| Cost Item | $/Unit | Total % | Total $ |
| Land | 8,750.00 | 49.11% | 1,050,000 |
| Total | $8,750.00 | 49.11% | $1,050,000 |
| Site Development | |||
| Clearing & Grading | 495.24 | 2.78% | 59,429 |
| Paving | 954.58 | 5.36% | 114,549 |
| Curb & Gutter | 535.27 | 3.00% | 64,232 |
| Sanitary Sewer | 1,323.42 | 7.43% | 158,810 |
| Storm Sewer | 510.64 | 2.87% | 61,277 |
| Water | 530.02 | 2.97% | 63,602 |
| Entrance | 300.00 | 1.68% | 36,000 |
| Power & Street Lighting | 77.50 | 0.43% | 9,300 |
| Amenity | 2,250.00 | 12.63% | 270,000 |
| Contingency | 291.67 | 1.64% | 35,000 |
| Total Site Development | $7,268.33 | 40.80% | $872,199 |
| Engineering | |||
| Design | 312.50 | 1.75% | 37,500 |
| Layout | 208.33 | 1.17% | 25,000 |
| Total Engineering | $520.83 | 2.92% | $62,500 |
| Other Costs | |||
| Taxes & Insurance | 100.00 | 0.56% | 12,000 |
| Legal & Closing | 108.33 | 0.61% | 13,000 |
| Appraisal | 41.67 | 0.23% | 5,000 |
| Marketing & Advertising | 510.42 | 2.86% | 61,250 |
| County Fees | 16.67 | 0.09% | 2,000 |
| Development Fees | 500.00 | 2.81% | 60,000 |
| Total Other Costs | $1,277.08 | 7.17% | $153,250 |
| Total Project Cost | $17,816.24 | 100.00% | $2,137,949 |
| Cost Item | Quantity | Cost/Item | Total $ |
| Land | 1.00 Each | 1,050,000.00 | 1,050,000.00 |
| Total | $1,050,000.00 | ||
| Site Development | |||
| Clearing & Grading | 1.00 Each | 59,429.00 | 59,429.00 |
| Paving | 1.00 Each | 114,549.00 | 114,549.00 |
| Curb & Gutter | 1.00 Each | 64,232.00 | 64,232.00 |
| Sanitary Sewer | 1.00 Each | 158,810.00 | 158,810.00 |
| Storm Sewer | 1.00 Each | 61,277.00 | 61,277.00 |
| Water | 1.00 Each | 63,602.00 | 63,602.00 |
| Entrance | 1.00 Each | 36,000.00 | 36,000.00 |
| Power & Street Lighting | 1.00 Each | 9,300.00 | 9,300.00 |
| Amenity | 1.00 Each | 270,000.00 | 270,000.00 |
| Contingency | 1.00 Each | 35,000.00 | 35,000.00 |
| Total Site Development | $872,199.00 | ||
| Engineering | |||
| Design | 1.00 Each | 37,500.00 | 37,500.00 |
| Layout | 1.00 Each | 25,000.00 | 25,000.00 |
| Total Engineering | $62,500.00 | ||
| Other Costs | |||
| Taxes & Insurance | 1.00 Each | 12,000.00 | 12,000.00 |
| Legal & Closing | 1.00 Each | 13,000.00 | 13,000.00 |
| Appraisal | 1.00 Each | 5,000.00 | 5,000.00 |
| Marketing & Advertising | 1.00 Each | 61,250.00 | 61,250.00 |
| County Fees | 1.00 Each | 2,000.00 | 2,000.00 |
| Development Fees | 1.00 Each | 60,000.00 | 60,000.00 |
| Total Other Costs | $153,250.00 | ||
| Total Project Cost | $2,137,949.00 | ||
| Date | Cost Item | Quantity | Cost/Item | Total $ |
| Feb 02 | Land | 1.00 Each | $1,050,000 | $1,050,000 |
| Feb 02 | Clearing & Grading (Spread over 2 Mos) | N/A | $59,429 | 29,715 |
| Feb 02 | Contingency | 1.00 Each | $35,000 | 35,000 |
| Feb 02 | Design (Spread over 3 Mos) | N/A | $37,500 | 12,500 |
| Feb 02 | Taxes & Insurance (Spread over 12 Mos) | N/A | $12,000 | 1,000 |
| Feb 02 | Legal & Closing | 1.00 Each | $13,000 | 13,000 |
| Feb 02 | Appraisal | 1.00 Each | $5,000 | 5,000 |
| Feb 02 | County Fees | 1.00 Each | $2,000 | 2,000 |
| Feb 02 | Development Fees (Spread over 12 Mos) | N/A | $60,000 | 5,000 |
| Total | $1,153,215 | |||
| Mar 02 | Clearing & Grading (Spread over 2 Mos) | N/A | $59,429 | $29,715 |
| Mar 02 | Design (Spread over 3 Mos) | N/A | $37,500 | 12,500 |
| Mar 02 | Taxes & Insurance (Spread over 12 Mos) | N/A | $12,000 | 1,000 |
| Mar 02 | Development Fees (Spread over 12 Mos) | N/A | $60,000 | 5,000 |
