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Prepared By: KJB
5/5/2011
11:54 AM
RESIDENTIAL DEVELOPMENT PRO-FORMA
TABLE OF CONTENTS
C:\Docstoc\Working\pdf\[b9757f0a-b97c-4ee1-9f64-aa4859285710.xls]COVER May 5, 2011
PG DESCRIPTION
1 COVER SHEET
2 COST, RETURN & PROFIT SUMMARIES:
3 PRELIMINARY DEVELOPMENT BUDGET
4 CONSTRUCTION LOAN ASSUMPTIONS
5-6 CASH FLOW PROJECTION
SUMMARY - 35 SINGLE FAMILY AND 40 TOWNHOUSE LOTS TO BE DEVELOPED AND SOLD TO A
HOME BUILDER
REVENUES ########## SCHEDULE: - LAND ACQUISITION 3rd QTR YR 1
- PRELIM PLAN APPROVAL 2nd QTR YR 2
LAND 10,552,500 - SITE PLAN APPROVAL 4th QTR YR 2
DIRECT COST 6,015,000 - START DEVELOPMENT 1st QTR YR 3
INDIRECT COST 3,897,165 - FIRST LOTS DELIVER 3rd QTR YR 3
TOTAL COST 20,464,665 - LAST LOTS DELIVER 2nd QTR YR 4
NET PROFIT $ 2,435,335
RETURNS HURDLE RATE RANGE NOTE: COLOR CODE
NET PROFIT PERCENTAGE 10.63% 10.0% - 11.0% INPUT
UNLEVERAGED IRR 13.70% 11.0% - 18.0%
RISKS REFLECTED IN THE HURDLE RATES INCLUDE MARKET UNCERTAINTIES INCLUDING INTEREST RATES,
CONSTRUCTION AND DEVELOPMENT COSTS, CONTINUATION OF THE DEMAND IN THE HOUSING MARKET
IF THERE IS A CHANGE IN THE OVERALL ECONOMY. THERE ARE ALSO UNCERTAINTIES IN THE PROJECT
SCHEDULE DUE TO GOVERNMENTAL REVIEWS AND REGULATIONS.
Page 6
RESIDENTIAL DEVELOPMENT PRO-FORMA Prepared By: KJB
COST, RETURN & PROFIT SUMMARIES: 5/5/2011
C:\Docstoc\Working\pdf\[b9757f0a-b97c-4ee1-9f64-aa4859285710.xls]BUDSUM
11:54 AM
30 78
PER MARKET RATE
TOTAL ACRE UNITS
INCOME
LOT SALES:
SINGLE FAMILY 13,300,000 443,333 350,000
TOWNHOUSE 9,600,000 320,000 240,000
TOTAL INCOME 22,900,000 763,333 293,590
PROJECT COSTS
LAND 10,552,500 351,750 135,288
LAND PLANNING & ZONING 235,000 7,833 3,013
ARCHITECTURE & ENGINEERING 305,000 10,167 3,910
BONDS, FEES & PERMITS 170,000 5,667 2,179
GENERAL REQUIREMENTS 100,000 3,333 1,282
OFFSITE IMPROVEMENTS 1,230,000 41,000 15,769
ONSITE IMPROVEMENTS 3,500,000 116,667 44,872
LANDSCAPING & SIGNAGE 350,000 11,667 4,487
BUILDING & OTHER VERTICAL CONST. - - -
TENANT / UNIT IMPROVEMENTS - - -
AMENITIES 125,000 4,167 1,603
TOTAL DIRECT COSTS 6,015,000 200,500 77,115
CONSULTING 125,000 4,167 1,603
LEGAL 100,000 3,333 1,282
MARKETING 125,000 4,167 1,603
LEASING - - -
SETTLEMENT COSTS 114,500 3,817 1,468
CUSTOMER SERVICE AND WARRANTY - - -
OPERATING & MAINTENANCE COSTS 50,000 1,667 641
INSURANCE 50,000 1,667 641
REAL ESTATE TAXES 245,000 8,167 3,141
FINANCING COSTS & FEES 127,807 4,260 1,639
INTEREST 2,009,858 66,995 25,767
