Product overview

Read Every Lease. Miss Nothing.

Specdra turns commercial leases into structured, decision-ready data — abstracted, risk-flagged, and reconciled — in minutes.

See what’s extracted
Lease abstraction visualizationAn angled commercial lease document with commercial buildings layered on top, depicting how Specdra extracts structured data from leases.LEASESIGNATURE
~150Structured fields per lease
3-PassAI extraction with citations
Hours → MinDiligence time compression

Extraction

Every Field. Every Page. Every Quote.

Specdra extracts ~150 structured fields across nine domains. Every value comes with a confidence rating, a page citation, and the verbatim source quote — so reviewers verify in seconds, not hours.

9 domains· ~150 fields

  • Parties & Guaranty

    Tenant, landlord, guarantor, formation conflicts, guaranty type and burn-off.

  • Premises & Term

    Address, square footage, possession, commencement, expiration, original term.

  • Rent & Escalations

    Base rent, schedules, CPI, free rent, percentage rent, year-by-year increases.

  • Operating Expenses

    CAM, taxes, insurance, OE caps, exclusions, base years, capex pass-through.

  • Options & Rights

    Renewal, termination, expansion options, ROFR/ROFO, notice windows.

  • Defaults & Remedies

    Cure periods, holdover rent, SNDA, set-off rights, attorneys' fees, mitigation.

  • Casualty & Termination

    Triggers, restoration standard, abatement, termination payment cap and payer.

  • Use & Co-Tenancy

    Use clause, exclusives, kick-outs, opening and operating co-tenancy remedies.

  • Operations & TI

    Maintenance by component, TI allowance, surrender, alteration consent thresholds.

+ 5 specialized packs

  • Management fees
  • Prop 13 reassessment
  • Tenant self-help
  • CA statutory waivers
  • Industrial / warehouse

Lease abstraction

Exhibit 10.2 Lease Agreement.pdf

105 fields

  • Base rent

    High conf.

    $38.00 PSF / year

    Base Lease · p. 7

  • Renewal options

    High conf.

    Two 5-year options

    Amendment 1 · p. 2

  • Expiration date

    Med conf.

    July 31, 2037

    Amendment 1 · p. 2

  • TI allowance

    Med conf.

    $45.00 PSF

    Base Lease · p. 18

Risk intelligence

Risk Surfaced In Layers.

A layered risk engine runs on every abstraction — scoring findings high, medium, low, or info, and grouping them so reviewers see the most material issues first.

Red flag rules

Lease expiration timing, termination rights, kick-outs, casualty payments, exclusivity, assignment friction, below-market deposits, missing escalations.

Evidence validation

Cross-checks the source quote against every cited finding. Weak evidence automatically downgrades severity — no false high-priority alerts.

Consistency checks

Catches contradictions inside a single document, e.g., a structured field saying 'no' while the prose describes the obligation.

Missing exhibits

Detects inline references to exhibits, schedules, and riders, then verifies they're attached. Flags missing site plans, workletters, guaranties, and SNDAs.

Structural validators

Rent schedule gaps, blank notice addresses, unusual base years, expired or imminent renewal notice windows, implausible holdover multiples.

Compound risk aggregator

Detects dangerous combinations — landlord-favorable default stacks, uncapped capex, tenant self-help waiver patterns — that no single rule would flag.

HighMediumLowInfoSeverity-ranked findings, grouped by category and ready for review.

Critical dates

Every Date That Matters, On Day One.

Specdra automatically generates a deterministic timeline of every critical date in the lease — and surfaces gaps where a date should exist but is missing. Each date carries the consequence if missed, who must act, and a configurable warning window.

  • Lease commencement, rent commencement, possession, expiration
  • Renewal notice deadlines, calculated from required notice days
  • TI allowance expirations and unused-allowance treatment
  • Letter-of-credit expirations and evergreen status
  • Guaranty expirations and burn-off triggers
  • Time-bound notice windows — flagged if past or within 60 days

Critical dates · 4 of 24

Auto-generated

  • Renewal notice deadline

    Notify landlord of intent to renew, expiration minus 270 days.

    DUE SOON
    Due Nov 4, 2026Who TenantSource p. 31

  • TI allowance expiration

    Unused tenant improvement allowance is forfeited after this date.

