Run Me Through This Real Estate Model

Hey everyone, I have to fully understand this financial model for real estate. My main experience are doing DCF's, Comps, and Project Finance. I understand the flow and "big picture" of this model. But I'd just like to have a more thorough understanding of the flow and how they relate to each other.

If you could explain how each sheet / section links to the other that'll be great.
Like if you we're to rebuild this model from scratch, what is the sequence in which you'll build it?

(i.e. for DCF you get historical financials, scrub the financials, project income, then project balance sheet, then project cash flows, then plug in the supporting schedules (i.e. working capital, depreciation, amortization, etc).

 

At a quick glance, looks like this is a size up model. Cash flow and Rent Roll tab are the backbone of this model and all the other modules are for related analyses. Underwriter is using current collections to get base rent (from rent roll), but otherwise using the borrower's proforma on all other income/expense assumptions.

Total proceeds are on Fixed RA Sizing, RA Sizing, and Floater Pricing tabs, depending on which loan type the borrower wants to go with.

 

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