OVERHEAD 750,000 25,000 9,615
PROJECT CONTINGENCY 200,000 6,667 2,564
TOTAL INDIRECT COSTS 3,897,165 129,906 49,964
TOTAL COST 20,464,665 682,156 262,368
NET PROFIT 2,435,335 81,178 31,222
PROJECT RETURNS
NET PROFIT PERCENTAGE 10.63% NET PROFIT/ TOTAL INCOME
UNLEVERAGED IRR 13.70%
DEBT AND EQUITY
CONSTRUCTION LOAN 15,343,000 511,433 196,705
CONSTRUCTION INTEREST RATE 8.00%
MAXIMUM PROJECT EQUITY 3,048,900 101,630 39,088
Page 2
Prepared By: KJB
RESIDENTIAL DEVELOPMENT 5/5/2011
PRELIMINARY DEVELOPMENT BUDGET 78 UNITS 11:54 AM
C:\Docstoc\Working\pdf\[b9757f0a-b97c-4ee1-9f64-aa4859285710.xls]BUDGET 30.00 ACRES
BUDGET PER ACRE PER UNIT NOTES:
INCOME
50.100 LOT SALES - SINGLE FAMILY 13,300,000 443,333 350,000 SEE BELOW
51.110
50.100 LOT SALES - TOWNHOUSE 9,600,000 320,000 240,000 SEE BELOW
INCOME 22,900,000 763,333 293,590
LAND:
LAND 10,500,000 350,000 134,615 ACTUAL COST
LAND CLOSING 0.50% 52,500 1,750 673
CASH PROFFERS 0 - -
LAND VALUE 10,552,500 351,750 135,288
DIRECT COST:
LAND PLANNING & ZONING 235,000 7,833 3,013 PRELIMINARY DESIGN AND CONCEPT PLANS
ARCHITECTURE & ENGINEERING 305,000 10,167 3,910 ENGINEERING, GEOTECH, SURVEY, STAKEOUT
BONDS, FEES & PERMITS 170,000 5,667 2,179
GENERAL REQUIREMENTS 100,000 3,333 1,282
OFFSITE IMPROVEMENTS 1,230,000 41,000 15,769 INCLUDES FRONTAGE IMPROVEMENTS
ONSITE IMPROVEMENTS 3,500,000 116,667 44,872
LANDSCAPING & SIGNAGE 350,000 11,667 4,487
BUILDING & OTHER VERTICAL CONST. 0 - -
TENANT / UNIT IMPROVEMENTS 0 - -
AMENITIES 125,000 4,167
- 1,603
-
TOTAL DIRECT COST 6,015,000 200,500 77,115
SOFT COST:
CONSULTING 125,000 4,167 1,603
LEGAL FEES 100,000 3,333 1,282
MARKETING 125,000 4,167 1,603
LEASING COSTS 0 - -
SETTLEMENT COSTS 0.50% 114,500 3,817 1,468
CUSTOMER SERVICE AND WARRANTY 0 - -
OPERATING & MAINTENANCE COSTS 50,000 1,667 641
INSURANCE 50,000 1,667 641
REAL ESTATE TAXES 245,000 8,167 3,141
FINANCING COSTS & FEES 127,807 4,260 1,639
INTEREST AT 8.0% 2,009,858 66,995 25,767
OVERHEAD 750,000 25,000 9,615
CONTINGENCY 200,000 6,667 2,564
TOTAL SOFT COST 3,897,165 129,906 49,964
TOTAL PROJECT COST 20,464,665 682,156 262,368
NET PROFIT / (LOSS) 2,435,335 81,178 31,222
# UNITS/ MONTHLY UNIT TOTAL DEPOSIT CASH
ABSORPTION PRICE REVENUE PERCENT DEPOSIT
RESIDENTIAL
(1) SINGLE FAMILY 38 3 350,000 13,300,000 8.0% 1,064,000
(2) TOWNHOUSE 40 4 240,000 9,600,000 8.0% 768,000
TOTAL RESIDENTIAL (MARKET RATE) 78 293,590 22,900,000 1,832,000
Page 3
RESIDENTIAL DEVELOPMENT
