Senior debt
Construction loans, acquisition debt, refinancing and bridge-style underwriting.
Construction Financing ModelAcquisition Financing ModelReal Estate Refinancing ModelCAPITAL STRUCTURE
Financing decisions, modeled from first draw to final repayment.
Size senior debt, test structured capital and understand how financing changes risk, liquidity and equity returns.
Structured finance
Mezzanine debt behind senior financing.
Mezzanine Debt ModelEquity
JV structures, preferred return, promote and partner-level outcomes.
Real Estate JV Waterfall ModelPreferred Equity ModelRESOURCE LIBRARY
Financing guides
Financing
How Construction Loans Work
Construction loans fund eligible project costs through draws and charge interest on the balance actually advanced.
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LTC vs LTV: What Is the Difference?
LTC compares debt with eligible cost, while LTV compares debt with appraised or market value.
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What Is Debt Yield?
Debt yield is annual NOI divided by outstanding loan balance and gives lenders a rate-independent view of collateral cash flow.
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How to Calculate DSCR
Debt service coverage ratio compares cash available for debt service with interest and scheduled principal.
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Preferred Equity vs Mezzanine Debt
Preferred equity and mezzanine debt both sit between senior debt and common equity but differ in legal form, remedies and return structure.
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How to Calculate Interest During Construction
Interest during construction follows the debt balance created by phased loan draws.
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How to Build a Construction Draw Schedule
A draw schedule translates the project programme and eligible costs into monthly lender advances.
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How to Model a Real Estate Refinance
A refinance replaces existing debt and may release equity based on value, NOI and lender constraints.
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How to Size Real Estate Debt
Real estate debt is normally constrained by the lowest capacity under leverage and cash-flow tests.
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