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How to use · PFS / REO Builder

How to use the PFS / REO Builder.

Six steps from XLSX download to a signed PFS + REO Schedule + Lender Summary ready for submission. Plus tips on contingent liabilities, liquidity discipline, and the maturity-bucket concentration view lenders actually care about.

Practitioner-built ·Pairs with the AI Team when it ships Q3 2026 ·Human review required on every output

A. Six steps

From download to deliverable
  1. 1

    Download the PFS / REO workbook

    You receive an XLSX with three connected tabs: PFS (Personal Financial Statement) · REO Schedule (Real Estate Owned schedule) · Lender Summary (the consolidated submission page). Save into the sponsor file, version-named: PFS_REO_<Sponsor>_<YYYY-MM-DD>.xlsx.

  2. 2

    Fill the PFS tab from the source documents

    PFS rows: cash + securities + retirement accounts · real estate equity (links to REO tab) · partnership interests · other assets · liabilities · contingent liabilities · net worth. Use the most recent statement date you have for each line. Bank statements as of the same date; brokerage as of the same date; do not mix.

  3. 3

    Fill the REO Schedule with every owned asset

    Columns: Property · Type · Address · Acquisition Date · Ownership % · Loan Balance · Estimated Value · Net Equity · NOI · Lender · Maturity. For each row, the ownership-percentage column applies to both equity and debt — partial ownership in a JV shows your pro-rata, not the gross asset.

  4. 4

    Reconcile REO net equity into the PFS

    The PFS "real estate equity" line auto-sums from the REO Schedule's ownership-adjusted Net Equity column. Do not type a different number into the PFS — if there's a discrepancy, fix it on the REO Schedule side.

  5. 5

    Generate the lender summary page

    The Lender Summary tab pulls headline numbers: Total Assets · Total Liabilities · Net Worth · Liquid Net Worth · REO Net Equity · Maturity Bucket Concentration (% maturing in 12 / 24 / 36 months). This is what most lenders actually look at first; the full PFS + REO sit underneath as backup.

  6. 6

    Sign + date + circulate to the lender

    The PFS requires sponsor signature + date. Export the populated workbook to PDF for the formal submission; retain the editable XLSX as the source. Suggested submission package: signed PFS PDF + signed REO Schedule PDF + Lender Summary PDF + supporting statements (bank, brokerage, K-1s) in one zip.

B. Practitioner tips

Things the file won't tell you on its own
  • Contingent liabilities are where most PFS submissions get challenged. Include all loan guaranties (full + carve-out) at the contingent line, not as direct liabilities.
  • Partnership interests: book at sponsor's capital account balance OR most recent K-1 distribution rate × capital, not at speculative market value. Lenders discount aggressive marks.
  • Liquid net worth = cash + securities + readily marketable assets. Real estate equity is NOT liquid; partnership interests are NOT liquid. Lender stress-tests on liquidity, not gross net worth.
  • Foreign assets: disclose in the PFS at fair USD equivalent on the same date. Many lenders require US-domiciled assets to meet liquidity covenants; foreign assets sit separately.
  • Maturity-bucket concentration on the REO tab is the lender's real concern. A sponsor with $200MM REO but 40% maturing in 12 months is a different risk than the same $200MM with 10% near-term.
  • NOI on REO Schedule should be trailing-12, not pro forma. Lenders cross-check against tax returns; pro forma numbers undermine credibility.

C. Scope & limits

What this template is — and is not
  • Not a substitute for a sponsor-prepared, accountant-reviewed PFS where the lender requires that level of assurance. Some lenders require CPA-prepared statements for loans over a threshold.
  • Not for tax purposes. The PFS is a credit submission; it is not a tax filing or tax-planning document.
  • Does not handle Trust structures or holding-company tiering complex enough to require entity-by-entity disclosure. For multi-tier structures, consult the Sponsor Diligence Analyst workflow.
  • Does not validate underlying source numbers. If the bank statement you reference is misread, the workbook cannot catch that. Always cross-check the source.

D. Pairs with

Components that operate on or alongside this template

  • PFS / REO Builder

    Skill (forthcoming Q4 2026)

    Reads bank statements + brokerage + entity disclosures; populates PFS + REO Schedule with ownership-adjusted equity.

  • Sponsor Diligence Analyst

    Agent (forthcoming Q4 2026)

    Reviews the completed PFS / REO for completeness, red flags, and consistency with the sponsor's prior submissions.

  • Credit Analyst

    Agent (forthcoming Q3 2026)

    Treats the PFS / REO as a structured input to the credit-committee memo; flags liquidity gaps + concentration risk.

  • Track Record

    Template (available now)

    Companion submission — the PFS shows current state; the Track Record shows historical execution.

  • Lender Edition

    Data (available now)

    Lender preferences for PFS format vary by counterparty. Pair with Lender Edition notes on each lender's specific submission requirements.

Next step

Build the full stack around it.

This template is the work surface for a specific AI agent + skill workflow. Open the Company Builder and assemble the matching agents when they ship Q3 2026.

Open the Company Builder Back to PFS / REO Builder