FirmSource Intelligence
Acquisitions & investor OS

Thewholedeallifecycle,
inoneconnectedsystem.

FirmSource is the connected system of record for real estate acquisitions and investor operations, bringing broker intake, buy-box screening, underwriting, IC memos, equity raises, distributions, and investor reporting into one AI-powered platform.

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MA
Miguel Alvarez · multifamily broker · offering memo
“The Reserve at Hillcrest — a 5.6% cap with 18% rent upside. Priced to move.”
Going-in cap · normalized from the T-12
5.6%broker→awaiting
FirmSource Intelligence, working

FirmSource is an AI-powered acquisitions and investor platform for small and midsized real estate investment firms. It brings the full deal lifecycle into one connected system, from broker deal intake, buy-box screening, and underwriting to investment memos, acquisition execution, investor CRM, and investor communications.

Watch a deal move from broker packet to funded investment.

Stage 1 / 5 · Intake

The deal comes in.

Upload the broker package. FirmSource Intelligence reads the documents, extracts the key details, and creates the deal record automatically.

app.firmsource.com · Intake
Wexley_Commons_OM.pdf
read by FirmSource Intelligence · 6s
Extracted deal
PropertyWexley Commons
Units · Price86 · $13,900,000
MarketGreensboro, NC
Documents3 of 4 filed
Stage 2 / 5 · Screen

Tested against your buy box.

FirmSource recomputes the cap from the T-12 and flags where the broker's numbers don't hold.

app.firmsource.com · Screen
Going-in cap ≥ 5.25% Verified
7.5%→5.9%✓ clears the box
Free checks · scored now
Target marketGreensboro, NC
Unit count ≥ 5086
Normalized against the financials
Rent upside ≥ 10%~14%
DSCR ≥ 1.25×1.34×
Stage 3 / 5 · Underwrite

Modeled from debt to waterfall.

One shared model for sources, debt, exit, returns, and the LP/GP split.

app.firmsource.com · Underwrite
Sources & uses$14,580,000
Debt $9.5M
Equity $5.1M
6.9%
Stabilized cap
14.6%
Levered IRR
1.92×
Equity mult.
Waterfall · 8% pref · 70/30
Pref
LP
Stage 4 / 5 · Raise

Funded from the same record.

Commitments, allocations, and funding status stay tied to the deal.

app.firmsource.com · Raise
Wexley Commons · Equity raise$5.1M target
Soft-circled
$5.1M
Signed
$5.1M
Accepted
$5.1M
Funded
$4.1M
Target $5.1M · funding to close
MCMarcus Chen$2.4MFunded
EWEleanor Whitfield$1.7MFunded
RORobert Osei$1.0MAccepted
Stage 5 / 5 · Report

Reported back to every LP.

Distributions, returns, statements, and investor reports roll up from the same record.

app.firmsource.com · Report
$5.1M
Paid-in capital
$410K
Distributed
$6.3M
Current value
1.24×
Equity multiple
Marcus Chen12.1% IRR1.24×
Eleanor Whitfield12.4% IRR1.25×
Sent to LPs 2025 K-1 Q2 statement Investor report

Underwrite what's actually there.

Every deal starts with an offering memo, but every serious buyer has to normalize it to the in-place actuals before IC. FirmSource does that in seconds, recomputing the cap rate, rent upside, and every adjustment from the T-12 and rent roll.

As quotedstarting point

The going-in cap from the offering memo — where your diligence begins.

6.7%
normalized to in-place actuals
FirmSource Intelligencerecomputed

Rebuilt independently and normalized to the T-12 and in-place rent roll.

5.9%
confirmed against the source
Verifiedthe number you act on

Confirmed against the source docs — what you underwrite and take to IC.

5.9%✓

Pro-forma gets a deal looked at; in-place gets it underwritten. FirmSource closes that gap in seconds.

FirmSource Intelligence

Watch it do the analyst's work.

From the same source documents, FirmSource Intelligence produces the outputs your team needs: a disciplined screen, a full underwriting model, and an IC-ready committee package.

