Pre-LOI Diligence

The evidence pack that earns its place in the data room.

Before the LOI narrows, the cited, LP-ready read your own diligence cannot reach from inside a CIM. One public-source screen, delivered inside the exclusivity window.

No invoice if it doesn't change your decision. Payment is on acceptance. If nothing in the pack changes a decision you're about to make, there's nothing to pay.

Your diligence reaches only what the seller lets the CIM show.

Between the first screen and the LOI you are reading a target with limited time and no internal deal team. The findings that actually kill a deal sit below the line a CIM, a management call, and a public search will draw.

Above the line: what the CIM shows
  • The growth story, told in the seller's framing
  • Headline financials and a curated customer list
  • The narrative management wants underwritten
toog reads below the line Below the line: what decides the deal
Customer concentrationThe single point of failure a curated list is built to hide.
Regulatory eligibilityThe licensing or permitting finding that ends a deal in week one, not week eight.
Market durabilityWhether the category is growing, shrinking, or being disrupted out from under your multiple.
Competitive exposureThe entrant or substitution the CIM has no reason to mention.

Neither your associate nor a data subscription.

Every sophisticated buyer reaches for the same objection: we can run this in-house. A junior and a data platform give you breadth and near-zero marginal cost. Neither gives you the part that changes a decision.

What breadth and access give you

  • Wide coverage and instant lookups across a market
  • Always-on access at low marginal cost per query
  • Raw data and filtered lists, a starting point for the work

What the evidence pack gives you

  • Every claim graded on authority, recency, and corroboration
  • A bounded verdict that has already survived a Murder Board
  • The Inversion Test, stating what would make the read wrong
  • No institutional incentive to make the answer reassuring

Your associate has the same independence and none of the vertical depth. They see forty deals a year across twenty sectors and cannot hold the registries for any of them — which CAGE-code certifications transfer on a change of control, which state QI registrations a 1031 services roll-up actually needs, which soil surveys rank foundation-repair metros better than a broker's summary. That knowledge takes days to build the first time. Your associate has three days and four deals.

The real comparison is cost and time: two weeks of an analyst's sourcing, cited and graded, arrives for less than a day of broken-deal cost. The point is not more data. It is a read you can hand an LP.

One live specimen. The pack you would receive, in full.

An anonymized composite, sourced and cited exactly as a live pre-LOI screen would be.
Read the verdict, then download the full pack.

toog Decision Intelligence Evidence Pack cover, Apex Industrial Platform Download the full pack (PDF)

11 pages. Verdict, Wound Diagnosis, Scope & Ends Clause, the Evidence Dossier with claim-level grades, and the Source Register.

Verdict · PARK / ROUTE · Confidence MEDIUM
The wound

The platform is not distressed. It is executing well-funded growth: portfolio scale past 8M sq ft, a freshly seeded $1–1.5B joint venture. The wound is sequencing. Its most recent prior acquisition sits at 85% leased against a submarket where comps clear 95%, and press materials conflict on when the newest metro was actually entered.

What is strong

The capital is real and deploying. The JV matches sector tailwinds; small-bay rents grew 5–8% year over year through Q3 2025.

What is unresolved

Whether leasing capacity is scaling with acquisition pace. Isolated timing, or an early strain signal, cannot be settled from public data alone.

Why now

The JV is freshly seeded and structured to scale. Deployment decisions are being set now, while the occupancy data is still current.

Recommended action

PARK aggressive deployment-pace assumptions on the next JV-funded acquisition, pending a bounded absorption-discipline read. Route it as a deal-expense item; it does not replace the sponsor's underwriting judgment.

One bounded screen. One bounded answer.

Flat fee, fixed scope, capitalizable into deal expense. No success fee and no next-deal incentive, so nothing points the read.

Deal-Stage Evidence Pack
Fee$5K–$15K
Turnaround72h–10 days
Length12–30 pp, cited
TermsPayment on acceptance

What it covers

  • Concentration, eligibility, durability, and competitive exposure
  • Every finding graded on authority, recency, and corroboration
  • The Inversion Test, stating what would make the read wrong
  • Answer on page one, full source register behind it

Where it stops

  • Stops short of your QoE; it tells you whether the target earns one
  • Not a broker or finder; no fee when you sign
  • Not a consultancy; the verdict is the deliverable
  • Built to sit in the data room, not to pad it
  • No invoice if the read changes nothing; nothing to claim or administer

This screen is not for every sponsor.

It is for the ones who treat a walk-away as a good outcome, not a wasted fee.

Not for you if
  • You want a document that lets the deal proceed no matter what it finds
  • You cannot walk away from a target you are already attached to
  • You are buying cover if the deal sours, not a read before it closes
For you if
  • You have walked away on negative findings before, and can name the cost
  • You ask what kills this deal before what makes it
  • You treat an evidence-graded no as worth more than a confident maybe

Ready for an independent verdict?

Tell us what you're deciding. We'll respond within 24 hours with scope and terms, or tell you if we're not the right fit.

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