1. Which of the following is not an approach to find the loan-to-value of a land loan? Income approach Cost approach Comparable approach Eligible VS ineligible costs approach 2. What is the value of the land lift of a property that has cash cost to purchase and rezone of $10,000,000, appraised value of $15,000,000, and loan-to-value of 40%? 5,000,000 6,000,000 4,500,000 4,000,000 - Schedule Transaction Date Sales Start Construction Start Construction End 1-Apr-17 1-Sep-18 1-Oct-17 1-Dec-18 30% % Sold at Property Stats (Square Feet) Gross Site Area Deductions Net Site Area Density (FSR) FSR GBA Constr. GBA Net Salable Schedule Please download and open the attached files. Use the provided assumptions to complete the financial model. The same file will be used for the following 12 questions. To set up a dynamic date that is one month later than the previous date, you would use this formula: (e.g. if previous date is Jan 5, then the formula would return Feb 5) (Hint, there are 2 correct answers) =EOMONTH("previous date",1) =EDATE("previous date",1) =DATE(YEAR("previous date"),MONTH("previous date")+1,DAY("previous date")) Please complete the sales assumptions calculations using the assumption provided. What is the total net proceeds of this development? 72,000,000 1,331,800 70,100,000 1,440,000 Please complete the revenue build up section of the financial model using the assumption provided. Which period (# of month) did you sell out all of the townhomes? 35 18 29 24 Please complete the development costs section of the financial model using the assumption provided. What is the total development costs of this entire project? 45,015,000 54,678,000 43,246,000 40,645,000 Please complete the financing section of the financial model assuming the opening balance is $0. What is the max loan amount? 28,795,879 30,546,105 26,496,164 25,674,961 Please complete the levered free cash flow section using the assumption provided. What is the equity balance (cumulative FCF)? 20,616,000 15,616,000 18,644,000 16,669,000 Please complete the levered free cash flow section using the assumption provided. What is the levered IRR percentage? 28.7 40.5 34.3 37.4 Please complete the cash flow waterfall section using the assumption provided. During which period (# of months) does the last distribution of cash flow of tier 1 happen? 34 28 40 37 Please complete the cash flow waterfall section using the assumption provided. What is the IRR for LPs? 34.3 40.5 37.4 28.7 Please complete the cash flow waterfall section using the assumption provided. What is the project NPV if discount rate was 10%? 9,416,544 13,511,476 12,354,657 16,854,166 Now that you have completed the financial model, please ensure that you have the iterative calculation function enabled. In the Deal Summary sheet, under the Purchase Financing & Costs section, what is the Max Loan Amount after solving for the circular reference? 30,561,034 25,964,613 24,879,465 28,565,949 Please complete the sensitivity analysis section. What would be the project IRR if the sales price and building costs both went up by 5%? 36.6% 31.7% 41.4% 42.2%