Loan request package

Apolis formats; the sponsor owns every projection and claim in this package. Nothing here is a commitment to lend or an offer to borrow. Anything only the sponsor can state is marked as not stated.

The package

What the sponsor asks a lender to quote

Each term is read from the deal's record; the closing date is the sponsor's to state.

Amount: $33,922,000
Loan to cost: 65.0%; of $52,189,000
Per unit: $169,610
Initial term: 42 months; from closing

Extensions: 2 x 12 months, 25 bp each, 1.15x to extend
Fully extended: Month 66, against the month 61 refinance
Rate type requested: Floating, quoted as a spread over SOFR, with a purchased rate cap. The model carries SOFR at 3.15% plus 275 bp (5.90%) and a cap struck at 4.50%.
Amortization: Interest only
Recourse requested: Completion guarantee and standard non-recourse carve-outs from the sponsor principals. No repayment guarantee.
Prepayment requested: Open after month 18, no penalty
Capitalized interest in budget: $2,193,302
Target closing: Sponsor input, not statedThe model dates closing to Jan 2027 (month 0)

Extensions and covenants

Base case requires both extensions (months 42 and 54). Covenants carried in the loan terms: 1.20x minimum debt service coverage from stabilization; In-balance test at each draw; Minimum liquidity and net worth on the guarantors, with the figures set in the loan agreement; this sample does not fix them.

What is being built

Units: 200
Net rentable SF: 179,000
Gross SF: 317,543
Average unit: 895 SF

Parking: 230 stalls
Strategy: Ground-up development
Building type: 4 over 1 (four wood-frame stories over one concrete podium story), 5 stories
Site: West End, St. Louis Park, Minnesota (sample site; no street address is given for an illustrative deal); 2.5 acres gross (sample)
Parcel: [PARCEL ID]
Entitlement status: Sponsor input, not stated

Entitlement and building type

The site sheet in the bid package lists 11 zoning and site facts still to confirm (district, height, density, setbacks, parking minimum and others). The sponsor states where approvals stand.

This package prices 4 over 1 (four wood-frame stories over one concrete podium story), the building the deal page and the spec book describe. The architect's test fit confirms it, and the package is reissued if it changes.

Unit mix

Studio
Units
30
Share
15.0%
SF
535
Rent today
$1,625
Rent per SF
$3.04
1BR
Units
80
Share
40.0%
SF
715
Rent today
$1,850
Rent per SF
$2.59
2BR
Units
75
Share
37.5%
SF
1,150
Rent today
$2,550
Rent per SF
$2.22
3BR
Units
15
Share
7.5%
SF
1,300
Rent today
$3,250
Rent per SF
$2.50

Type	Units	Share	SF	Rent today	Rent per SF
Studio	30	15.0%	535	$1,625	$3.04
1BR	80	40.0%	715	$1,850	$2.59
2BR	75	37.5%	1,150	$2,550	$2.22
3BR	15	7.5%	1,300	$3,250	$2.50

Schedule

Closing
Deal month
Month 0
Model date
Jan 2027
Construction start
Deal month
Month 1
Model date
Feb 2027
Construction complete
Deal month
Month 24
Model date
Jan 2029
First delivery
Deal month
Month 25
Model date
Feb 2029
Stabilized
Deal month
Month 36
Model date
Jan 2030
Refinance
Deal month
Month 61
Model date
Feb 2032
Sale
Deal month
Month 120
Model date
Jan 2037

Milestone	Deal month	Model date
Closing	Month 0	Jan 2027
Construction start	Month 1	Feb 2027
Construction complete	Month 24	Jan 2029
First delivery	Month 25	Feb 2029
Stabilized	Month 36	Jan 2030
Refinance	Month 61	Feb 2032
Sale	Month 120	Jan 2037

Construction 24 months; lease-up 11 months from first delivery to stabilization.

Where the money comes from and goes

Construction loan (this request)$33,922,00065.0%
Equity$18,266,77935.0%

Sources

Construction loan (this request)
Amount
$33,922,000
Of cost
65.0%
Equity
Amount
$18,266,779
Of cost
35.0%
Total sources
Amount
$52,188,779
Of cost
100.0%

Source	Amount	Of cost
Construction loan (this request)	$33,922,000	65.0%
Equity	$18,266,779	35.0%
Total sources	$52,188,779	100.0%

Uses

Land
Amount
$2,000,000
Of cost
3.8%
Per unit
$10,000
Hard costs
Amount
$41,488,510
Of cost
79.5%
Per unit
$207,443
Soft costs
Amount
$5,988,050
Of cost
11.5%
Per unit
$29,940
Financing
Amount
$2,712,440
Of cost
5.2%
Per unit
$13,562
Total uses
Amount
$52,189,000
Of cost
100.0%
Per unit
$260,945

Use	Amount	Of cost	Per unit
Land	$2,000,000	3.8%	$10,000
Hard costs	$41,488,510	79.5%	$207,443
Soft costs	$5,988,050	11.5%	$29,940
Financing	$2,712,440	5.2%	$13,562
Total uses	$52,189,000	100.0%	$260,945

Sources fall $221 short of uses on the stated figures. It is the same rounding seam the draw schedule carries ($221 of loan draws above the commitment); it is shown, not closed by hand.

What it costs, by budget section

The workbook's own sections and order, owner's contingency highlighted.

Hard costs
Hard costs
Amount
$41,000,000
Of cost
78.6%
Per unit
$205,000
Per NRSF
$229
Capitalized interest and loan fees
Financing
Amount
$2,294,170
Of cost
4.4%
Per unit
$11,471
Per NRSF
$13
Developer fee
Soft costs
Amount
$2,040,000
Of cost
3.9%
Per unit
$10,200
Per NRSF
$11
Land and acquisition
Land
Amount
$2,000,000
Of cost
3.8%
Per unit
$10,000
Per NRSF
$11
City and government
Soft costs
Amount
$1,600,000
Of cost
3.1%
Per unit
$8,000
Per NRSF
$9
Design and consultants
Soft costs
Amount
$1,221,000
Of cost
2.3%
Per unit
$6,105
Per NRSF
$7
FF&E and pre-opening marketing
Soft costs
Amount
$625,000
Of cost
1.2%
Per unit
$3,125
Per NRSF
$3
Contingency and rounding
Hard costs
Amount
$488,510
Of cost
0.9%
Per unit
$2,443
Per NRSF
$3
Financing, title and closing
Financing
Amount
$418,270
Of cost
0.8%
Per unit
$2,091
Per NRSF
$2
Carry and pre-open operating
Soft costs
Amount
$289,648
Of cost
0.6%
Per unit
$1,448
Per NRSF
$2
Legal, accounting and equity
Soft costs
Amount
$212,403
Of cost
0.4%
Per unit
$1,062
Per NRSF
$1
Total project cost
Amount
$52,189,000
Of cost
100.0%
Per unit
$260,945
Per NRSF
$292

Section	Amount	Of cost	Per unit	Per NRSF
Hard costsHard costs	$41,000,000	78.6%	$205,000	$229
Capitalized interest and loan feesFinancing	$2,294,170	4.4%	$11,471	$13
Developer feeSoft costs	$2,040,000	3.9%	$10,200	$11
Land and acquisitionLand	$2,000,000	3.8%	$10,000	$11
City and governmentSoft costs	$1,600,000	3.1%	$8,000	$9
Design and consultantsSoft costs	$1,221,000	2.3%	$6,105	$7
FF&E and pre-opening marketingSoft costs	$625,000	1.2%	$3,125	$3
Contingency and roundingHard costs	$488,510	0.9%	$2,443	$3
Financing, title and closingFinancing	$418,270	0.8%	$2,091	$2
Carry and pre-open operatingSoft costs	$289,648	0.6%	$1,448	$2
Legal, accounting and equitySoft costs	$212,403	0.4%	$1,062	$1
Total project cost	$52,189,000	100.0%	$260,945	$292

Hard cost per unit: $205,000
Hard cost per gross SF: $129
Owner's contingency: $488,510
Contingency of hard cost: 1.2%
Contingency of total cost: 0.9%

About the contingency

The owner's contingency is 1.2% of hard cost, below the 3% to 5% convention on its own. The sample deal's diligence answer carries the contractor's contingency inside a guaranteed maximum price; at the bid package's concept stage there is no GMP yet, so a lender will size the owner's layer on its own until one is signed.

