Does anybody have a model for a real estate financing deal, where you can actually book inflows - sales while you are constructing?
the unlevered cashflows stack up, but I can't get the draws right, given that in some months the inflow from sales is higher than the outflow from building, which seems to mess up my formulas.
There are 2 sources of funding: max equity draw, then max debt, any excess cash should be used to pay pack the debt first, then the equity.
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