Financial Analysis — DEALARIS Underwriting

Total development cost

Excludes selling costs (netted off revenue)

Loan commitment

0% applied LTC on $0 eligible costs

Total equity invested

Peak requirement $0

Total accrued interest

$0 capitalised · $0 cash paid

Initial sources and uses

Every period-0 cash movement: what funds the land, any day-one construction spend and the upfront financing fees.

Total initial sources$0

Total initial uses$0

Balance check: Initial sources − initial uses = 0

Full project cash flow reconciliation

Every dollar in and out across the whole development and sellout cycle, including recycled sales proceeds.

Senior debt draws (cash)$0

Capitalised interest funded by debt$0

Sponsor equity contributions$0

Gross sales proceeds$0

Total sources$0

Land / acquisition$0

Hard costs$0

Soft costs$0

Contingency$0

Financing fees$0

Cash interest paid$0

Capitalised interest$0

Selling costs$0

Loan principal repayment$0

Equity distributions$0

Total uses$0

Balance check: Sources − uses = 0

Loan commitment plus equity exactly funds total uses.

Development economics

Method A: selling costs are netted off revenue and are not part of the cost base.

Gross sellout revenue$0

Adjusted sellout revenue$0

Selling costs$0

Net sellout proceeds$0

Land / acquisition$0

Hard costs$0

Soft costs$0

Contingency$0

Financing costs (interest + fees)$0

Total development cost$0

Development profit$0

Profit margin on cost0.0%

Profit margin on adjusted revenue0.0%

Equity cash flows

The identical series used for IRR, NPV and the equity multiple.

Development and absorption projection

Each row reconciles arithmetically; net equity cash flow is the series behind IRR, NPV and the equity multiple.

Period	Construction spend	Gross sales proceeds	Selling costs	Net sales proceeds	Debt draws	Interest	Loan repayment	Equity contributions	Equity distributions	Net equity cash flow	Ending loan balance
Y0 · Construction	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Y1 · Construction	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Y2 · Sellout	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0

Construction loan schedule

Closing balance = opening balance + new draws + capitalised interest − principal repayment. This is a drawn construction facility, not an amortising loan.

Schedule reconciles — every period ties to the closing balance.Debt fully repaid from net sales proceeds — no payoff shortfall.

Period	Opening balance	New draws	Capitalized interest	Cash interest	Principal repayment	Closing balance	Remaining commitment
Y0	$0	$0	$0	$0	$0	$0	$0
Y1	$0	$0	$0	$0	$0	$0	$0
Y2	$0	$0	$0	$0	$0	$0	$0

Peak loan balance$0

Effective LTC (peak balance ÷ eligible costs)0.0%

Total debt drawn (incl. capitalised interest)$0

Financing fees$0

Return summary

The same reconciled series behind every return figure shown on the dashboard.

Levered equity IRR

N/A

N/A — no positive distributions, so a rate of return cannot be solved.

Project IRR (unlevered)

—

Equity multiple

On target

0.00x

Net sellout proceeds

Calculation audit

Every headline metric with its formula, inputs and result — engine V6.5-P2C.

Development profit$0

Net sellout proceeds − total development cost (excl. selling costs)

Adjusted sellout revenue$0

Selling costs$0

Net sellout proceeds$0

Total development cost$0

Result $0 · units USD · Periods 0–2 (1y construction + 1y sellout) · engine V6.5-P2C

Margin on cost0.0%

Development profit ÷ total development cost

Development profit$0

Total development cost$0

Result 0.0% · units % · Periods 0–2 (1y construction + 1y sellout) · engine V6.5-P2C

Profit margin on adjusted revenue0.0%

Development profit ÷ adjusted sellout revenue (gross sellout × sellout rate × (1 − cancellations)); the denominator is NOT net sellout proceeds

Development profit$0

Gross sellout revenue$0

Adjusted sellout revenue (denominator)$0

Net sellout proceeds (not used here)$0

Result 0.0% · units % · Periods 0–2 (1y construction + 1y sellout) · engine V6.5-P2C

Equity multiple0.00x

Total equity distributions ÷ total equity contributions (every capital call is included)

Initial equity (period 0)$0

Additional equity contributions$0

Total equity invested$0

Total equity distributions$0

Result 0.00x · units x · Periods 0–2 (1y construction + 1y sellout) · engine V6.5-P2C

Levered equity IRRN/A

IRR of the annual net equity cash-flow series

Cash-flow series$0, $0, $0

Periods3 annual periods

SolvableN/A — no positive distributions, so a rate of return cannot be solved.