Construction draw schedule

Every budget line by month, then the monthly roll-up; the same schedule as Underwrite.

Funding order: Equity first, then the loan
Interest: Capitalized at 7.00% on the opening drawn balance
Loan commitment: $33,922,000, $31,627,830 for costs
Held at completion: $807,249 of interest and reserve; $2,050,000 retainage released month 24

Land
Hard costs
Soft costs
Developer fee
Financing fees
Interest
Loan balance, right scale

Left scale: monthly draw by category. Right scale: cumulative loan balance.

Draws by line

Each budget line's method, months and draw by month.

LandAt closing$2,000,000
Months
Month 0
Budget
$2,000,000
Month 0, Jan 2027
$2,000,000
Total
$2,000,000
Hard costs (GMP / base)Retainage held, 5%$41,000,000
Months
Months 1 to 24, released month 24
Budget
$41,000,000
Month 1, Feb 2027
$197,229
Month 2, Mar 2027
$569,148
Month 3, Apr 2027
$907,256
Month 4, May 2027
$1,211,552
Month 5, Jun 2027
$1,482,038
Month 6, Jul 2027
$1,718,714
Month 7, Aug 2027
$1,921,578
Month 8, Sep 2027
$2,090,632
Month 9, Oct 2027
$2,225,875
Month 10, Nov 2027
$2,327,308
Month 11, Dec 2027
$2,394,929
Month 12, Jan 2028
$2,428,740
Month 13, Feb 2028
$2,428,740
Month 14, Mar 2028
$2,394,929
Month 15, Apr 2028
$2,327,308
Month 16, May 2028
$2,225,875
Month 17, Jun 2028
$2,090,632
Month 18, Jul 2028
$1,921,578
Month 19, Aug 2028
$1,718,714
Month 20, Sep 2028
$1,482,038
Month 21, Oct 2028
$1,211,552
Month 22, Nov 2028
$907,256
Month 23, Dec 2028
$569,148
Month 24, Jan 2029
$2,247,229
Total
$41,000,000
Hard cost contingencyBack-loaded$488,510
Months
Months 8 to 24
Budget
$488,510
Month 8, Sep 2027
$1,690
Month 9, Oct 2027
$5,071
Month 10, Nov 2027
$8,452
Month 11, Dec 2027
$11,832
Month 12, Jan 2028
$15,213
Month 13, Feb 2028
$18,594
Month 14, Mar 2028
$21,975
Month 15, Apr 2028
$25,355
Month 16, May 2028
$28,736
Month 17, Jun 2028
$32,117
Month 18, Jul 2028
$35,497
Month 19, Aug 2028
$38,878
Month 20, Sep 2028
$42,259
Month 21, Oct 2028
$45,639
Month 22, Nov 2028
$49,020
Month 23, Dec 2028
$52,401
Month 24, Jan 2029
$55,781
Total
$488,510
Architecture & engineeringFront-loaded$1,221,000
Months
Months 0 to 8
Budget
$1,221,000
Month 0, Jan 2027
$256,259
Month 1, Feb 2027
$226,111
Month 2, Mar 2027
$195,963
Month 3, Apr 2027
$165,815
Month 4, May 2027
$135,667
Month 5, Jun 2027
$105,519
Month 6, Jul 2027
$75,370
Month 7, Aug 2027
$45,222
Month 8, Sep 2027
$15,074
Total
$1,221,000
Permits, SAC/WAC, park dedication, feesUp front$1,600,000
Months
Months 0 to 2
Budget
$1,600,000
Month 0, Jan 2027
$533,333
Month 1, Feb 2027
$533,333
Month 2, Mar 2027
$533,333
Total
$1,600,000
Legal, title, closingAt closing$212,403
Months
Month 0
Budget
$212,403
Month 0, Jan 2027
$212,403
Total
$212,403
Title and closingAt closing$163,855
Months
Month 0
Budget
$163,855
Month 0, Jan 2027
$163,855
Total
$163,855
Marketing & lease-up costsBack-loaded$250,000
Months
Months 18 to 24
Budget
$250,000
Month 18, Jul 2028
$5,102
Month 19, Aug 2028
$15,306
Month 20, Sep 2028
$25,510
Month 21, Oct 2028
$35,714
Month 22, Nov 2028
$45,918
Month 23, Dec 2028
$56,122
Month 24, Jan 2029
$66,327
Total
$250,000
FF&E / amenitiesBack-loaded$375,000
Months
Months 18 to 24
Budget
$375,000
Month 18, Jul 2028
$7,653
Month 19, Aug 2028
$22,959
Month 20, Sep 2028
$38,265
Month 21, Oct 2028
$53,571
Month 22, Nov 2028
$68,878
Month 23, Dec 2028
$84,184
Month 24, Jan 2029
$99,490
Total
$375,000
Taxes & insurance during constructionStraight line$289,648
Months
Months 1 to 24
Budget
$289,648
Month 1, Feb 2027
$12,069
Month 2, Mar 2027
$12,069
Month 3, Apr 2027
$12,069
Month 4, May 2027
$12,069
Month 5, Jun 2027
$12,069
Month 6, Jul 2027
$12,069
Month 7, Aug 2027
$12,069
Month 8, Sep 2027
$12,069
Month 9, Oct 2027
$12,069
Month 10, Nov 2027
$12,069
Month 11, Dec 2027
$12,069
Month 12, Jan 2028
$12,069
Month 13, Feb 2028
$12,069
Month 14, Mar 2028
$12,069
Month 15, Apr 2028
$12,069
Month 16, May 2028
$12,069
Month 17, Jun 2028
$12,069
Month 18, Jul 2028
$12,069
Month 19, Aug 2028
$12,069
Month 20, Sep 2028
$12,069
Month 21, Oct 2028
$12,069
Month 22, Nov 2028
$12,069
Month 23, Dec 2028
$12,069
Month 24, Jan 2029
$12,069
Total
$289,648
Operating / lease-up reservePer the model$100,868
Months
Held at completion for lease-up
Budget
$100,868
Held at completion
$100,868
Total
$100,868
Developer feeCustom$2,040,000
Months
Months 0, 12, 24
Budget
$2,040,000
Month 0, Jan 2027
$510,000
Month 12, Jan 2028
$1,020,000
Month 24, Jan 2029
$510,000
Total
$2,040,000
Interest reserve (budgeted)Per the model$2,193,302
Months
Months 1 to 24, on the drawn balance
Budget
$2,193,302
Month 10, Nov 2027
$783
Month 11, Dec 2027
$14,484
Month 12, Jan 2028
$28,678
Month 13, Feb 2028
$49,122
Month 14, Mar 2028
$63,755
Month 15, Apr 2028
$78,296
Month 16, May 2028
$92,547
Month 17, Jun 2028
$106,309
Month 18, Jul 2028
$119,382
Month 19, Aug 2028
$131,640
Month 20, Sep 2028
$142,954
Month 21, Oct 2028
$153,122
Month 22, Nov 2028
$161,940
Month 23, Dec 2028
$169,203
Month 24, Jan 2029
$174,705
Held at completion
$706,382
Total
$2,193,302
Construction loan origination feeAt closing$254,415
Months
Month 0
Budget
$254,415
Month 0, Jan 2027
$254,415
Total
$254,415
Total by month$52,189,000
Budget
$52,189,000
Month 0, Jan 2027
$3,930,265
Month 1, Feb 2027
$968,743
Month 2, Mar 2027
$1,310,513
Month 3, Apr 2027
$1,085,139
Month 4, May 2027
$1,359,288
Month 5, Jun 2027
$1,599,626
Month 6, Jul 2027
$1,806,153
Month 7, Aug 2027
$1,978,869
Month 8, Sep 2027
$2,119,465
Month 9, Oct 2027
$2,243,015
Month 10, Nov 2027
$2,348,611
Month 11, Dec 2027
$2,433,314
Month 12, Jan 2028
$3,504,700
Month 13, Feb 2028
$2,508,524
Month 14, Mar 2028
$2,492,727
Month 15, Apr 2028
$2,443,027
Month 16, May 2028
$2,359,227
Month 17, Jun 2028
$2,241,127
Month 18, Jul 2028
$2,101,282
Month 19, Aug 2028
$1,939,566
Month 20, Sep 2028
$1,743,095
Month 21, Oct 2028
$1,511,668
Month 22, Nov 2028
$1,245,080
Month 23, Dec 2028
$943,126
Month 24, Jan 2029
$3,165,601
Held at completion
$807,249

