SilverSurf Diligence

Same diligence, a fraction of the time, and a record that proves it.

Everything you need on a deal, pulled together with an audit trail. Your team makes the call.

Everything you need, with its source.

Every deal gets the same core checklist: who's behind it, structure and legal terms, fees, liquidity, conflicts of interest, key assumptions, and reporting and tax. Then the checks specific to its type, each linked to the exact page.

Pulls from offering memorandums, fund agreements, appraisals, audited financials, third-party reports, and SEC and FINRA records.

Sample data

Total load: 9.4%PPM p. 74

Master lease term: 10 yearsPPM p. 47

Title vested in the trustTitle p. 2

Sample data

SilverSurf Diligence

Checklist · Marrowind Medical Office DST43 of 43 answered

Showing 5 of 43 · 38 more

Private Placement MemorandumPPM p. 74

Total offering and organization costs, including selling commissions, acquisition fees and the financing fee, are estimated at 9.4% of gross proceeds.

See the red flags.

Conflicts of interest, unusual legal terms, aggressive assumptions, gaps between documents, and the sponsor's SEC and FINRA records.

Sample data

Appraiser is a sponsor affiliateResolved

Term extendable without a voteLPA §2.3

Distributions exceed incomeAnnual Rpt p. 14

Sample data

SilverSurf Diligence

Red flags · All deals8 to review1 resolved

Appraiser is an affiliate of the sponsorMarrowind DSTAppraisal p. 3PPM p. 112Conflict of interestJ. Rivera: Requested an independent appraisal. Resolved Nov 4.
Loan servicer is owned by the manager; servicing fees not offset against the management feeTessaly Fund IILPA §8.4PPM p. 77Conflict of interest
Manager can extend the fund term twice without an investor voteTessaly Fund IILPA §2.3Unusual legal term
Distributions exceed net investment income (86% coverage)Corvane IntervalAnnual Report p. 14Aggressive assumption
Pending class action not mentioned in the investor presentationQuillfeather10-K p. 29Investor PresentationInconsistent documents
Phase II environmental recommended but not providedMarrowind DSTPhase I p. 18Missing report
Fee total in third-party report (10.1%) differs from PPM (9.4%)Marrowind DSTThird-Party Report p. 11PPM p. 74Inconsistent documents
Managing principal has one disclosed customer dispute (2019, settled)Tessaly Fund IIPublic recordFINRA BrokerCheckRegulatory record
+ 4 more to review

Ask questions.

Answers come from your documents and from SEC and FINRA public records, with citations, so you can check every one.

Sample data

Any legal proceedings involving the manager?

One 2023 arbitration, settled. One 2019 customer dispute, settled. No SEC actions.

PPM p. 102Public recordFINRA

Sample data

SilverSurf Diligence

Ask · Tessaly Private Credit Fund II

Are there any legal proceedings involving the manager or its principals?

The PPM discloses one: a 2023 arbitration with a former investor, settled with no admission of wrongdoing. FINRA records show one customer dispute involving the managing principal (2019, settled). No SEC enforcement actions were found.

PPM p. 102PPM p. 103Public recordFINRA BrokerCheckPublic recordSEC enforcement search

Keep a record of every step.

Every document opened, every answer checked, every flag raised and how it was resolved, timestamped and in one place. Export it as a diligence file for compliance, an exam, or your attorney.

Sample data

Nov 3 · Appraiser flagged by J. Rivera

Nov 4 · Flag resolved

Nov 5 · Approved by M. ChenPDF

Sample data

SilverSurf Diligence

Review record · Marrowind Medical Office DSTApproved

Nov 3, 9:12 AM
J. Rivera uploaded 7 documents (453 pages)
Nov 3, 9:20 AM
Checklist completed: 43 items, all with sources
Nov 3, 9:24 AM
SEC and FINRA records checked for sponsor and 3 principals: no actions found
Nov 3, 10:05 AM
J. Rivera flagged: Appraiser is an affiliate of the sponsor.Note: “Requested an independent appraisal.”
Nov 4, 2:31 PM
Sponsor response uploaded: Independent Appraisal (54 pages)
Nov 4, 3:10 PM
Flag resolved: independent value within 1.5% of sponsor appraisal
Nov 5, 11:02 AM
M. Chen reviewed and approved for platform

Diligence file

CoverSummary

Checklist43 items

Documents8 sources

Red flagsand resolutions

Review recordTimestamped

Marrowind_MOB_DST_Diligence.pdf

Cover and summary
Checklist · 43 items
Documents · 8 sources
Red flags and resolutions
Review record, timestamped

Same checklist, every deal.
Every answer shows its source.
Every step, documented.

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Your next deal, thoroughly reviewed and on the record.

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