
Bridge and mezzanine
Transitional properties, sized on the senior and combined positions.
Key ratios- LTV
- CLTV
- Debt yield
Pre-screen every deal against your credit box
More of the market, screened
Agents read each incoming deal, from the offering memorandum to the rent roll, and size it against your credit box. Your origination team screens more of the deals on the market and grows its funding volume.
More deals for your underwriters
Each screened deal comes back with an indicative sizing and the policy exceptions named, so underwriting receives more deals that fit your box. Brokers get the same read through the broker portal before they package a file.
An assistant that assembles the deal package
Your checklist for each program
The assistant requests each item on your checklist, from the rent roll and operating statements to the appraisal and environmental report. It works the same way on CMHC MLI Select, HUD 223(f), Fannie Mae DUS and Freddie Mac Optigo files as on conventional deals.
Sponsors and brokers, followed up
The assistant reads each document on arrival, flags what is missing or unreadable, and follows up by email, text and phone until nothing is outstanding, with your team copied on every message.
Rent rolls and T12s spread in your own Excel model
Document Processors with your field schema
Set up a Document Processor for each document type and choose the fields it extracts: unit, tenant, lease dates and in-place rent on a rent roll, each income and expense line on a T12. Every extracted value is highlighted on the page it came from.
Agents work in your model
Agents open your Excel underwriting model in a sandbox, build the T12 spread and reconcile as-submitted against underwritten NOI. The formulas stay live, so your analysts can change an assumption and see the result.
A credit memo your committee can trace
Sized to your definitions
DSCR, LTV, debt yield, cap rate and break-even occupancy are calculated to your definitions and checked against your credit policy.
Memo, model and exception list
You receive the credit memo, the model and the list of policy exceptions, with each figure tied to its source page. The credit decision stays with your committee.
Annual reviews and covenant tests, run by agents
Updated financials, collected on schedule
When a loan's reporting date comes due, agents request the new rent roll and operating statements from the borrower and follow up until they arrive.
Covenants tested on every update
Each update is spread again and tested against the loan's covenants, such as minimum DSCR and occupancy. A breach is flagged to your team, and the annual review is drafted for sign-off.
Frequently asked questions from commercial real estate lenders
Sphera Credit is an AI operating system for commercial real estate lenders. It covers origination, underwriting, credit risk and servicing: AI agents pre-screen incoming deals, collect the deal package, spread rent rolls and T12 operating statements in the lender's own Excel model, draft the credit memo with each figure tied to its source page, and run annual reviews and covenant tests after closing. The lender's underwriters and credit committee review the work and make every credit decision.
Sphera Credit supports commercial mortgages that need hands-on underwriting. That covers multifamily loans, whether insured (CMHC MLI Select in Canada, HUD 223(f) in the United States), agency (Fannie Mae DUS, Freddie Mac Optigo) or conventional, along with office and industrial properties, mixed-use and retail, small-balance commercial mortgages, land and construction loans, and bridge and mezzanine financing.
Yes. Sphera Credit's agents read each incoming deal, from the offering memorandum to the rent roll and operating statements, and size it against the lender's credit box. Each screened deal comes back with an indicative sizing and the policy exceptions named. Origination teams screen more of the deals on the market, grow their funding volume and send underwriting the deals that fit. Brokers can get the same indicative read through a broker portal before they package a file. Sphera Credit can also connect to the email inboxes of the lender's originators, so the deals brokers send by email are screened the same way.
Sphera Credit's AI assistant requests each document on the lender's checklist for the deal, such as the rent roll, operating statements, appraisal, environmental assessment and sponsor financials. It reads each document when it arrives, flags what is missing or unreadable, and follows up with the sponsor or broker by email, text and phone until the package is complete, with the lender's team copied on every message.
Yes. Lenders set up a Document Processor for each document type and choose the fields it extracts, for example unit, tenant, lease dates and in-place rent on a rent roll, or each income and expense line on a T12. Sphera Credit reads exports from property management systems, broker PDFs and scans, and highlights every extracted value on the page it came from, so an analyst can check the spread against the source document.
Yes. Sphera Credit's agents work in a sandbox, a temporary computer where they can open and modify Excel files with live formulas. An agent fills the lender's own underwriting model, builds the T12 spread, reconciles as-submitted against underwritten NOI, and sizes the loan against the lender's credit box using its definitions of DSCR, LTV, debt yield, cap rate and break-even occupancy. The lender receives the model, the credit memo and the exception list.
Yes. For insured and agency multifamily loans, Sphera Credit's agents assemble the documentation package against the lender's checklist for each program, including CMHC MLI Select in Canada and HUD 223(f), Fannie Mae DUS and Freddie Mac Optigo in the United States. They collect the rent roll, operating statements and third-party reports, confirm that each required item is in the file, and prepare the package for the lender's review. The lender remains the approved lender on the loan.
Yes. After closing, Sphera Credit's agents request the updated rent roll and operating statements when each loan's reporting date comes due and follow up until they arrive. They spread the new figures, test the loan's covenants, such as minimum DSCR and occupancy, flag any breach to the lender's team and draft the annual review for sign-off.
No. Sphera Credit prepares the file: it collects, reads, spreads, calculates and drafts. The lender's credit policy sets how each deal is sized, and its underwriters and credit committee review the memo, the model and the exception list and make the credit decision. Every agent run is recorded step by step, so the lender can show what was read and what was done on each file.