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[]
[null,"Real Estate Financial Modeling"]
[]
[null,"Housing Subdivision \nGround-Up Development Analysis"]
[]
[]
[]
[]
[null,"Standard Product Version 6.2 - Sample Assumptions Tab (no formulas)"]
[null,{"$f":"YEAR(TODAY())","v":2016}]
[]
[null,"User Inputs Are In Bold Blue Type"]
[]
[null,"Calculations are set to \"Automatic Except for Data Tables\""]
[]
[null,"www.GetREFM.com"]

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[null,"Model Use Instructions"]
[null,null,null,"Model Checks: Budget & Financing",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Model Checks: Absorption & Cash Flows"]
[null,null,null,"Budget",null,"OK",null,null,null,null,null,null,null,"Senior Loan",null,null,null,null,null,"Unit and Mix Details",null,"OK"]
[null,null,null,"S&U Table",null,"Balances OK",null,null,null,null,null,null,null,"Check",null,null,null,null,null,"House Sales",null,"All Sold"]
[null,null,null,"Senior Loan Repayment",null,"Repayment OK",null,null,null,null,null,null,null,0,null,null,null,null,null,"House Closings",null,"All Closed"]
[null,null,null,"Assums Tab vs. S&U Tab",null,"OK",null,null,null,null,null,null,null,null,null,null,null,null,null,"Deposit Revenue Check",null,"Revenue OK"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"IRR Waterfall #1",null,"Checks out OK"]
[]
[]
[]
[null,"The Lakes At Fair Meadow",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"The Lakes At Fair Meadow"]
[null,"2016-10-03",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"2016-10-03"]
[]
[null,"SITE INFORMATION",null,null,null,null,null,null,"DEVELOPMENT USES OF FUNDS",null,null,null,null,null,null,null,null,"SALES CASH FLOWS",null,null,null,null,null,null,"EQUITY JOINT VENTURE PARTNERSHIP STRUCTURE"]
[null,null,null,null,null,null,null,null,null,null,null,"$/SSF","% Total","$/House","Total"]
[null,"Project Name","The Lakes At Fair Meadow",null,null,null,null,null,"Land and Acquisition Costs",0.1,null,11.7096018735363,9.8230956782332499E-2,20000,1000000,null,null,"G&A / Sales Office / Marketing & Adv. Spend",null,4000,3,null,null,null,"Profit Sharing",null,null,null,"Preferred Return","Residual Split","Sponsor Promote"]
[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,0.1]
[null,"Property Location and Ownership",null,null,null,null,null,null,"Total Hard Costs ",null,null,74.372950819672127,0.62390901045514569,127029,6351450,null,null,"Pre-Sales",null,null,"$ / Unit",null,"Total",null,"Partnership Structure",null,null,"Profit >>\nSharing >>\nSplits >>"]
[null,"Address",null,null,null,null,"Enter Address",null,"Land Dev. & Amenity Costs",null,null,null,null,null,750000,null,null,"Pre-Sale Units",16,null,null,null,null,null,"Sponsor Equity",null,null,null,0.375,0.5,0.125]
[null,"County",null,null,null,null,"Enter County",null,"Vertical Construction Hard Costs",null,"Base Hard Costs",60,0.39226794258373204,102480,5124000,null,null,"Average Unit Size/Price",null,null,261250,null,null,null,"Investor Equity",null,null,null,0.625,0.5]
[null,"Land Owner",null,null,null,null,"Enter Owner",null,"Owner Directed Hard Costs ",null,null,null,null,null,175000,null,null,"Discount",null,null,null,0.05,null,null,"Total",null,null,null,1,1]
[null,null,null,null,null,null,null,null,"Hard Costs Contingency",0.05,null,null,null,6049,302450,null,null,"Options Upgrades",null,null,15000]
[null,"Property Zoning and Density",null,null,null,null,null,null,"Model Home(s) FF&E",2,null,null,null,null,125000,null,null,0.1,null,null,null,null,442000]
[null,"Zoning",null,null,null,null,"Residential-4",null,"Total Soft Costs and Fees ","Soft Costs Curve Inputs",null,26.902431498829039,0.225682445435957,45949.352999999996,2297467.65,null,null,"Settlements",null,null,null,null,3978000,null,"Note: By its nature, the Preferred Return includes the Return of Capital."]
