Professional Documents
Culture Documents
Feasibility Advisor Samples PDF
Feasibility Advisor Samples PDF
Feasibility Advisor Samples PDF
3,500,000
3,000,000
2,500,000
2,000,000
1,000,000
500,000
Sep-00
Aug-00
Jul-00
Jun-00
May-00
Apr-00
Mar-00
Feb-00
Jan-00
Dec-99
Nov-99
Oct-99
Sep-99
Aug-99
Jul-99
Jun-99
May-99
Apr-99
Mar-99
Feb-99
0
Jan-99
1,500,000
(500,000)
(1,000,000)
(2,000,000)
Tomas Ridge
Financial
Summary
Income Statement
Average Price
Gross Margin
Pre-Minority Interest Margin
$131,050
32.3%
22.4%
Accounting Ratios
Debt / Equity
Asset Turnover (Revenue)
Inventory Turnover (COS)
Return On Average Assets
Return On Maximum Assets
Return on Average Equity
Return on Maximum Equity
1.7 : 1
4.88
3.72
109%
60%
295%
144%
Project Statistics
Project life (Months)
First Month of Project
Month Land Development Start
Month Construction Start
Month Sales Begin
First Closings
Last Closings
19
Jan-99
Mar-99
Jun-99
Aug-99
Oct-99
Sep-00
$1,557,237
145.7%
93.7%
357.8%
Financial
Cost of Debt
Maximum Acquisition Loan Outstanding
Maximum Development Loan Outstanding
Maximum Construction Loan Outstanding
Maximum Outstanding Loans
Maximum Loan Commitment
$704,195
$1,372,334
$2,055,956
$4,171,475
$1,285,982
Jul-99
$1,125,000
$160,982
Jul-99
26.4%
Notes:
(1) All Profit ratios are derived from Pre-Minority Income, Not Net Income.
(2) Ratios on this sheet represent annualized results through the life of the project.
(3) for explanations of calculations, please see manual
Tomas Ridge
Statement of Income
Number of Closings
Square Footage
Sales Revenue
Base Sales Price
View & Lot Premiums
Option Upgrades
Total Sales Revenue
Cost of Sales
Land Cost
Development Costs
Development Fees & Permits
Construction Costs - Base
Construction Costs - Options
Construction Fees & Permits
Interim Finance - Land
Interim Finance - Development
Interim Finance - Construction
Model Amortizables
Total Cost of Sales
Gross Profit
Selling & Closing Costs
Sales Commissions - In House
Sales Commissions - Co-Op
Incentives
Permanent Loan Origination
Permanent Loan Discounts
Seller's Closing Costs
Cooperative Marketing
Warranty Reserve
Total Selling & Closing Costs
Marginal Contribution
Project Overheads
Media Expense
Model Operation Costs
Development Overheads
Construction Overheads
Total Project Overheads
Project Income Before Minority
Minority Interest - Preferred Return
Minority Interest - Profit Share
Project Income
General & Administrative (Expense)
Project Pre-Tax Profit
per Unit
$/SqFt
100
188,750
1,888
13,105,000
131,050
100.0%
69.43
13,105,000
131,050
100.0%
69.43
1,075,000
1,650,610
38,500
5,379,480
10,750
16,506
385
53,795
8.2%
12.6%
0.3%
41.0%
5.70
8.74
0.20
28.50
180,000
1,800
1.4%
0.95
94,981
309,757
145,200
8,873,528
4,231,472
950
3,098
1,452
88,735
42,315
0.7%
2.4%
1.1%
67.7%
32.3%
0.50
1.64
0.77
47.01
22.42
196,575
327,625
1,966
3,276
1.5%
2.5%
1.04
1.74
131,050
1,311
1.0%
0.69
131,050
1,311
1.0%
0.69
65,525
851,825
3,379,647
655
8,518
33,796
0.5%
6.5%
25.8%
0.35
4.51
17.91
88,000
88,000
880
880
0.7%
0.7%
0.47
0.47
267,000
443,000
2,936,647
2,670
4,430
29,366
2.0%
3.4%
22.4%
1.41
2.35
15.56
(1,468,323)
1,468,323
(14,683)
14,683
-11.2%
11.2%
(7.78)
7.78
1,468,323
14,683
11.2%
7.78
Tomas Ridge
TOTAL
Cash Flow Projection
100 # Houses Closed
# Lots Closed
Housing Revenue
$13,105,000
Base Price
Options
Lot Premiums
Land Sales
$13,105,000
Total Revenue
Costs at Closing
Incentives
(131,050)
Permanent Loan Origination
Permanent Loan Discount
(131,050)
Seller Closing Costs
(196,575)
Commissions - In-House
(327,625)
Commissions - Co-Op
CoOperative Marketing
(65,525)
Warranty Reserve
Kicker and Deferred Land Pmts
12,253,175 Net Revenue
(8,571,487)
Contruction Loan Payoff
