deal-analyzer-v8-final.html

Deal Analyzer

Character Companies  |  Residential Development
Projections only. Not a guarantee of returns.
Deal Analyzer
Residential Development Underwriting
Enter your deal in the gold cells. Everything else calculates automatically and flows to all tabs.
Property & Analysis
Property Address
Date of Analysis
Purchase & Carry
Purchase Price (Land)
Financing Type
Leverage (LTC %) auto-filled %
Interest Rate (annual) auto-filled %
Origination Points (%) auto-filled %
Project Length (total hold months) mo
Closing Costs (1.95% of purchase)
Origination Points Cost
Total Amount Financed
Interest Reserve (capitalized)
Total Purchase & Carry Costs
Construction
Total SF of Home sf
Construction Cost / SF $/sf
Building Cost (SF $/SF)
Site Work Costs
Internal Soft Costs
Construction Months mo
Construction Carry (interest)
Total Construction (incl. carry)
Sale & Result
Sale Price
Buyer's Agent Commission (%) %
Listing Agent Commission ($)
Settlement Fees (0.75% of sale)
Total Sales Costs
Total Project Cost
--
Project Profit
--
Margin
--
Equity Required
--
Lender Qualification Check
Loan-to-Cost (Actual)
--
Max: --
--
Loan-to-Value (Actual)
--
Max: --
--
Debt Service Coverage
--
Min: 1.50x (typical)
--
Lender Verdict
--
Deal Health Check
--
Sponsor Fee Inputs
Acquisition Fee (%) %
Debt Origination Fee (%) %
Disposition Fee (%) %
Development Fee (%) %
Total Sponsor Fees
Capital Call & Sale Timeline
17 months
Financing Structure Mode
A-Share / B-Share Syndication: Full waterfall with A-share preferred return carved out first, then B-share (LP/GP) split through the 4-tier promote structure.
Financing Terms (editable per column)
Parameter Cash Institutional Bank Hard Money
Loan-to-Cost (LTC) % 0% % % %
Interest Rate (annual) 0% % % %
Points (% of loan) 0% % % %
Cost & Profit by Financing Type
Line Item Cash Institutional Bank Hard Money
Loan Amount (incl. financed interest)
Land / Acquisition
Closing Costs
Loan Points Cost
Financed Interest Reserve
Construction Cost
Sales Commissions & Closing
Total Project Cost
Profit (before fees)
Margin (Profit / Sale)
Returns by Financing Type
Metric Cash Institutional Bank Hard Money
Cash-on-Cash ROI
Annualized IRR (simple)
Equity Multiple
Equity Deployed (basis for returns)
Structure Parameters (editable)
A-Share % of Total Equity %
A-Share Annual Fixed Return %

Interest is capitalized into the loan as a financed reserve -- the lender funds it. The closed-form formula resolves the circular dependency algebraically. Land portion carries the full hold; construction portion carries the build months only.

Controls all presentation tabs ^
Projected Investor IRR
--
--
--
Equity Multiple
--
Capital Contributed
--
Hold Period
The Opportunity
Acquisition
--
All-In Cost
--
Projected Sale
--
Project Profit
--
Investor (LP) Distribution Waterfall
Tier 1 -- Return of Capital
LP Capital Returned--
Tier 2 -- 8% Preferred Return
LP Preferred Return (8% annual)--
Tier 3 -- 15% Hurdle (50/50 Catch-Up)
LP Hurdle Catch-Up--
Tier 4 -- Final Profit Split (30% LP / 70% GP)
LP Share of Residual Profit (30%)--
Total LP Profit--
Total Capital + Profit Returned--
Key Investor Metrics
Equity Multiple--
Internal Rate of Return (IRR)--
Cash-on-Cash Return (period)--
Preferred Return Rate--
Hold Period--
Uses of Capital
Capital Structure

Capital returned first, then preferred return, then hurdle, then profit share -- investors are protected at every tier. Projections are estimates based on inputs shown; actual results depend on construction costs, market conditions, and sale timing. Not a guarantee of returns. Consult counsel before investing.

Change anywhere -- all tabs follow ^
Sponsor Net Proceeds -- -- / --
--
Development fee plus GP promote
--
GP Promote Multiple
--
Project Margin
--
Project IRR (unlevered)
Profit Split -- This Scenario
LP / Investor Return Sponsor Fee + Promote
Sponsor Economics
Project Profit (before fees)--
Sponsor (GP) Capital Co-Invested (10%)--
Investor (LP) Capital Raised (90%)--
Investor (LP) Profit Paid--
Sponsor Revenue Breakdown
Acquisition Fee--
Debt Origination Fee--
Development Fee--
Disposition Fee--
Total Sponsor Fees--
General Conditions (Internal Soft Costs)--
GP Promote Decomposition (Syndication)
GP Preferred Return (8%)--
GP Hurdle Catch-Up (50/50)--
GP Final Split (70% of residual)--
Total GP Promote--
Sponsor Net (Fee + Promote + Gen. Conditions)--
Cash-at-Closing Settlement Statement
ItemAmount
Sale Price--
Less: Loan Payoff--
Less: Sales Commissions & Closing--
Less: Sponsor Fee (off top)--
Net Proceeds to Equity--
Less: LP Capital Return--
Less: LP Profit Distribution--
Less: GP Capital Return--
GP Promote / Residual--

Sponsor net proceeds = total sponsor fees + GP promote + general conditions (internal soft costs). The GP co-invests 10% of equity and earns fees for development execution, recovers internal soft costs, and earns a promote for generating returns above the hurdle. GP Promote Multiple = (GP capital + fees + promote + general conditions) / GP co-invest -- this reflects total compensation for work and risk, not a simple return on capital.

Distribution for the selected scenario ^
Total Project Profit
--
Sponsor Fee (off top)
--
Distributable to Equity
--
Tier-by-Tier Distribution
Tier Description LP (Investor) GP (Sponsor) Total
Tier 1 Return of Capital -- -- --
Tier 2 8% Preferred Return -- -- --
Tier 3 15% Hurdle (50/50 Catch-Up) -- -- --
Tier 4 Final Split (30% LP / 70% GP) -- -- --
Total Capital + Profit -- -- --
LP Equity Multiple
--
LP IRR
--
GP Promote Multiple
--
Reconciliation Check
--

The sponsor fee is paid before the profit split. Remaining distributable profit is allocated tier-by-tier per the LP/GP agreement. Reconciliation: LP profit + GP profit + fees must equal total project profit exactly.

Fill out the subject property and at least 3 comps. Everything calculates live. Use the Print button to save or share.
Subject Property
Comparable Sales (0 comps)
Add 3 to 10 recent sales. Price/SF and Price/Lot SF calculate automatically.
Sponsor & Entity
Project Details
Exit Strategy

This intake form is for internal deal screening only. All figures are preliminary estimates based on comparable sales data entered manually. Not a valuation or appraisal.

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