Cairn / CMBS
Questions
What’s the balance on loan 25 in WFCM 2020-C58?
- Actual balance
- $9,399,496.50
- Scheduled balance
- $9,268,821.88
WFCM 2020-C58 · Loan 25 · Filed October 27, 2026
The filing reports both actual and scheduled principal. Loan 25 covers two properties: 284 West Shaw and 1701 Santa Clara.
Reviewed against the September and October 2026 SEC exhibits on November 4, 2026. Edited example, not a text-message transcript. Holdings and alerts require an agreed scope.
Text Cairn replies are subject to access. Access to the keyed hosted MCP services used here is arranged with us.
Did it pay down in October?
Actual balance
- September 11, 2026
- $9,399,496.50
- October 13, 2026
- $9,399,496.50
- Change
- $0.00
Scheduled balance
- September 11, 2026
- $9,288,290.03
- October 13, 2026
- $9,268,821.88
- Change
- −$19,468.15
A scheduled change alone does not establish cash received.
The reported actual balance was unchanged between the two dates. The scheduled balance fell $19,468.15; that alone does not establish a borrower payment.
When did the borrower last pay?
- Paid-through date
- March 11, 2026
- Last payment received
- Not supplied
The same in both observations
A different fact from paid-through
A reported paid-through date is not a cash-receipt timestamp.
Paid-through tells us which scheduled obligations were covered. The day the last payment arrived would need a transaction record or another source that states it.
How much has the servicer advanced since September?
P&I advances
- September 11, 2026
- $307,444.22
- October 13, 2026
- $358,686.06
- Change
- +$51,241.84
Net outstanding change. Taxes, insurance and other expenses are separate fields.
The net increase in outstanding advances was $51,241.84. Measuring gross new advances also needs the intervening disbursements and recoveries.
Which other loans in this deal are behind?
- Other loan matching the screen
- Loan 29
- Paid-through gap
- 99 days
Holiday Inn Salina
Paid through July 6, 2026
49 other positive-balance loans checked. Two additional records lacked both actual balances and paid-through dates and cannot be assessed.
Holiday Inn Salina is the one other loan that meets this rule. This screen is not an official delinquency classification.
Needs your inputs and an agreed scope
Do we own any bonds backed by those loans?
- Positions
- Security identifiers and a holdings date.
- Checked relationships
- Each security to its deal, then the deal to its collateral.
- Agreed access
- Decide how the records can be shared before sending holdings.
No customer holdings were used in this example.
That needs your holdings. We would agree how to access them, match the securities to the deal and check the holdings date. The public loan tape cannot tell us what you own.
Needs your inputs and an agreed scope
Text me when that changes.
- Coverage
- Which loans or holdings to watch.
- Change rule
- The change that warrants a message.
- Frequency
- How often to check for new observations.
- Recipients
- Who is authorized to receive the findings.
No alert has been activated.
Let’s agree what to watch and what should trigger a message. A custom alert needs setup: the loans or holdings, the change rule, the check frequency and who receives it.
Supporting work and other questions
These are possible next steps, not additional answers from this loan example. Each needs its own inputs and checks.
What does this agreement require?
Start with the agreement, relevant clauses and the policy you want to check. No servicing or transaction agreement was assessed in this loan example.
Inputs to agree
- Authorized agreement and relevant exhibits
- The obligations and policy to check
Limits
- Contract review must be scoped to the supplied documents and policy.
- A flagged clause is not a legal opinion or a completed CMBS document review.
Interpret the fields
Review supplied agreement clauses against a declared policy. This possible use needs authorized documents and scope; no CMBS servicing or transaction agreement was assessed in the example.
MCP server · Request access · Hosted service · Access by arrangement. API key required · Request access
Signet MCPPotential use, not demonstrated here
Can we use this loan tape for the analysis?
First identify the file, reporting period and field definitions. This question is a place to scope preparation work; it is not a new result from the CMBS example.
Inputs to agree
- Source file and reporting date
- Field definitions and expected identifiers
- Rules for handling missing or invalid records
Limits
- Preparation tools were not all invoked in the recorded example.
