LOCATION BRUSJE

Internal code
0 EXCHANGE RATE EU USA
Date 18.11.2020 € 1,00 $ 1,18
LAND DATA m² sq.ft.
Land size 6.724 m² 72.377 sq.ft.
0,67 ha 1,66 acres
A. Villas
Villa 1 200 m² 2.153 sq.ft.
Villa 2 197 m² 2.117 sq.ft.
Villa 3 200 m² 2.153 sq.ft.
Villa 4 200 m² 2.153 sq.ft.
Villa 5 197 m² 2.117 sq.ft.
Villa 6 197 m² 2.117 sq.ft.
Villa 7 197 m² 2.117 sq.ft.
Villa 8 200 m² 2.153 sq.ft.
Villa 9 277 m² 2.985 sq.ft.
1 Villa 10
Total GDA 1:
272 m²
2.136 m²
2.924 sq.ft.
22.989 sq.ft.
Total Net Usable Area 1 2.136 m² 22.989 sq.ft.
Total Net Usable Area - Other 0 m²
Total Net Usable Area - Villas 2.136 m²
Pools 300 m² 3.229 sq.ft.

G. Green Areas (Z)

Green Areas 2.000 m² 21.528 sq.ft.
Total 2.000 m² 21.528 sq.ft.

H. Infrastructure
Roads with instalations 1.500 m² 16.146 sq.ft.
Parking 350 m² 3.767 sq.ft.
Total 1.850 m² 0,46 acres
CONSTRUCTION COST ASSUMPTIONS Per m² $ / sq.ft.
A. Villas 1.600 €/m² 176 $/sq.ft.
D32. Pools 800 €/m² 88 $/sq.ft.
G2. Green Areas 15 €/m² 2 $/sq.ft.
H. Infrastructure Roads with instalations 150 €/m² 17 $/sq.ft.
H. Infrastructure Parking 120 €/m² 13 $/sq.ft.

CONSTRUCTION WORKS SUMMARY

Villa 1 € 320.000 $ 379.104
Villa 2 € 314.720 $ 372.849
Villa 3 € 320.000 $ 379.104

2 Villa 4
Villa 5
Villa 6
€ 320.000
€ 314.720
€ 314.720
$ 379.104
$ 372.849
$ 372.849
Villa 7 € 314.720 $ 372.849
Villa 8 € 320.000 $ 379.104
Villa 9 € 443.680 $ 525.628
Villa 10 € 434.640 $ 514.918
Pools € 240.000 $ 284.328
G. Green Areas (Z) € 30.000 $ 35.541
H. Infrastructure Roads with instalations € 225.000 $ 266.558
H. Roads with instalations - cost compensation with municipal contribution -€ 72.985 -$ 86.465
H. Infrastructure Parking € 42.000 $ 49.757
TOTAL € 3.890.000 $ 4.608.483
TOTAL COST
Property acquisition cost TOTAL (include Design, Licences & Connections) € 2.185.300 $ 2.588.925
Property Acquisition Cost /m² 325 €/m² 35,77 $/sq.ft.
Total Land area 6.724 m² 72.377 sq.ft.
Land costs € 2.185.300 $ 2.588.925
Brokers Fee (% on Land cost) 2,50% € 54.633 $ 64.724
Transfer Tax (% on Land cost) €0 $0
Notary (% on Land cost) 0,20% € 5.000 $ 5.924
Lawyers (% on Land cost) 1,00% € 21.853 $ 25.889
$0
Construction cost TOTAL € 3.970.000 $ 4.703.259
Construction Works € 3.890.000 $ 4.608.483
Construction Works - Contingency 2,00% € 80.000 $ 94.776
Total GDA 2.136 m² 22.989 sq.ft.
Professional fees € 140.000 $ 165.858
Project Design (included in Property acquisition) €0 $0
3 Construction Supervision
Project Management
1,80%
1,50%
€ 80.000
€ 60.000
$ 94.776
$ 71.082
 Permits & Utilities €0 $0
Licenses and City Hall Fee's (included in Property acquisition) $0
Connections (Electricity & Water) (included in Property acquisition) €0 $0
Other € 70.000 $ 82.929
Warranty 0,50% € 20.000 $ 23.694
Marketing 1,00% € 40.000 $ 47.388
Soft Costs 0,25% € 10.000 $ 11.847
Equity / Debt / Development Fee $ 142.164
Equity Placement Fee (% of Equity) 3,00% € 74.904
Senior Debt Fee (% of Senior Debt) €0
Developers Fee (% on Project Cost) 2,00% € 120.000

