Neutral transaction intelligence. Every figure traced.
A neutral, verification-ready pre-LOI Deal Intelligence pack for lower-middle-market acquisitions. Hard figures trace to the deal’s own evidence; unresolved items stay visible.
Single-Transaction License. $3,000 USD per analysis.
Source to Decision
Source to decision.
- Documents supplied
- Figures registered
- Conflicts surfaced
- Findings challenged
- Decision-ready record
- Asking Price $385,000: supplied with the intake form. Source traced.
- Fair Value (EBITDA) $220,140: computed from the registered figures. Calculated.
Why NorthScope
We take no side in the deal.
NorthScope provides the evidence layer before the LOI and focuses the work accountants, lawyers, and transaction teams perform next. The same source-traced record applies whichever side of the table you sit on.
No stake in your close
One flat fee, paid before anything else happens.
- We earn the same whether you buy, renegotiate, or walk, so the report has nothing to gain from any outcome.
- Not the buyer's advocate, not the seller's, not the broker's. The verification layer under everyone's work.
Only the documents speak
Every figure traced to the deal's own papers.
- The P&L, the tax return, the lease, the bank statements. A figure that cannot be traced to them does not appear in the report.
- A report that cannot verify itself is voided and refunded automatically, never shipped quietly.
The NorthScope evidence record
Transaction Teams
Partners
Professional Workflow
Sellers and other transaction participants benefit from the same source-traced record and the same visible treatment of unresolved evidence.
Report Coverage
What the evidence becomes
Every NorthScope analysis executes the core pillars of institutional due diligence, delivering a mathematically defensible transaction blueprint.
Financial Spreading & Preliminary QoE
We don’t just accept the seller’s numbers; we forensically reconstruct them.
- EBITDA Normalization: Strips out aggressive seller add-backs, one-time expenses, and above-market owner compensation to calculate the True Adjusted EBITDA.
- Proof of Cash & Reconciliation: Flags discrepancies between internally prepared P&Ls, tax returns, and raw bank data.
- Net Working Capital (NWC) Pegging: Identifies working capital requirements and seasonal fluctuations to prevent Day-1 undercapitalization.
Commercial & Operational Diligence
We map the structural risks that erode enterprise value post-close.
- Concentration Haircuts: Quantifies top-customer revenue concentration and applies valuation penalties.
- CapEx & Maintenance Forecasting: Identifies deferred maintenance and plots forward-looking capital expenditure liabilities.
- Margin & Trend Analysis: Maps YoY revenue growth, gross margin degradation, and operating expense bloat.
Real Estate & Portfolio Mechanics
We underwrite the physical assets with the same rigor as the operating business.
- FMV Intercompany Rent Normalization: Prevents sellers from “double-dipping” by normalizing above/below-market rent between the operating entity and the holding company.
- Cap Rate & Asset Valuation: Calculates true Net Operating Income (NOI), Gross Rent Multipliers (GRM), and geographic Cap Rate adjustments across 1:N multi-property portfolios.
- 1:N Multi-Property Portfolio Analysis: Aggregate NOI, unit-level rent rolls, and portfolio-weighted cap rates for multi-site deals. Each property individually assessed, then consolidated.
Capital Structure & Bankability
We prove the deal works for the lender and the equity sponsors.
- DSCR Stress Testing: Models standard commercial loan amortization to verify the Debt Service Coverage Ratio (DSCR) clears banking minimums.
- Cash-on-Cash Modeling: Calculates day-one equity requirements, LTV ratios, and projected cash-on-cash returns.
Scenario-Based Valuation
Downside, base, and upside ranges with labeled assumptions. Includes EBITDA-multiple, cap-rate, and combined business + property scenarios.
- Labeled downside, base, and upside ranges, each tied to its named drivers.
- EBITDA-multiple, cap-rate, and combined business + property scenario families.
- Sensitivity grids showing how each value moves with its driver.
The Execution Toolkit (LOI & RFI)
We hand you the exact artifacts needed to execute the transaction.
- Targeted Deal Architecture: Calculates the precise Target Price, Opening Offer, Seller Note structure, and required Cash-at-Close.
- Phase II RFI: Compiles a line-item Request for Information (RFI) requesting the exact missing general ledgers and documentation gaps identified in the data room, written so it can be forwarded to the seller as-is.
The Underwriting Pipeline
From source documents to a decision-ready record.
Each phase executes automatically. No analyst queue. No engagement letter.
You provide
Drop the CIM, financials, tax returns, and deal details into the secure intake.
