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[null,"Real Estate Financial Modeling"]
[]
[null,"Housing Subdivision \nGround-Up Development Analysis"]
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[]
[]
[]
[null,"Professional Product Version 6.1 - Sample Assumptions Tab (no formulas)"]
[null,{"$f":"YEAR(TODAY())","v":2016}]
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[null,"User Inputs Are In Bold Blue Type"]
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[null,"Calculations are set to \"Automatic Except for Data Tables\""]
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[null,"www.GetREFM.com"]

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[null,"Model Use Instructions",null,null,null,null,null,null,"",null,""]
[null,null,null,"Model Checks: Budget, Financing, Absorption",null,null,null,null,null,null,null,null,null,null,null,null,null,"Monthly Cash Flows and Returns"]
[null,null,null,"Assump S&U Check",null,"OK",null,null,"Land Loan Repayment","Repayment OK",null,null,null,null,"Senior Loan Check",null,null,"Phase 1","All Sold",null,"Unit and Mix Details",null,null,"OK",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"DON'T ERASE OR MOVE"]
[null,null,null,"Budget Projection = Static",null,"OK",null,null,"Mezzanine Loan Repayment","Repayment OK",null,null,null,null,null,null,null,null,"All Closed",null,"Deposit Revenue Check",null,null,"REVENUE OK",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Select PMT Type"]
[null,null,null,"Soft Cost allocation = 100%",null,"OK",null,null,"Senior Loan Repayment","Repayment OK",null,null,null,null,0,null,null,"Phase 2","All Sold",null,"Unit Sales Distribution",null,null,"Balances OK",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Current PMTs"]
[null,null,null,"S&U Table balances",null,"OK",null,null,null,null,null,null,null,null,null,null,null,null,"All Closed",null,"IRR Waterfall #1",null,null,"Checks out OK",null,"",null,null,null,null,null,null,null,null,null,null,null,null,"Accruing"]
[null,null,null,"Sources & Uses Tab Check",null,"OK",null,null,null,null,null,null,null,null,null,null,null,"Phase 3","All Sold",null,"IRR Waterfall #2",null,null,"Checks out OK"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"All Closed",null,"IRR Waterfall Distribution",null,null,"OK",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"DON'T ERASE OR MOVE"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Escrowed"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"To Current Cash Flow"]
[null,"Fair Meadows",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fair Meadows"]
[null,"2016-09-28",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"2016-09-28"]
[null,null,null,null,null,null,null,null,null,null,null,"$/SSF","% Total","$/Housing Unit","Total"]
[null,"SITE INFORMATION",null,null,null,null,null,null,"DEVELOPMENT USES OF FUNDS",null,null,null,null,null,null,null,"SALES CASH FLOWS",null,null,null,null,null,null,"OPERATING ASSUMPTIONS"]
[null,"Project Name","Fair Meadows",null,null,null,null,null,"Land and Acquisition Costs",null,null,10.129870129870129,8.3395789794983813E-2,24375,48750000]
[null,null,null,null,null,null,null,null,"Phase 1 Land",0.1,null,null,null,20000,15000000,null,"G&A / Sales Office / Marketing & Advertising Spend",null,5000,3,null,null,null,"Annual Inflation Rate for Operating Expenses & RE Taxes",null,null,null,null,null,null,0.03]
[null,"Address",null,null,null,null,"Enter Address",null,"Phase 2 Land",0.1,null,null,null,25000,18750000,null,null,null,null,"Average Price/SF"]
[null,"County",null,null,null,null,"Enter County",null,"Phase 3 Land",0.1,null,null,null,30000,15000000,null,"Developed Units",null,"Average Price",null,null,"Average SF",null,"Annual Operating Expenses/Unit after First C of O"]
[null,"Land Owner",null,null,null,null,"Enter Land Owner Name",null,"Total Hard Costs ",null,null,96.706013047386463,0.79614785111901532,232698.84389527369,465397687.79054737,null,"Phase 1",750,320400,132.5793103448276,null,2416.6666666666665]
