Project SWU — Read-Kit (the checklist I run the IM through)

Adapts Sam's RE underwriting discipline (underwriting-method skill) to a company/venture raise (this isn't real estate — no rent roll/cap rate; it's an operating company raising a round, Truist involved). This is the structure for the READ (the audition for Mark), NOT a full paid underwrite. Reusable seed for a future "company-raise read" vertical.

🔒 Privacy guardrail (non-negotiable — from the underwriting-method skill)

The IM + valuation memo are confidential third-party material (Yehuda's company). Analyze them to produce Sam's deliverable; never commit SWU's actual numbers / terms / PII into git, memory, or any committed file. Raw docs stay in a LOCAL, uncommitted working folder. Only Sam's analysis goes in docs/deals/project-swu/, and even that scrubs specific confidential figures unless Sam says it's fine — the METHOD is Sam's IP, the company's numbers are not.

The 9-point read (adapted from Sam's 5 questions)

1. What it is + the round — the company in one line; stage (seed/A); raise amount; pre/post-money valuation; Truist's role (debt facility? bank? lender alongside the equity?); use of funds.
2. Business model + the silent killer = burn/runway & unit economics (RE "taxes-after-close" → here it's cash burn) — how it makes money, gross margin, CAC/LTV if relevant, burn rate, runway this raise buys, path to profitability.
3. Traction vs projections (evidence discipline) — separate REAL actuals (revenue, customers, retention, growth) from the IM's projections. An IM on v75 has been polished hard — read what's measured vs. what's hoped.
4. The edge / moat — is there one? (RE "value-add?") — why this wins, defensibility, real differentiator vs. a story.
5. The team — Yehuda + cofounders; track record (he's done seed rounds = experienced); can they execute + is the cap table clean.
6. Terms & cap table (RE "covenants/restrictions") — valuation sanity vs. comps/revenue multiple; security type (SAFE / priced equity / note); liquidation preference; dilution; what Mark actually owns, at what price, and how protected.
7. Risks / what blows it up — concentration, regulatory, capital intensity, key-person, market timing, down-round risk.
8. Legal / DD trigger (RE "legal review trigger") — what an attorney/accountant must verify before money moves (cap table, IP ownership, material contracts, the Truist facility terms).
9. The verdict FOR MARK (the deliverable) — is the valuation sane; how hard to go (what size check makes sense); the sharp questions to put to Yehuda; a clear go / no-go / "go if X" range.

Tier (what this is)

• THIS = a Quick Screen / Read (24–48h equivalent): go/no-go + the range + the questions. The audition. Free (relationship).
• IF it goes further = Full Underwrite (model the return scenarios, vet the numbers, the Truist facility) → paid engagement (Yehuda or the deal pays), named once value's shown. See docs/services/DEAL_INTAKE_TEMPLATE.md.

Files I need (drop here / upload)

• [ ] Project SWU IM v75 (Yehuda's PDF, 4MB) — primary
• [ ] Valuation Memo 13Jun2025 (Mark's .docx) — the number on the table
• (bonus: IM v73 too → I can diff v73→v75 to see what changed)