Line	Method	Months	Budget	Month 0Jan 2027	Month 1Feb 2027	Month 2Mar 2027	Month 3Apr 2027	Month 4May 2027	Month 5Jun 2027	Month 6Jul 2027	Month 7Aug 2027	Month 8Sep 2027	Month 9Oct 2027	Month 10Nov 2027	Month 11Dec 2027	Month 12Jan 2028	Month 13Feb 2028	Month 14Mar 2028	Month 15Apr 2028	Month 16May 2028	Month 17Jun 2028	Month 18Jul 2028	Month 19Aug 2028	Month 20Sep 2028	Month 21Oct 2028	Month 22Nov 2028	Month 23Dec 2028	Month 24Jan 2029	Held at completion	Total
Land	At closing	Month 0	$2,000,000	$2,000,000																										$2,000,000
Hard costs (GMP / base)	Retainage held, 5%	Months 1 to 24, released month 24	$41,000,000		$197,229	$569,148	$907,256	$1,211,552	$1,482,038	$1,718,714	$1,921,578	$2,090,632	$2,225,875	$2,327,308	$2,394,929	$2,428,740	$2,428,740	$2,394,929	$2,327,308	$2,225,875	$2,090,632	$1,921,578	$1,718,714	$1,482,038	$1,211,552	$907,256	$569,148	$2,247,229		$41,000,000
Hard cost contingency	Back-loaded	Months 8 to 24	$488,510									$1,690	$5,071	$8,452	$11,832	$15,213	$18,594	$21,975	$25,355	$28,736	$32,117	$35,497	$38,878	$42,259	$45,639	$49,020	$52,401	$55,781		$488,510
Architecture & engineering	Front-loaded	Months 0 to 8	$1,221,000	$256,259	$226,111	$195,963	$165,815	$135,667	$105,519	$75,370	$45,222	$15,074																		$1,221,000
Permits, SAC/WAC, park dedication, fees	Up front	Months 0 to 2	$1,600,000	$533,333	$533,333	$533,333																								$1,600,000
Legal, title, closing	At closing	Month 0	$212,403	$212,403																										$212,403
Title and closing	At closing	Month 0	$163,855	$163,855																										$163,855
Marketing & lease-up costs	Back-loaded	Months 18 to 24	$250,000																			$5,102	$15,306	$25,510	$35,714	$45,918	$56,122	$66,327		$250,000
FF&E / amenities	Back-loaded	Months 18 to 24	$375,000																			$7,653	$22,959	$38,265	$53,571	$68,878	$84,184	$99,490		$375,000
Taxes & insurance during construction	Straight line	Months 1 to 24	$289,648		$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069	$12,069		$289,648
Operating / lease-up reserve	Per the model	Held at completion for lease-up	$100,868																										$100,868	$100,868
Developer fee	Custom	Months 0, 12, 24	$2,040,000	$510,000												$1,020,000												$510,000		$2,040,000
Interest reserve (budgeted)	Per the model	Months 1 to 24, on the drawn balance	$2,193,302											$783	$14,484	$28,678	$49,122	$63,755	$78,296	$92,547	$106,309	$119,382	$131,640	$142,954	$153,122	$161,940	$169,203	$174,705	$706,382	$2,193,302
Construction loan origination fee	At closing	Month 0	$254,415	$254,415																										$254,415
Total by month			$52,189,000	$3,930,265	$968,743	$1,310,513	$1,085,139	$1,359,288	$1,599,626	$1,806,153	$1,978,869	$2,119,465	$2,243,015	$2,348,611	$2,433,314	$3,504,700	$2,508,524	$2,492,727	$2,443,027	$2,359,227	$2,241,127	$2,101,282	$1,939,566	$1,743,095	$1,511,668	$1,245,080	$943,126	$3,165,601	$807,249	$52,189,000

Draws by month

Total draw, who funds it, the loan balance and percent complete.

