There is no universal best platform for every lender. The right evaluation starts with the files, policies, decision rights, and review evidence your team actually needs.
1. Test it on real document variety
Ask whether the system can handle the formats your team receives: applications, appraisals, credit reports, statements, purchase agreements, and supporting documents. Test scans, multi-page files, inconsistent names, and missing attachments. A polished demo with one clean PDF says little about an inbox full of mixed packages.
2. Demand calculation transparency
A lender should be able to inspect how LTV was calculated, which value was used, and whether retained prior-ranking charges were included in the aggregate ratio. For example, a $600,000 proposed advance against a $1,000,000 value has a 60% standalone proposed-advance-to-value ratio. A retained $250,000 prior-ranking charge ahead of it makes the aggregate prior-charge-plus-proposed-advance amount $850,000 and the aggregate ratio 85%. The system should make that assumption visible.
3. Evaluate risk coverage, not just extraction
- Credit score, collections, judgments, and mortgage repayment history.
- Collateral type, location, condition, valuation, comparables, and liquidity.
- Title and charge information, taxes, condo or construction concerns where applicable.
- A realistic exit strategy and evidence for the proposed repayment source.
- A clear record of flags, policy rules, exceptions, conditions, and human decisions.
4. Check policy fit and human controls
Private lenders do not all use the same LTV caps, property restrictions, approved areas, or exception appetite. A vendor should explain which rules are configurable, how a lender's policy version is recorded, and how an underwriter can correct or challenge an extraction. Look for a workflow that keeps the source evidence alongside the conclusion.
5. Validate Canadian context and governance
For Canadian files, ask about province and location handling, Canadian appraisal and credit conventions, mortgage priority, consumer proposals or other credit events, and privacy and data-residency requirements relevant to your organization. Do not treat a generic score as a substitute for local underwriting policy or legal advice.
Finally, define success operationally before purchase: which manual steps are reduced, which checks become more consistent, how exceptions are reviewed, and how the team can reconstruct a decision later.