Result N/A · units % p.a. · Periods 0–2 (1y construction + 1y sellout) · engine V6.5-P2C

Project IRR (unlevered)—

IRR of net sales proceeds less project costs, before debt

Cash-flow series$0, $0, $0

Result — · units % p.a. · Periods 0–2 (1y construction + 1y sellout) · engine V6.5-P2C

NPV at target return$0

NPV of the same equity cash-flow series discounted at the target IRR

Discount rate0.0%

SeriesIdentical to the levered IRR series

Result $0 · units USD · Periods 0–2 (1y construction + 1y sellout) · engine V6.5-P2C

Peak equity requirement$0

Maximum cumulative negative equity cash flow

Cumulative series low point-$0

Result $0 · units USD · Periods 0–2 (1y construction + 1y sellout) · engine V6.5-P2C

Loan payoff coverageN/A

Cash available for debt in the payoff period ÷ debt due in that period. Equity used to cover a shortfall is never counted as available cash, so coverage stays below 1.00x whenever a capital call is required.

ApplicabilityNo construction facility to repay

Result N/A · units x · Periods 0–2 (1y construction + 1y sellout) · engine V6.5-P2C

Loan commitment$0

Applied LTC × eligible project costs, capped by the maximum loan amount

Total development cost$0

Eligible costs (land + hard + soft + contingency)$0

Ineligible costs (financing)$0

Applied LTC (lower of LTC input and covenant)0.0%

Uncapped commitment$0

Maximum loan amountNo cap

Final loan commitment$0

Result $0 · units USD · Periods 0–2 (1y construction + 1y sellout) · engine V6.5-P2C

Interest expense$0

Σ average outstanding balance × interest rate; accrued = capitalised + cash paid

Interest rate0.0%

Total accrued interest$0

Capitalised interest$0

Cash-paid interest$0

Interest included in development cost$0

Result $0 · units USD · Periods 0–2 (1y construction + 1y sellout) · engine V6.5-P2C

Break-even price per sqft$0/sqft

Total development cost ÷ (sellable area × effective sellout rate × (1 − selling cost %))

Total development cost$0

Sellable area0 sqft

Sellout rate0.0%

Cancellation rate0.0%

Effective sale rate0.0%

Selling costs (commission, closing, marketing, incentives)0.0%

Underwritten price$0/sqft

Result $0/sqft · units USD / sqft · Periods 0–2 (1y construction + 1y sellout) · engine V6.5-P2C

Levered equity cash flows$0

The equity cash-flow series that drives IRR, equity multiple and NPV — identical to the series shown on the dashboard

Closing$0

Year 1$0

Year 2$0

Result $0 · units USD · Full project · engine V6.5-P2C

Levered IRR, equity multiple and NPVN/A

IRR is the discount rate at which the levered equity series nets to zero; equity multiple = total distributions ÷ total equity invested; NPV discounts the same series at the target rate

— Equity multiple —

Total distributions (sum of positive flows)$0

Total equity invested (sum of negative flows)$0

Formulatotal distributions ÷ total equity invested

Equity multiple0.00x

— Levered IRR —

Series usedThe levered equity cash flows above — identical to the Levered equity cash flows audit block

Periodst = 0 (Closing) → t = 2 (Year 2), annual

t = 0 — Closing$0

t = 1 — Year 1$0

t = 2 — Year 2$0

MethodRate solved by bisection such that the discounted series nets to zero

Levered equity IRRN/A — no positive distribution

Project IRR (unlevered)—

— NPV —

Series usedThe same levered equity cash-flow series listed above

Discount rate (target IRR input)0.0%

Timing conventionAnnual, end-of-period; t = 0 is Closing and is undiscounted

FormulaNPV = Σ CFt ÷ (1 + target IRR)^t

NPV$0

Result N/A · units % · Full project · engine V6.5-P2C