NorthScope produces
Financial Spreading & Proof of Cash
Programmatic reconciliation of internal P&Ls against tax returns and raw bank data to establish a documented factual baseline and flag unresolved variances.
EBITDA Normalization & WALT
Rejection of aggressive seller add-backs, Fair Market Value (FMV) rent normalization, and quantitative lease rollover (WALT) analysis.
Debt Capacity & CapEx Mapping
Commercial loan amortization modeling to sensitize Debt Service Coverage Ratios (DSCR), paired with 36-month forward capital expenditure forecasting.
Deal Architecture & Execution
Automated generation of definitive LOI financial clauses and a targeted, line-item Phase II Request for Information (RFI) to address identified data gaps.
Deal types covered
Business Acquisition
Quality of earnings, EBITDA normalization bridge, working capital peg, customer concentration haircuts, owner comp adjustments, and multi-scenario valuation with industry-calibrated multiples.
Restaurants, agencies, e-commerce, SaaS, manufacturing, franchises, home services, and more.
Investment Property
NOI verification, WALT lease rollover analysis, expense ratio benchmarking, cap rate stress testing, DSCR bankability, deferred maintenance quantification, and cash-on-cash return scenarios.
Multifamily, commercial, mixed-use, industrial, and short-term rental.
Business with Real Estate
When the deal includes both a business and the property it operates from, we separate business goodwill from real estate value, normalize FMV rent to prevent double-dip manipulation, and produce a combined valuation with independent risk profiles for each component.
Laundromats with the building, restaurants with the real estate, storage facilities, and more.
Verification-First Methodology
Every figure traced. Every finding challenged. The gate decides.
The Number Registry
Hard figures are registered from the deal’s documents and intake facts before analysis. Each carries its source and verification status.
Adversarial Review
Four independent analytical frameworks review the same verified figures and challenge each other's conclusions. Findings that survive scrutiny appear in the main report; raw analyst opinions and the debate transcript are preserved in the appendix.
The Release Gate
Every rendered report passes final hard checks on figure consistency, arithmetic, and completeness. A report that cannot verify itself is regenerated once, then refunded automatically. Ship, regenerate, or refund. Never ship-and-pray.
- Source traced
- Calculated
- Conflict
- Not provided
Deal Execution Architecture
From verified findings to transaction decisions
Every finding is translated into a specific dollar adjustment, protection mechanism, or verification priority. The output is a negotiation-ready package, not a memo to file.
A visible bridge from source evidence to transaction impact.
Each finding is paired with its recommended next action.
Built For
Who uses NorthScope
For the teams evaluating, advising on, and executing lower-middle-market acquisitions.
Transaction Teams
Search Funds & Self-Funded Searchers
Standardize the first pass across an active acquisition search: source-traced figures, risk triage, valuation scenarios, and focused follow-up.
Independent Sponsors
You need to present defensible math to your capital partners before they commit. NorthScope delivers the EBITDA bridge, risk map, and valuation scenarios your IC memo requires, without the 3-week engagement timeline.
Private Equity (Lower Middle Market)
Standardize the first-pass evidence layer across platform and add-on targets so the deal team can focus on thesis validation rather than reconstructing source data.
Property Investors
Evaluating income properties: multifamily, mixed-use, or commercial. NorthScope verifies NOI, runs WALT lease rollover analysis, stress-tests cap rates and DSCR across rate scenarios, and quantifies deferred maintenance before you commit capital.
Partners
Brokers & Intermediaries
Give all parties a clearer evidence record before late-stage diligence. NorthScope surfaces support, contradictions, and missing facts without taking a side.
Professional Workflow
Accountants
Accountants can begin with organized schedules, reconciliations, source references, and a focused list of anomalies requiring professional review. NorthScope does not replace accounting judgment, attestation, tax advice, or quality-of-earnings work.
Lawyers
Lawyers can begin with a targeted issue and document-gap record for RFIs, LOI terms, protections, conditions, and matters requiring legal resolution. NorthScope does not provide legal advice or replace counsel.
- Deal documents
- NorthScope evidence record
- Existing professional workflow
NorthScope can be purchased for one transaction or incorporated into an established transaction program.
Sellers and other transaction participants benefit from the same source-traced record and the same visible treatment of unresolved evidence. See where the documents support the transaction narrative and where gaps may create later questions.
Sample Output
See the Report
Every NorthScope analysis follows the same rigorous structure. Review a sample report to see exactly what you'll receive.