| Total | $48,215 | |||
| Apr 02 | Sanitary Sewer (Spread over 3 Mos) | N/A | $158,810 | $52,937 |
| Apr 02 | Storm Sewer (Spread over 3 Mos) | N/A | $61,277 | 20,426 |
| Apr 02 | Power & Street Lighting | 1.00 Each | $9,300 | 9,300 |
| Apr 02 | Design (Spread over 3 Mos) | N/A | $37,500 | 12,500 |
| Apr 02 | Taxes & Insurance (Spread over 12 Mos) | N/A | $12,000 | 1,000 |
| Apr 02 | Development Fees (Spread over 12 Mos) | N/A | $60,000 | 5,000 |
| Total | $101,162 | |||
| May 02 | Sanitary Sewer (Spread over 3 Mos) | N/A | $158,810 | $52,937 |
| May 02 | Storm Sewer (Spread over 3 Mos) | N/A | $61,277 | 20,426 |
| May 02 | Water | 1.00 Each | $63,602 | 63,602 |
| May 02 | Layout (Spread over 3 Mos) | N/A | $25,000 | 8,333 |
| May 02 | Taxes & Insurance (Spread over 12 Mos) | N/A | $12,000 | 1,000 |
| May 02 | Development Fees (Spread over 12 Mos) | N/A | $60,000 | 5,000 |
| Total | $151,298 | |||
| Jun 02 | Sanitary Sewer (Spread over 3 Mos) | N/A | $158,810 | $52,937 |
| Jun 02 | Storm Sewer (Spread over 3 Mos) | N/A | $61,277 | 20,426 |
| Jun 02 | Layout (Spread over 3 Mos) | N/A | $25,000 | 8,333 |
| Jun 02 | Taxes & Insurance (Spread over 12 Mos) | N/A | $12,000 | 1,000 |
| Jun 02 | Development Fees (Spread over 12 Mos) | N/A | $60,000 | 5,000 |
| Total | $87,696 | |||
| Jul 02 | Paving (Spread over 2 Mos) | N/A | $114,549 | $57,275 |
| Jul 02 | Curb & Gutter (Spread over 2 Mos) | N/A | $64,232 | 32,116 |
| Jul 02 | Layout (Spread over 3 Mos) | N/A | $25,000 | 8,333 |
| Jul 02 | Taxes & Insurance (Spread over 12 Mos) | N/A | $12,000 | 1,000 |
| Jul 02 | Marketing & Advertising (Spread over 15 Mos) | N/A | $61,250 | 4,083 |
| Jul 02 | Development Fees (Spread over 12 Mos) | N/A | $60,000 | 5,000 |
| Total | $107,807 | |||
| Aug 02 | Paving (Spread over 2 Mos) | N/A | $114,549 | $57,275 |
| Aug 02 | Curb & Gutter (Spread over 2 Mos) | N/A | $64,232 | 32,116 |
| Aug 02 | Entrance (Spread over 2 Mos) | N/A | $36,000 | 18,000 |
| Aug 02 | Amenity (Spread over 5 Mos) | N/A | $270,000 | 54,000 |
| Aug 02 | Taxes & Insurance (Spread over 12 Mos) | N/A | $12,000 | 1,000 |
| Aug 02 | Marketing & Advertising (Spread over 15 Mos) | N/A | $61,250 | 4,083 |
| Aug 02 | Development Fees (Spread over 12 Mos) | N/A | $60,000 | 5,000 |
| Total | $171,474 | |||
| Sep 02 | Entrance (Spread over 2 Mos) | N/A | $36,000 | $18,000 |
| Sep 02 | Amenity (Spread over 5 Mos) | N/A | $270,000 | 54,000 |
| Sep 02 | Taxes & Insurance (Spread over 12 Mos) | N/A | $12,000 | 1,000 |
| Sep 02 | Marketing & Advertising (Spread over 15 Mos) | N/A | $61,250 | 4,083 |
| Sep 02 | Development Fees (Spread over 12 Mos) | N/A | $60,000 | 5,000 |
| Total | $82,083 | |||
| Oct 02 | Amenity (Spread over 5 Mos) | N/A | $270,000 | $54,000 |
| Oct 02 | Taxes & Insurance (Spread over 12 Mos) | N/A | $12,000 | 1,000 |
| Oct 02 | Marketing & Advertising (Spread over 15 Mos) | N/A | $61,250 | 4,083 |
| Oct 02 | Development Fees (Spread over 12 Mos) | N/A | $60,000 | 5,000 |
| Total | $64,083 | |||
| Nov 02 | Amenity (Spread over 5 Mos) | N/A | $270,000 | $54,000 |
| Nov 02 | Taxes & Insurance (Spread over 12 Mos) | N/A | $12,000 | 1,000 |
| Nov 02 | Marketing & Advertising (Spread over 15 Mos) | N/A | $61,250 | 4,083 |
| Nov 02 | Development Fees (Spread over 12 Mos) | N/A | $60,000 | 5,000 |
| Total | $64,083 | |||
| Dec 02 | Amenity (Spread over 5 Mos) | N/A | $270,000 | $54,000 |