LOAN ASSUMPTIONS
C:\Docstoc\Working\pdf\[b9757f0a-b97c-4ee1-9f64-aa4859285710.xls]LOAN
CONSTRUCTION FINANCING:
TOTAL REVENUES 22,900,000
67% ESTIMATED CONSTRUCTION LOAN 15,343,000
INTEREST RATE:
CURRENT PRIME RATE 7.50%
SPREAD 0.50%
TOTAL INTEREST RATE 8.00%
FINANCING COSTS:
LOAN FEES, APPRAISAL ETC. 0.500%
COUNTY/STATE RECORDATION 0.333%
TOTAL RATE 0.833%
ESTIMATED FINANCING COST 127,807
LOAN REPAYMENT:
ASSUME NET PROCEEDS TO REPAY CONSTRUCTION LOAN
Page 4
Prepared By: KJB
RESIDENTIAL DEVELOPMENT 5/5/2011
CASH FLOW PROJECTION 11:54 AM
C:\Docstoc\Working\pdf\[b9757f0a-b97c-4ee1-9f64-aa4859285710.xls]CASHFLOW
CURRENT TO DATE YEAR 1 YEAR 2 YEAR 3 YEAR 4
BUDGET YTD 1ST QT 2ND QT 3RD QT 4TH QT 1ST QT 2ND QT 3RD QT 4TH QT 1ST QT 2ND QT 3RD QT 4TH QT 1ST QT 2ND QT 3RD QT 4TH QT
SETTLEMENTS
LOT SALES - SINGLE FAMILY 9 9 9 9 2
LOT SALES - TOWNHOUSE 8 12 12 8
INCOME
50.010 LOT SALES - SINGLE FAMILY 13,300,000 - - - - - - - - - - - 3,150,000 3,150,000 3,150,000 3,150,000 700,000 -
50.011 LOT SALES - TOWNHOUSE 9,600,000 - - - - - - - - - - - 1,920,000 2,880,000 2,880,000 1,920,000 - -
50.120 PURCHASER DEPOSITS - - - - - - - - 1,832,000 - - - (405,600) (482,400) (482,400) (405,600) (56,000) -
-
TOTAL INCOME 22,900,000 - - - - - - - 1,832,000 - - - 4,664,400 5,547,600 5,547,600 4,664,400 644,000 -
LAND COST:
LAND VALUE (10,552,500) - - - (10,552,500)
DIRECT COST:
LAND PLANNING & ZONING (235,000) - - (78,333) (78,333) (78,334) - - - - - - - - - - - -
ARCHITECTURE & ENGINEERING (305,000) - - - - (61,000) (61,000) (61,000) (61,000) (61,000) - - - - - - - -
BONDS, FEES & PERMITS (170,000) - - - - - - - - - (170,000) - - - - - - -
GENERAL REQUIREMENTS (100,000) - - - - - - - - (16,667) (16,667) (16,667) (16,667) (16,666) (16,666) - - -
OFFSITE IMPROVEMENTS (1,230,000) - - - - - - - - - (615,000) (615,000) - - - - - -
ONSITE IMPROVEMENTS (3,500,000) - - - - - - - - - (1,523,750) (1,523,750) - - (452,500) - - -
LANDSCAPING & SIGNAGE (350,000) - - - - - - - - - - (175,000) - - (175,000) - - -
BUILDING & OTHER VERTICAL CONST. - - - - - - - - - - - - - - - - - -
TENANT / UNIT IMPROVEMENTS - - - - - - - - - - - - - - - - - -
AMENITIES (125,000) - - - - - - - - - - - (62,500) (62,500) - - - -
TOTAL DIRECT COST (EXCL. LAND) (6,015,000) - - (78,333) (78,333) (139,334) (61,000) (61,000) (61,000) (77,667) (2,325,417) (2,330,417) (79,167) (79,166) (644,166) - - -
CONSULTING (125,000) - - (17,857) (17,857) (17,857) (17,857) (17,857) (17,857) (17,858) - - - - - - - -