Development Loan Payoff
Acquisition Loan Payoff
Developer Management (G&A)
Minority Management Fee
(50,000)
Customer Deposits
3,631,688 Net Closing Proceeds
Accounts Payable Relief
429,958
Developer Loans & Equity
(1,125,000)
Minority Equity
$2,936,647 Periodic Cash Flow
Project Cash Position
Jan-99
Feb-99
(38,500)
(38,500)
(38,500)
(38,500)
Apr-99
23,500
(625,000)
(1,125,000)
1,125,000
Mar-99
(601,500)
(640,000)
May-99
(60,000)
(640,000)
(38,500)
(24,009)
(500,000)
Jul-99
(61,972)
(60,000)
(524,009)
(61,972)
(700,000) (1,224,009) (1,285,982)
(625,000)
(38,500)
Jun-99
Aug-99
5,755
Sep-99
35,007
5,755
35,007
(1,280,226) (1,245,219)
Oct-99
4
Nov-99
9
524,200
1,179,450
524,200
1,179,450
(5,242)
(11,795)
(5,242)
(7,863)
(13,105)
(11,795)
(17,692)
(29,486)
(2,621)
(5,897)
490,127
(336,708)
1,102,786
(757,592)
(2,000)
151,419
(4,500)
340,694
144,791
11,825
296,210
(949,009)
352,519
(596,490)
45,000
101,250
(500,000)
(625,000)
(625,000)
(625,000)
(15,000)
(15,000)
(500,000)
(625,000) (1,125,000) (1,125,000)
(75,000)
(99,009)
(160,982)
46,253
91,253
(1,125,000) (1,125,000) (1,033,747)
(155,226)
(120,219)
84,738
125,635
226,885
(806,863)
210,373
Tomas Ridge
TOTAL
Cash Flow Projection
100 # Houses Closed
# Lots Closed
Housing Revenue
$13,105,000
Base Price
Options
Lot Premiums
Land Sales
$13,105,000
Total Revenue
Costs at Closing
Incentives
(131,050)
Permanent Loan Origination
Permanent Loan Discount
(131,050)
Seller Closing Costs
(196,575)
Commissions - In-House
(327,625)
Commissions - Co-Op
CoOperative Marketing
(65,525)
Warranty Reserve
Kicker and Deferred Land Pmts
12,253,175 Net Revenue
(8,571,487)
Contruction Loan Payoff
Development Loan Payoff
Acquisition Loan Payoff
Developer Management (G&A)
Minority Management Fee
(50,000)
Customer Deposits
3,631,688 Net Closing Proceeds
Accounts Payable Relief
429,958
Developer Loans & Equity
(1,125,000)
Minority Equity
$2,936,647 Periodic Cash Flow
Project Cash Position
Investor Cash Flow
Equity (Contribution)
Return of Capital
Preferred Return
1,468,323
Profit Share
1,468,323
Net Cash Flow
Investor Cash Position
(1,125,000)
1,125,000
Dec-99
9
Jan-00
9
Feb-00
9
Mar-00
9
Apr-00
9
May-00
9
Jun-00
9
Jul-00
9
Aug-00
7
Sep-00
8
1,179,450
1,179,450
1,179,450
1,179,450
1,179,450
1,179,450
1,179,450
1,179,450
917,350
1,048,400
1,179,450
1,179,450
1,179,450
1,179,450
1,179,450
1,179,450
1,179,450
1,179,450
917,350
1,048,400
(11,795)
(11,795)
(11,795)
(11,795)
(11,795)
(11,795)
(11,795)
(11,795)
(9,174)
(10,484)
(11,795)
(17,692)
(29,486)
(11,795)
(17,692)
(29,486)
(11,795)
(17,692)
(29,486)
(11,795)
(17,692)
(29,486)
(11,795)
(17,692)
(29,486)
(11,795)
(17,692)
(29,486)
(11,795)
(17,692)
(29,486)
(11,795)
(17,692)
(29,486)
(9,174)
(13,760)
(22,934)
(10,484)
(15,726)
(26,210)
(5,897)
(5,897)
(5,897)
(5,897)
(5,897)
(5,897)
(5,897)
(5,897)
(4,587)
(5,242)
1,102,786
(757,592)
1,102,786
(757,592)
1,102,786
(757,592)
1,102,786
(757,592)
1,102,786
(757,592)
1,102,786
(757,592)
1,102,786
(757,592)
1,102,786
(757,592)
857,722
(589,238)
980,254
(827,213)
(4,500)
340,694
(4,500)
340,694
(4,500)
340,694
(4,500)
340,694
(4,500)
340,694
(4,500)
340,694
(4,500)
340,694
(4,500)
340,694
(3,500)
264,984
(4,000)
149,041
11,825
11,825
11,825
11,825
11,825
178,859
184,149
12,443
(41,016)
352,519
(243,971)
352,519
108,548
352,519
461,067
352,519
813,586
352,519
1,166,105
519,553
1,685,658
524,843
2,210,501
353,137
2,563,638
223,969
2,787,606
149,041
2,936,647
101,250
101,250
101,250
101,250
101,250
101,250
101,250
101,250
78,750
90,000
125,635
226,885
(579,978)
125,635
226,885
(353,093)
125,635
226,885
(126,209)
125,635
226,885
100,676
125,635
226,885
327,560
170,677
271,927
599,487
132,069
233,319
832,806
125,943