| Dec 02 | Taxes & Insurance (Spread over 12 Mos) | N/A | $12,000 | 1,000 |
| Dec 02 | Marketing & Advertising (Spread over 15 Mos) | N/A | $61,250 | 4,083 |
| Dec 02 | Development Fees (Spread over 12 Mos) | N/A | $60,000 | 5,000 |
| Total | $64,083 | |||
| Jan 03 | Taxes & Insurance (Spread over 12 Mos) | N/A | $12,000 | $1,000 |
| Jan 03 | Marketing & Advertising (Spread over 15 Mos) | N/A | $61,250 | 4,083 |
| Jan 03 | Development Fees (Spread over 12 Mos) | N/A | $60,000 | 5,000 |
| Total | $10,083 | |||
| Feb 03 | Marketing & Advertising (Spread over 15 Mos) | N/A | $61,250 | $4,083 |
| Total | $4,083 | |||
| Mar 03 | Marketing & Advertising (Spread over 15 Mos) | N/A | $61,250 | $4,083 |
| Total | $4,083 | |||
| Apr 03 | Marketing & Advertising (Spread over 15 Mos) | N/A | $61,250 | $4,083 |
| Total | $4,083 | |||
| May 03 | Marketing & Advertising (Spread over 15 Mos) | N/A | $61,250 | $4,083 |
| Total | $4,083 | |||
| Jun 03 | Marketing & Advertising (Spread over 15 Mos) | N/A | $61,250 | $4,083 |
| Total | $4,083 | |||
| Jul 03 | Marketing & Advertising (Spread over 15 Mos) | N/A | $61,250 | $4,083 |
| Total | $4,083 | |||
| Aug 03 | Marketing & Advertising (Spread over 15 Mos) | N/A | $61,250 | $4,083 |
| Total | $4,083 | |||
| Sep 03 | Marketing & Advertising (Spread over 15 Mos) | N/A | $61,250 | $4,083 |
| Total | $4,083 | |||
| Total Unit Costs | $2,137,949 | |||
| Unit Type | Date | Units | Price | Sales | Net Sales |
| Executive Lots - Interior | Total | 77 | $21,000 | $1,617,000 | $1,519,980 |
| Executive Lots - Golf/Lake | Total | 17 | $33,000 | $561,000 | $527,340 |
| Prestige Lots - Interior | Total | 26 | $37,000 | $962,000 | $904,280 |
| Total Unit Sales | 120 | $3,140,000 | $2,951,600 | ||
| Date | Unit Type | Units | Price | Sales | Net Sales |
| Jul 02 | Executive Lots - Interior | 5 | $21,000 | $105,000 | $98,700 |
| Total | 5 | $105,000 | $98,700 | ||
| Aug 02 | Executive Lots - Interior | 5 | $21,000 | $105,000 | $98,700 |
| Total | 5 | $105,000 | $98,700 | ||
| Sep 02 | Executive Lots - Interior | 5 | $21,000 | $105,000 | $98,700 |
| Total | 5 | $105,000 | $98,700 | ||
| Oct 02 | Executive Lots - Interior | 5 | $21,000 | $105,000 | $98,700 |
| Oct 02 | Executive Lots - Golf/Lake | 1 | $33,000 | 33,000 | 31,020 |
| Oct 02 | Prestige Lots - Interior | 1 | $37,000 | 37,000 | 34,780 |
| Total | 7 | $175,000 | $164,500 | ||
| Nov 02 | Executive Lots - Interior | 5 | $21,000 | $105,000 | $98,700 |
| Nov 02 | Executive Lots - Golf/Lake | 1 | $33,000 | 33,000 | 31,020 |
| Nov 02 | Prestige Lots - Interior | 2 | $37,000 | 74,000 | 69,560 |
| Total | 8 | $212,000 | $199,280 | ||
| Dec 02 | Executive Lots - Interior | 5 | $21,000 | $105,000 | $98,700 |
| Dec 02 | Executive Lots - Golf/Lake | 1 | $33,000 | 33,000 | 31,020 |
| Dec 02 | Prestige Lots - Interior | 1 | $37,000 | 37,000 | 34,780 |
| Total | 7 | $175,000 | $164,500 | ||
| Jan 03 | Executive Lots - Interior | 6 | $21,000 | $126,000 | $118,440 |
| Jan 03 | Executive Lots - Golf/Lake | 1 | $33,000 | 33,000 | 31,020 |
| Jan 03 | Prestige Lots - Interior | 2 | $37,000 | 74,000 | 69,560 |
| Total | 9 | $233,000 | $219,020 | ||
| Feb 03 | Executive Lots - Interior | 5 | $21,000 | $105,000 | $98,700 |
| Feb 03 | Executive Lots - Golf/Lake | 1 | $33,000 | 33,000 | 31,020 |
| Feb 03 | Prestige Lots - Interior | 1 | $37,000 | 37,000 | 34,780 |
| Total | 7 | $175,000 | $164,500 | ||
| Mar 03 | Executive Lots - Interior | 5 | $21,000 | $105,000 | $98,700 |