LEGAL FEES (100,000) - - - (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) - - - -
MARKETING (125,000) - - - - - - - (62,500) (62,500) - - - - - - - -
LEASING COSTS - - - - - - - - - - - - - - - - - -
SETTLEMENT COSTS 0.50% (114,500) - - - - - - - - - - - (25,350) (30,150) (30,150) (25,350) (3,500) -
CUSTOMER SERVICE AND WARRANTY - - - - - - - - - - - - - - - - - -
OPERATING & MAINTENANCE COSTS (50,000) - - - - - - - - - (12,500) (12,500) (12,500) (12,500) - - - -
INSURANCE (50,000) - - - - (16,667) (16,667) (16,666) - - - -
REAL ESTATE TAXES (245,000) - - - - (50,000) - - (50,000) (50,000) - - (45,000) (35,000) - (15,000) - -
FINANCING COSTS & FEES (127,807) - - - (127,807) - - - - - - - - - - - - -
INTEREST AT 8.00% (2,009,858) - - - - (158,983) (167,994) (174,285) (180,702) (189,997) (200,144) (252,759) (306,860) (224,803) (123,338) (29,993) - -
OVERHEAD (750,000) - - (57,692) (57,692) (57,692) (57,692) (57,692) (57,692) (57,692) (57,692) (57,692) (57,693) (57,693) (57,693) (57,693) - -
CONTINGENCY (200,000) - - - - - - - (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) - -
TOTAL INDIRECT COST (3,897,165) - - (75,549) (213,356) (311,199) (253,543) (259,834) (403,751) (429,714) (305,336) (374,617) (482,403) (395,146) (236,181) (153,036) (3,500) -
TOTAL CASH FLOW BEFORE DEBT 2,435,335 - - (153,882) (10,844,189) (450,533) (314,543) (320,834) 1,367,249 (507,381) (2,630,753) (2,705,034) 4,102,830 5,073,288 4,667,253 4,511,364 640,500 -
LOAN BORROWING - - - - 7,949,171 450,533 314,543 320,834 464,751 507,381 2,630,753 2,705,034 - - - - - -
LOAN REPAYMENT - - - - - - - - - - - - (4,102,830) (5,073,288) (4,667,253) (1,499,629) - -
TOTAL LEVERAGED CASH FLOW 2,435,335 - - (153,882) (2,895,018) - - - 1,832,000 - - - - - - 3,011,735 640,500 -
CUMULATIVE LEVERAGED CASH FLOW 2,435,335 - - (153,882) (3,048,900) (3,048,900) (3,048,900) (3,048,900) (1,216,900) (1,216,900) (1,216,900) (1,216,900) (1,216,900) (1,216,900) (1,216,900) 1,794,835 2,435,335 2,435,335
-
CONSTRUCTION LOAN BALANCE - - - 7,949,171 8,399,704 8,714,247 9,035,081 9,499,832 10,007,213 12,637,966 15,343,000 11,240,170 6,166,882 1,499,629 - - -
UNLEVERAGED CASH FLOW - - (153,882) (10,716,382) (291,550) (146,549) (146,549) 1,547,951 (317,384) (2,430,609) (2,452,275) 4,409,690 5,298,091 4,790,591 4,541,357 640,500 -
13.7% UNLEVERAGED IRR
FUNDS AVAILABLE TO REPAY LOAN - - - - - - - - - - 4,102,830 5,073,288 4,667,253 4,511,364 640,500 -