Month 0
Jan 2027
Land
$2,000,000
Hard costs
$0
Soft costs
$1,165,850
Developer fee
$510,000
Financing fees
$254,415
Interest, capitalized
$0
Total draw
$3,930,265
Equity funded
$3,930,265
Loan funded
$0
Unfunded
$0
Cumulative loan balance
$0
Complete
0.0%
Remaining commitment
$33,922,000
Month 1
Feb 2027
Land
$0
Hard costs
$197,229
Soft costs
$771,513
Developer fee
$0
Financing fees
$0
Interest, capitalized
$0
Total draw
$968,743
Equity funded
$968,743
Loan funded
$0
Unfunded
$0
Cumulative loan balance
$0
Complete
0.5%
Remaining commitment
$33,922,000
Month 2
Mar 2027
Land
$0
Hard costs
$569,148
Soft costs
$741,365
Developer fee
$0
Financing fees
$0
Interest, capitalized
$0
Total draw
$1,310,513
Equity funded
$1,310,513
Loan funded
$0
Unfunded
$0
Cumulative loan balance
$0
Complete
1.9%
Remaining commitment
$33,922,000
Month 3
Apr 2027
Land
$0
Hard costs
$907,256
Soft costs
$177,883
Developer fee
$0
Financing fees
$0
Interest, capitalized
$0
Total draw
$1,085,139
Equity funded
$1,085,139
Loan funded
$0
Unfunded
$0
Cumulative loan balance
$0
Complete
4.2%
Remaining commitment
$33,922,000
Month 4
May 2027
Land
$0
Hard costs
$1,211,552
Soft costs
$147,735
Developer fee
$0
Financing fees
$0
Interest, capitalized
$0
Total draw
$1,359,288
Equity funded
$1,359,288
Loan funded
$0
Unfunded
$0
Cumulative loan balance
$0
Complete
7.3%
Remaining commitment
$33,922,000
Month 5
Jun 2027
Land
$0
Hard costs
$1,482,038
Soft costs
$117,587
Developer fee
$0
Financing fees
$0
Interest, capitalized
$0
Total draw
$1,599,626
Equity funded
$1,599,626
Loan funded
$0
Unfunded
$0
Cumulative loan balance
$0
Complete
11.1%
Remaining commitment
$33,922,000
Month 6
Jul 2027
Land
$0
Hard costs
$1,718,714
Soft costs
$87,439
Developer fee
$0
Financing fees
$0
Interest, capitalized
$0
Total draw
$1,806,153
Equity funded
$1,806,153
Loan funded
$0
Unfunded
$0
Cumulative loan balance
$0
Complete
15.4%
Remaining commitment
$33,922,000
Month 7
Aug 2027
Land
$0
Hard costs
$1,921,578
Soft costs
$57,291
Developer fee
$0
Financing fees
$0
Interest, capitalized
$0
Total draw
$1,978,869
Equity funded
$1,978,869
Loan funded
$0
Unfunded
$0
Cumulative loan balance
$0
Complete
20.3%
Remaining commitment
$33,922,000
Month 8
Sep 2027
Land
$0
Hard costs
$2,092,323
Soft costs
$27,143
Developer fee
$0
Financing fees
$0
Interest, capitalized
$0
Total draw
$2,119,465
Equity funded
$2,119,465
Loan funded
$0
Unfunded
$0
Cumulative loan balance
$0
Complete
25.6%
Remaining commitment
$33,922,000
Month 9
Oct 2027
Land
$0
Hard costs
$2,230,946
Soft costs
$12,069
Developer fee
$0
Financing fees
$0
Interest, capitalized
$0
Total draw
$2,243,015
Equity funded
$2,108,719
Loan funded
$134,296
Unfunded
$0
Cumulative loan balance
$134,296
Complete
31.3%
Remaining commitment
$33,787,704
Month 10
Nov 2027
Land
$0
Hard costs
$2,335,759
Soft costs
$12,069
Developer fee
$0
Financing fees
$0
Interest, capitalized
$783
Total draw
$2,348,611
Equity funded
$0
Loan funded
$2,348,611
Unfunded
$0
Cumulative loan balance
$2,482,907
Complete
37.2%
Remaining commitment
$31,439,093
Month 11
Dec 2027
Land
$0
Hard costs
$2,406,762
Soft costs
$12,069
Developer fee
$0
Financing fees
$0
Interest, capitalized
$14,484
Total draw
$2,433,314
Equity funded
$0
Loan funded
$2,433,314
Unfunded
$0
Cumulative loan balance
$4,916,221
Complete
43.3%
Remaining commitment
$29,005,779
Month 12
Jan 2028
Land
$0
Hard costs
$2,443,953
Soft costs
$12,069
Developer fee
$1,020,000
Financing fees
$0
Interest, capitalized
$28,678
Total draw
$3,504,700
Equity funded
$0
Loan funded
$3,504,700
Unfunded
$0
Cumulative loan balance
$8,420,921
Complete
49.5%
Remaining commitment
$25,501,079
Month 13
Feb 2028
Land
$0
Hard costs
$2,447,334
Soft costs
$12,069
Developer fee
$0
Financing fees
$0
Interest, capitalized
$49,122
Total draw
$2,508,524
Equity funded
$0
Loan funded
$2,508,524
Unfunded
$0
Cumulative loan balance
$10,929,445
Complete
55.7%
Remaining commitment
$22,992,555
Month 14
Mar 2028
Land
$0
Hard costs
$2,416,904
Soft costs
$12,069
Developer fee
$0
Financing fees
$0
Interest, capitalized
$63,755
Total draw
$2,492,727
Equity funded
$0
Loan funded
$2,492,727
Unfunded
$0
Cumulative loan balance
$13,422,172
Complete
61.8%
Remaining commitment
$20,499,828
Month 15
Apr 2028
Land
$0
Hard costs
$2,352,663
Soft costs
$12,069
Developer fee
$0
Financing fees
$0
Interest, capitalized
$78,296
Total draw
$2,443,027
Equity funded
$0
Loan funded
$2,443,027
Unfunded
$0
Cumulative loan balance
$15,865,200
Complete
67.8%
Remaining commitment
$18,056,800
Month 16
May 2028
Land
$0
Hard costs
$2,254,611
Soft costs
$12,069
Developer fee
$0
Financing fees
$0
Interest, capitalized
$92,547
Total draw
$2,359,227
Equity funded
$0
Loan funded
$2,359,227
Unfunded
$0
Cumulative loan balance
$18,224,427
Complete
73.5%
Remaining commitment
$15,697,573
Month 17
Jun 2028
Land
$0
Hard costs
$2,122,749
Soft costs
$12,069
Developer fee
$0
Financing fees
$0
Interest, capitalized
$106,309
Total draw
$2,241,127
Equity funded
$0
Loan funded
$2,241,127
Unfunded
$0
Cumulative loan balance
$20,465,553
Complete
78.9%
Remaining commitment
$13,456,447
Month 18
Jul 2028
Land
$0
Hard costs
$1,957,076
Soft costs
$24,824
Developer fee
$0
Financing fees
$0
Interest, capitalized
$119,382
Total draw
$2,101,282
Equity funded
$0
Loan funded
$2,101,282
Unfunded
$0
Cumulative loan balance
$22,566,835
Complete
83.9%
Remaining commitment
$11,355,165
Month 19
Aug 2028
Land
$0
Hard costs
$1,757,592
Soft costs
$50,334
Developer fee
$0
Financing fees
$0
Interest, capitalized
$131,640
Total draw
$1,939,566
Equity funded
$0
Loan funded
$1,939,566
Unfunded
$0
Cumulative loan balance
$24,506,401
Complete
88.3%
Remaining commitment
$9,415,599
Month 20
Sep 2028
Land
$0
Hard costs
$1,524,297
Soft costs
$75,844
Developer fee
$0
Financing fees
$0
Interest, capitalized
$142,954
Total draw
$1,743,095
Equity funded
$0
Loan funded
$1,743,095
Unfunded
$0
Cumulative loan balance
$26,249,496
Complete
92.2%
Remaining commitment
$7,672,504
Month 21
Oct 2028
Land
$0
Hard costs
$1,257,192
Soft costs
$101,354
Developer fee
$0
Financing fees
$0
Interest, capitalized
$153,122
Total draw
$1,511,668
Equity funded
$0
Loan funded
$1,511,668
Unfunded
$0
Cumulative loan balance
$27,761,164
Complete
95.4%
Remaining commitment
$6,160,836
Month 22
Nov 2028
Land
$0
Hard costs
$956,276
Soft costs
$126,865
Developer fee
$0
Financing fees
$0
Interest, capitalized
$161,940
Total draw
$1,245,080
Equity funded
$0
Loan funded
$1,245,080
Unfunded
$0
Cumulative loan balance
$29,006,244
Complete
97.8%
Remaining commitment
$4,915,756
Month 23
Dec 2028
Land
$0
Hard costs
$621,549
Soft costs
$152,375
Developer fee
$0
Financing fees
$0
Interest, capitalized
$169,203
Total draw
$943,126
Equity funded
$0
Loan funded
$943,126
Unfunded
$0
Cumulative loan balance
$29,949,371
Complete
99.4%
Remaining commitment
$3,972,629
Month 24
Jan 2029
Land
$0
Hard costs
$2,303,011
Soft costs
$177,885
Developer fee
$510,000
Financing fees
$0
Interest, capitalized
$174,705
Total draw
$3,165,601
Equity funded
$0
Loan funded
$3,165,380
Unfunded
$221
Cumulative loan balance
$33,114,751
Complete
100.0%
Remaining commitment
$807,249
Total through completion
Land
$2,000,000
Hard costs
$41,488,510
Soft costs
$4,111,905
Developer fee
$2,040,000
Financing fees
$254,415
Interest, capitalized
$1,486,920
Total draw
$51,381,751
Equity funded
$18,266,779
Loan funded
$33,114,751
Unfunded
$221
Cumulative loan balance
$33,114,751
Complete
100.0%
Remaining commitment
$807,249