[null,"Zoning",null,null,null,null,"Enter Zoning",null,"Land Dev. & Amenity Costs",null,null,null,null,15000,30000000,null,"Phase 2",750,401452.53845460975,166.11829177432128,null,2416.6666666666665,null,"Speculative Inventory Operating Expenses and RE Taxes - Per Unit Per Year"]
[null,"Maximum Allowable Densiy",null,null,null,null,4,null,"Vertical Development Hard Costs",null,null,"Base Hard Costs","% Ave Sales Price",196544.4035411579,393088807.0823158,null,"Phase 3",500,475157.12121489685,200.06615630100919,null,2375,null,"Management",null,null,null,null,null,null,250]
[null,"Site Acreage",null,null,null,null,500,null,"Phase 1",null,null,70,0.52798585101955886,169166.66666666666,126875000,null,"Total",2000,389483.98222420289,161.86347313213628,null,2406.25,null,"Administration",null,null,null,null,null,null,500]
[null,"Total Allowable Housing Units",null,null,null,null,2000,null,"Phase 2",0.03,null,82.764160328999964,0.49822424397090825,200013.38746174992,150010040.59631243,null,null,null,null,null,null,null,null,"Payroll",null,null,null,null,null,null,1000]
[null,"Phases (not necessarily an even housing count in each)",null,null,null,null,3,null,"Phase 3",0.03,null,97.855803356634439,0.48911722585106121,232407.53297200677,116203766.48600338,null,"Revenue",null,null,"Ave. Annual Growth over prior Phase",null,null,null,"Utilities",null,null,null,null,null,null,250]
[null,"Staggered Land Take Down",null,null,null,null,"No",null,"Owner Directed Hard Costs",null,null,null,null,null,0,null,null,null,null,0.04,0.04,null,null,"Water & Sewer",null,null,null,null,null,null,350]
[null,null,null,null,null,null,null,null,"Phase 1",null,null,null,null,null,0,null,"Pre-Sales","Deposit Use","Phase 1","Phase 2","Phase 3","Total",null,"Repair & Maint.",null,null,null,null,null,null,250]
[null,"PROJECT TIMING, PHASING AND SALES VELOCITY ASSUMPTIONS",null,null,null,null,null,null,"Phase 2",null,null,null,null,null,0,null,"Pre-Sale Units",null,60,60,40,160,null,"Homeowners Association",null,null,null,null,null,null,650]
[null,null,null,null,"Month #",null,"Date",null,"Phase 3",null,null,null,null,null,0,null,"Average Unit Price",null,304380,381379.91153187916,451399.265154152,379053.05889534368,null,"Insurance",null,null,null,null,null,null,750]
[null,"Analysis Start Date",null,null,1,null,"2020-01-01",null,"Hard Costs Contingency",0.1,null,null,null,21154.440354115792,42308880.708231583,null,"Discount",null,0.05,0.05,0.05,null,null,"Total Operating Expenses",null,null,null,null,null,null,4000]
[null,"Land Deposit Date Phase 1",null,null,2,null,"2020-02-01",null,"Model Home(s) FF&E",3,null,null,2.1383535844867645E-4,null,125000,null,"Options Upgrades",null,25000,29534.641299911786,36885.354071952766,91419.995371864556]
[null,"Land Closing Date Phase 1",null,null,11,null,"2020-11-01",null,"Soft Costs and Fees ",null,null,12.875677800056344,0.10600109433932151,null,61964199.412771158,null,0.1,"Escrowed",1976280,2465487.3169907457,1953138.476904419,6394905.7938951654,null,"Real Estate Taxes",null,null,null,null,"% Sale Price",null,"Average Assessed Value"]
[null,"Land Deposit Date Phase 2",null,null,2,null,"2020-02-01",null,"Soft Costs",7.0000000000000007E-2,null,null,null,16288.91907266916,32577838.145338319,null,"Settlements",null,17786520,22189385.852916714,17578246.292139772,57554152.145056486,null,"Phase 1",null,null,null,null,0.8,null,256320]
[null,"Land Closing Date Phase 2",null,null,11,null,"2020-11-01",null,"Developer Fee",0.03,null,null,null,null,15424430.633716421,null,"Total Pre-Sale Revenue",null,19762800,24654873.169907458,19531384.769044191,63949057.938951649,null,"Phase 2",null,null,null,null,0.8,null,321162.0307636878]
[null,"Land Deposit Date Phase 3",null,null,2,null,"2020-02-01",null,"Construction Management Fee",0.03,null,null,null,null,13961930.633716421,null,null,null,null,null,null,null,null,"Phase 3",null,null,null,null,0.8,null,380125.69697191752]
