Platform · Fieldbook

Underwriting Model

Fill in Tab 1. Hit Run Full Model. Every tab calculates in sequence — draw schedule feeds interest, budget feeds DCF, pro forma feeds debt service. Change one assumption, re-run, see the impact everywhere.

Project Assumptions

Set your shared project inputs here once. Every tab reads from these assumptions automatically — change a number here and it flows through the entire model. Tab-specific inputs override these defaults where needed.

Project Identity

Project Name

State

City / Market

Total Units

Number of Buildings

Project Type

Construction

Hard Cost / Unit ($)

Duration (months)

Construction Start

Construction Loan Amount ($)

Loan Rate (%)

LTC (%)

Unit Mix & Rent

Type

Units

Avg SF

$/Mo

Studio

1 Bed / 1 Bath

1B/1B Corner

2 Bed / 2 Bath

2B/2B Corner

3 Bed / 2 Bath

Operating & Exit

Stabilized Vacancy (%)

Annual Growth Rate (%)

Hold Period (yrs)

Exit Cap Rate (%)

Bull Cap (%)

Bear Cap (%)

JV Waterfall

LP IRR Hurdle (%)

LP Multiple (x)

GP Catchup IRR (%)

GP Promote (%)

Draw Schedule Inputs

Values pre-filled from Assumptions tab. Adjust below to override.

Project

Total Units

Duration (months)

Construction Start

Used for calendar month labels in the schedule

Total Costs to Draw

Total Hard Costs ($)

From Development Budget (hard + contingency)

Total Soft Costs ($)

From Development Budget (all soft cost lines)

Land & Closing ($)

Drawn at closing in Month 1

Construction Loan

Loan Amount ($)

Loan Rate (%)

Draw Curve

Hard Cost Curve

S-Curve is standard for vertical construction

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Monthly draw schedule will appear here

Enter your total costs and loan terms to build a month-by-month draw schedule with interest accrual.

Land Valuation Inputs

Project (from My Project)

Total Units

Avg Unit Size (SF)

Project Type

Site

Gross Site Acreage

Total parcel size

Net Developable Acres

After wetlands, setbacks, easements

Asking / Contract Price ($) (optional)

If known — we'll show whether it pencils at your target return

Entitlements

Entitlement Status

Max Allowed Density (units/acre)

From ZoneQuery or zoning code

Max Allowed Height (stories)

From Codex or local code

Est. Entitlement Timeline (months)

From PermitIQ or local knowledge. 0 if by-right or already entitled.

Est. Entitlement Cost ($) (optional)

Legal, consulting, application fees during entitlement

Cost Assumptions

Asking / Contract Price ($) (optional)

If known — we'll show whether it pencils at your target return

Cost Assumptions

Est. Hard Cost / Unit ($)

From BidDesk or your GC estimate. Garden style typically $165K–$230K/unit.

Soft Costs (% of Hard Cost)

Typically 15–22% for multifamily

Financing Costs (% of Total Cost)

Construction interest, fees, carry

Return Target

Target Return on Cost (%)

Stabilized NOI ÷ Total Development Cost

Income (for Back-solve)

Avg Monthly Rent / Unit ($)

Stabilized Vacancy (%)

Operating Expense Ratio (% of EGI)

Typically 35–45% for Class A/B multifamily

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Land valuation will appear here

Enter your cost and income assumptions to back-solve for maximum supportable land value.

Development Budget Inputs

Project

Total Units

Land

Purchase Price ($)

Land Closing Costs ($)

Title, survey, transfer taxes, attorney fees

Hard Costs

Hard Construction Cost / Unit ($)

All-in building cost per unit incl. site work, GC contingency

Hard Cost Contingency ($)

Typically $8,000–$12,000/unit for garden style

Soft Costs

Architecture & Engineering ($)

Third Party Reports ($)

Environmental, geotech, market study, appraisal

Permits & Fees ($)

From PermitIQ or your estimate

Construction Management ($)

DD, Legal & Closing Costs ($)

Interior Design & FF&E ($)

Clubhouse, amenity areas, model units

Pre-Opening Marketing ($)

Builder’s Risk Insurance ($)

General Liability Coverage ($)