| Mar 03 | Executive Lots - Golf/Lake | 1 | $33,000 | 33,000 | 31,020 |
| Mar 03 | Prestige Lots - Interior | 2 | $37,000 | 74,000 | 69,560 |
| Total | 8 | $212,000 | $199,280 | ||
| Apr 03 | Executive Lots - Interior | 5 | $21,000 | $105,000 | $98,700 |
| Apr 03 | Executive Lots - Golf/Lake | 1 | $33,000 | 33,000 | 31,020 |
| Apr 03 | Prestige Lots - Interior | 1 | $37,000 | 37,000 | 34,780 |
| Total | 7 | $175,000 | $164,500 | ||
| May 03 | Executive Lots - Interior | 5 | $21,000 | $105,000 | $98,700 |
| May 03 | Executive Lots - Golf/Lake | 1 | $33,000 | 33,000 | 31,020 |
| May 03 | Prestige Lots - Interior | 2 | $37,000 | 74,000 | 69,560 |
| Total | 8 | $212,000 | $199,280 | ||
| Jun 03 | Executive Lots - Interior | 5 | $21,000 | $105,000 | $98,700 |
| Jun 03 | Executive Lots - Golf/Lake | 1 | $33,000 | 33,000 | 31,020 |
| Jun 03 | Prestige Lots - Interior | 1 | $37,000 | 37,000 | 34,780 |
| Total | 7 | $175,000 | $164,500 | ||
| Jul 03 | Executive Lots - Interior | 5 | $21,000 | $105,000 | $98,700 |
| Jul 03 | Executive Lots - Golf/Lake | 1 | $33,000 | 33,000 | 31,020 |
| Jul 03 | Prestige Lots - Interior | 2 | $37,000 | 74,000 | 69,560 |
| Total | 8 | $212,000 | $199,280 | ||
| Aug 03 | Executive Lots - Interior | 6 | $21,000 | $126,000 | $118,440 |
| Aug 03 | Executive Lots - Golf/Lake | 1 | $33,000 | 33,000 | 31,020 |
| Aug 03 | Prestige Lots - Interior | 1 | $37,000 | 37,000 | 34,780 |
| Total | 8 | $196,000 | $184,240 | ||
| Sep 03 | Executive Lots - Interior | 5 | $21,000 | $105,000 | $98,700 |
| Sep 03 | Executive Lots - Golf/Lake | 1 | $33,000 | 33,000 | 31,020 |
| Sep 03 | Prestige Lots - Interior | 2 | $37,000 | 74,000 | 69,560 |
| Total | 8 | $212,000 | $199,280 | ||
| Oct 03 | Executive Lots - Golf/Lake | 1 | $33,000 | $33,000 | $31,020 |
| Oct 03 | Prestige Lots - Interior | 1 | $37,000 | 37,000 | 34,780 |
| Total | 2 | $70,000 | $65,800 | ||
| Nov 03 | Executive Lots - Golf/Lake | 1 | $33,000 | $33,000 | $31,020 |
| Nov 03 | Prestige Lots - Interior | 2 | $37,000 | 74,000 | 69,560 |
| Total | 3 | $107,000 | $100,580 | ||
| Dec 03 | Executive Lots - Golf/Lake | 1 | $33,000 | $33,000 | $31,020 |
| Dec 03 | Prestige Lots - Interior | 1 | $37,000 | 37,000 | 34,780 |
| Total | 2 | $70,000 | $65,800 | ||
| Jan 04 | Executive Lots - Golf/Lake | 1 | $33,000 | $33,000 | $31,020 |
| Jan 04 | Prestige Lots - Interior | 2 | $37,000 | 74,000 | 69,560 |
| Total | 3 | $107,000 | $100,580 | ||
| Feb 04 | Executive Lots - Golf/Lake | 1 | $33,000 | $33,000 | $31,020 |
| Feb 04 | Prestige Lots - Interior | 1 | $37,000 | 37,000 | 34,780 |
| Total | 2 | $70,000 | $65,800 | ||
| Mar 04 | Prestige Lots - Interior | 1 | $37,000 | $37,000 | $34,780 |
| Total | 1 | $37,000 | $34,780 | ||
| Total Unit Sales | 120 | $3,140,000 | $2,951,600 | ||
This report shows the results of a Draw Loan specified in support of the Pine Lake HomeSites 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 10.000% and interest is scheduled to be accrued, and paid as part of the payments discharging the loan.There are no loan fees projected.
The Loan Balance is discharged as sales make payments available. Available Payments are computed as 85% of Net Sales. Subject to these terms and conditions, the maximum loan amount is $713,833, occuring in Sep 02. This report shows that the loan is projected to be completely repaid with interest, and $1,371,021 of excess available payments remain.