Month	Land	Hard costs	Soft costs	Developer fee	Financing fees	Interest, capitalized	Total draw	Equity funded	Loan funded	Unfunded	Cumulative loan balance	Complete	Remaining commitment
Month 0Jan 2027	$2,000,000	$0	$1,165,850	$510,000	$254,415	$0	$3,930,265	$3,930,265	$0	$0	$0	0.0%	$33,922,000
Month 1Feb 2027	$0	$197,229	$771,513	$0	$0	$0	$968,743	$968,743	$0	$0	$0	0.5%	$33,922,000
Month 2Mar 2027	$0	$569,148	$741,365	$0	$0	$0	$1,310,513	$1,310,513	$0	$0	$0	1.9%	$33,922,000
Month 3Apr 2027	$0	$907,256	$177,883	$0	$0	$0	$1,085,139	$1,085,139	$0	$0	$0	4.2%	$33,922,000
Month 4May 2027	$0	$1,211,552	$147,735	$0	$0	$0	$1,359,288	$1,359,288	$0	$0	$0	7.3%	$33,922,000
Month 5Jun 2027	$0	$1,482,038	$117,587	$0	$0	$0	$1,599,626	$1,599,626	$0	$0	$0	11.1%	$33,922,000
Month 6Jul 2027	$0	$1,718,714	$87,439	$0	$0	$0	$1,806,153	$1,806,153	$0	$0	$0	15.4%	$33,922,000
Month 7Aug 2027	$0	$1,921,578	$57,291	$0	$0	$0	$1,978,869	$1,978,869	$0	$0	$0	20.3%	$33,922,000
Month 8Sep 2027	$0	$2,092,323	$27,143	$0	$0	$0	$2,119,465	$2,119,465	$0	$0	$0	25.6%	$33,922,000
Month 9Oct 2027	$0	$2,230,946	$12,069	$0	$0	$0	$2,243,015	$2,108,719	$134,296	$0	$134,296	31.3%	$33,787,704
Month 10Nov 2027	$0	$2,335,759	$12,069	$0	$0	$783	$2,348,611	$0	$2,348,611	$0	$2,482,907	37.2%	$31,439,093
Month 11Dec 2027	$0	$2,406,762	$12,069	$0	$0	$14,484	$2,433,314	$0	$2,433,314	$0	$4,916,221	43.3%	$29,005,779
Month 12Jan 2028	$0	$2,443,953	$12,069	$1,020,000	$0	$28,678	$3,504,700	$0	$3,504,700	$0	$8,420,921	49.5%	$25,501,079
Month 13Feb 2028	$0	$2,447,334	$12,069	$0	$0	$49,122	$2,508,524	$0	$2,508,524	$0	$10,929,445	55.7%	$22,992,555
Month 14Mar 2028	$0	$2,416,904	$12,069	$0	$0	$63,755	$2,492,727	$0	$2,492,727	$0	$13,422,172	61.8%	$20,499,828
Month 15Apr 2028	$0	$2,352,663	$12,069	$0	$0	$78,296	$2,443,027	$0	$2,443,027	$0	$15,865,200	67.8%	$18,056,800
Month 16May 2028	$0	$2,254,611	$12,069	$0	$0	$92,547	$2,359,227	$0	$2,359,227	$0	$18,224,427	73.5%	$15,697,573
Month 17Jun 2028	$0	$2,122,749	$12,069	$0	$0	$106,309	$2,241,127	$0	$2,241,127	$0	$20,465,553	78.9%	$13,456,447
Month 18Jul 2028	$0	$1,957,076	$24,824	$0	$0	$119,382	$2,101,282	$0	$2,101,282	$0	$22,566,835	83.9%	$11,355,165
Month 19Aug 2028	$0	$1,757,592	$50,334	$0	$0	$131,640	$1,939,566	$0	$1,939,566	$0	$24,506,401	88.3%	$9,415,599
Month 20Sep 2028	$0	$1,524,297	$75,844	$0	$0	$142,954	$1,743,095	$0	$1,743,095	$0	$26,249,496	92.2%	$7,672,504
Month 21Oct 2028	$0	$1,257,192	$101,354	$0	$0	$153,122	$1,511,668	$0	$1,511,668	$0	$27,761,164	95.4%	$6,160,836
Month 22Nov 2028	$0	$956,276	$126,865	$0	$0	$161,940	$1,245,080	$0	$1,245,080	$0	$29,006,244	97.8%	$4,915,756
Month 23Dec 2028	$0	$621,549	$152,375	$0	$0	$169,203	$943,126	$0	$943,126	$0	$29,949,371	99.4%	$3,972,629
Month 24Jan 2029	$0	$2,303,011	$177,885	$510,000	$0	$174,705	$3,165,601	$0	$3,165,380	$221	$33,114,751	100.0%	$807,249
Total through completion	$2,000,000	$41,488,510	$4,111,905	$2,040,000	$254,415	$1,486,920	$51,381,751	$18,266,779	$33,114,751	$221	$33,114,751	100.0%	$807,249

Why each line draws when it does

Land: At closing: Land is bought at closing.
Hard costs (GMP / base): Retainage held, 5%: Vertical construction bills on an S-curve from month 1 to completion; 5% of each pay application is held and released at completion, month 24.
Hard cost contingency: Back-loaded: Contingency is spent as change orders arrive, mostly in the back half of construction.
Architecture & engineering: Front-loaded: Design is largely billed before and at closing; construction administration trails through month 8.
Permits, SAC/WAC, park dedication, fees: Up front: Permits, SAC/WAC and park dedication are paid at permit issuance, around closing.
Legal, title, closing: At closing: Legal is paid at closing.
Title and closing: At closing: Title and closing costs are paid at closing.
Marketing & lease-up costs: Back-loaded: Marketing and lease-up spend builds toward first deliveries.
FF&E / amenities: Back-loaded: FF&E and amenities install at the end of construction.
Taxes & insurance during construction: Straight line: Builder's risk premium and real estate taxes run through construction.
Operating / lease-up reserve: Per the model: Held for lease-up interest; it carries any interest beyond the interest line.
Developer fee: Custom: Stated schedule: 25% at closing, 50% at the construction midpoint (month 12), 25% at completion (month 24).
Interest reserve (budgeted): Per the model: Interest is computed each month on the opening drawn balance at the loan rate and capitalized from this line.
Construction loan origination fee: At closing: The lender's origination fee is paid at closing.