227,193
1,059,999
72,609
151,359
1,211,358
166,965
256,965
1,468,323
336,007
461,642
587,276
712,911
838,545
1,086,171
1,377,695
1,503,639
1,576,248
1,468,323
Tomas Ridge
Jan-99
$1,075,000
1,677,126
4,365
42,000
52,981
5,379,480
7,619
141,404
168,354
180,000
88,000
88,000
145,200
267,000
$9,316,528
(429,958)
1,125,000
1,776,472
6,795,014
50,000
$9,316,528
Funding Requirements
Land Cost
Land Option Payments
Acquisition Loan Interest & Fees
Development Costs
Development Supervision & Indirect
Development Property Taxes
Development Loan Fee
Development Interest
Development Contractor Fee
Construction Costs - Base
Construction Costs - Options
Construction Property Taxes
Construction Loan Interest
Construction Loan Fee
Fees and Permits
Const. Contractor Fee
Model Operation Costs
Advertising
Model Upgrade Costs
Construction Indirects & Supervision
Estimate to Complete - Land
Estimate to Complete - Development
Estimate to Complete - Construction
Total Costs
Funding Sources
Developer Loans & Equity
Minority Equity
Acquisition Loan
Development Loan
Construction Loan
Customer Deposit
Closing Proceeds
Accounts Payable
Accrued Expenses
Total Funding
Feb-99
Mar-99
Apr-99
May-99
575000
38,500
Jul-99
Aug-99
Sep-99
Oct-99
Nov-99
500000
16,500
61,011
91,516
168,527
354,178
73,685
140,308
299,345
80,593
302
13,860
302
302
532
478
314
1,202
3,747
6,455
423
14,700
5,462
369
634
586
13,440
2,055
5,204
6,267
24,208
96,831
193,661
355,046
484,153
58
234
5,051
5,400
15,152
16,200
409
947
15,152
16,200
585
4,030
15,152
16,200
682
8,722
15,152
16,200
682
12,580
15,152
16,200
8,000
8,000
8,000
8,000
16,500
16,500
40,000
25,000
38,500
670,662
38,500
(23,500)
625,000
38,500
Jun-99
13,500
30,000
16,500
16,500
8,000
8,000
30,200
16,500
153,020
708,617
460,750
226,656
453,220
733,218
648,440
60,000
24,009
500,000
61,972
(35,007)
(144,791)
(11,825)
60,000
61,947
(5,755)
69,162
61,947
93,020
184,608
358,457
40,321
80,618
147,294
4,500
160,893
322,835
4,500
304,917
568,592
4,500
87,174
568,592
4,500
670,662
61,947
153,020
708,617
460,750
226,656
453,220
733,218
648,440
Tomas Ridge
Dec-99
$1,075,000
1,677,126
4,365
42,000
52,981
5,379,480
7,619
141,404
168,354
180,000
88,000
88,000
145,200
267,000
$9,316,528
(429,958)
1,125,000
1,776,472
6,795,014
50,000
$9,316,528
Funding Requirements
Land Cost
Land Option Payments
Acquisition Loan Interest & Fees
Development Costs
Development Supervision & Indirect
Development Property Taxes
Development Loan Fee
Development Interest
Development Contractor Fee
Construction Costs - Base
Construction Costs - Options
Construction Property Taxes
Construction Loan Interest
Construction Loan Fee
Fees and Permits
Const. Contractor Fee
Model Operation Costs
Advertising
Model Upgrade Costs
Construction Indirects & Supervision
Estimate to Complete - Land
Estimate to Complete - Development
Estimate to Complete - Construction
Total Costs
Funding Sources
Developer Loans & Equity
Minority Equity
Acquisition Loan
Development Loan
Construction Loan
Customer Deposit
Closing Proceeds
Accounts Payable
Accrued Expenses
Total Funding
Jan-00
Feb-00
Mar-00
Apr-00
May-00
Jun-00
(16,000)
Jul-00
Aug-00
Sep-00
134,321
252,143
(17,500)
260
206
151
97
42
5,333
4,883
5,509
3,828
2,131
272
484,153
484,153
484,153
484,153
484,153
484,153
468,015
395,392
306,630
150,625
682
12,580
15,152
16,200
682
12,580
15,152
16,200
682
12,580
15,152
16,200
682
12,580
15,152
16,200
682
12,580
15,152
16,200
643
12,580
11,785
12,600
468
12,580
292
11,948
156
8,946
6,173
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
16,500
16,500
16,500
16,500
16,500
15,500
12,000
12,000
12,000
(15,000)
12,000
701,181
818,498
566,926
565,191
547,441
553,533
509,062
418,132
327,732