Total project cost (TPC) € 6.641.690 $ 7.868.410

SOURCES % TPC
EQUITY 38,72% € 2.571.690 $ 3.046.681
Property acquisition cost TOTAL (include Design, Licences & Connections) 100% € 2.185.300 $ 2.588.925
Brokers Fee (% on Land cost) 100% € 54.633 $ 64.724
Transfer Tax (% on Land cost) 100% €0 $0
Notary (% on Land cost) 100% € 5.000 $ 5.924
Lawyers (% on Land cost) 100% € 21.853 $ 25.889
Equity Placement Fee (% of Equity) 100% € 74.904
Senior Debt Fee (% of Senior Debt) 100% €0 $0
Licenses and City Hall Fee's 100% €0 $0
Connections (Electricity, Water, Sewage) 100% €0 $0
Marketing 100% € 40.000 $ 47.388
Soft Costs 100% € 10.000 $ 11.847
Project Design (included in Property acquisition) 100% €0 $0
Project Management 100% € 60.000 $ 71.082

4 DEBT
Developers Fee (% on Project Cost) 100%

61,28%
€ 120.000

€ 4.070.000
$ 142.164

$ 4.821.729
Construction Works 100% € 3.890.000 $ 4.608.483
Construction Works - Contingency 100% € 80.000 $ 94.776
Construction Supervision 100% € 80.000 $ 94.776
Warranty 100% € 20.000 $ 23.694
Marketing 0% €0 $0
Soft Costs 0% €0 $0
Licenses and City Hall Fee's 0% €0 $0
Connections (Electricity, Water, Sewage) 0% €0 $0
Project Design 0% €0 $0
Project Management 0% €0 $0
Developers Fee (% on Project Cost) 0% €0 $0
TOTAL Sources of Funds 100,00% € 6.641.690 $ 7.868.410

Total Project Cost (TPC) € 6.641.690 $ 7.868.410

INVESTMENT PRO-FORMA / RENTAL
Revenue Assumptions
Net usable area - Villas 2.136 m² 22.989 sq.ft.
Selling unit price - per Net Usable Area - Villas € 4.750 523 $/sq.ft.

5 Brutto Revenue
Average price for Villa incl. VAT
€ 10.144.813
€ 1.014.481
$ 12.018.559

Net Operating Income (NOI) € 8.115.850 $ 9.614.847

TOTAL Stabilized Net Operating Income (NOI) after reserves € 8.115.850 $ 9.614.847

INVESTOR SUMMARY
Years to exit 2,0 years
Residual Value - Total Return € 3.593.691 $ 4.257.446
Gross Multiple 1,40x
6 Net return on project
Net Multiple on Invested Equity
€ 1.022.002
0,40x
$ 1.210.765

Project net ROE 19,87%

NPV - 3,0% € 794.807 $ 941.607
IRR 18,58%
Cash flow calculation
BRUSJE
INVESTMENT
SALES
PERIOD

Investment Forecast Year 01 Year 02 Year 03 Year 04

Investment - schedule
Investment 6.641.690 € 5.319.690 1.322.000
NOI Forecast
Net Operating Income - schedule 40% 60% 0%
Net Revenues 8.115.850 € 3.246.340 4.869.510 0

Cash on Hand (beginning of year) 0 1.583.500 1.515.370 3.593.691

Cash Receipts 15.187.540 €

Sales 8.115.850 € 0 3.246.340 4.869.510 0
Equity 2.571.690 € 2.470.690 101.000 0
Loan 4.500.000 € 4.500.000 0 0 0

Total Cash Receipts 6.970.690 4.930.840 6.384.880 3.593.691

Cash Paid Out - €

Total investment 6.641.690 € 5.319.690 1.322.000 0 0
Interest 213.000 € 67.500 106.500 39.000 0
Loan principal payment 4.500.000 € 0 1.900.000 2.600.000 0
Equity withdrawal
Taxes 86.970 152.189 0

Total Cash Paid Out 11.593.848 € 5.387.190 3.415.470 2.791.189 0

Cash Position (end of year) 1.583.500 1.515.370 3.593.691 3.593.691

Interest rate 3,0%

Loan Calculation Flat fee 0,8%
45 19 30 0
Loan (Eur) 4.500.000 4.500.000
Principal repayment 4.500.000 1.900.000 2.600.000 0
Flat Fee 0 0 0 0
Interests 213.000 67.500 106.500 39.000 0
Principal balance 4.500.000 2.600.000 0 0

Tax Calculation
Net Operating Income
Costs € 2.656.676 € 3.985.014 €0
Interest € 106.500 € 39.000 €0
Net Profit before Tax € 483.164 € 845.496 €0
Tax 18% € 86.970 € 152.189 €0

€ 1.515.370 € 2.078.321 €0
BRUSJE

RETURN CALCULATION INVESTMENT SALES

Years to exit 3 Year 01 Year 02 Year 03 Year 04

Equity -€ 2,47 M -€ 0,10 M

Residual Value € 3,59 M

TOTAL -€ 2,47 M -€ 0,10 M € 3,59 M

Investment € 6,64 M
NOI on exit € 4,87 M
NPV - discount rate 3,0%
NPV - 3,0% € 0,79 M
IRR 18,58% 18,58%

Residual Value Calculation

Investment
Cumulative Depreciation
Net Residual Value
Location Premium Added Value0%
Added Value - cummulative 0-years NOI

Residual Loans principal

Cash position on exit € 3,59 M
Residual Value € 3,59 M