How the schedule is built

Each budget line draws by its own method. Every line's months sum to its budget to the cent; leftover cents go to the months with the largest remainders.
Funding order: equity first, then the loan. The loan first funds costs in month 9.
Interest: capitalized, funded by the loan from the interest and reserve lines, at 7.00% a year on the opening drawn balance, each month rounded to the cent.
The interest and reserve lines ($2,294,170) are held inside the commitment; $1,486,920 is drawn by completion and $807,249 stays for lease-up interest.
S-curve: cumulative share 3t² - 2t³ over the window. Front-loaded: 1 - (1 - t)². Back-loaded: t². Straight line and up front: equal months.
Retainage: the default holds 5% of each hard cost pay application and releases it in month 24, construction completion.
Unfunded: $221, the stated equity plus loan against the budget.
Percent complete is cumulative hard cost work in place (before retainage) over the hard cost budget.

What it earns at stabilization

Untrended 6.51% and trended 7.26% yield on cost.

Gross potential rent
every unit at its asking rent, twelve months
Untrended
$5,241,000
Trended
$5,726,982
Loss to lease
none: a new building has no leases below market
Untrended
$0
Trended
$0
Vacancy
5.0% of gross potential
Untrended
($262,050)
Trended
($286,349)
Rent billed
Untrended
$4,978,950
Trended
$5,440,633
Concessions
0.5% of gross potential
Untrended
($26,205)
Trended
($28,635)
Credit loss
0.4% of rent billed
Untrended
($19,916)
Trended
($21,763)
Net rental income
Untrended
$4,932,829
Trended
$5,390,236
Utility reimbursement
Untrended
$120,654
Trended
$131,842
Parking
Untrended
$164,223
Trended
$179,451
Storage, pet and other
Untrended
$50,272
Trended
$54,934
Effective gross income
Untrended
$5,267,979
Trended
$5,756,463
Operating expenses
excluding property tax
Untrended
($1,482,000)
Trended
($1,561,286)
Property tax
Untrended
($386,000)
Trended
($408,000)
Net operating income
Untrended
$3,399,979
Trended
$3,787,177
Expense ratio
operating expenses and tax over EGI
Untrended
35.5%
Trended
34.2%
NOI per unit
Untrended
$17,000
Trended
$18,936
Yield on cost
NOI over total project cost
Untrended
6.51%
Trended
7.26%

Line	UntrendedAt today's rents	TrendedFirst stabilized year, as projected
Gross potential rentevery unit at its asking rent, twelve months	$5,241,000	$5,726,982
Loss to leasenone: a new building has no leases below market	$0	$0
Vacancy5.0% of gross potential	($262,050)	($286,349)
Rent billed	$4,978,950	$5,440,633
Concessions0.5% of gross potential	($26,205)	($28,635)
Credit loss0.4% of rent billed	($19,916)	($21,763)
Net rental income	$4,932,829	$5,390,236
Utility reimbursement	$120,654	$131,842
Parking	$164,223	$179,451
Storage, pet and other	$50,272	$54,934
Effective gross income	$5,267,979	$5,756,463
Operating expensesexcluding property tax	($1,482,000)	($1,561,286)
Property tax	($386,000)	($408,000)
Net operating income	$3,399,979	$3,787,177
Expense ratiooperating expenses and tax over EGI	35.5%	34.2%
NOI per unit	$17,000	$18,936
Yield on costNOI over total project cost	6.51%	7.26%

Trended carries 3.0% a year of rent growth for 3 years; every deduction rate is the same in both columns. Yield on cost is NOI over the $52,189,000 total project cost.

How the loan sizes at stabilization

On the requested $33,922,000. Covenant 1.20x from stabilization; extension test 1.15x.

NOI
Trended
$3,787,177
Untrended
$3,399,979
Debt service as stated in the cash flow
Annual debt service
7.00% on the commitment
Trended
$2,374,000
Untrended
$2,374,000
DSCR
Trended
1.60x
Untrended
1.43x
At the modelled rate, 5.90%
Annual debt service
SOFR reading plus spread, interest only
Trended
$2,001,398
Untrended
$2,001,398
DSCR
Trended
1.89x
Untrended
1.70x
At the cap strike plus spread, 7.25%
Annual debt service
the most the capped rate can cost
Trended
$2,459,345
Untrended
$2,459,345
DSCR
Trended
1.54x
Untrended
1.38x
Debt yield and value
Debt yield
NOI over the loan amount
Trended
11.16%
Untrended
10.02%
Value
NOI at a 5.25% cap rate
Trended
$72,136,706
Untrended
$64,761,507
Loan to value
Trended
47.0%
Untrended
52.4%

Test	TrendedFirst stabilized year	UntrendedAt today's rents
NOI	$3,787,177	$3,399,979
Debt service as stated in the cash flow
Annual debt service7.00% on the commitment	$2,374,000	$2,374,000
DSCR	1.60x	1.43x
At the modelled rate, 5.90%
Annual debt serviceSOFR reading plus spread, interest only	$2,001,398	$2,001,398
DSCR	1.89x	1.70x
At the cap strike plus spread, 7.25%
Annual debt servicethe most the capped rate can cost	$2,459,345	$2,459,345
DSCR	1.54x	1.38x
Debt yield and value
Debt yieldNOI over the loan amount	11.16%	10.02%
ValueNOI at a 5.25% cap rate	$72,136,706	$64,761,507
Loan to value	47.0%	52.4%

Two debt service figures, and why

The cash flow states construction-period debt service of $2,374,000 a year, which is 7.00% on the full commitment; the loan terms model SOFR plus spread at 5.90%. The two differ and both are shown; the sponsor reconciles them before sending. Interest only on the fully drawn commitment throughout.

The takeout

Permanent loan at month 61 (Feb 2032 on the model's schedule), assumed at 5.40% fixed, 30 years amortization, 10 years from funding in month 61.

Underwritten NOI
Amount
$3,787,177
Value
Amount
$68,857,765
Sized at maximum loan to value
Amount
$48,200,436
Sized at minimum coverage
Amount
$47,032,098
Sized at a 7.15% stress rate
Amount
$38,950,773
Permanent loan
Minimum debt service coverage binds
Amount
$47,032,000
Construction loan payoff
Amount
($32,982,304)
Net proceeds to equity
Amount
$14,024,696
Takeout over payoff
Amount
1.43x

Line	Amount
Underwritten NOI	$3,787,177
Value	$68,857,765
Sized at maximum loan to value	$48,200,436
Sized at minimum coverage	$47,032,098
Sized at a 7.15% stress rate	$38,950,773
Permanent loanMinimum debt service coverage binds	$47,032,000
Construction loan payoff	($32,982,304)
Net proceeds to equity	$14,024,696
Takeout over payoff	1.43x

The rate assumption behind the takeout

This is a forecast of a rate five years out, not a commitment. It is the single most consequential undisclosed assumption on most deal pages: the whole refinance distribution rests on it, and at 6.50% instead the loan sizes to roughly $41.6M and the month 61 distribution falls from $14.0M to about $8.6M.

