Answer
How does CRE Build size a loan?
Each loan is sized as the smallest of loan-to-cost, loan-to-value, debt service coverage, debt yield and any stated amount, and CRE Build names the binding constraint. You can also set the Sized on rule to Lesser of, LTV only or DSCR only, and size on Stabilized, Forward 12, T-12 or Month × 12 NOI.
Answer
Can CRE Build model loan extensions and a takeout?
Yes. Extensions are modeled as If needed, Disclosed or Exercised, and takeouts as Cash-out refinance or Takeout only. Construction interest capitalizes into the balance, inside or outside the LTC base, and construction interest and fees are solved together with total cost, with no circular references. You can also stress construction DSCR at a rate you set.
What you do with it
Every loan a multifamily deal carries
Loan presets
Twelve loan presets, from agency and bank perm to CMBS, bridge, construction and takeout. Acquisitions start on a permanent loan or a bridge.
Sizing tests and the Sized on rule
Each loan lists its constraints, including Combined loan to cost, with the input, what it supports, the headroom and its status. The loan is the smallest passing test, Lesser of, LTV only or DSCR only, on Stabilized, Forward 12, T-12 or Month × 12 NOI.
Construction loans
Construction interest capitalizes into the balance, inside or outside the LTC base. Stress construction DSCR at a rate you set.
Future funding, extensions, takeout and refi
Future funding as Draws, Funded reserve or Sponsor equity. + Add extension: If needed, Disclosed or Exercised. A takeout is Sized or Rate and term, and a permanent loan can refinance at a month you set.
Everything in one place
Everything Financing does
- Financing
- Edit loan
- Preset
- Loan to value
- Loan to cost
- Combined loan to cost
- Debt service coverage
- Debt yield
- Stated amount
- Lesser of
- LTV only
- DSCR only
- Sizing NOI
- DSCR stress rate
- Interest reserve
- Future funding
- + Add extension
- Takeout
- Refinance at month
- All-in rate by year
Rates
Fixed, Index + spread, or Forward curve
Fixed, index + spread or a forward curve on SOFR, Prime or Treasuries. Floating rates can carry a cap and floor. See the all-in rate by year.
When rates move
The rate-move dialog
When the curve moves on your floating debt, CRE Build asks before re-pricing and charts the pinned curve against the latest. It never re-prices on its own.
Explainer
Multifamily loan sizing, explained
How LTV, DSCR and debt yield tests set loan proceeds, and which one binds.
How it works
How it works
- 01
Pick a preset
The sizing tests come with it.
- 02
Set the tests
Set the Sized on rule and the sizing NOI.
- 03
Read the binding test
Headroom and Status per test.
- 04
Plan the exit from the loan
Extensions, takeout or refi.
Methodology
How the math works
One calculation engine computes every figure in the model, and the methodology page shows how each one is calculated.
FAQ
Questions
Which loan types can I model?
Construction, permanent, bridge and mezzanine. You add construction or permanent loans yourself. Mezzanine comes with the development, Core and Value-add templates, and an acquisition can open on a bridge. Twelve presets, including Bridge and Value-add bridge, seed the sizing tests.
Can I model floating-rate debt?
Yes. Rates can be Fixed, Index + spread or Forward curve, and a floating rate can carry a cap and floor. Each loan shows its all-in rate by year. The SOFR forward path is derived.
Does the construction loan use a DSCR stress rate?
Yes. When the loan sets a minimum DSCR, construction coverage is tested at your stress rate or the note rate, whichever is higher.
Pricing
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