Project Cost Summary
Apartment Development

Cost Item $/Unit Total % Total $
Hard Costs      
  Land 28,500.00 47.64% 2,850,000
  Sitework 8,550.00 14.29% 855,000
  Foundations & Floor Slab 3,892.00 6.51% 389,200
  Structure 2,660.00 4.45% 266,000
  Building Skin 4,616.00 7.72% 461,600
  Doors, Balconies 2,588.00 4.33% 258,800
  Roof Systems 2,064.00 3.45% 206,400
  Electrical 336.00 0.56% 33,600
  Exterior Contingency 792.00 1.32% 79,200
  Pool 1,500.00 2.51% 150,000
  Landscaping 1,104.00 1.85% 110,400
Total Hard Costs $56,602.00 94.62% $5,660,200
       
Soft Costs      
  Permits 100.00 0.17% 10,000
  Legal & Title 180.00 0.30% 18,000
Total Soft Costs $280.00 0.47% $28,000
       
Total Costs before Debt $56,882.00 95.09% $5,688,200
Plus: Draw Loan Interest & Fees $2,939.19 4.91% $293,919
Total Project Cost $59,821.19 100.00% $5,982,119
       


     


Project Bill of Materials
Apartment Development

Cost Item Quantity Cost/Item Total $
Hard Costs      
  Land 1.00 Each 2,850,000.00 2,850,000.00
  Sitework 1.00 Each 855,000.00 855,000.00
  Foundations & Floor Slab 1.00 Each 389,200.00 389,200.00
  Structure 1.00 Each 266,000.00 266,000.00
  Building Skin 1.00 Each 461,600.00 461,600.00
  Doors, Balconies 1.00 Each 258,800.00 258,800.00
  Roof Systems 1.00 Each 206,400.00 206,400.00
  Electrical 1.00 Each 33,600.00 33,600.00
  Exterior Contingency 1.00 Each 79,200.00 79,200.00
  Pool 1.00 Each 150,000.00 150,000.00
  Landscaping 1.00 Each 110,400.00 110,400.00
Total Hard Costs     $5,660,200.00
       
Soft Costs      
  Permits 1.00 Each 10,000.00 10,000.00
  Legal & Title 1.00 Each 18,000.00 18,000.00
Total Soft Costs     $28,000.00
       
Total Project Cost     $5,688,200.00
       


     


Project Cost Schedule
Apartment Development

Date Cost Item Quantity Cost/Item Total $
Feb 03 Permits 1.00 Each $10,000 $10,000
Feb 03 Legal & Title 1.00 Each $18,000 18,000
  Total     $28,000
         
Mar 03 Land 1.00 Each $2,850,000 $2,850,000
Mar 03 Sitework 1.00 Each $855,000 855,000
Mar 03 Foundations & Floor Slab 1.00 Each $389,200 389,200
  Total     $4,094,200
         
Apr 03 Structure 1.00 Each $266,000 $266,000
  Total     $266,000
         
May 03 Building Skin 1.00 Each $461,600 $461,600
May 03 Doors, Balconies 1.00 Each $258,800 258,800
May 03 Exterior Contingency 1.00 Each $79,200 79,200
May 03 Pool 1.00 Each $150,000 150,000
  Total     $949,600
         
Jun 03 Roof Systems 1.00 Each $206,400 $206,400
  Total     $206,400
         
Jul 03 Electrical 1.00 Each $33,600 $33,600
  Total     $33,600
         
Aug 03 Landscaping 1.00 Each $110,400 $110,400
  Total     $110,400
         
  Total Unit Costs     $5,688,200
         


     


Project Draw Loan Report
Apartment Development

This report shows the results of a Draw Loan specified in support of the Apartment Development development project. The results are based on drawing 100% of the eligible costs specified. Draws are scheduled to occur each month during the life of the project. The loan bears interest at 9.000% and interest is scheduled to be paid at month-end, as incurred.There are no loan fees projected.