[null,"Land Closing Date Phase 3",null,null,11,null,"2020-11-01",null,"Financing Costs excl. any Operating Deficit",null,null,1.7298694636880969,1.424142938823081E-2,4162.4983969994828,8324996.793998966,null,"Regular Sales",0.05,"Phase 1","Phase 2","Phase 3","Total",null,"Tax Rate",null,null,null,null,null,0.01]
[null,null,null,null,null,null,null,null,"Total Uses of Funds",null,null,121.46740446697505,1.0000000000000002,292280.9419986587,584561883.99731743,null,"Regular Sales Units",null,690,690,460,1840,null,"Annual Real Estate Taxes/Unit after First Completion (average of all phases)",null,null,null,null,null,null,3115.8718577936229]
[null,null,null,null,null,null,null,null,"Operating Deficit (Funded by Equity)",null,null,null,null,null,70739,null,"Average Market Unit Price",null,320400,401452.53845460975,475157.12121489685,399003.21988983551]
[null,"LAND DEVELOPMENT AND AMENITIES",null,null,null,null,null,null,"Total Uses of Funds with Operating Def.",null,null,121.48210347996206,null,null,584632622.99731743,null,"Options Upgrades",null,25000,29534.641299911786,36885.354071952766,91419.995371864556,null,"Annual Operating Expenses/Unit after First C of O",null,null,null,null,null,null,7115.8718577936233]
[null,null,null,"Duration","Month #","End Month #",null,null,"DEVELOPMENT SOURCES OF FUNDS",null,null,null,null,null,null,"Equity needed for Repayment of AD&C Senior Loan",0.1,"Escrowed",23832600,29738115.403061986,23553953.863195084,77124669.266257077]
[null,"Phase 1",null,null,null,null,null,null,null,null,null,null,"Additional",null,null,null,"Regular Sales Settlements",null,214493400,267643038.6275579,211985584.76875576,694122023.39631367,null,"JOINT VENTURE EQUITY PARTNERSHIP WATERFALL"]
[null,"Construction Start",null,null,1,null,null,null,"Equity","% of Developer Equity","% of Total Equity","Initial Amount","Equity Share","% of Cost","Total Equity",null,"Total Regular Sales Revenue",null,238326000,297381154.03061986,235539538.63195086,771246692.66257071]
[null,"Construction Duration (months) / End",null,16,null,16,null,null,"Sponsor Land Equity",0,0,0,0,0,0,0,null,null,null,null,null,null,null,"Waterfall #1",null,null,"IRR Hurdle Rates"]
[null,"Budget",10000000,null,null,null,null,null,"Sponsor Cash Equity",0.25,8.1081081081081086E-2,15000000,5735.6313296649605,2.5666948859416065E-2,15005735.631329665,0,"Total Sales",null,null,null,null,null,null,"Partnership Structure",null,null,0.08,0.1,0.12,0.15,0.15]
[null,null,13333.333333333334,null,null,null,null,null,"Equity Partner (if Any)",0.75,0.24324324324324326,45000000,17206.893988989294,7.7000846578248183E-2,45017206.893988989,0,"All Sales including Lot Premiums and Options",null,258088800,322036027.20052731,255070923.40099505,835195750.60152233,null,"Sponsor Equity",null,"Profit >>\nSharing >>\nSplits >>",8.1081081081081086E-2,8.1081081081081086E-2,8.1081081081081086E-2,8.1081081081081086E-2,8.1081081081081086E-2]
[null,"Phase 2",null,null,null,null,null,null,"Third Party Investor",null,0.67567567567567566,125000000,47796.9277472049,0.21389124049513386,125047796.9277472,0,"Less Options Cost",null,-12187500,-14398137.633706987,-11987740.073384643,-38573377.70709163,null,"Sponsor Promote",null,null,0,0.1,0.2,0.3,0.5]
[null,"Construction Start",null,null,57,null,null,null,"Equity Total",null,1,185000000,70739.453065872192,0.31655903593279811,185070739.45306587,0,0.05,null,-12904440,-16101801.360026367,-12753546.170049753,-41759787.530076116,null,"Investor Equity",null,null,0.91891891891891886,0.81891891891891888,0.7189189189189189,0.61891891891891893,0.41891891891891886]
[null,"Construction Duration (months) / End",null,16,null,72,null,null,null,null,null,null,null,null,null,null,"Pre-Sales Deposits for Development",null,-197628,-246548.73169907459,-195313.84769044191,-639490.5793895165,null,null,null,null,1,1,1,1,1]
[null,"Budget",10000000,null,null,null,null,null,"Debt","Closing Date ",null,null,null,"% of","Total",null,"Net Sales Revenue",null,232799232,291289539.47509491,230134323.30987021,754223094.78496492,null,"Note: By its nature, the Preferred Return includes the Return of Capital."]
