Real Estate Development Pro Forma – Excel XLSX

BENEFITS OF THIS DOWNLOADABLE EXCEL DOCUMENT

1. Sizes the permanent refinance to the LESSER of an LTV test and a DSCR test, exactly how a real lender underwrites.
2. Includes a genuine 2-tier LP/GP equity waterfall (8% preferred return, 80/20 promote) with separate LP/GP IRR and MOIC.
3. Models a construction loan drawing in a real S-curve with capitalized interest, not a lump-sum assumption.

REAL ESTATE EXCEL DESCRIPTION

Real Estate Development Pro Forma is an Excel template (XLSX) available for immediate download upon purchase.

Most real estate pro forma templates stop at a static annual forecast and call it a development model. This one runs a continuous 36-month grid that actually models what happens during a ground-up development: a construction loan that draws in a real S-curve and capitalizes its own interest, a lease-up absorption curve with seasonality-adjusted leasing pace to stabilization, and a refinance into permanent debt sized the way a lender genuinely sizes it – to the LESSER of a loan-to-value test and a debt-service-coverage test, not a single assumed leverage ratio.

Revenue follows the classic institutional build: Potential Gross Income, less Vacancy Loss, plus Other Income, equals Effective Gross Income – the same structure an appraiser or acquisitions analyst would expect to see, not a simplified shortcut. On the equity side, a genuine 2-tier LP/GP waterfall – return of capital, then an 8% cumulative preferred return, then an 80/20 promote split above it – produces separate LP and GP IRR and MOIC, something almost no single-tab calculator actually attempts.

Year 3 DSCR clears the 1.25x lender minimum at 1.31x, sized directly from the permanent-loan mechanics described above rather than assumed. The Development Budget tab breaks out land, hard cost, soft cost, and contingency with a full sources-and-uses table, and CapEx & Depreciation applies the IRS's 27.5-year straight-line schedule starting the month construction actually completes.

Twenty-seven tabs: Start Here, Disclaimer, Help & FAQ, Assumptions, Development Budget, Construction Loan & Draws, Rent Roll & Lease-Up, Revenue Build, Operating Expenses, Permanent Loan Refinance, Staffing & Payroll, CapEx & Depreciation, the three financial statements across all 36 months, an Actual vs. Budget Tracker, Break-Even Analysis, DSCR & Lender Ratios, a 22-ratio Full Ratio Suite, a DuPont ROE Decomposition, the Equity Waterfall, Scenario Analysis, Sensitivity Analysis (occupancy by rent, on both NOI and DSCR), a Business Valuation & Exit tab with a direct-cap exit value and a DCF cross-check, an Executive Dashboard, Funding Requirement, and Settings.

Every financing rate, cost benchmark, and staffing wage is sourced to 2026 data – construction and permanent loan rate ranges, loan-to-cost and loan-to-value standards, Class A/B/C cap rate and OpEx benchmarks, and BLS-sourced property management wages. Built as a native .xlsx, verified across Excel, Google Sheets, LibreOffice, and ONLYOFFICE. A planning tool, not financial, legal, or tax advice.

Source: Best Practices in Real Estate, Financial Modeling Excel: Real Estate Development Pro Forma Excel (XLSX) Spreadsheet, WebsiteGeek