Investment Property
Illustrative samples. The businesses are synthetic; the report structure, exhibits, and verification trail reflect the current product.
- Business Acquisition: a Main Street restaurant acquisition, from revenue through normalized EBITDA and negotiation positions.
- Investment Property: a six-unit multifamily conversion, underwritten on NOI, cap rate, and DSCR bankability.
- Business with Real Estate: a laundromat sold with its building, valued as operating business plus property.
Execution
Data room to decision-ready record
No calls. No engagement letters. No waiting for an analyst to build the model.
Drop the CIM, financials, tax returns, and deal details into the secure intake. The system accepts PDFs, spreadsheets, and scanned documents.
Four independent analytical frameworks execute in parallel: financial spreading, risk mapping, commercial viability, and structural analysis. Each finding is adversarially challenged before inclusion.
Receive the complete diligence pack by email: risk report, EBITDA bridge, valuation scenarios, LOI terms, Phase II RFI, and deal structure recommendations.
Pricing
Single-Transaction License
Comprehensive Pre-LOI data pack. Delivered securely as a complete institutional brief.
- Programmatic Financial Spreading & Proof of Cash
- EBITDA Normalization Bridge
- 1:N Multi-Property Portfolio Analysis
- DSCR Bankability Stress Test
- Structured LOI Clauses & Phase II RFI
- Complete institutional brief, delivered securely
Guarantee
If you are not satisfied with your report for any reason, or for no reason whatsoever, you may request a full refund of the Service Fee within seven (7) calendar days of the date of purchase by contacting support@northscope.io. No questions will be asked, and no justification or explanation is required for refund requests submitted within the applicable refund period.
Risk & Limitations
NorthScope provides due diligence analysis based on the documentation provided. This analysis is intended to supplement, not replace, professional advisory services. Figures that cannot be directly verified are labeled in the report, and any report that cannot pass its own verification gate is voided and refunded rather than shipped.
Common Questions
Questions
New to acquisition diligence? Start with the Resources: four short practitioner guides on data rooms, add-backs, DSCR, and what verified means in a NorthScope report.
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What goes into the data room drop?
Tax returns (2–3 years), profit & loss statements, balance sheets, the CIM, and any material contracts (lease, supplier, customer). Rent rolls and operating statements for property deals. More complete documentation produces more definitive analysis. We'll flag every gap and generate a targeted RFI for what to request from the seller. -
What if the seller's data room is incomplete?
We analyze what's available, explicitly quantify the impact of each missing item on the valuation, and generate a Phase II RFI prioritized by what actually changes the deal. Incomplete documentation is itself a finding, and often the most important one. -
How is this different from a preliminary QoE?
A preliminary QoE typically costs $10–20K and takes 2–4 weeks. NorthScope delivers the same pre-LOI outputs (EBITDA normalization bridge, risk flags, and valuation scenarios) in under an hour for $3,000 USD. You still hire your QoE firm for final verification before closing, but only after the deal architecture is locked. -
Will this slow the deal?
The opposite. Results are delivered in under an hour. The output is designed to accelerate deal execution by giving you defensible numbers for the LOI and a targeted RFI that keeps the broker aligned instead of generating open-ended diligence requests. -
Do I still need a CPA and attorney?
Yes. NorthScope organizes and focuses pre-LOI evidence; accountants and lawyers apply professional judgment, verification, and protections where required. -
How long does the analysis take?
Typically under an hour once documents are uploaded. You'll receive the complete diligence pack by email as a PDF. Complex analyses with extensive documentation may take longer. -
What deal sizes is this built for?
Lower middle market: $500K to $25M enterprise value. Businesses, investment properties, and businesses with real estate. The pipeline classifies each transaction and deploys the appropriate analytical framework. -
How do you handle confidentiality?
Documents are transmitted via encrypted upload and processed on access-controlled infrastructure. Your documents and analysis are never sold or disclosed to third parties for their own use; the providers that process data on our behalf are bound by the Privacy Policy. -
What about deals that include both a business and property?
When the acquisition includes both an operating business and the real estate it occupies, we run both business and property frameworks in parallel, separate goodwill from real estate value, normalize FMV rent to prevent valuation manipulation, and produce a combined valuation with independent risk profiles for each component. -
Can I use this for portfolio acquisitions?
Yes. The 1:N portfolio engine aggregates NOI, unit-level rent rolls, and cap rates across multiple properties in a single analysis. Each property is individually assessed, then consolidated into a portfolio-level view with weighted metrics.