Fee to Construction Lender ($)

Origination, processing, inspection fees

Development Fee ($)

Capitalized Real Estate Taxes ($)

Taxes during construction period

Soft Cost Contingency ($)

Financing & Reserves

Construction Loan Amount ($)

Construction Loan Rate (%)

Avg Outstanding Balance (%)

Typically 50–60% — loan draws gradually over construction

Construction Duration (months)

From BuildPath schedule

Operating Reserve ($)

Typically 3–6 months of operating expenses

Sources

Sponsor Member Equity ($)

Sponsor Developer Overhead ($)

Other Sources (grants, reimbursements) ($)

City reimbursements, TIF, grants, etc.

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Sources & Uses will appear here

Enter your budget line items to build a complete development cost summary with sources and uses balanced.

Pro Forma Inputs

Project Type

Construction Type

Unit Mix

Enter units and avg SF for each type. Enter either monthly rent ($) or $/SF/mo — the other calculates automatically. Leave unit count at 0 to exclude a type.

Type

Units

Avg SF

$/Mo or $/SF

Studio

1 Bed / 1 Bath

1 Bed / 1 Bath Corner

2 Bed / 2 Bath

2 Bed / 2 Bath Corner

3 Bed / 2 Bath

Additional Income

Miscellaneous Income (% of GPR)

Pet fees, RUBS, pest control, cable, application fees, etc.

Garages (#)

Garage Rent ($/mo)

EV Garages (#)

EV Garage Rent ($/mo)

Retail SF

Retail $/SF/Yr

Premium Units (#)

Views, top floor, etc.

Premium ($/mo)

Vacancy

Vacancy & Collection Loss (%)

7% is typical for stabilized Class A/B in Southeast

Operating Expenses ($/Unit/Year)

Payroll, Taxes & Benefits

Marketing

General & Administration

Turnover

Repairs & Maintenance

Utilities (Net)

Management Fee (% of EGI)

Applied to Effective Gross Income

Real Estate Taxes

Varies significantly by market — confirm with tax consultant

Insurance

Contract Services

Capital Reserves

Debt Service

Annual Debt Service ($)

From permanent loan. Enter 0 to show NOI only.

Assumptions

Annual Growth Rate (%)

Applied to both income & expenses

Hold Period (yrs)

Exit Cap Rate (%)

Applied to final year NOI for exit valuation

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Income & expense pro forma will appear here

Enter your unit mix, rents, and expense assumptions to build a year-by-year operating model matching your actual deal structure.

Returns & Waterfall Inputs

From Prior Tabs

Total Development Cost ($)

From Development Budget tab

Year 1 Stabilized NOI ($)

From Pro Forma tab

Annual NOI Growth (%)

Hold Period (yrs)

Exit

Exit Cap Rate — Base (%)

Bull Case Cap (%)

Bear Case Cap (%)

Cost of Sale (%)

Construction Loan

Loan Amount ($)

LTC (%)

Construction Loan Rate (%)

Permanent Loan

Include

LTV (%)

Perm Rate (%)

Amortization (yrs)

Stabilization Month

From construction start

Equity

LP Equity ($)

BV Member / Equity Partner required capital

GP Equity ($)

Sponsor Member required + overhead contributions

Member Loans

Include

JV Waterfall Structure Based on your approved JV agreement

Adjust these to match your JV agreement. Defaults reflect a real institutional structure.

Tier 1 — LP Preferred Return

100% to LP until LP achieves BOTH the IRR hurdle AND the equity multiple below.

LP Hurdle IRR (%)

LP Equity Multiple (x)

Tier 2 — GP Catchup

100% to GP until GP achieves the same IRR on their equity contributions.

GP Hurdle IRR (%)

Tier 3 — Promote Split (after both hurdles cleared)

Remaining cash flow split between LP and GP. GP promote is typically 20–30% in institutional deals. Your deal terms override this default.

LP Share (%)

LP receives this % of remaining cash

GP Promote (%)

GP carried interest — typically 20–30%

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Returns analysis will appear here

Enter your capital stack, exit assumptions, and waterfall terms to see levered and unlevered IRR, equity multiple, DSCR, and a full JV distribution waterfall.