Time		 Draw
Required
Payments		 Interest
Paid		 Loan
Balance
Feb 03 $28,000   $210 $28,000
Mar 03 $2,669,200   $20,229 $2,697,200
Apr 03 $266,000   $22,224 $2,963,200
May 03 $949,600   $29,346 $3,912,800
Jun 03 $206,400   $30,894 $4,119,200
Jul 03 $33,600   $31,146 $4,152,800
Aug 03 $110,400   $31,974 $4,263,200
Sep 03     $31,974 $4,263,200
Oct 03     $31,974 $4,263,200
Nov 03     $31,974 $4,263,200
Dec 03     $31,974 $4,263,200
Jan 04   $4,263,200    
Totals $4,263,200 $4,263,200 $293,919 $0


     


Proforma Income Statement
Apartment Development

  Jan 03 Feb 03 Mar 03 Apr 03 May 03 Jun 03 Jul 03 Aug 03 Sep 03 Oct 03 Nov 03 Dec 03 Jan 04 Feb 04 Mar 04 Apr 04 May 04 Jun 04
Gross Income                                    
  Studio $0 $0 $0 $0 $0 $0 $0 $0 $0 $447 $1,191 $1,934 $2,678 $3,422 $4,166 $4,909 $5,653 $6,397
  One Bedroom 0 0 0 0 0 0 0 0 0 881 2,435 3,989 5,543 7,096 8,650 10,204 11,758 13,312
  2 Bedroom 1 Bath 0 0 0 0 0 0 0 0 0 1,371 3,863 6,354 8,846 11,338 13,829 16,321 18,813 21,304
  2 Bedroom 2 Bath 0 0 0 0 0 0 0 0 0 987 2,678 4,368 6,059 7,749 9,440 11,130 12,821 14,511
  Laundry 0 0 0 0 0 0 0 0 0 22 42 62 82 102 121 141 161 181
Total Gross Income $0 $0 $0 $0 $0 $0 $0 $0 $0 $3,708 $10,208 $16,707 $23,207 $29,706 $36,206 $42,706 $49,205 $55,705
  Less: Vacancy & Credit Loss 0 0 0 0 0 0 0 0 0 201 540 879 1,218 1,556 1,895 2,234 2,573 2,912
Effective Income $0 $0 $0 $0 $0 $0 $0 $0 $0 $3,507 $9,668 $15,829 $21,989 $28,150 $34,311 $40,472 $46,632 $52,793
  Less: Operating Expenses                                    
  Management 0 0 0 0 0 0 0 0 0 175 483 791 1,099 1,408 1,716 2,024 2,332 2,640
  Utilities 0 0 0 0 0 0 0 0 0 105 290 475 660 845 1,029 1,214 1,399 1,584
  Property Tax 2,940 2,940 2,940 2,940 2,940 2,940 2,940 2,940 2,940 2,940 2,940 2,940 2,999 2,999 2,999 2,999 2,999 2,999
  Gardner 83 83 83 83 83 83 83 83 83 83 83 83 86 86 86 86 86 86
  Insurance 250 250 250 250 250 250 250 250 250 250 250 250 258 258 258 258 258 258
  Pool 83 83 83 83 83 83 83 83 83 83 83 83 86 86 86 86 86 86
  Reserve 0 0 0 0 0 0 0 0 0 35 97 158 220 282 343 405 466 528
Total Operating Expenses $3,357 $3,357 $3,357 $3,357 $3,357 $3,357 $3,357 $3,357 $3,357 $3,673 $4,227 $4,782 $5,407 $5,962 $6,516 $7,071 $7,625 $8,180
Net Operating Income ($3,357) ($3,357) ($3,357) ($3,357) ($3,357) ($3,357) ($3,357) ($3,357) ($3,357) ($166) $5,441 $11,047 $16,582 $22,188 $27,795 $33,401 $39,007 $44,613
  Less: Debt Service                                    
  Construction Draw 0 210 20,229 22,224 29,346 30,894 31,146 31,974 31,974 31,974 31,974 31,974 0 0 0 0 0 0
  Permanent 0 0 0 0 0 0 0 0 0 0 0 0 35,542 35,542 35,542 35,542 35,542 35,542
Total Debt Service $0 $210 $20,229 $22,224 $29,346 $30,894 $31,146 $31,974 $31,974 $31,974 $31,974 $31,974 $35,542 $35,542 $35,542 $35,542 $35,542 $35,542
Net Operating Cash Flow ($3,357) ($3,567) ($23,586) ($25,581) ($32,703) ($34,251) ($34,503) ($35,331) ($35,331) ($32,140) ($26,533) ($20,927) ($18,960) ($13,354) ($7,747) ($2,141) $3,465 $9,071
Add: Debt Draw & Repay                                    
  Construction Draw 0 28,000 2,669,200 266,000 949,600 206,400 33,600 110,400 0 0 0 0 (4,263,200) 0 0 0 0 0
  Permanent 0 0 0 0 0 0 0 0 0 0 0 0 4,050,040 0 0 0 0 0
Total Debt Draw & Repay $0 $28,000 $2,669,200 $266,000 $949,600 $206,400 $33,600 $110,400 $0 $0 $0 $0 ($213,160) $0 $0 $0 $0 $0