How the lease-up deficit is funded

First delivery month 25, stabilized month 36: 11 months of debt service less NOI.

Modelled deficit: $1,240,000
Running peak: $1,474,794 at month 32
First month NOI covers debt service: Month 33
Lease-up reserve in budget: $100,868
Sponsor commitment at the peak: $1,373,926

Absorption by unit type

Studio
Units
30
To fill
7 months
Leases a month
4.1
Peak month
7.5
1BR
Units
80
To fill
10 months
Leases a month
7.6
Peak month
14.4
2BR
Units
75
To fill
11 months
Leases a month
6.5
Peak month
12.3
3BR
Units
15
To fill
12 months
Leases a month
1.2
Peak month
2.3

Type	Units	To fill	Leases a month	Peak month
Studio	30	7 months	4.1	7.5
1BR	80	10 months	7.6	14.4
2BR	75	11 months	6.5	12.3
3BR	15	12 months	1.2	2.3

Funding order

1. Capitalized interest
The budget's $2,193,302 of construction interest is drawn by month 24; nothing remains for month 25 on.
Amount
$0
2. Lease-up reserve
The budget's reserve, drawn in full.
Amount
$100,868
3. Sponsor commitment
The remainder, as a GP member loan on the terms below (sample).
Amount
$1,139,132
Modelled deficit
Amount
$1,240,000

Source	Amount
1. Capitalized interestThe budget's $2,193,302 of construction interest is drawn by month 24; nothing remains for month 25 on.	$0
2. Lease-up reserveThe budget's reserve, drawn in full.	$100,868
3. Sponsor commitmentThe remainder, as a GP member loan on the terms below (sample).	$1,139,132
Modelled deficit	$1,240,000

The sponsor commitment's terms

Form of the commitment: GP member loan (sample); Funded by the sponsor as a loan to the partnership, not as equity
Priority: Subordinate to the investor preferred return (sample); Repaid only after investors receive their preferred return
Return on it: 10% simple interest (sample); Accrues from each advance until repaid

A slower lease-up

Base case
Stabilized
Month 36
Deficit
$1,240,000
Sponsor commitment
$1,139,132
First extension test, 1.15x required
1.60xPasses
3 months slower
Stabilized
Month 39
Deficit
$1,989,142
Sponsor commitment
$1,888,274
First extension test, 1.15x required
1.60xPasses
6 months slower
Stabilized
Month 42
Deficit
$2,737,697
Sponsor commitment
$2,636,829
First extension test, 1.15x required
1.55xPasses

Case	Stabilized	Deficit	Sponsor commitment	First extension test, 1.15x required
Base case	Month 36	$1,240,000	$1,139,132	1.60xPasses
3 months slower	Month 39	$1,989,142	$1,888,274	1.60xPasses
6 months slower	Month 42	$2,737,697	$2,636,829	1.55xPasses

How the subject's rents compare

West End: 10 properties, 4 posting prices, 28 priced plans, 2026-11-08.

Studio
5 plans at 2 properties
Comp asking
$1,599
Comp effective
$1,466
Subject today
$1,625
Subject vs effective
+$159+10.9%
1 bedroom
7 plans at 4 properties
Comp asking
$1,849
Comp effective
$1,691
Subject today
$1,850
Subject vs effective
+$159+9.4%
2 bedroom
16 plans at 4 properties
Comp asking
$2,578
Comp effective
$2,388
Subject today
$2,550
Subject vs effective
+$162+6.8%

Bedrooms	Comp askingmedian	Comp effectivemedian	Subject today	Subject vs effective
Studio5 plans at 2 properties	$1,599	$1,466	$1,625	+$159+10.9%
1 bedroom7 plans at 4 properties	$1,849	$1,691	$1,850	+$159+9.4%
2 bedroom16 plans at 4 properties	$2,578	$2,388	$2,550	+$162+6.8%

No tracked plans at the subject's 3BR (15 units at $3,250): those rents have no comp in this set.

Market concession observed: 4.33 weeks median across 3 of 4 properties; the pro forma carries 0.5% of gross potential rent (0.26 weeks on a 12-month lease) at stabilization and none in lease-up.

Sample Sponsor LLC: 6 developments, 600 units, $131,160,000 total cost, latest 2024. Co-investing $548,045 (3.0%).

Lake Street Flats
2016
Units
64
Total cost
$11,840,000
Projected IRR
16.0%
Realized IRR
18.4%
Difference
+2.4%
Verification
Third-party verified
Excelsior Commons
2018
Units
112
Total cost
$23,520,000
Projected IRR
15.5%
Realized IRR
14.7%
Difference
-0.8%
Verification
Document verified
Como Avenue Lofts
2019
Units
48
Total cost
$9,120,000
Projected IRR
15.0%
Realized IRR
Operating
Difference
Not exited
Verification
Document verified
Nicollet Yards
2021
Units
156
Total cost
$34,320,000
Projected IRR
16.5%
Realized IRR
Operating
Difference
Not exited
Verification
Sponsor reported
Highland Row
2022
Units
88
Total cost
$20,680,000
Projected IRR
15.5%
Realized IRR
Operating
Difference
Not exited
Verification
Sponsor reported
Wayzata Boulevard
2024
Units
132
Total cost
$31,680,000
Projected IRR
16.0%
Realized IRR
Operating
Difference
Not exited
Verification
Sponsor reported

Project	Units	Total cost	Projected IRR	Realized IRR	Difference	Verification
Lake Street Flats2016	64	$11,840,000	16.0%	18.4%	+2.4%	Third-party verified
Excelsior Commons2018	112	$23,520,000	15.5%	14.7%	-0.8%	Document verified
Como Avenue Lofts2019	48	$9,120,000	15.0%	Operating	Not exited	Document verified
Nicollet Yards2021	156	$34,320,000	16.5%	Operating	Not exited	Sponsor reported
Highland Row2022	88	$20,680,000	15.5%	Operating	Not exited	Sponsor reported
Wayzata Boulevard2024	132	$31,680,000	16.0%	Operating	Not exited	Sponsor reported

Lake Street Flats: Third-party verified
Excelsior Commons: Document verified
Como Avenue Lofts: Document verified
Nicollet Yards: Sponsor reported
Highland Row: Sponsor reported
Wayzata Boulevard: Sponsor reported

Project team

Sponsor and developer: Sample Sponsor LLC; 6 completed developments, record above, co-invested pari passu
General contractor: Sample Builders Co; Bid package in progress; guaranteed maximum price to be executed before closing, contingency inside the GMP
Architect: Sample Architecture Studio; Schematic design under way, construction administration through delivery
Construction lender: Sample Regional Bank; Term sheet signed, in-balance tested at each draw
Property manager: Sample Residential Management; Engaged for pre-leasing at first delivery and operations after
Counsel: Sample Law LLP; Entitlements through the expired appeal period, loan and equity closings

Sample team statuses, from the deal page.

What the guarantors must show

Every figure is the sponsor's to supply; none is filled in here.