[null,"Maximum Allowable Density",null,null,null,2,null,null,"Soft Costs",0.3,null,null,null,38108.699999999997,1905435,null,null,"Total Pre-Sale Revenue",null,null,276250,null,4420000]
[null,"Site Acreage",null,null,null,null,50,null,"Developer Fee",0.03,null,null,null,null,220543.5,null,null,null,null,null,null,null,null,null,"EQUITY RETURNS ^"]
[null,"Total Allowable Housing Units",null,null,null,100,null,null,"Construction Management Fee",2.7E-2,null,null,null,null,171489.15,null,null,"Regular Sales",0.05]
[null,"Total Planned Housing Units",null,null,null,50,null,null,"Financing Costs excl. any Operating Deficit",null,null,4.756118795664297,3.9898717728773216E-2,8123.4509029946194,406172.54514973098,null,null,"Regular Sales Units",34,null,null,null,null,null,null,null,null,null,"Sponsor\nDeveloper","Third Party Investor","Total Project"]
[null,null,null,null,null,null,null,null,"Total Uses of Funds",null,null,null,0.98772113040220832,203601.80390299461,10180090.195149731,null,null,"Average Market Unit Price",null,null,276470.5882352941]
[null,null,null,null,null,null,null,null,"Operating Deficit (Funded by Equity)",null,null,null,null,null,44133,null,null,"Options Upgrades",null,null,15000,0.2,null,null,"Profit Margin (Profit/Gross Sales)",null,null,null,null,null,0.20057431305218201]
[null,null,null,null,null,null,null,null,"Total Uses of Funds with Operating Def.",null,null,119.72158308137858,null,null,10224223.195149731,0,null,0.1,null,null,null,null,991000,null,"Equity Investment",null,null,null,796839.5373306633,1328065.8955511055,2124905.4328817688]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"OK",null,"Regular Sales Settlements",null,null,null,null,8919000,null,"Net Return on Equity",null,null,null,1393009.6432212372,1481220.2628165307,2874229.9060377683]
[null,"PROJECT TIMING AND SALES VELOCITY ASSUMPTIONS",null,null,null,null,null,null,"DEVELOPMENT SOURCES OF FUNDS",null,null,null,null,null,null,null,null,"Total Regular Sales Revenue",null,null,291470.5882352941,null,9910000,null,"Multiple on Equity",null,null,null,2.7481683299597397,2.1153213615216515,2.3526389746859349]
[null,null,null,null,null,null,null,null,null,null,null,null,"Deficit",null,null,null,null,null,null,null,null,null,null,null,"IRR",null,null,null,0.67127235735860458,0.52668123762378793,0.58845384092404385]
[null,null,null,null,"Month #",null,"Date",null,"Equity",null,"% of Total Equity","Initial Amount","Share*","% of Cost","Total Equity",null,null,"Total Sales",50,1708,null,null,null,null,"Project IRR any Land Kicker",null,null,null,null,null,0.58845384092404385]
[null,"Analysis Start Date",null,null,1,null,"2020-06-01",null,"Sponsor Cash Equity",null,0.375,750000,46839.537330663297,7.7936438773312564E-2,796839.5373306633,null,null,"All Sales including Lot Premiums and Options",null,null,271600,null,14330000,null,"NPV off of Monthly CFs",null,null,0.08,null,null,2170247.9880884821]
[null,"Land Deposit Date",null,null,2,null,"2020-07-01",null,"Third Party Investor",null,0.625,1250000,78065.895551105496,0.12989406462218761,1328065.8955511055,null,null,"Less Options Cost",null,null,null,null,-600000]
[null,"Land Closing Date",null,null,4,null,"2020-09-01",null,"Equity Total",null,1,2000000,124905.43288176879,0.20783050339550016,2124905.4328817688,null,null,0.04,null,null,null,null,-573200,null,"Land Seller IRR Kicker Return Hurdle",null,null,null,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Pre-Sales Deposits for Development",null,null,null,null,-22100,null,"Kicker Participation %",null,null,null,0]
