This application is a spreadsheet model for commercial real estate developers that can be used to produce pro forma budgets. It’s intended to produce reports that demonstrate the viability of proposed projects and support for developers’ requests for financing.
Tremendous flexibility is built into the program. For example, land may be treated as part of the developer’s equity, or as a cost of development. Land financing can be separate, or it can be absorbed within the development loan-and the development loan can be based on project cost or on the maximum loan the project can support. Similarly, a user may specify a required rate of return, and the program estimates gross rental income needed.
All program data is entered into an Assumptions screen. Describe any income-producing project in detail, from the ground up: land, hard costs, soft costs, financing, leasing, operation and resale. From this information the program produces a four-page report. The first page states general information about a project and its financing. The second page summarized architectural and engineering information, land, development and lease-up. The third page details construction and site costs, and recaps the total project cost. The fourth page presents a projected income-and-expense statement for the first full year of operation after lease-up. This page also includes estimated resale, with cap-rate calculation.
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