Prepare a development budget (both construction and permanent) and a cash flow projections for 10 years using following assumptions:

1. Total Number of Residential Units: 20- 1 Bedroom Apartments and 10- 2 Bedroom Apartments 2. Total Number of Commercial Units: 2 Units each with 2,500 sq. ft. 3. Gross Building Area: 36,000 sq. ft. 4. Construction Cost (both residential and commercial portion): $150 per sq. ft. 5. Land Acquisition Cost: $1.5 million 6. Hard Cost Contingency: 5% of Construction Cost 7. Soft Cost: 20% of Total Construction Cost (Construction Cost plus Contingency) 8. Soft Cost Contingency: 5% of Soft Cost 9. Developers Fee: 10% of Total Construction Cost (Construction Cost plus Contingency) 10. Operational Reserve: 3% of Total Construction Cost (Construction Cost plus Contingency) 11. Residential Vacancy: 3% 12. Commercial Vacancy: 5% 13. Annual Residential Income Increment: 2% 14. Annual Commercial Income Increment: 2% 15. Residential Income at Year 1: $1,500 per month (1 Bedroom); $1,800 per month (2 Bedroom) 16. Commercial Income at Year 1: $40 per sq. ft. per year 17. Annual Expenses: 8% of Gross Income 18. Construction Loan Interest Rate: 6% 19. Construction Loan Financing Fee: 1% of Construction Loan 20. Construction Duration: 12 months 21. Permanent Loan Interest Rate: 4.5% for 10 years 22. Permanent Loan Financing Fee: 1% of Permanent Loan 23. Required DSCR: 1.2 at year 10 24. Developers Equity: $4,000,000 25. Deferred Developer Fee During Construction: $500,000 26. Construction Loan: Upto 60% of Total Development Cost

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