Guarantor names
The sponsor principals who sign, as named in the loan documents
Status
Sponsor input, not stated
Combined net worth
Lenders commonly test net worth against the loan amount
Status
Sponsor input, not stated
Combined liquidity
Unencumbered cash and marketable securities
Status
Sponsor input, not stated
Contingent liabilities
Other guaranties outstanding, from the schedule of real estate owned
Status
Sponsor input, not stated
Schedule of real estate owned
Each property, its debt, and the guarantor's share
Status
Sponsor input, not stated
Financial statement date
Personal financial statements and two years of tax returns
Status
Sponsor input, not stated
Completion guaranty
Completion guarantee and standard non-recourse carve-outs from the sponsor principals
Status
Requested
Repayment guaranty
No repayment guarantee
Status
None requested
Liquidity and net worth covenants
Minimum liquidity and net worth on the guarantors, with the figures set in the loan agreement; this sample does not fix them
Status
Sponsor input, not stated

Item	Status
Guarantor namesThe sponsor principals who sign, as named in the loan documents	Sponsor input, not stated
Combined net worthLenders commonly test net worth against the loan amount	Sponsor input, not stated
Combined liquidityUnencumbered cash and marketable securities	Sponsor input, not stated
Contingent liabilitiesOther guaranties outstanding, from the schedule of real estate owned	Sponsor input, not stated
Schedule of real estate ownedEach property, its debt, and the guarantor's share	Sponsor input, not stated
Financial statement datePersonal financial statements and two years of tax returns	Sponsor input, not stated
Completion guarantyCompletion guarantee and standard non-recourse carve-outs from the sponsor principals	Requested
Repayment guarantyNo repayment guarantee	None requested
Liquidity and net worth covenantsMinimum liquidity and net worth on the guarantors, with the figures set in the loan agreement; this sample does not fix them	Sponsor input, not stated

Which third-party reports exist

Statuses follow the bid package's owner documents list.

Appraisal, as-complete and as-stabilized
Lender orders
Lender engages, borrower pays
Ordered by the lender after a term sheet is signed
Phase I environmental site assessment
Received
Borrower, reliance letter to the lender
Hazardous materials: by owner, and no basis to price until a Phase II is needed or ruled out
Geotechnical report
Not started
Borrower, reliance letter to the lender
Foundations and the soils unit price quantities; until it arrives, soils are priced only by unit price
ALTA survey
Pending
Borrower, certified to the lender and title
Net buildable area, setbacks, the test fit and site utilities
Plan and cost review
Lender orders
Lender's construction consultant, borrower pays
Reviews plans, budget, GMP and schedule before closing, then each draw

Where each lender document stands

27 documents from application to closing. Sample statuses for an illustrative deal; no document exists.

Received: 5
Pending: 4
Not started: 16
Not applicable: 2

1. Term sheet
What this package asks for
Supplied by
Lender
Needed
Application
Status
Not started
2. Commitment letter
Supplied by
Lender
Needed
Before closing
Status
Not started
3. Loan agreement
Supplied by
Lender's counsel
Needed
At closing
Status
Not started
4. Promissory note
Supplied by
Lender's counsel
Needed
At closing
Status
Not started
5. Mortgage or deed of trust
Supplied by
Lender's counsel
Needed
At closing
Status
Not started
6. Guaranties
Supplied by
Guarantors
Needed
At closing
Status
Not started
7. Environmental indemnity
Supplied by
Borrower and guarantors
Needed
At closing
Status
Not started
8. Appraisal
Supplied by
Lender orders
Needed
Before closing
Status
Not started
9. Phase I ESA
Bid package owner documents
Supplied by
Borrower
Needed
Application
Status
Received
10. Property condition report or plan and cost review
Supplied by
Lender orders
Needed
Before closing
Status
Not started
11. Survey (ALTA)
Bid package owner documents
Supplied by
Borrower
Needed
Before closing
Status
Pending
12. Title commitment and policy
Bid package owner documents
Supplied by
Title company
Needed
Before closing
Status
Received
13. Zoning report
Zoning facts are still to confirm on the site sheet
Supplied by
Borrower
Needed
Before closing
Status
Not started
14. Insurance certificates
Builder's risk and liability
Supplied by
Borrower and GC
Needed
At closing
Status
Not started
15. Entity documents (operating agreement, good standing)
Supplied by
Borrower
Needed
Application
Status
Received
16. Borrower financials
A new single-purpose entity: the sponsor's statements stand in
Supplied by
Borrower
Needed
Application
Status
Pending
17. Guarantor financials (PFS, tax returns)
See guarantors: not stated
Supplied by
Guarantors
Needed
Application
Status
Not started
18. Rent roll and T12
Ground-up: no existing tenants or operating history
Supplied by
Borrower
Needed
Not applicable
Status
Not applicable
19. GMP contract
Conceptual pricing requested in the bid package; no GMP yet
Supplied by
Borrower and GC
Needed
Before closing
Status
Pending
20. Architect contract
Proposal requested in the bid package
Supplied by
Borrower
Needed
Before closing
Status
Pending
21. Plans and specs
Supplied by
Architect
Needed
Before closing
Status
Not started
22. Budget
The sources and uses in this package
Supplied by
Borrower
Needed
Application
Status
Received
23. Schedule
The model's schedule in this package
Supplied by
Borrower
Needed
Application
Status
Received
24. Construction draw requests
Monthly, once the loan funds
Supplied by
Borrower
Needed
During construction
Status
Not applicable
25. Rate cap agreement
Supplied by
Borrower
Needed
At closing
Status
Not started
26. Opinion of counsel
Supplied by
Borrower's counsel
Needed
At closing
Status
Not started
27. Closing statement
Supplied by
Title company
Needed
At closing
Status
Not started

Document	Supplied by	Needed	Status
1. Term sheetWhat this package asks for	Lender	Application	Not started
2. Commitment letter	Lender	Before closing	Not started
3. Loan agreement	Lender's counsel	At closing	Not started
4. Promissory note	Lender's counsel	At closing	Not started
5. Mortgage or deed of trust	Lender's counsel	At closing	Not started
6. Guaranties	Guarantors	At closing	Not started
7. Environmental indemnity	Borrower and guarantors	At closing	Not started
8. Appraisal	Lender orders	Before closing	Not started
9. Phase I ESABid package owner documents	Borrower	Application	Received
10. Property condition report or plan and cost review	Lender orders	Before closing	Not started
11. Survey (ALTA)Bid package owner documents	Borrower	Before closing	Pending
12. Title commitment and policyBid package owner documents	Title company	Before closing	Received
13. Zoning reportZoning facts are still to confirm on the site sheet	Borrower	Before closing	Not started
14. Insurance certificatesBuilder's risk and liability	Borrower and GC	At closing	Not started
15. Entity documents (operating agreement, good standing)	Borrower	Application	Received
16. Borrower financialsA new single-purpose entity: the sponsor's statements stand in	Borrower	Application	Pending
17. Guarantor financials (PFS, tax returns)See guarantors: not stated	Guarantors	Application	Not started
18. Rent roll and T12Ground-up: no existing tenants or operating history	Borrower	Not applicable	Not applicable
19. GMP contractConceptual pricing requested in the bid package; no GMP yet	Borrower and GC	Before closing	Pending
20. Architect contractProposal requested in the bid package	Borrower	Before closing	Pending
21. Plans and specs	Architect	Before closing	Not started
22. BudgetThe sources and uses in this package	Borrower	Application	Received
23. ScheduleThe model's schedule in this package	Borrower	Application	Received
24. Construction draw requestsMonthly, once the loan funds	Borrower	During construction	Not applicable
25. Rate cap agreement	Borrower	At closing	Not started
26. Opinion of counsel	Borrower's counsel	At closing	Not started
27. Closing statement	Title company	At closing	Not started