What's in a Mezzura underwriting report
Five business days after you submit a complete file, this is what lands in your inbox — a full credit memo your loan committee can act on, not a model's raw output.
Every Mezzura report follows the same thirteen-section structure, calibrated to your lending policy. The order is deliberate: it walks a committee from who the borrower is through whether the numbers hold to a specific, defensible recommendation — with a full audit trail back to source documents.
Executive Summary
The borrower, the request, and the recommendation in a few sentences — written so a board member who reads nothing else still understands the decision in front of them.
Loan Terms Summary
Recommended amount, facility type, interest rate, term, repayment structure, security, and key conditions — at a glance. Where our recommendation differs from the application, we say so and why.
Business Overview
What the business does, how long it has operated, who owns it, and where its revenue comes from. The context a credit decision sits inside.
Business Model Assessment
How the business actually makes money, how durable that is, and where it sits in its market. Strengths and structural vulnerabilities, named plainly.
Financial Analysis
Statement verification first — every financial document listed with its preparation basis and period. Then cross-validation (do bank deposits match reported revenue? does the NOA tie to the T2?), debt-service coverage, trend analysis, and projections tested against industry benchmarks rather than taken at face value.Deterministic math · not AI
Character & Management Assessment
The principals' track record, credit position, and capacity to run the business through the loan term — the judgment factors a thin-file lender lives and dies by.
Security Analysis
Collateral, general security, personal guarantees, and registration position (PPSA), with a clear read on coverage — and an honest note when a piece of security costs more to take than it's worth.
Risk Rating
An anchor-based score run against your policy and risk appetite — not a generic scorecard that doesn't survive contact with thin-file borrowers.
Social Impact Assessment
Jobs supported, community development, and mandate alignment — because a Community Futures decision is never only a credit decision.
Interest Rate Recommendation
A specific rate, built from current Bank of Canada Prime and calibrated to your rate parameters — with the reasoning shown, not just the number.
Recommended Conditions & Covenants
Conditions precedent to funding and ongoing covenants, written as clauses you can lift straight into an offer letter.
Key Risks & Mitigants
The risks that matter, each paired with a mitigant — and full disclosure of anything that was waived, so the committee sees the whole picture.
Recommendation
The call, with the rationale a committee needs to ratify it — and the reminder that the decision is, and always remains, yours.
Signed by a person, every time.
The structure is consistent, but the judgment isn't automated. Every report is read end-to-end by a senior underwriter who validates each conclusion against source documents, then signed off by the principal underwriter before it reaches you. The math runs on deterministic code; the analysis is reviewed by people who have sat in your chair.
Attached to every report: a board-facing summary for clean governance, and a full audit trail linking each conclusion back to the documents it came from. Read how we handle the data behind it in our guide to Canadian data residency.
Want to see a full sample report?
Book a twenty-minute call and we'll walk you through a complete, anonymized underwriting report end to end — and scope what a pilot looks like for your CF.
Book a 20-minute call