Bedford Lending RENTAL HOUSING DEVELOPMENT BUDGET
PROJECT: PROJECT 1
NUMBER OF UNITS: 150
ITEM COST Notes
ACQUISITION
Land / Building Cost $ 3,400,000 If purchasing site, the cost to acquire.
Land / Building Value $ 8,250,000 If current value is different from cost (example: securing zoning on land after acquisition).
Land / Building Debt $ - If applicable, total debt on project site. If pledging land "free and clear", leave blank.
SITE IMPROVEMENTS / SITE WORK (Estimates)
Demolition $ 20,000
On-Site Imp. $ 60,000 Site work.
Off-Site Imp. $ 20,000 Work outside the boundaries of the site.
CONSTRUCTION (Estimates)
Hard Costs (Main structures) $ 100,000 Main buildings, garages.
Accessory buildings $ - Gazebo, pool, etc.
Contingency $ -
Impact Fees $ -
Permits $ 20,000
Furnishings $ -
Taxes $ -
Builder's Risk Insurance $ -
Bond Premium $ - HUD builders must be bondable.
General Requirements $ - Job site costs (fencing, trailer, etc).
Builder's Profit $ -
Builder's Overhead $ - Office, staff, etc.
Other $ 120,000
PROFESSIONAL FEES
Bedford Lending will calculate third party report estimates automatically as part of our analysis.
Survey $ 5,000
Architect Fees $ 5,000
Engineering Fees $ 5,000
Legal $ 5,000
Consultant $ 5,000
Clerk of the Works $ 5,000
Developer Fee (Non-Profit Only) $ 5,000
Environmental Remediation (If Necessary) $ 5,000
Title and Recording $ 5,000
Other $ 5,000
PRO FORMA
RENT AND EXPENSE ASSUMPTIONS
Cells with a white background can be typed in, the yellow cells will calculate automatically.
RESIDENTIAL RENTS
Unit Type # Units Unit cost Ann. Rent
Apartments 200 M2 50 150,000.00 90,000,000
Apartments 250 M2 0 0.00 0
Apartments 300 M2 0 0.00 0
Apartments 350 M2 0 0.00 0
0 0.00 0
0 0.00 0
0 0.00 0
0 0.00 0
TOTAL 50 90,000,000
COMMERCIAL RENTS
Description Leaseable SM $/SF/Year Annual Rent
Phase 1 School 4,000 21.00 84,000
Phase 2 City Max 4,000 21.00 84,000
Phase 3 Showrooms 1,000 18.00 18,000
Total Commercial 9,000 186,000
TOTAL INCOME
Residential Income 90,000,000
Commercial Income 186,000
Other Income (Annual) 0 Laundry, pet, late fees, etc.
TOTAL INCOME 90,186,000
OPERATING EXPENSES TOTAL Per Unit
Management Fee 0 0 0.0% Percent of EGI
Advertise/Market 0 0
Legal 0 0
Administrative 0 0
Utilities 0 0
Trash 0 0
Maintenance/Repairs 0 0
Grounds 0 0
Real Estate Property Tax 0 0
Insurance 0 0
Other 0 0
Total Operating Expenses 0 0 0.00% Percent of Revenue
Replacement Reserves 0 0 HUD generally requires minimum $350 per unit per year.
Other 0 0
Total Operating Exp. and Reserves 0 0 0.00% Percent of Revenue
SOURCES OF FUNDS PROJECT 1 white space indicates data entry
PROJECT ASSUMPTIONS HISTORIC REHAB. ASSUMPTIONS
% Commercial 0.00% Historic Rehabilitation 1=yes, 0=no 1
Anticipated Year of Sale 0 Historic RTC Equity Rate $0.92
Cap Rate at Sale 10.00%
Cost of Sale 0%
Tax Rate at Sale 35%
LIHTC ASSUMPTIONS
Project Type (1=acq/rehab, 2=bond, 3=new constr.) 3 LIHTC 4% Rate 3.56%
LIHTC Occupancy Percentage 0% LIHTC 9% Rate 8.15%
Bldg. Acquisition Eligible 1=yes, 0=no 0 LIHTC Bonus Area 1=yes, 0=no 0
INVESTMENT ASSUMPTIONS
Investor Tax Rate 0%
Investor Ownership 99.99%
Basis for Equity (1=Sale Rate, 2=IRR, 3=$Amt.) 1 EQUITY ATTRACTED
1. LIHTC Sale Rate $0.00 Equity Attracted Based on Sale Rate Err:509
2. Expected Internal Rate of Return (IRR) 0.00% Equity Attracted Based on IRR $0
3. Equity Investment Committed $0 Equity Attracted Based on Dollar Amount $0
DEBT ATTRACTION CALCULATION Requirements Loan Amt.
Debt Coverage Ratio 0.00 $0
Loan to Value Ratio 0% $0
Capitalization Rate 0.00%
Stabilized NOI $90,186,000
Fair Market Value $0
Loan Amount, 1=$Amt., 2=DCR, 3=DCR and LVR 1
Bank Loan Committed $0
Loan Amount Based on DCR $0
Loan Amount Based on DCR and LVR $0
PROPOSED PERMANENT FINANCING
Amount Rate Amortization Term Pymts. Begin Source
BANK 0 0.00% 0 30
Amortizing Loan 0 0.00% 0 0
Amortizing Loan 0 0.00% 0 0
Interest Only Loan 0 0.00% 0 0
Interest Only Loan 0 0.00% 0 0
Deferred Loan 0 0.00% 0 0 1
Deferred Loan 0 0.00% 0 0 1
Developer Loan 0 0.00% 0 0 1
Cash Flow Loan 0 0.00% 0 0 40.00% % of CF
TOTAL LOANS 0
Grant - Non Basis 0
Grant - Other 0
TOTAL GRANTS 0
EQUITY Err:509
TOTAL SOURCES Err:509
TOTAL DEV. COST Err:509
- TOTAL SOURCES Err:509
GAP Err:509
CASH FLOW 1 2 3 4 5
90,186,000 90,186,000 90,186,000 ### 90,186,000
ACTUAL IRR Err:509
white space indicates data entry