Underwriting Model · Victory Formation Ventures

Property Address

Neighborhood

Project Inputs

Number of Homes

Sq Footage / Home

Build $ / Sq Ft

Target Sale $ / Sq Ft

Construction (Months)

Sale Period (Months)

Number of Investors

Key Assumptions

Construction Overrun

Realtor Commission

Bank Fee

Interest Rate (Annual)

Developer Fee

Investor Preferred Return

Capital Structure

Mode

LTC Ratio

Derived · LTC — · LTV — · Equity —

Project Costs

Lot Cost

Owner Equity Into Land

Annual Taxes

Title / Closing Costs

Pool Cost

Designer Fee

Architect Fee

Returns & Analysis

Gross Profit$0

Profit Margin0.00%

Return on Equity (ROE)0.00%

Return on Cost (ROC)0.00%

Annualized ROE0.00%

Profit per Home$0

Developer Net Profit$0

Break-Even Sale $/SF$0

Financing & Sizing

Total Project Cost$0

Developer Fee$0

Equity Invested$0

Equity per Investor$0

Loan Amount$0

Land Loan$0

Loan-to-Cost (LTC)0.00%

Loan-to-Value (vs Sales)0.00%

Investor Preferred Return$0

Total Capital Required$0

Revenue

Sales Price / Home$0

Gross Sales (Project)$0

Realtor Commission$0

Net Revenue$0

Construction Interest$0

Bank Fees$0

Total Project Costs$0

Loan Amount

Annual Rate

0.00%

Monthly Rate

0.00%

Construction Months

Sale Months

Total Hold (Months)

Land Loan @ Closing

Construction Loan

Constr. Compound Factor (k_c)

0.0000

Land Compound Factor (k_L)

0.0000

Month	Status	Draw %	Draw $	Begin Bal	Interest	End Bal

Monthly compounding · Land loan drawn at Month 1, construction loan distributed evenly across construction months · Interest rolls into principal until sale closes.