153,798
(11,825)
(11,825)
(11,825)
(11,825)
(11,825)
(178,859)
(184,149)
(12,443)
41,016
139,914
568,592
4,500
257,231
568,592
4,500
5,660
568,592
4,500
3,925
568,592
4,500
(13,826)
568,592
4,500
272
727,620
4,500
688,711
4,500
(17,500)
447,575
500
286,717
153,798
701,181
818,498
566,926
565,191
547,441
553,533
509,062
418,132
327,732
153,798
Tomas Ridge
TOTAL
Absorption Schedule
100 Raw Lot Purchase
100 Development Starts
100 Development Finish
Finished Lot Sales
100 Housing Starts
100 Net Sales
100 House Q.C.'s
100 House Closings
Cumulative Activity
Raw Lot Purchase
Development Starts
Development Finish
Finished Lot Sales
Housing Starts
Net Sales
House Q.C.'s
House Closings
Jan-99
Feb-99
Mar-99
50
33
50
33
Apr-99
50
33
May-99
50
33
Jun-99
50
32
33
Jul-99
Aug-99
Sep-99
Oct-99
Nov-99
35
32
9
9
9
9
3
9
9
9
4
9
9
9
9
100
65
33
100
65
33
100
65
33
100
100
65
100
100
65
100
100
65
12
21
9
30
18
3
39
27
12
4
48
36
21
13
Inventory Schedule
Raw Lots
Lots Under Development
Finished Lots
Reserved Lots
Total Lot Inventory
Houses In-Progress
Finished House Inventory
Total House Inventory
Spec Inventory
Sold, Not Started
Total Backlog
17
33
17
33
17
33
35
32
30
35
32
21
35
32
12
35
35
35
26
35
17
50
50
50
97
88
79
70
61
52
12
21
12
21
27
3
30
27
8
35
27
8
35
12
17
5
9
17
5
18
17
5
23
17
5
23
Tomas Ridge
TOTAL
Absorption Schedule
100 Raw Lot Purchase
100 Development Starts
100 Development Finish
Finished Lot Sales
100 Housing Starts
100 Net Sales
100 House Q.C.'s
100 House Closings
Cumulative Activity
Raw Lot Purchase
Development Starts
Development Finish
Finished Lot Sales
Housing Starts
Net Sales
House Q.C.'s
House Closings
Dec-99
Jan-00
Feb-00
Mar-00
Apr-00
May-00
Jun-00
Jul-00
Aug-00
Sep-00
35
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
7
9
9
9
9
9
9
1
9
9
7
7
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
57
45
30
22
66
54
39
31
75
63
48
40
84
72
57
49
93
81
66
58
100
90
75
67
100
99
84
76
100
100
93
85
100
100
100
92
100
100
100
100
Raw Lots
Lots Under Development
Finished Lots
Reserved Lots
Total Lot Inventory
43
34
25
16
43
34
25
16
Houses In-Progress
Finished House Inventory
Total House Inventory
27
8
35
27
8
35
27
8
35
27
8
35
27
8
35
25
8
33
16
8
24
7
8
15
8
8
Spec Inventory
Sold, Not Started
Total Backlog
17
5
23
17
5
23
17
5
23
17
5
23
17
5
23
10
23
23
15
Inventory Schedule
TOTAL
1,681,491
52,981
42,000
1,776,472
1,776,472
(1,776,472)
TOTAL
5,567,098
588,200
141,404
168,354
6,465,056
(50,000)
6,415,056
1,776,472
8,191,528
(8,571,487)
(379,958)
379,958
(0)
Tomas Ridge
11.00% Interest rate
100.0% Release price
Development Loan
Tomas Ridge
Development Cost
Development Fees
Interest
Loan Fees
Development Supervision & Indirect
Total Cost
Borrower Equity
Closing Proceeds
Accounts Payable
Development Loan Advances
Acquisition Loan Payoffs
Lot Sale Payoffs
Paydowns
Adj. Loan Balance
Additional Equity
Outstanding Loan Balance
Jan-99
38,500
Feb-99
Mar-99
16,802
Apr-99
61,313
May-99
91,819
Jun-99
169,114
634
1,202
2,055
13,440
13,860
Jul-99
354,710
Aug-99
74,162
Sep-99
140,731
Oct-99
299,713
Nov-99
80,907
3,747
6,455
5,462
14,700
5,204
6,267
38,500
30,662
61,947
93,020
184,608
358,457
80,618
160,893
304,917
87,174
38,500
30,662
61,947
93,020
184,608
358,457
80,618
160,893
304,917
87,174
38,500
(38,500)
30,662
38,500
69,162
17.0%
131,109
224,130
408,738
(63,000)
704,195
(189,000)
595,812
(189,000)
567,705
(189,000)
683,622
(189,000)
581,796
131,109
27.9%
224,130
39.9%
408,738
41.3%
704,195
64.5%
595,812
65.1%
567,705
48.2%
683,622
55.7%
581,796
55.0%
Apr-99
May-99
60,000
Jun-99
5,458
13,500
Jul-99
40,641
46,500
Aug-99
113,440
16,500
Sep-99
210,446
62,700
Oct-99
371,928
32,500
Nov-99
501,035
32,500
60,000
5,051