    CAPTURED
    Due Mar 15, 2027Who TenantSource p. 18

  • Letter of credit expiration

    LOC expires before lease end; non-evergreen — replacement required.

    OVERDUE
    Due Jul 1, 2025Who TenantSource p. 22

  • Guaranty expiration

    Burn-off date for limited guaranty if tenant remains in good standing.

    CAPTURED
    Due Aug 1, 2028Who GuarantorSource p. 46

One source of truth

Many Documents. One Truth.

Specdra reads the base lease, every amendment, and every side letter — then validates the result against your rent roll.

Amendment reconciliation

One lease across many documents.

A typical commercial lease has three to seven amendments. Specdra abstracts each document independently, then merges in effective-date order. Every final value carries provenance — which document it came from, and which prior values it overrides.

  • Conflicts surface as needs review — never silently overridden.
  • Indeterminate language (“greater of,” “then-prevailing”) is flagged for review.
  • Risk findings on disputed fields are marked verify-first, not asserted.

Rent roll reconciliation

Catch the errors that move price.

Specdra compares the abstracted lease against your rent roll field-by-field. NOI deltas are translated into dollar price impact using the deal’s cap rate.

FieldAbstractRent rollStatus
Monthly rent$32,500$32,300NOI Δ
Security deposit$120,000$118,500BALANCE
Lease end dateJul 31, 2037Jul 31, 2037MATCH
CAM charges$3.85 PSF$4.10 PSFNOI Δ

Worked example

A $200/month rent error on a 6.5% cap asset is a $36,900 valuation gap — caught before LOI.

Tailored

Your Diligence Playbook, Automated.

Standard abstraction is just the start. Add your own fields, rules, and checklists — and ask anything across a deal or portfolio in plain English.

Custom rules & checklists

Your standards, on every lease.

Define plain-language rules and named checklists that run alongside the standard abstraction — across every lease in the org, automatically.

Sample custom rules

  • Flag if rent escalator below 2.5%
  • Flag if assignment requires consent in a sale-leaseback
  • Flag if no security deposit on tenants under 5 years old
  • Capture drive-thru lane present (Y/N)
  • Capture generator backup capacity

Named checklists

IC Memo ChecklistLender Pre-Close ReviewAsset Management Annual AuditGround Lease Diligence

AI lease chat

Ask anything. Cited every time.

Lease, portfolio, comparative, document — every answer is grounded in your own documents and links back to the exact page and quote.

  • Lease“What happens if the tenant defaults in year three?”
  • Portfolio“Which leases expire in the next 18 months?”
  • Comparative“Is this CAM cap above or below our average?”
  • Document“Where does the lease address signage rights?”

Won’t guess. If the answer isn’t in the document, the chat says so — no hallucinated answers, no false citations.

Workflow

From Document Dump To Decision-Ready.

Every step is designed for speed, transparency, and team collaboration — minutes from upload to insight.

  1. 01

    Upload

    Drop in a lease PDF, plus any amendments and side letters.

  2. 02

    Extract

    Three-pass AI extraction across economics, rights, and operations.

  3. 03

    Reconcile

    Documents merge in effective-date order; conflicts surface for review.

  4. 04

    Risk review

    A categorized, severity-ranked findings list — including custom rules.

  5. 05

    Critical dates

    Timeline of every deadline with consequence-if-missed and warnings.

  6. 06

    Validate

    Field-level discrepancies vs. rent roll, translated into price impact.

  7. 07

    Ask & export

    Cited AI chat, plus polished Excel and PDF exports.

Who it’s for

Built For The People Who Pay When Leases Are Wrong.

  • Acquirers & investors

    Underwrite faster, price more accurately, and shorten the gap between LOI and close.

  • Asset managers

    Track every renewal, TI deadline, and LOC expiration. Run annual audits in hours.

  • Lenders & debt funds

    Validate rent rolls, stress-test cash flows, and confirm SNDA and mortgagee cure rights.

  • Brokerage & advisory

    Prepare deals faster. Produce buyer-grade abstracts and summaries on demand.

  • Legal & compliance

    Run statutory waiver scans, jurisdiction conflict checks, and missing-exhibit reviews.