LOAN REPAYMENT - - - - - - - - - - (4,102,830) (5,073,288) (4,667,253) (1,499,629) - -
FUNDS AVAILABLE FOR DISTRIBUTION - - - - - - - - - - - - - 3,011,735 640,500 -
Page 5
Prepared By: KJB
RESIDENTIAL DEVELOPMENT 5/5/2011
CASH FLOW PROJECTION 11:54 AM
C:\Docstoc\Working\pdf\[b9757f0a-b97c-4ee1-9f64-aa4859285710.xls]CASHFLOW
CURRENT YEAR 5 TOTAL
BUDGET 1ST QT 2ND QT 3RD QT 4TH QT BUDGET REMAIN
SETTLEMENTS
LOT SALES - SINGLE FAMILY 38
LOT SALES - TOWNHOUSE 40
INCOME
50.010 LOT SALES - SINGLE FAMILY 13,300,000 - - - - 13,300,000 -
50.011 LOT SALES - TOWNHOUSE 9,600,000 - - - - 9,600,000 -
50.120 PURCHASER DEPOSITS - - - - - - -
TOTAL INCOME 22,900,000 - - - - 22,900,000 -
LAND COST:
LAND VALUE (10,552,500) (10,552,500) -
DIRECT COST:
LAND PLANNING & ZONING (235,000) - - - - (235,000) -
ARCHITECTURE & ENGINEERING (305,000) - - - - (305,000) -
BONDS, FEES & PERMITS (170,000) - - - - (170,000) -
GENERAL REQUIREMENTS (100,000) - - - - (100,000) -
OFFSITE IMPROVEMENTS (1,230,000) - - - - (1,230,000) -
ONSITE IMPROVEMENTS (3,500,000) - - - - (3,500,000) -
LANDSCAPING & SIGNAGE (350,000) - - - - (350,000) -
BUILDING & OTHER VERTICAL CONST. - - - - - - -
TENANT / UNIT IMPROVEMENTS - - - - - - -
AMENITIES (125,000) - - - - (125,000) -
TOTAL DIRECT COST (EXCL. LAND) (6,015,000) - - - - (6,015,000) -
CONSULTING (125,000) - - - - (125,000) -
LEGAL FEES (100,000) - - - - (100,000) -
MARKETING (125,000) - - - - (125,000) -
LEASING COSTS - - - - - - -
SETTLEMENT COSTS 0.50% (114,500) - - - - (114,500) -
CUSTOMER SERVICE AND WARRANTY - - - - - - -
OPERATING & MAINTENANCE COSTS (50,000) - - - - (50,000) -
INSURANCE (50,000) - - - - (50,000) -
REAL ESTATE TAXES (245,000) - - - - (245,000) -
FINANCING COSTS & FEES (127,807) - - - - (127,807) -
INTEREST AT 8.00% (2,009,858) - - - - (2,009,858) -
OVERHEAD (750,000) - - - - (750,000) -
CONTINGENCY (200,000) - - - - (200,000) -
TOTAL INDIRECT COST (3,897,165) - - - - (3,897,165) -
TOTAL CASH FLOW BEFORE DEBT 2,435,335 - - - - 2,435,335 -
LOAN BORROWING - - - - - 15,343,000
LOAN REPAYMENT - - - - - (15,343,000)
TOTAL LEVERAGED CASH FLOW 2,435,335 - - - - 2,435,335 -
CUMULATIVE LEVERAGED CASH FLOW 2,435,335 2,435,335 2,435,335 2,435,335 2,435,335 2,435,335
-
CONSTRUCTION LOAN BALANCE - - - - -
UNLEVERAGED CASH FLOW - - - - 4,573,000
FUNDS AVAILABLE TO REPAY LOAN - - - -
LOAN REPAYMENT - - - -
FUNDS AVAILABLE FOR DISTRIBUTION - - - -
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