24,009
947
15,152
146,039
4,030
15,152
292,327
8,722
15,152
428,301
12,580
15,152
561,267
Jan-99
Feb-99
Mar-99
65,000
65,000
15,152
102,293
(4,500)
65,000
60,000
24,009
65,000
60,000
24,009
65,000
(65,000)
60,000
(60,000)
24,009
(24,009)
(4,500)
102,293
63,000
165,293
141,539
189,000
330,539
287,827
189,000
476,827
165,293
(61,972)
103,321
22.3%
433,860
5,755
439,615
50.8%
916,442
35,007
951,449
69.5%
(4,500)
(4,500)
423,801
189,000
612,801
(336,708)
1,227,543
144,791
1,372,334
81.8%
556,767
189,000
745,767
(757,592)
1,360,509
11,825
1,372,334
82.2%
TOTAL
1,681,491
52,981
42,000
1,776,472
1,776,472
(1,776,472)
TOTAL
5,567,098
588,200
141,404
168,354
6,465,056
(50,000)
6,415,056
1,776,472
8,191,528
(8,571,487)
(379,958)
379,958
(0)
Tomas Ridge
11.00% Interest rate
100.0% Release price
Development Loan
Tomas Ridge
Development Cost
Development Fees
Interest
Loan Fees
Development Supervision & Indirect
Total Cost
Borrower Equity
Closing Proceeds
Accounts Payable
Development Loan Advances
Acquisition Loan Payoffs
Lot Sale Payoffs
Paydowns
Adj. Loan Balance
Additional Equity
Outstanding Loan Balance
Dec-99
134,581
Jan-00
252,348
Feb-00
151
Mar-00
97
Apr-00
(15,958)
May-00
Jun-00
Jul-00
(17,500)
Aug-00
Sep-00
Aug-00
306,786
12,000
Sep-00
150,625
(3,000)
5,333
4,883
5,509
3,828
2,131
272
139,914
257,231
5,660
3,925
(13,826)
272
(17,500)
139,914
257,231
5,660
3,925
(13,826)
272
(17,500)
(189,000)
532,710
(189,000)
600,942
(189,000)
417,602
(189,000)
232,526
(189,000)
29,700
532,710
56.6%
600,942
62.8%
417,602
59.1%
232,526
51.2%
29,700
14.9%
Dec-99
501,035
32,500
Jan-00
501,035
32,500
Feb-00
501,035
32,500
Mar-00
501,035
32,500
Apr-00
501,035
32,500
May-00
497,396
31,500
Jun-00
468,482
28,000
Jul-00
395,684
28,000
12,580
15,152
561,267
12,580
15,152
561,267
12,580
15,152
561,267
12,580
15,152
561,267
12,580
15,152
561,267
12,580
11,785
553,261
12,580
11,948
8,946
6,173
509,062
435,632
327,732
153,798
327,732
153,798
327,732
(589,238)
714,431
(41,016)
673,415
122.3%
153,798
(827,213)
(29,972)
(4,500)
(4,500)
(4,500)
(4,500)
(4,500)
(4,500)
556,767
189,000
745,767
(757,592)
1,360,509
11,825
1,372,334
82.5%
556,767
189,000
745,767
(757,592)
1,360,509
11,825
1,372,334
82.9%
556,767
189,000
745,767
(757,592)
1,360,509
11,825
1,372,334
83.3%
556,767
189,000
745,767
(757,592)
1,360,509
11,825
1,372,334
83.7%
556,767
189,000
745,767
(757,592)
1,360,509
11,825
1,372,334
84.1%
548,761
29,972
578,733
(757,592)
1,193,475
178,859
1,372,334
88.0%
17,500
(4,500)
504,562
504,562
(757,592)
1,119,304
184,149
1,303,453
104.9%
(500)
435,132
(17,500)
417,632
(757,592)
963,494
12,443
975,936
114.4%
Tomas Ridge
Gross Profit Analysis (by Plan)
and Mix
Plan
Sq. Ft.
1,450
1,700
1,950
2,250
W.Avg.
Options
Lot Prem
Sales Price
Unit
per Sq.'
109,900
75.79
118,900
69.94
129,900
66.62
154,900
68.84
Hard Costs
47,589
53,737
52,358
58,860
per Sq.'
32.82
31.61
26.85
26.16
Gross Profit
Amount
%
33,019 30.0%
33,595 28.3%
43,193 33.3%
54,368 35.1%
Mix
18
25
27
30
Total
Sq. Ft.
26,100
42,500
52,650
67,500
Revenue
1,978,200
2,972,500
3,507,300
4,647,000
Total
Hard Cost
856,602
1,343,425
1,413,653
1,765,800
Fees
27,000
37,500
40,500
75,000
131,050
69.43
53,795
1,800
42.4%
28.50
42,315
32.3% 100
188,750
13,105,000
5,379,480
180,000
131,050
69.43
53,795
1,800
42.4%
28.50
42,315
32.3%
188,750
13,105,000
5,379,480
180,000
100
Tomas Ridge
Profit by Plan
(Including Lot Premiums and Option Sales)
Plan
Type
1,450
1,700
1,950
2,250
Total
Base
109,900
118,900
129,900
154,900
Revenue
Lot Prem Option
13,105,000
Total
109,900
118,900
129,900
154,900
Fin. Lot
23,180
25,078
27,399
32,672
Const.
47,589
53,737
52,358
58,860
13,105,000
2,764,110
5,379,480
Cost of Sales
Fees
Finance Model A.