[null,null,13333.333333333334,null,null,null,null,null,"Land Loan","2020-11-01",0,"Current PMTs",null,"Cost",0,null,null,null,null,null,null,null,null,"Waterfall #2",null,null,"IRR Hurdle Rates"]
[null,"Phase 3",null,null,null,null,null,null,"Mortgage Recording Tax",null,0,null,null,null,null,null,null,null,null,null,null,null,null,"Intra-Sponsor Structure",null,null,0.1,0.12,0.14000000000000001,0.16,0.16]
[null,"Construction Start",null,null,140,null,null,null,"Origination Cost - Paid in Cash ",null,0,null,null,null,null,null,null,null,null,null,null,null,null,"Owner Equity",null,"Profit >>\nSharing >>\nSplits >>",0,0,0,0,0]
[null,"Construction Duration (months) / End",null,16,null,155,null,null,null,null,null,null,null,null,null,null,"Option Upgrades",null,"Revenue/Unit","Units",null,"Total",null,"Owner Promote",null,null,0,0.15,0.2,0.25,0.55000000000000004]
[null,"Budget",10000000,null,null,null,null,null,"Pre-Sales Deposits for Development",null,null,null,null,1.0938332115487659E-3,639490.57938951685,null,"Phase 1 Sales",null,25000,750,null,18750000,null,"Partner Equity",null,null,1,0.85,0.8,0.75,0.44999999999999996]
[null,null,20000,null,null,null,null,null,"Deposit Revenue for Development Costs",null,"% of Total Deposits Used:",0.1,null,null,null,null,"Phase 2 Sales",null,29534.641299911786,750,null,22150980.97493384,null,null,null,null,1,1,1,1,1]
[null,30000000,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Phase 3 Sales",null,36885.354071952766,500,null,18442677.035976384]
[null,null,null,null,null,null,null,null,"Cash Reserves used for Late Development",null,"% of Cash Flow Reserved:",0,"Reserve Used: ",0,0,null,"Project Total",null,null,null,null,59343658.010910228,null,"EQUITY RETURNS ^"]
[null,"VERTICAL CONSTRUCTION",null,null,null,null,null,null,"Reserve Available:",0,"Total Reserve Cap",0,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Equity Partner","Third Party Investor"]
[null,null,null,"Duration","Month #","End Month #","# of Homes",null,null,null,null,null,null,null,null,null,"Profit Margin",null,null,null,null,null,null,null,null,null,null,"Sponsor\nDeveloper",null,null,"Total Project"]
[null,"Phase 1",750,null,null,null,null,null,"Mezzanine Loan",null,0,null,null,0,0,null,0.35,null,null,null,null,null,null,"Profit Margin (Profit/Gross Sales)",null,null,null,null,null,null,0.20248322440880978]
[null,"Pre-Vertical Construction (months)",null,16,null,null,null,null,"Loan Fees - Front End","1900-01-01",0,null,null,null,null,null,null,null,null,null,null,null,null,"Equity Investment",null,null,null,15005735.631329665,45017206.893988989,125047796.9277472,185070739.45306587]
[null,"First House Foundation Start",null,null,17,null,null,null,null,null,null,null,null,null,null,null,"NOTES",null,null,null,null,null,null,"Net Return on Equity",null,null,null,19502182.82028066,54762760.742114946,94848185.031936347,169113128.59433237]
[null,"Months Foundation takes to Cure Fully",null,1,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Multiple on Equity",null,null,null,2.2996485676825529,2.2164850847160675,1.7584954502376382,1.9137756140927917]