  Less: Capital Spending                                    
  Land 0 0 2,850,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
  Sitework 0 0 855,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
  Foundations & Floor Slab 0 0 389,200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
  Structure 0 0 0 266,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0
  Building Skin 0 0 0 0 461,600 0 0 0 0 0 0 0 0 0 0 0 0 0
  Doors, Balconies 0 0 0 0 258,800 0 0 0 0 0 0 0 0 0 0 0 0 0
  Roof Systems 0 0 0 0 0 206,400 0 0 0 0 0 0 0 0 0 0 0 0
  Electrical 0 0 0 0 0 0 33,600 0 0 0 0 0 0 0 0 0 0 0
  Exterior Contingency 0 0 0 0 79,200 0 0 0 0 0 0 0 0 0 0 0 0 0
  Pool 0 0 0 0 150,000 0 0 0 0 0 0 0 0 0 0 0 0 0
  Landscaping 0 0 0 0 0 0 0 110,400 0 0 0 0 0 0 0 0 0 0
  Permits 0 10,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
  Legal & Title 0 18,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Capital Spending $0 $28,000 $4,094,200 $266,000 $949,600 $206,400 $33,600 $110,400 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Cash Flow Before Tax ($3,357) ($3,567) ($1,448,586) ($25,581) ($32,703) ($34,251) ($34,503) ($35,331) ($35,331) ($32,140) ($26,533) ($20,927) ($232,120) ($13,354) ($7,747) ($2,141) $3,465 $9,071
Taxable Income and Taxes                                    
  (Losses Carried Forward)                                    
Taxable Revenues $0 $0 $0 $0 $0 $0 $0 $0 $0 $3,507 $9,668 $15,829 $21,989 $28,150 $34,311 $40,472 $46,632 $52,793
  Less: Deducted Expenses 3,357 3,357 3,357 3,357 3,357 3,357 3,357 3,357 3,357 3,673 4,227 4,782 5,407 5,962 6,516 7,071 7,625 8,180
  Less: Interest Expense 0 0 0 0 0 0 0 0 0 0 0 0 33,750 33,735 33,720 33,705 33,690 33,674
  Less: Depreciation                                    
  Sitework 0 0 0 0 0 0 0 0 0 2,308 2,308 2,308 3,000 3,000 3,000 3,000 3,000 3,000
  Foundations & Floor Slab 0 0 0 0 0 0 0 0 0 1,051 1,051 1,051 1,366 1,366 1,366 1,366 1,366 1,366
  Structure 0 0 0 0 0 0 0 0 0 718 718 718 933 933 933 933 933 933
  Building Skin 0 0 0 0 0 0 0 0 0 1,246 1,246 1,246 1,620 1,620 1,620 1,620 1,620 1,620
  Doors, Balconies 0 0 0 0 0 0 0 0 0 699 699 699 908 908 908 908 908 908
  Roof Systems 0 0 0 0 0 0 0 0 0 557 557 557 724 724 724 724 724 724
  Electrical 0 0 0 0 0 0 0 0 0 91 91 91 118 118 118 118 118 118
  Exterior Contingency 0 0 0 0 0 0 0 0 0 214 214 214 278 278 278 278 278 278
  Pool 0 0 0 0 0 0 0 0 0 405 405 405 526 526 526 526 526 526
  Landscaping 0 0 0 0 0 0 0 0 0 298 298 298 387 387 387 387 387 387
  Permits 0 0 0 0 0 0 0 0 0 27 27 27 35 35 35 35 35 35
  Legal & Title 0 0 0 0 0 0 0 0 0 49 49 49 63 63 63 63 63 63
  Total Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $7,661 $7,661 $7,661 $9,960 $9,960 $9,960 $9,960 $9,960 $9,960
Ordinary Income ($3,357) ($3,357) ($3,357) ($3,357) ($3,357) ($3,357) ($3,357) ($3,357) ($3,357) ($7,512) ($1,906) $3,701 ($26,718) ($21,097) ($15,476) ($9,854) ($4,233) $1,389
Taxable Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
(Cum Suspended Losses) 0 0 0 0 0 0 0 0 0 0 0 35,930 0 0 0 0 0 111,920
Taxes Due (- = Savings) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash Flow After Tax ($3,357) ($3,567) ($1,448,586) ($25,581) ($32,703) ($34,251) ($34,503) ($35,331) ($35,331) ($32,140) ($26,533) ($20,927) ($232,120) ($13,354) ($7,747) ($2,141) $3,465 $9,071