Time |
Draw Required |
Payments Available |
Interest Accrued |
Loan Balance |
| Feb 02 | $103,215 | $860 | $104,075 | |
| Mar 02 | $48,215 | $1,269 | $153,559 | |
| Apr 02 | $101,163 | $2,123 | $256,845 | |
| May 02 | $151,298 | $3,401 | $411,544 | |
| Jun 02 | $87,696 | $4,160 | $503,400 | |
| Jul 02 | $107,807 | $5,093 | $616,301 | |
| Aug 02 | $171,474 | $83,895 | $5,866 | $709,745 |
| Sep 02 | $82,083 | $83,895 | $5,899 | $713,833 |
| Oct 02 | $64,083 | $83,895 | $5,784 | $699,804 |
| Nov 02 | $64,083 | $139,825 | $5,201 | $629,263 |
| Dec 02 | $64,083 | $169,388 | $4,366 | $528,324 |
| Jan 03 | $10,083 | $139,825 | $3,322 | $401,904 |
| Feb 03 | $4,083 | $186,167 | $1,832 | $221,652 |
| Mar 03 | $4,083 | $139,825 | $716 | $86,626 |
| Apr 03 | $4,083 | $169,388 | $0 | $0 |
| May 03 | $4,083 | $139,825 | $0 | $0 |
| Jun 03 | $4,083 | $169,388 | $0 | $0 |
| Jul 03 | $4,083 | $139,825 | $0 | $0 |
| Aug 03 | $4,083 | $169,388 | $0 | $0 |
| Sep 03 | $4,083 | $156,604 | $0 | $0 |
| Oct 03 | $169,388 | $0 | $0 | |
| Nov 03 | $55,930 | $0 | $0 | |
| Dec 03 | $85,493 | $0 | $0 | |
| Jan 04 | $55,930 | $0 | $0 | |
| Feb 04 | $85,493 | $0 | $0 | |
| Mar 04 | $55,930 | $0 | $0 | |
| Apr 04 | $29,563 | $0 | $0 | |
| May 04 | $0 | $0 | ||
| Jun 04 | $0 | $0 | ||
| Jul 04 | $0 | $0 | ||
| Aug 04 | $0 | $0 | ||
| Sep 04 | $0 | $0 | ||
| Oct 04 | $0 | $0 | ||
| Nov 04 | $0 | $0 | ||
| Dec 04 | $0 | $0 | ||
| Jan 05 | $0 | $0 | ||
| Totals | $1,087,947 | $2,508,860 | $49,892 | $0 |
| Account | Amount |
| Unit Sales Planned | |
| Total Unit Sales Planned | $3,140,000 |
| Less: Sale Commissions | 188,400 |
| Net Sales Planned | $2,951,600 |
| Less: Costs Planned | |
| Land | $1,050,000 |
| Site Development | 872,199 |
| Engineering | 62,500 |
| Other Costs | 153,250 |
| Total Cost Planned | $2,137,949 |
| Profit before Debt Costs | $813,651 |
| Less: Draw Loan Interest & Fees | $49,892 |
| Project Profit | $763,759 |
Time |
Investment and Sale |
Effective Income |
Operating Expense |
Cash Flow Before Debt |
Debt Service |
Cash Flow Before Tax |
| Buy | 0 | 0 | 0 | 0 | 0 | 0 |
| Jan 02 | 0 | 0 | 0 | 0 | 0 | 0 |
| Feb 02 | 0 | 0 | (1,153,215) | (1,153,215) | 103,215 | (1,050,000) |
| Mar 02 | 0 | 0 | (48,215) | (48,215) | 48,215 | 0 |
| Apr 02 | 0 | 0 | (101,162) | (101,162) | 101,162 | 0 |
| May 02 | 0 | 0 | (151,298) | (151,298) | 151,298 | 0 |
| Jun 02 | 0 | 0 | (87,696) | (87,696) | 87,696 | 0 |
| Jul 02 | 0 | 98,700 | (107,807) | (9,107) | 107,807 | 98,700 |
| Aug 02 | 0 | 98,700 | (171,474) | (72,774) | 87,579 | 14,805 |
| Sep 02 | 0 | 98,700 | (82,083) | 16,617 | (1,812) | 14,805 |
| Oct 02 | 0 | 164,500 | (64,083) | 100,417 | (19,812) | 80,605 |
| Nov 02 | 0 | 199,280 | (64,083) | 135,197 | (75,742) | 59,455 |
| Dec 02 | 0 | 164,500 | (64,083) | 100,417 | (105,305) | (4,888) |
| Jan 03 | 0 | 219,020 | (10,083) | 208,937 | (129,742) | 79,195 |
| Feb 03 | 0 | 164,500 | (4,083) | 160,417 | (182,084) | (21,667) |
| Mar 03 | 0 | 199,280 | (4,083) | 195,197 | (135,742) | 59,455 |
| Apr 03 | 0 | 164,500 | (4,083) | 160,417 | (86,625) | 73,791 |
| May 03 | 0 | 199,280 | (4,083) | 195,197 | 0 | 195,197 |
| Jun 03 | 0 | 164,500 | (4,083) | 160,417 | 0 | 160,417 |