1,500
3,394
1,218
1,500
3,672
1,317
1,500
4,012
1,439
2,500
4,784
1,716
180,000
404,739
145,200
Total
76,881
85,305
86,707
100,532
8,873,528
Gross Profit
Selling
Project G&A and
%
Amount
%
& Closing Overheads Other
70.0% 33,019 30.0%
7,144
4,430
71.7% 33,595 28.3%
7,729
4,430
66.7% 43,193 33.3%
8,444
4,430
64.9% 54,368 35.1% 10,069
4,430
67.7%
4,231,472
32.3%
851,825
443,000
Pre-Tax Profit
Amount
%
21,446 19.5%
21,437 18.0%
30,319 23.3%
39,870 25.7%
2,936,647
22.4%
Tomas Ridge
Fiscal Year Ending
Statement of Income
Number of Closings
Square Footage
Mar-99
Jun-99
Sep-99
per Unit
$/SqFt
Mar-00
27
50,963
Jun-00
27
50,963
22
41,525
1,888
2,883,100
2,883,100
131,050
100.0%
69.43
3,538,350
3,538,350
2,883,100
2,883,100
131,050
100.0%
69.43
3,538,350
236,500
363,134
8,470
1,183,485
236,500
363,134
8,470
1,183,485
10,750
16,506
385
53,795
8.2%
12.6%
0.3%
41.0%
5.70
8.74
0.20
28.50
39,600
39,600
1,800
1.4%
20,896
68,147
31,944
1,952,176
930,924
20,896
68,147
31,944
1,952,176
930,924
950
3,098
1,452
88,735
42,315
43,247
72,078
43,247
72,078
28,831
Sep-00
24
45,300
Dec-00
2000
per Unit
$/SqFt
1,888
3,145,200
10,221,900
131,050
354.5%
69.43
3,538,350
3,145,200
10,221,900
131,050
354.5%
69.43
290,250
445,665
10,395
1,452,459
290,250
445,665
10,395
1,452,459
258,000
396,146
9,240
1,291,075
838,500
1,287,476
30,030
4,195,994
10,750
16,506
385
53,795
29.1%
44.7%
1.0%
145.5%
5.70
8.74
0.20
28.50
0.95
48,600
48,600
43,200
140,400
1,800
4.9%
0.95
0.7%
2.4%
1.1%
67.7%
32.3%
0.50
1.64
0.77
47.01
22.42
25,645
83,635
39,204
2,395,853
1,142,497
25,645
83,635
39,204
2,395,853
1,142,497
22,795
74,342
34,848
2,129,647
1,015,553
74,085
241,611
113,256
6,921,352
3,300,548
950
3,098
1,452
88,735
42,315
2.6%
8.4%
3.9%
240.1%
114.5%
0.50
1.64
0.77
47.01
22.42
1,966
3,276
1.5%
2.5%
1.04
1.74
53,075
88,459
53,075
88,459
47,178
78,630
153,329
255,548
1,966
3,276
5.3%
8.9%
1.04
1.74
28,831
1,311
1.0%
0.69
35,384
35,384
31,452
102,219
1,311
3.5%
0.69
28,831
28,831
1,311
1.0%
0.69
35,384
35,384
31,452
102,219
1,311
3.5%
0.69
14,416
187,402
743,522
14,416
187,402
743,522
655
8,518
33,796
0.5%
6.5%
25.8%
0.35
4.51
17.91
17,692
229,993
912,505
17,692
229,993
912,505
15,726
204,438
811,115
51,110
664,424
2,636,125
655
8,518
33,796
1.8%
23.0%
91.4%
0.35
4.51
17.91
8,000
8,000
24,000
24,000
32,000
32,000
1,455
1,455
1.1%
1.1%
0.77
0.77
24,000
24,000
24,000
24,000
8,000
8,000
56,000
56,000
718
718
1.9%
1.9%
0.38
0.38
16,000
(16,000)
58,740
106,740
636,782
58,740
122,740
620,782
2,670
5,579
28,217
2.0%
4.3%
21.5%
1.41
2.96
14.95
72,090
120,090
792,415
72,090
120,090
792,415
64,080
80,080
731,035
208,260
320,260
2,315,865
2,670
4,106
29,691
7.2%
11.1%
80.3%
1.41
2.18
15.73
8,000
(8,000)
(318,391)
318,391
(310,391)
310,391
(14,109)
14,109
-10.8%
10.8%
(7.47)
7.47
(396,207)
396,207
(396,207)
396,207
(365,518)
365,518
(1,157,932)
1,157,932
(14,845)
14,845
-40.2%
40.2%
(7.87)
7.87
(8,000)
318,391
310,391
14,109
10.8%
7.47
396,207
396,207
365,518
1,157,932
14,845
40.2%
7.87
1999
78
147,225
Sales Revenue
Base Sales Price
View & Lot Premiums
Option Revenue
Total Sales Revenue
Cost Of Sales
Land Cost
Development Costs
Development Fees & Permits
Construction Costs - Base
Construction Costs - Option
Construction Fees & Permits
Interim Finance - Acquisition
Interim Finance - Development
Interim Finance - Construction
Model Amortizables
Total Cost Of Sales
Gross Profit
Project Overheads
Advertising
Model Operation Costs
Development Overhead
Construction Overhead
Total Project Overheads
Project Income Before Minority
Minority Interest - Preferred Return
Minority Interest - Profit Share
Project Income
General & Administrative (Expense)
Project Pre-Tax Profit
Dec-99
22
41,525
Tomas Ridge
Fiscal Year Ending
Balance Sheet
Cash & Cash Equivalents
Unrestricted Cash
Restricted Cash
Cash Equivalents
1998
Receivables
Real Estate Inventory
Raw Land Held for Development
Development In Progress
Construction In Progress
Sales Center Installation
Intercompany Receivable
Property and Equipment, Net
Other Assets
Refundable Deposits
Goodwill
Deferred Taxes
Other Prepaid Expenses, etc.