FirmSource Intelligence· Screen memo · 83 Birge Stdrafted 41s · 90% confidence
×
Pass on it — four hard knockouts, no price fix
Screened on 3 of 4 key docs · still needs the P&L
1
Two knockouts are structural
Torrington is off your target list, and 8 units misses the ≥10 minimum. Binary and price-invariant — a perfect number everywhere else wouldn't fix it.OM p.2
2
The cap collapses once the expenses are normalized
The OM's 30% ratio and $88K NOI become ~54% and ~$54,300 once the management fee and reserves are added, R&M is marked to the audited $15,524 (vs the OM's $5,135), and vacancy is marked to market — a ~4.6% cap, ~215 bps under the 6.75% hurdle.OM p.2T-12
3
Not financeable at this price
At 75% LTV / 6.5% / 25-yr, debt service is $71,707 against ~$54,300 NOI — a 0.76× DSCR. The property doesn't cover debt; negative leverage.
4
Rent upside is real but doesn't move it
In-place rents average ~$1,309 vs the OM's $1,550 'market' — an ~18% gap that clears the soft ≥10% criterion — but $1,550 is top-of-range and unverified.RR 03/25OM p.2
Reconciled figuresas-quoted vs FirmSource Intelligence
Going-in cap contested~7.5% ~4.6% ▼2.9pp
Rent upside~18% ~18% — in line
Normalized financials · NOI bridge$88,141 ~$54,300 ▼38%
VacancyVacancy / credit loss @ 5% — OM assumes noneOM p.2−$6,302
ExpensesAdd management fee — 6% EGI, OM omitsT-12−$7,184
ReservesAdd reserves — ~$300/unit, OM omits−$2,400
ExpensesR&M to actual — $15,524 vs OM $5,135T-12−$10,389
ExpensesUtilities to actual — $9,178 vs OM $7,043T-12−$2,135
TaxesHeld at actual $19,417 — CT doesn't reassess on saleT-12$0
✓ ties to the rent roll
What would change the call:Reprice ≤ $37MVerify the T-12Confirm rents

Recomputes the cap rate from the T-12, checks the deal against your buy box, and drafts a disciplined pass/proceed recommendation in seconds.

What it caught
  • Cap recomputed 7.5% → 4.6% from the T-12
  • Two structural knockouts — market & unit count
  • Not financeable at the ask — 0.76× DSCR

83 Birge Street · Torrington, CT

Talk to it

An analyst you can talk to — that acts on your model.

Ask FirmSource Intelligence anything about a deal. Have it research the submarket, identify what the offering materials missed, or test a new assumption. When you tell it to change the management fee, exit cap, rent growth, or another input, it applies the change directly to the underwriting.

  • Researches the market: jobs, supply, rents, sales comps, and other key drivers, with sources and as-of dates
  • Acts on your model: apply an assumption to one deal or establish a firm-wide underwriting standard
  • Grounded in the source: cites its research and never replaces your verified figures without your direction
FirmSource Intelligence· Ask · Wexley Commonsgrounded · cited · acts on the model
I think management will run 7% here — not the 5% standard.
7% is above your firm's 5%-of-EGI standard. On this deal's ~$2.38M EGI that's ~$167K vs the ~$119K normalized — about $48K more, trimming the going-in cap 5.9% → 5.66%. It won't touch your firm default unless you set it there.
Set management fee to 7%?
This dealFirm defaultApplies straight to the underwriting
Is the submarket getting oversupplied?
Two projects totaling ~540 units are under construction within a mile — a near-term rent-growth headwind, though absorption has held above 94%.SourcesGreensboro permits · Q3 2025CoStar submarket · 2025
Investor portal

A branded portal for every LP.

Every investor gets a live home for their capital: positions, capital accounts, distributions, K-1s, reports, and projected returns, all connected to the same model that underwrote the deal.

  • Always current: no more emailing static PDFs.
  • Connected to the deal: investor numbers come from the same record as the underwriting.
  • LP-ready reporting: statements, K-1s, and reports flow from the vault to each investor.
portal.firmsource.com · Meridian Residential Partners
MMeridian Residential Partners
Eleanor Whitfield
Wexley Commons
Your investment with Meridian Residential Partners.
Estimated value
$0
as of Jul 1, 2026 · sponsor estimate
0.00×
total value
Contributed
$1,700,000
Distributions
$214,800
Net IRR
12.4%
Ownership
12.00%

Contributed capital and distributions reflect actual cash. Estimated value is your share of the latest reported valuation — an estimate, not a realized figure.

Your capital account
Capital contributed
$1,700,000
invested to date
Capital returned
$60,000
of your invested capital
Unreturned capital
$1,640,000
still invested
Income received
$154,800
preferred return / profit

Unreturned capital is what you still have invested — it comes back at a refinance or sale. Income like preferred return is a return on your capital, not of it.

Reported value over time▲ 18% since inception
Now onboarding sponsors

Run acquisitions and capital from one connected system.

Bring broker intake, underwriting, IC memos, equity raises, investor CRM, and reporting into one source of truth, with FirmSource Intelligence recomputing the numbers from the underlying deal documents.

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