| Jul 03 | 0 | 199,280 | (4,083) | 195,197 | 0 | 195,197 |
| Aug 03 | 0 | 184,240 | (4,083) | 180,157 | 0 | 180,157 |
| Sep 03 | 0 | 199,280 | (4,083) | 195,197 | 0 | 195,197 |
| Oct 03 | 0 | 65,800 | 0 | 65,800 | 0 | 65,800 |
| Nov 03 | 0 | 100,580 | 0 | 100,580 | 0 | 100,580 |
| Dec 03 | 0 | 65,800 | 0 | 65,800 | 0 | 65,800 |
| Jan 04 | 0 | 100,580 | 0 | 100,580 | 0 | 100,580 |
| Feb 04 | 0 | 65,800 | 0 | 65,800 | 0 | 65,800 |
| Mar 04 | 0 | 34,780 | 0 | 34,780 | 0 | 34,780 |
| Apr 04 | 0 | 0 | 0 | 0 | 0 | 0 |
| May 04 | 0 | 0 | 0 | 0 | 0 | 0 |
| Jun 04 | 0 | 0 | 0 | 0 | 0 | 0 |
| Jul 04 | 0 | 0 | 0 | 0 | 0 | 0 |
| Aug 04 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sep 04 | 0 | 0 | 0 | 0 | 0 | 0 |
| Oct 04 | 0 | 0 | 0 | 0 | 0 | 0 |
| Nov 04 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dec 04 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sell | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0 | 2,951,600 | (2,137,949) | 813,651 | (49,891) | 763,760 |
| Rate of Return Before Debt (IRR) | 40.9% |
| Rate of Return Before Tax (IRR) | 51.2% |
| Net Present Value Before Debt @10% | 539,830 |
| Net Present Value Before Tax @10% | 537,832 |
Time |
Taxable Revenue |
Taxable Expense |
Interest Expense |
Depre- ciation |
Ordinary Income |
| Buy | 0 | 0 | 0 | 0 | 0 |
| Jan 02 | 0 | 0 | 0 | 0 | 0 |
| Feb 02 | 0 | 0 | 0 | 0 | 0 |
| Mar 02 | 0 | 0 | 0 | 0 | 0 |
| Apr 02 | 0 | 0 | 0 | 0 | 0 |
| May 02 | 0 | 0 | 0 | 0 | 0 |
| Jun 02 | 0 | 0 | 0 | 0 | 0 |
| Jul 02 | 98,700 | (89,081) | 0 | 0 | 9,619 |
| Aug 02 | 98,700 | (89,081) | 0 | 0 | 9,619 |
| Sep 02 | 98,700 | (89,081) | (1,812) | 0 | 7,807 |
| Oct 02 | 164,500 | (124,714) | (19,812) | 0 | 19,975 |
| Nov 02 | 199,280 | (142,530) | (12,832) | 0 | 43,918 |
| Dec 02 | 164,500 | (124,714) | (5,201) | 0 | 34,586 |
| Jan 03 | 219,020 | (160,346) | (4,366) | 0 | 54,308 |
| Feb 03 | 164,500 | (124,714) | (3,322) | 0 | 36,465 |
| Mar 03 | 199,280 | (142,530) | (1,832) | 0 | 54,918 |
| Apr 03 | 164,500 | (124,714) | (716) | 0 | 39,070 |
| May 03 | 199,280 | (142,530) | 0 | 0 | 56,750 |
| Jun 03 | 164,500 | (124,714) | 0 | 0 | 39,786 |
| Jul 03 | 199,280 | (142,530) | 0 | 0 | 56,750 |
| Aug 03 | 184,240 | (142,530) | 0 | 0 | 41,710 |
| Sep 03 | 199,280 | (142,530) | 0 | 0 | 56,750 |
| Oct 03 | 65,800 | (35,632) | 0 | 0 | 30,168 |
| Nov 03 | 100,580 | (53,449) | 0 | 0 | 47,131 |
| Dec 03 | 65,800 | (35,632) | 0 | 0 | 30,168 |
| Jan 04 | 100,580 | (53,449) | 0 | 0 | 47,131 |
| Feb 04 | 65,800 | (35,632) | 0 | 0 | 30,168 |
| Mar 04 | 34,780 | (17,816) | 0 | 0 | 16,964 |
| Apr 04 | 0 | 0 | 0 | 0 | 0 |
| May 04 | 0 | 0 | 0 | 0 | 0 |
| Jun 04 | 0 | 0 | 0 | 0 | 0 |
| Jul 04 | 0 | 0 | 0 | 0 | 0 |
| Aug 04 | 0 | 0 | 0 | 0 | 0 |
| Sep 04 | 0 | 0 | 0 | 0 | 0 |
| Oct 04 | 0 | 0 | 0 | 0 | 0 |
| Nov 04 | 0 | 0 | 0 | 0 | 0 |
| Dec 04 | 0 | 0 | 0 | 0 | 0 |
| Sell | 0 | 0 | 0 | 0 | 0 |
| Total | 2,951,600 | (2,137,949) | (49,891) | 0 | 763,760 |
Time |
Cash Flow Before Tax |
Ordinary Income |
Capital Gains |
Taxable Income |
Taxes |
Cash Flow After Tax |
| Buy | 0 | 0 | 0 | 0 | 0 | 0 |
| Jan 02 | 0 | 0 | 0 | 0 | 0 | 0 |
| Feb 02 | (1,050,000) | 0 | 0 | 0 | 0 | (1,050,000) |
| Mar 02 | 0 | 0 | 0 | 0 | 0 | 0 |
| Apr 02 | 0 | 0 | 0 | 0 | 0 | 0 |