- A successful file check does not establish that every reported value is correct.
Prepare the records
Find filing metadata and archive pointers within the indexed coverage. This does not validate the filing contents.
MCP server · Request access · Hosted service · Access by arrangement. API key required
EDGAR MCPAvailable by arrangement
Prepare the records
List the files supplied for an analysis before processing them. A file inventory does not establish that all required records were supplied.
Command-line tool · Open source · Runs locally
vacuumPotential use, not demonstrated here
Prepare the records
Classify incoming files under declared definitions before routing them for processing. Classification needs definitions appropriate to those files.
Command-line tool · Open source · Runs locally
fingerprintPotential use, not demonstrated here
Interpret the fields
Reconcile bounded claims under a declared policy and keep unresolved conflicts visible. A policy must preserve different balance definitions rather than merge them into one value.
Command-line tool · Open source · Runs locally
decodingPotential use, not demonstrated here
Prepare the records
Fetch SEC filings with provenance for a configured ingest workflow. This proposed preparation step does not prove which collector supplied the worked example.
Command-line tool · Open source · Runs locally
EDGAR Fabric IngestPotential use, not demonstrated here
Prepare the records
Inspect public dataset metadata and filing-derived facts as possible source inputs. Confirm the dataset and period; this API is not claimed as the source of the worked loan answer.
HTTP API · Free · Hosted service
DealCharts APIPotential use, not demonstrated here
Prepare the records
Inspect the structure and expressions of a Power BI model before using its outputs in an analysis. The hosted upload does not validate definitions or supply a holdings-to-deal join.
Web tool · Free · Uploads to a hosted service
Power BI PBIX Lineage ExtractorPotential use, not demonstrated here
Can I keep the records behind this comparison?
Agree which inputs, definitions and results to retain so someone can revisit the comparison. No retained comparison package is presented for the CMBS example here.
Inputs to agree
- Files and source references to retain
- The comparison rule and field definitions
- Retention and access requirements
Limits
- A content hash establishes byte identity, not the truth of a claim.
- A separately documented tool example does not prove that it ran in this comparison.
Check and retain evidence
Inspect the available source trail and its gaps before deciding which records to retain. Receipt storage must be confirmed separately.
MCP server · Request access · Hosted service · Access by arrangement. API key required
Evidence MCPAvailable by arrangement
Prepare the records
Record byte identities for selected source files so later copies can be compared. Matching hashes do not validate their contents.
Command-line tool · Open source · Runs locally
hashPotential use, not demonstrated here
Prepare the records
Pin selected artifacts and tool versions before handing off an analysis. A pinned snapshot preserves identity, not correctness.
Command-line tool · Open source · Runs locally
lockPotential use, not demonstrated here
Check and retain evidence
Keep selected comparison inputs and outputs together and check their byte integrity later. The demonstrated pack does not certify the enclosed financial interpretation.
Command-line tool · Open source · Runs locally
packDemonstrated separately. Separate CSV comparison and retention demonstration, November 4, 2026
Prepare the records
Record which prompt payload and upstream artifacts crossed a model boundary. This records the inputs, not the correctness of the answer.
Command-line tool · Open source · Runs locally
airlockPotential use, not demonstrated here
Prepare the records
Guide a local comparison through shape, rvl and pack using comparable inputs. The published CLI demonstration does not establish that this skill was invoked.
Agent skill · Open source · Runs locally
Receipts skillsPotential use, not demonstrated here
How do we check the software behind this analysis?
Define the behavior and failure cases to test before relying on an automated check. This is supporting engineering work, not an additional demonstrated CMBS answer.
Inputs to agree
- Defined financial rule and expected behavior
- Representative inputs and failure cases
- The implementation being tested
Limits
- A passing software test does not verify every source value or financial interpretation.
- These tools are not claimed to have run during the loan lookup.
Check and retain evidence
Test a client's calls against a declared local API contract. The linked greeting fixture demonstrates responses and refusals, not a live loan-data service.