     


Gross Income Detail
Apartment Development


                                     
Studio 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 1.2 1.9 2.7 3.4 4.2 4.9 5.7 6.4
One Bedroom 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.9 2.4 4.0 5.5 7.1 8.7 10.2 11.8 13.3
2 Bedroom 1 Bath 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.4 3.9 6.4 8.8 11.3 13.8 16.3 18.8 21.3
2 Bedroom 2 Bath 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.0 2.7 4.4 6.1 7.7 9.4 11.1 12.8 14.5
Laundry 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.2


     


Capital Spending Detail
Apartment Development


                                     
Land 0.0 0.0 2,850.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Sitework 0.0 0.0 855.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Foundations & Floor Slab 0.0 0.0 389.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Structure 0.0 0.0 0.0 266.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Building Skin 0.0 0.0 0.0 0.0 461.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Doors, Balconies 0.0 0.0 0.0 0.0 258.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Roof Systems 0.0 0.0 0.0 0.0 0.0 206.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Electrical 0.0 0.0 0.0 0.0 0.0 0.0 33.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Exterior Contingency 0.0 0.0 0.0 0.0 79.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Pool 0.0 0.0 0.0 0.0 150.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Landscaping 0.0 0.0 0.0 0.0 0.0 0.0 0.0 110.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Permits 0.0 10.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Legal & Title 0.0 18.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0


     


Debt Draw & Repay Detail
Apartment Development


                                     
Construction Draw 0.0 28.0 2,669.2 266.0 949.6 206.4 33.6 110.4 0.0 0.0 0.0 0.0 -4,263.2 0.0 0.0 0.0 0.0 0.0
Permanent 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4,050.0 0.0 0.0 0.0 0.0 0.0


     


Cash Flow Before Tax
Apartment Development


                                     
  -3.4 -3.6 -1,448.6 -25.6 -32.7 -34.3 -34.5 -35.3 -35.3 -32.1 -26.5 -20.9 -232.1 -13.4 -7.7 -2.1 3.5 9.1


     