| May 02 | 0 | 0 | 0 | 0 | 0 | 0 |
| Jun 02 | 0 | 0 | 0 | 0 | 0 | 0 |
| Jul 02 | 98,700 | 9,619 | 0 | 9,619 | (3,809) | 94,891 |
| Aug 02 | 14,805 | 9,619 | 0 | 9,619 | (3,809) | 10,996 |
| Sep 02 | 14,805 | 7,807 | 0 | 7,807 | (3,092) | 11,713 |
| Oct 02 | 80,605 | 19,975 | 0 | 19,975 | (7,910) | 72,695 |
| Nov 02 | 59,455 | 43,918 | 0 | 43,918 | (17,392) | 42,063 |
| Dec 02 | (4,888) | 34,586 | 0 | 34,586 | (13,696) | (18,584) |
| Jan 03 | 79,195 | 54,308 | 0 | 54,308 | (21,506) | 57,689 |
| Feb 03 | (21,667) | 36,465 | 0 | 36,465 | (14,440) | (36,107) |
| Mar 03 | 59,455 | 54,918 | 0 | 54,918 | (21,748) | 37,707 |
| Apr 03 | 73,791 | 39,070 | 0 | 39,070 | (15,472) | 58,319 |
| May 03 | 195,197 | 56,750 | 0 | 56,750 | (22,473) | 172,724 |
| Jun 03 | 160,417 | 39,786 | 0 | 39,786 | (15,755) | 144,661 |
| Jul 03 | 195,197 | 56,750 | 0 | 56,750 | (22,473) | 172,724 |
| Aug 03 | 180,157 | 41,710 | 0 | 41,710 | (16,517) | 163,639 |
| Sep 03 | 195,197 | 56,750 | 0 | 56,750 | (22,473) | 172,724 |
| Oct 03 | 65,800 | 30,168 | 0 | 30,168 | (11,946) | 53,854 |
| Nov 03 | 100,580 | 47,131 | 0 | 47,131 | (18,664) | 81,916 |
| Dec 03 | 65,800 | 30,168 | 0 | 30,168 | (11,946) | 53,854 |
| Jan 04 | 100,580 | 47,131 | 0 | 47,131 | (18,664) | 81,916 |
| Feb 04 | 65,800 | 30,168 | 0 | 30,168 | (11,946) | 53,854 |
| Mar 04 | 34,780 | 16,964 | 0 | 16,964 | (6,718) | 28,062 |
| Apr 04 | 0 | 0 | 0 | 0 | 0 | 0 |
| May 04 | 0 | 0 | 0 | 0 | 0 | 0 |
| Jun 04 | 0 | 0 | 0 | 0 | 0 | 0 |
| Jul 04 | 0 | 0 | 0 | 0 | 0 | 0 |
| Aug 04 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sep 04 | 0 | 0 | 0 | 0 | 0 | 0 |
| Oct 04 | 0 | 0 | 0 | 0 | 0 | 0 |
| Nov 04 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dec 04 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sell | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 763,760 | 763,760 | 0 | 763,760 | (302,449) | 461,311 |
| Rate of Return Before Tax (IRR) | 51.2% |
| Rate of Return After Tax (IRR) | 31.2% |
| Net Present Value Before Tax @10% | 537,832 |
| Net Present Value After Tax @10% | 274,170 |
Executive Lots - Interior Units Sold per Month
versus
Rate of Return After Tax
Prestige Lots - Interior Units Sold per Month
versus
Rate of Return After Tax
| Assumption | IRR |
| 1 | 27.7% |
| 2 | 33.4% |
| 3 | 35.8% |
| 4 | 37.0% |
| 5 | 37.7% |
Unit Sales Price Multiplier
versus
Rate of Return After Tax
| Assumption | IRR |
| 90% | 19.2% |
| 92% | 21.6% |
| 94% | 24.0% |
| 96% | 26.4% |
| 98% | 28.7% |
| 100% | 31.2% |
Unit Sales Price Multiplier
versus
Net Present Value After Tax @10%
| Assumption Value |
pine lake absorbed NPV |
pine lake homesites NPV |
| 90% | 117,687 | 177,917 |
| 92% | 148,941 | 207,164 |
| 94% | 180,207 | 236,412 |
| 96% | 211,525 | 266,304 |
| 98% | 242,843 | 296,381 |
| 100% | 274,170 | 326,794 |
| Risk Analysis Assumption | Lowest | Likely | Highest |
| Executive Lots - Interior Units Sold per Month | 4.15 | 5.15 | 6.15 |
| Prestige Lots - Interior Units Sold per Month | .5 | 1.5 | 2.5 |
| Executive Lots - Interior Unit Sale Growth Rate | No Growth is projected | 1% Annually | 2% Annually |
| Executive Lots - Golf/Lake Unit Sale Growth Rate | No Growth is projected | 1% Annually | 2% Annually |