MCP server · Open source · Runs locally. Open source, no key required
Twinning MCPDemonstrated separately. Separate local REST fixture demonstration, November 2, 2026
Check and retain evidence
Evaluate extracted entity, field and value assertions against a reviewed set before relying on an extractor. Scores apply to that evaluation set only.
Command-line tool · Open source · Runs locally
benchmarkPotential use, not demonstrated here
Check and retain evidence
Apply a declared policy to supported evidence and route unresolved cases for review. A policy result does not approve a loan or an investment.
Command-line tool · Open source · Runs locally
assessPotential use, not demonstrated here
Check and retain evidence
Review linked fixes and reverts in the software that prepares or checks records. Git history is evidence about software changes, not the loan's payment history.
Command-line tool · Open source · Runs locally
regretPotential use, not demonstrated here
Who is the sponsor, and what should we check?
Identify the company and named people before choosing the supported lists to screen. No sponsor finding is presented for this CMBS loan.
Inputs to agree
- Company and named people to screen
- Supporting identity information
- Supported lists and screening date
Limits
- A potential name match is not proof of identity or clearance.
- The loan example does not establish a sponsor identity or a completed screen.
Check and retain evidence
Screen supported named parties against configured public lists and inspect source evidence. Potential matches require review; a result does not clear a sponsor.
MCP server · Request access · Hosted service · Access by arrangement. API key required · Request access
Vigil MCPAvailable by arrangement
Check and retain evidence
Pay for a supported company-and-people list screen and retrieve its findings and PDF. The linked paid example used a synthetic company, not this loan's sponsor.
HTTP API · Pay per use · Hosted service
KYC list screening, $1 per screen.Demonstrated separately. Separate paid synthetic-company demonstration, November 3, 2026
What’s been reported about this property?
Identify the property and the period to search, then check what the available sources cover. No property-news finding is presented for this loan.
Inputs to agree
- Property identity and location
- Search period and available source coverage
Limits
- No matching article does not prove that nothing happened.
- Available news coverage is not a complete property history.
Prepare the records
Search retained coverage and inspect article dates, metadata and publisher links. Confirm provisioning and coverage; no property-news result is demonstrated here.
MCP server · Request access · Hosted service · Access by arrangement. API key required · Request access
News MCPAvailable by arrangement
Which properties are in the affected area?
That needs checked property locations and a dated boundary for the area. No exposure result is presented for this CMBS example.
Inputs to agree
- Property identifiers and checked locations
- Dated area or hazard boundary
- The spatial rule being applied
Limits
- Location within an area is not proof of damage or loss.
- A hazard boundary and property matches must be supplied and checked for this use.
Prepare the records
Resolve a supported property address to geographic identifiers. Exposure analysis still needs a dated hazard boundary and a checked spatial comparison.
MCP server · Request access · Hosted service · Access by arrangement. API key required
GEO MCPAvailable by arrangement
Before the question
The filings have already been collected and turned into tables. Field definitions preserve distinctions such as scheduled and actual principal. Cairn can then resolve a deal, find the right table and query it. We also opened the original exhibits to check this example.
In our backend test, a data-access skill supplied instructions for finding and reading the data. The skill guides the work; MCP calls retrieve the records. We reviewed the resulting answers against the sources before writing this example.
Software that collects filings, parses records and checks their structure does its work before the lookup. For a saved comparison, shape checks whether the exports are structurally comparable, rvl reports the changes and pack seals the files. Those are separate steps you can run, not tools every answer calls.
Arrange access for your stackCairn for your firm
Want Cairn under your firm’s name? Let’s discuss the questions it should answer, the data it can use and who will run it.
Branding, hosting and operating responsibilities are agreed together. Start with the questions and intended workflow; access to private holdings or documents is arranged separately.
Discuss white-label CairnAbout Cairn
What is Cairn?
An agent from CMD+RVL that you text. It checks contracts for risk, runs KYC checks, and verifies numbers against filings, and it shows its sources.
Is Cairn a separate company?
No. CMD+RVL owns and operates it.
What does it cost?
Texting Cairn is free. Hiring Cairn is priced per outcome, after a free interview.
Another question, in procurement: read the resin snapshot and how the question was narrowed down.