Total Assets
Liabilities
Notes Payable - Acquisition
Notes Payable - Development
Notes Payable - Construction
Accounts Payable
Accrued Expenses
Deferred Income and Other
Income Taxes Payable
Customer Deposits
Commitments
Total Liabilities
Minority Equity
Common Equity
Total Equity
Total Equity & Liabilities
Mar-99
Jun-99
Sep-99
Dec-99
1999
Mar-00
Jun-00
(15,000)
(99,009)
(120,219)
336,007
336,007
712,911
1,377,695
1,468,323
1,468,323
1,468,323
(15,000)
(99,009)
(120,219)
336,007
336,007
712,911
1,377,695
1,468,323
1,468,323
1,468,323
1,468,323
1,468,323
1,468,323
1,468,323
1,468,323
1,468,323
1,468,323
1,468,323
1,468,323
1,468,323
1,468,323
1,468,323
220,250
407,412
25,000
40,000
692,662
376,250
989,444
134,553
100,000
1,600,247
1,178,263
1,368,910
160,200
2,707,374
940,371
1,662,670
128,256
2,731,297
940,371
1,662,670
128,256
2,731,297
453,790
1,639,629
89,052
2,182,471
0
1,242,716
49,848
1,292,564
16,500
32,500
50,000
50,000
50,000
33,500
17,500
16,500
694,162
32,500
1,533,738
50,000
2,637,155
50,000
3,117,305
50,000
3,117,305
33,500
2,928,881
17,500
2,687,759
69,162
408,738
69,162
408,738
567,705
951,449
1,519,155
532,710
1,372,334
1,905,044
532,710
1,372,334
1,905,044
232,526
1,372,334
1,604,860
1,303,453
1,303,453
9,000
11,500
11,500
11,500
11,500
1,528,155
1,916,544
1,916,544
1,616,360
1,314,953
1,117,000
(8,000)
1,109,000
2,637,155
890,369
310,391
1,200,760
3,117,305
890,369
310,391
1,200,760
3,117,305
605,923
706,598
1,312,521
2,928,881
270,000
1,102,806
1,372,806
2,687,759
69,162
408,738
625,000
1,125,000
625,000
694,162
1,125,000
1,533,738
Sep-00
Dec-00
2000
Tomas Ridge
Fiscal Year Ending
Statement of Cash Flows
1998
Mar-99
Jun-99
Net Income
Cash Provided by / (Used for)
Decreases / (Increases) in Assets:
Restricted Cash
Cash Equivalents
Receivables
Raw Land Held for Development
Development In Progress
Construction In Progress
Sales Center Installation
Intercompany Receivable
Property and Equipment, Net
Refundable Deposits
Goodwill
Deferred Taxes
Other Prepaid Expenses, etc.
Increases / (Decreases) in Liabilities & Equity:
Notes Payable - Acquisition
Notes Payable - Development
Notes Payable - Construction
Accounts Payable
Accrued Expenses
Deferred Income and Other
Income Taxes Payable
Customer Deposits
Commitments
Minority Equity
Common Equity
Net increase / (decrease) in cash
CASH, at beginning of period
CASH, at end of period
Sep-99
(8,000)
Dec-99
318,391
1999
310,391
Mar-00
Jun-00
Sep-00
Dec-00
2000
396,207
396,207
365,518
1,157,932
(220,250)
(407,412)
(25,000)
(40,000)
(156,000)
(582,032)
(109,553)
(60,000)
376,250
(188,819)
(1,234,357)
(60,200)
237,892
(940,371)
(293,760) (1,662,670)
31,944
(128,256)
486,582
23,041
39,204
453,790
396,914
39,204
1,242,716
49,848
940,371
1,662,670
128,256
(16,500)
(16,000)
(17,500)
(50,000)
16,500
16,000
17,500
50,000
69,162
339,576
158,967
951,449
(300,184)
(232,526)
(68,881)
9,000
625,000
500,000
(15,000)
(84,009)
(15,000)
(99,009)
(15,000)
(34,995)
420,884
2,500
532,710
1,372,334
11,500
(8,000)
(226,631)
890,369
(284,446)
(21,210)
(99,009)
(120,219)
456,226
(120,219)
336,007
336,007
376,904
336,007
712,911
336,007
(335,923)
664,785
712,911
1,377,695
(1,303,453)
(532,710)
(1,372,334)
(11,500)
(11,500)
(270,000)
(890,369)
90,628
1,377,695
1,468,323
1,468,323
1,468,323
1,132,316
336,007
1,468,323
Tomas Ridge
Check
Page
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
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Yes
Yes
Tomas Ridge
NOTES
This is just an example to demonstrate the capabilities of the Feasibility Advisor.