| Prestige Lots - Interior Unit Sale Growth Rate | No Growth is projected | 1% Annually | 2% Annually |
| Amenity Unit Sales Cost | $200,000.00 | $270,000.00 | $300,000.00 |
| Average NPV | 296,720 | Lowest NPV | 216,801 | Standard Deviation | 22,061 | Highest NPV | 354,895 |
| Investment Assumptions | ||
| Price of Property | None | |
| Date of Acquisition | 1 January 2002 | |
| Holding Period | 3 Years | |
| Inflation Rate | 4% per Year | |
| Sale Price Method | No Sale Price Specified | |
| Selling Costs | 6% | |
| Investor's Assumptions | ||
| General Vacancy & Credit Loss | Zero | |
| Tax Rate - First Year | 39.6% | |
| Tax Rate - Following Years | 39.6% | |
| Capital Gain Rate | 20% | |
| Cost Recovery Recapture Rate | 25% - Losses Taken Currently | |
| Present Value Discount Rate Before Debt | 10% per Year | |
| Present Value Discount Rate Before Tax | 10% per Year | |
| Present Value Discount Rate After Tax | 10% per Year | |
| Unit Sales Draw Assumptions | ||
| Draw Percent | 100% | |
| Draw Rate | 10% Annually | |
| Draw Period | 1 Month | |
| Draw Interest Payment | Accrued | |
| Draw Limit | None | |
| Draw Points | None | |
| Draw Discharge Rate | 85% | |
| Unit Sales Parameter Assumptions | ||
| Price Multiplier | 100% | |
| Cost Multiplier | 100% | |
| Sale Cost/Unit | Zero | |
| Inflate Unit Prices | No | |
| Price Growth Rate | 10% Over Inflation | |
| Inflate Costs | No | |
| Cost Growth Rate | 10% Over Inflation | |
| Parameter Application Offset | None | |
| Absorption Schedule Stretcher | None | |
| Executive Lots - Interior Unit Sales Absorption Assumptions | ||
| 0 |
||
| Unit Price | $21,000.00 | |
| Total Units to be Sold | 77 | |
| Unit Sale Start Date | 1 July 2002 | |
| Unit Sale Growth Rate | No Growth is projected | |
| Units Sold per Month | 5.15 | |
| Unit Standard Cost | $21,000.00 | |
| Unit Sale Cost | 6% of Unit Sales | |
| Executive Lots - Golf/Lake Unit Sales Absorption Assumptions | ||
| 0 |
||
| Unit Price | $33,000.00 | |
| Total Units to be Sold | 17 | |
| Unit Sale Start Date | 1 October 2002 | |
| Unit Sale Growth Rate | No Growth is projected | |
| Units Sold per Month | 1 | |
| Unit Standard Cost | $33,000.00 | |
| Unit Sale Cost | 6% of Unit Sales | |
| Prestige Lots - Interior Unit Sales Absorption Assumptions | ||
| 0 |
||
| Unit Price | $37,000.00 | |
| Total Units to be Sold | 26 | |
| Unit Sale Start Date | 1 October 2002 | |
| Unit Sale Growth Rate | No Growth is projected | |
| Units Sold per Month | 1.5 | |
| Unit Standard Cost | $37,000.00 | |
| Unit Sale Cost | 6% of Unit Sales | |
| Land Unit Sales Spending Assumptions | ||
| Unit Sales Cost | $1,050,000.00 | |
| Expenditure Start | 1 February 2002 | |
| Expenditure Months | 1 Month | |
| Include in Draws | Zero | |
| Clearing & Grading Unit Sales Spending Assumptions | ||
| Unit Sales Cost | $59,429.00 | |
| Expenditure Start | 1 February 2002 | |
| Expenditure Months | 2 Months | |
| Include in Draws | 100% | |
| Paving Unit Sales Spending Assumptions | ||
| Unit Sales Cost | $114,549.00 | |
| Expenditure Start | 1 July 2002 | |
| Expenditure Months | 2 Months | |
| Include in Draws | 100% | |
| Curb & Gutter Unit Sales Spending Assumptions | ||
| Unit Sales Cost | $64,232.00 | |
| