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'Treetop Associated Group ( TAG ) is seeking financing for acquisition and development of 1 4 7 homesites. The land will cost $ 1 .
'Treetop Associated Group TAG is seeking financing for acquisition and development of homesites. The land will cost $ million, and TAG estimates direct development costs to be an additional $ million. City Federal Bank will make a loan covering percent of the land acquisition cost, percent of direct improvement cost. and interest carry at percent interest with a percent loan origination fee. TAG has decided to split the development into two parcel types, standard and deluxe. with the standard parcels comprising of the total homesites. Also, TAG thinks that the deluxe sites will be priced at a $ premium over the standard parcel price of$ Total project revenue will be $ After making a percent down payment for the land and incurring closing costs of $ T A G believes that the remaining develooment costs will be drawn down at $ a month for the first three months and $ a month for the next three months. Parcel sales are expected to begin during the fourth month after clOsing. IAO estimates that they will sen three standard darcels and tour deluxe varcels a month for the remainder of the first year, and five standard parcels and two deluxe parcels per month for the second vear. The company and the bank have agreed to a repayment schedule calling for the loan to be repaid at a rate O percent tasterthan the receipt of sales revenues: that is the loan plus interest carry per parcel wil be repaid when approximately percent ofall revenues are realized. Other costs to consider include sales expense paid guarterly at a rate of on parcels sold during thequarter administrative costs of$ per quarter, and property taxes of $ at the end of each year.
'Treetop Associated Group TAG is seeking financing for acquisition and development of homesites. The land will cost $ million, and TAG estimates direct development costs to
be an additional $ million. City Federal Bank will make a loan covering percent of the land acquisition cost, percent of direct improvement cost. and interest carry at percent interest with a percent loan origination fee.
TAG has decided to split the development into two parcel types, standard and deluxe. with the standard parcels comprising of the total homesites. Also, TAG thinks that the deluxe sites will be priced at a $ premium over the standard parcel price of$
Total project revenue will be $ After making a percent down payment for the land and incurring closing costs of $ T A G believes that the remaining develooment costs will be drawn down at $ a month for the first three months and $ a month for the next three months. Parcel sales are expected to begin during the fourth month after clOsing. IAO estimates that they will sen three standard darcels and tour deluxe varcels a month for the remainder of the first year, and five standard parcels and two deluxe parcels per month for the second vear.
The company and the bank have agreed to a repayment schedule calling for the loan to be repaid at a rate O percent tasterthan the receipt of sales revenues: that is the loan plus interest
carry per parcel wil be repaid when approximately percent ofall revenues are realized. Other costs to consider include sales expense paid guarterly at a rate of on parcels sold
during thequarter administrative costs of$ per quarter, and property taxes of $ at the end of each year.
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