[null,"Post-Foundation House Construction Cycle",null,6,null,null,null,null,"AD&C Senior Loan **","2037-12-01",0.04,null,null,0.68064551706299548,397927573.84756637,null," ^ Calculated off of monthly cash flows",null,null,null,null,null,null,"IRR of Waterfall after any Kicker",null,null,null,9.6110162425659063E-2,0.10249989888703137,0.12022202193521303,0.11055033329262365]
[null,"Foundation Starts (Consecutive months)",null,69,null,null,11,null,"Mortgage Recording Tax","2025-01-01",2.5000000000000001E-3,null,null,null,null,null,null,null,null,null,null,null,null,"Project IRR before any Kicker",null,null,null,null,null,null,0.11055033329262365]
[null,"Construction Duration (months) / End",null,75,null,91,null,null,"Loan Fees - Front End","2025-01-01",0.01,null,null,null,null,null,null,null,null,null,null,null,null,"NPV off of Monthly Cash Flows",null,null,null,0.08,null,null,25745230.594489414]
[null,"Maximum Unit Closings per Month",null,null,null,null,10,null,"Loan Fees - At Draws",null,2.5000000000000001E-3,null,null,null,null,null,null,null,null,null,null,null,null,"Land Seller IRR Kicker Return Hurdle",null,null,null,0,"Kicker Participation %",null,0]
[null,"Pre-Sales Duration, Start, End, Rate",60,20,15,34,3,null,"Switch to Cash Interest Payments",0,null,"Clawback due to Costs Capitalized for Late Dev.",0]
[null,"Regular Sales Duration, Start, End, Rate",690,69,18,86,10,null,"Outstanding Loan Balance Limit",500000000]
[null,"Closings Start / End Month",null,75,24,98,null,null,"Periodic Repayment"]
[null,null,null,null,null,null,null,null,"% of Net Sales Proceeds Paid",0.8]
[null,null,null,null,null,null,null,null,null,null,null,null,"Debt Total (excludes any Land Loan)",0.68064551706299548,397927573.84756637]
[null,"Phase 2",750,null,"Month #","End Month #","# of Homes",null,null,null,null,null,"Property Cash Flow",1.7016137926574887E-3,994818.9346189159]
[null,"First House Foundation Start",null,null,80,null,null,null,"** Loan amount includes capitalized interest and capitalized points/fees",null,null,null,"Total Sources of Funds (excludes any Land Loan)",0.99999999999999989,584632622.81464076]
[null,"Months Foundation takes to Cure Fully",null,1]
[null,"Post-Foundation House Construction Cycle",null,6]
[null,"Foundation Starts (Consecutive months)",null,75,null,null,10]
[null,"Construction Duration (months) / End",null,81,null,160]
[null,"Maximum Unit Closings per Month",null,null,null,null,10]
[null,"Pre-Sales Duration, Start, End, Rate",60,20,75,94,3]
[null,"Regular Sales Duration, Start, End, Rate",690,69,81,149,10]
[null,"Closings Start / End Month",null,75,87,161]
[]
[]
[null,"Phase 3",500,null,"Month #","End Month #","# of Homes"]
[null,"First House Foundation Start",null,null,160]
[null,"Months Foundation takes to Cure Fully",null,1]
[null,"Post-Foundation House Construction Cycle",null,6]
[null,"Foundation Starts (Consecutive months)",null,56,null,null,9]
[null,"Construction Duration (months) / End",null,62,null,221]
[null,"Maximum Unit Closings per Month",null,null,null,null,10]
[null,"Pre-Sales Duration, Start, End, Rate",40,13.333333333333334,155,167.33333333333334,3]
[null,"Regular Sales Duration, Start, End, Rate",460,46,161,206,10]
[null,"Closings Start / End Month",null,56,167,222]

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