Proforma Income Statement
Apartment Development

  2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Gross Income                    
  Studio $3,572 $77,878 $108,810 $112,074 $115,437 $118,900 $122,467 $126,141 $129,925 $133,823
  One Bedroom 7,305 162,070 226,688 233,488 240,493 247,708 255,139 262,793 270,677 278,797
  2 Bedroom 1 Bath 11,588 270,600 450,000 463,500 477,405 491,727 506,479 521,673 537,324 553,443
  2 Bedroom 2 Bath 8,033 184,280 306,000 312,120 318,362 324,730 331,224 337,849 344,606 351,498
  Laundry 127 2,198 3,023 3,113 3,207 3,303 3,402 3,504 3,609 3,717
Total Gross Income $30,623 $697,027 $1,094,520 $1,124,296 $1,154,903 $1,186,367 $1,218,710 $1,251,960 $1,286,140 $1,321,278
  Less: Vacancy & Credit Loss 1,620 40,065 109,452 112,430 115,490 118,637 121,871 125,196 128,614 132,128
Effective Income $29,003 $656,962 $985,068 $1,011,866 $1,039,413 $1,067,730 $1,096,839 $1,126,764 $1,157,526 $1,189,150
  Less: Operating Expenses                    
  Management 1,450 32,848 49,253 50,593 51,971 53,387 54,842 56,338 57,876 59,458
  Utilities 870 19,709 29,552 30,356 31,182 32,032 32,905 33,803 34,726 35,675
  Property Tax 35,284 35,990 36,709 37,444 38,193 38,956 39,736 40,530 41,341 42,168
  Gardner 1,000 1,030 1,061 1,093 1,126 1,159 1,194 1,230 1,267 1,305
  Insurance 3,000 3,090 3,183 3,278 3,377 3,478 3,582 3,690 3,800 3,914
  Pool 1,000 1,030 1,061 1,093 1,126 1,159 1,194 1,230 1,267 1,305
  Reserve 290 6,570 9,851 10,119 10,394 10,677 10,968 11,268 11,575 11,892
Total Operating Expenses $42,894 $100,266 $130,670 $133,975 $137,367 $140,848 $144,421 $148,088 $151,852 $155,715
Net Operating Income ($13,891) $556,695 $854,398 $877,891 $902,046 $926,882 $952,418 $978,675 $1,005,674 $1,033,435
  Less: Debt Service                    
  Construction Draw 293,919 0 0 0 0 0 0 0 0 0
  Permanent 0 426,504 426,504 426,504 426,504 426,504 426,504 426,504 426,504 426,504
Total Debt Service $293,919 $426,504 $426,504 $426,504 $426,504 $426,504 $426,504 $426,504 $426,504 $426,504
Net Operating Cash Flow ($307,810) $130,191 $427,894 $451,387 $475,542 $500,378 $525,914 $552,171 $579,170 $606,931
Add: Debt Draw & Repay                    
  Construction Draw 4,263,200 (4,263,200) 0 0 0 0 0 0 0 0
  Permanent 0 4,050,040 0 0 0 0 0 0 0 0
Total Debt Draw & Repay $4,263,200 ($213,160) $0 $0 $0 $0 $0 $0 $0 $0
  Less: Capital Spending                    
  Land 2,850,000 0 0 0 0 0 0 0 0 0
  Sitework 855,000 0 0 0 0 0 0 0 0 0
  Foundations & Floor Slab 389,200 0 0 0 0 0 0 0 0 0
  Structure 266,000 0 0 0 0 0 0 0 0 0
  Building Skin 461,600 0 0 0 0 0 0 0 0 0
  Doors, Balconies 258,800 0 0 0 0 0 0 0 0 0
  Roof Systems 206,400 0 0 0 0 0 0 0 0 0
  Electrical 33,600 0 0 0 0 0 0 0 0 0
  Exterior Contingency 79,200 0 0 0 0 0 0 0 0 0
  Pool 150,000 0 0 0 0 0 0 0 0 0
  Landscaping 110,400 0 0 0 0 0 0 0 0 0
  Permits 10,000 0 0 0 0 0 0 0 0 0
  Legal & Title 18,000 0 0 0 0 0 0 0 0 0
Total Capital Spending $5,688,200 $0 $0 $0 $0 $0 $0 $0 $0 $0
Cash Flow Before Tax ($1,732,810) ($82,969) $427,894 $451,387 $475,542 $500,378 $525,914 $552,171 $579,170 $606,931
Taxable Income and Taxes                    
  (Losses Carried Forward)                    
Taxable Revenues $29,003 $656,962 $985,068 $1,011,866 $1,039,413 $1,067,730 $1,096,839 $1,126,764 $1,157,526 $1,189,150
  Less: Deducted Expenses 42,894 100,266 130,670 133,975 137,367 140,848 144,421 148,088 151,852 155,715
  Less: Interest Expense 0 403,991 401,633 399,029 396,152 392,974 389,463 385,584 381,299 376,566
  Less: Depreciation                    
  Sitework 6,924 33,234 33,234 33,234 33,234 33,234 33,234 33,234 33,234 31,850
  Foundations & Floor Slab 3,152 15,128 15,128 15,128 15,128 15,128 15,128 15,128 15,128 14,498
  Structure 2,154 10,340 10,340 10,340 10,340 10,340 10,340 10,340 10,340 9,909
  Building Skin 3,738 17,943 17,943 17,943 17,943 17,943 17,943 17,943 17,943 17,195
  Doors, Balconies 2,096 10,060 10,060 10,060 10,060 10,060 10,060 10,060 10,060 9,641
  Roof Systems 1,671 8,023 8,023 8,023 8,023 8,023 8,023 8,023 8,023 7,689
  Electrical 272 1,306 1,306 1,306 1,306 1,306 1,306 1,306 1,306 1,252
  Exterior Contingency 641 3,079 3,079 3,079 3,079 3,079 3,079 3,079 3,079 2,950
  Pool 1,215 5,831 5,831 5,831 5,831 5,831 5,831 5,831 5,831 5,588
  Landscaping 894 4,291 4,291 4,291 4,291 4,291 4,291 4,291 4,291 4,113
  Permits 81 389 389 389 389 389 389 389 389 373
  Legal & Title 146 700 700 700 700 700 700 700 700 671
  Total Depreciation $22,984 $110,323 $110,323 $110,323 $110,323 $110,323