By the Way, this whole page can be used to document assumptions, and any other necessary details.
For Consolidations,
See the Business Plan Advisor
- Consolidates over 100 Projects
- Consolidates over 100 Divisions
Revision Notes:
1999-05-05
Implemented New Macro Strategies to increase performance
Tomas Ridge
Model revision 1999-05-05
General Assumptions
General Information
Project Name
Tomas Ridge
Purpose
Cash Flow Example
Run Date
Jul 03, 99
Map 1 Development Start
Mar 01, 99
Absorption assumptions
Net Absorption per Month
9
Pre-Sales Level
5
Development Cycle (mo.s)
3
House Construction Cycle (mo.s)
3
Jump Start Models (mo.s)
Reserved Finished Lots
Field Overhead Costs
Construction Indirects (per Month)
12,000
Construction Indirects (per Unit)
500
Warranty Reserve (% of Revenue)
0.5%
or Warranty Reserve (Amount per House)
Financing Assumptions
Acquisition Loan Rate
11.00%
Acquisition Loan Fee
10.00%
Acquisition Loan/Cost
Acquisition Loan Term (Months)
12
Development Loan Rate
11.00%
Development Loan Fee
2.00%
Development Loan/Value
75.00%
Development (Max) Loan/Cost
85.00%
Construction Loan Rate
11.00%
Construction Loan Fee
2.00%
Construction Loan/Value
70.00%
Construction (Max) Loan/Cost
90.00%
Mix Assumptions
1.50% Model SqFt Plan SqFt
2.50%
1,450
1,450
1.00%
1,700
1,700
1,950
1,950
1.00%
2,250
8,000
18
25
27
30
50%
625,000
500,000
Total
Escalator
2,800,000 Start of Escalation
Deferred Land Payment per (escalation)
Architecture / Market Research
3/1/99
25,000 Kicker Payment per Lot (no escalation)
Land Cost Structure
To-Date
Payment 1 Payment 2 Payment 3 Payment 4 Payment 5
Raw Lots
0
50
50
Base Land Price
$0
575,000
500,000
Subordinate Acquisition Loan Fundings
Date of Takedown (Blank - Use Dev)
Takedown of Land No Later Than
Calculated Land Payment
To-Date
3/15/99
6/15/99
9/15/99
12/15/99
12/15/99
Development Cost Schedule
To-Date
Map 1
Map 2
Map 3
Map 4
Map 5
Lots into Development
0
33
32
35
Development Hard Costs
0
468,083
491,232
537,285
Development Soft Costs
0
38,500
Utility Deposits
16,500
16,000
17,500
Offsite Development Costs
142,026
Common Area Improvement Costs
Development Start (Blank - Calculate)
Calculated Pre-Development Start
To-Date
1/15/99
4/15/99
7/15/99
10/15/99
10/15/99
Calculated Development Start
To-Date
3/15/99
6/15/99
9/15/99
12/15/99
12/15/99
109,900
118,900
129,900
154,900
Mix
8,000
Base Price
Collateral Analysis
Const. Fees C.Cost /SqFt Const. Cost Raw Lot Collateral
Finished Lot Value
1,500
32.820
47,589 Finished Lot Value
1,500
31.610
53,737 Loan/Value
1,500
26.850
52,358 Value Collateral
2,500
26.160
58,860 Finished Lot Cost
Raw Land Cost
Development Hard/Soft Cost
Offsite Costs & Common
Expected Finance Costs
Estimated Cost
Loan/Cost (Max)
Max Cost Collateral
Finished Lot Collateral
House Value
Base Sales Price
Lot Premiums
Options
Total Value
Loan/Value
Value Collateral
House Cost
Land and Development
Hard Costs,Fees & Finance
Overheads
Estimated Cost
Loan/Cost (Max)
Max Cost Collateral
House Collateral
100
Land Monthly Option Payments
Payment
Begin (Inclusive)
End (Inclusive)
Payment 6 Payment 7 Payment 8 Payment 9 Payment 10 Payment 11 Payment 12 Payment 13
12/15/99
Map 6
12/15/99
Map 7
12/15/99
Map 8
12/15/99
Map 9
12/15/99
Map 10
12/15/99
Map 11
12/15/99
Map 12
12/15/99
Map 13
10/15/99
12/15/99
10/15/99
12/15/99
10/15/99
12/15/99
10/15/99
12/15/99
10/15/99
12/15/99
10/15/99
12/15/99
10/15/99
12/15/99
10/15/99
12/15/99
10,750
28,000
75.0%
21,000
10,750
15,851
1,420
1,000
29,021
85.0%
24,668
21,000
131,050
0
0
131,050
70.0%
91,735
28,515
59,133
5,882
93,530
90.0%
84,177
84,177
Total
100
1,075,000
0
Total
100
1,496,600
38,500
50,000
142,026
0