Does anyone have a model to fund separate line items specifically from equity/debt sources?
Typically have spent time on various high level development underwriting where the total capitalization is aggregated and funded 75/25, with equity drawn first. Does anyone have a more detailed model where you'd need to specifically identify which line items are to be funded via equity/debt or is this too detailed for most shops? Curious to know what you've done and which items were typically chosen based on lender's terms, etc.
Thanks!
Typically it's as simple as having two total development costs subtotals that drive your sources & uses. One subtotal with land/hard/soft/financing, another that includes the above + some non-financeable cost to arrive at true total cost. First subtotal is used for sizing the debt.
Good idea, was thinking this or one budget with “x” and a sumif if there is an x then draw from debt.
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