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DSCR from Lease Data
By Angel Campa, Founder · Updated March 2026 · Saves 3–5 hours per property for underwriting
The Problem
Lenders calculating DSCR for commercial real estate loans need verified net operating income data, which requires accurate lease data: in-place rents, expense structures, lease terms, and option status. Manual extraction from PDFs during underwriting is slow and introduces the risk of basing loan decisions on incorrect data.
Step-by-Step Workflow
- 1Collect all executed lease PDFsSource
Obtain executed lease PDFs for all tenants at the subject property from the borrower.
- 2Upload and extract all leasesLextract
Process every lease through Lextract to extract base rent, expense structure (NNN vs. gross), lease term, and escalation schedule.
- 3Verify rents and expense pass-throughsLextract
Confirm in-place rents against the extracted schedule and verify whether operating expenses are included (gross) or passed through (NNN) for each tenant.
- 4Build NOI calculation in ExcelDestination
Aggregate extracted rents and expense recovery data to calculate effective gross income and net operating income for the DSCR numerator.
- 5Compute DSCR and sensitivity analysisDestination
Divide NOI by annual debt service to compute DSCR. Run scenario analysis using extracted escalation data to project DSCR over the loan term.
Who Uses This Workflow
LendersAcquisition TeamsAsset Managers
How Lextract integrates with Microsoft Excel
Learn about the full integration between Lextract and Microsoft Excel, including supported export formats and critical fields.
View Microsoft Excel integration →Frequently Asked Questions
What expense structures does Lextract identify?
Lextract identifies the lease type (NNN, double-net, modified gross, gross) and extracts the specific operating expenses passed through to the tenant, which directly affects effective gross income in DSCR calculations.
Can Lextract help with CMBS underwriting?
Yes. Lextract extracts the lease data inputs required for CMBS underwriting including anchor tenant leases, co-tenancy provisions, and go-dark clauses that affect collateral risk.
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Start the DSCR from Lease Data workflow
Upload your lease PDF and get 125+ structured fields ready to import into Microsoft Excel. Just $20 per lease — no subscription required.
Start Extracting — $20/lease