[null,"LAND DEVELOPMENT AND AMENITIES",null,null,null,null,null,null,null,null,null,null,null,"% of","Total",null,null,"Net Sales Revenue",null,null,262694,null,13134700]
[null,null,null,"Duration","Month #","End Month #",null,null,"Pre-Sales Deposits for Development",null,"% of Total Deposits Used:",0.05,null,2.1615334282483875E-3,22100,null,null,null,null,null,null,null,null,null,"NOTES"]
[null,"Construction Start",null,null,1,null,null,null,null,null,null,null,null,null,null,null,null,"OPERATING ASSUMPTIONS"]
[null,"Construction Duration (months) / End",null,6,null,6,null,null,"Cash Reserves used for Late Development",null,"% of Cash Flow Reserved:",0,"Reserve Used: ",0,0,null,null,"Annual Inflation Rate for OpEx & RE Taxes",null,0.03,null,null,null,null," ^ Calculated off of monthly cash flows"]
[null,"Budget",750000,null,null,null,null,null,"Reserve Available:",0,"Total Reserve Cap",0]
[null,15000,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Speculative Inventory OpEx and RE Taxes *",null,"Speculative Inventory Real Estate Taxes"]
[null,null,null,null,null,null,null,null,"Debt",null,null,null,null,null,null,null,null,"Management",250,"Average Assessed Value",null,0.8,221000]
[null,"VERTICAL CONSTRUCTION",null,null,null,null,null,null,"AD&C Senior Loan **","2020-10-01",0.05,null,null,0.79000796317625144,8077217.663176883,null,null,"Administration",500,"Tax Rate",null,null,0.01]
[null,null,null,"Duration","Month #","End Month #","# of Homes",null,"Mortgage Recording Tax","2020-10-01",0.01,null,null,null,null,null,null,"Payroll",1000,"Post-CO Annual RE Taxes/Unit",null,null,2210]
[null,"Pre-Vertical Construction period",null,9,null,null,null,null,"Loan Fees - Front End","2020-10-01",0.01,null,null,null,null,null,null,"Utilities",250]
[null,null,null,null,null,null,null,null,"Loan Fees - At Draws",null,0.01,null,null,null,null,null,null,"Water & Sewer",350]
[null,"First House Foundation Start",null,null,10,null,null,null,"Switch to Cash Interest Payments",0,null,"Clawback due to Costs Capitalized for Late Dev.",0,null,null,null,null,"Repair & Maint.",250,"Total Expenses"]
[null,"Months Foundation takes to Cure Fully",null,1,null,null,null,null,"Outstanding Loan Balance Limit",10000000,null,null,"Debt Total",0.79000796317625144,8077217.663176883,null,null,"Homeowners Association",650,"Total Real Estate Taxes",null,null,2210]
[null,"Post-Foundation House Construction Cycle",null,6,null,null,null,null,"Periodic Repayment",null,null,null,"Property Cash Flow",0,0,null,null,"Insurance",750,"Total Operating Expenses",null,null,4000]
[null,"Foundation Starts (Consecutive months)",null,10,null,null,5,null,"% of Net Sales Proceeds Paid",0.9,null,null,"Total Sources of Funds",1,10224223.096058652,null,null,"Total Operating Expenses",4000,"Total Expenses Per Unit Per Year ",null,null,6210]
[null,"First House Complete",null,null,15,null,null,null,null,null,null,null,null,null,null,null,null,"*Per Unit Per Year"]
[null,"Construction Duration / End",null,16,null,25]
[null,"Maximum Unit Closings per Month",null,null,null,null,5]
[null,"Pre-Sales Duration, Start, End, Rate",16,8,9,16,2,null,"* Any Operating Deficit and Financing-related Deficits ","** Loan amount includes capitalized interest and capitalized points/fees"]
[null,"Regular Sales Duration, Start, End, Rate",34,12,18,29,3]
[null,"Closings Start / End Month",null,14,17,30]

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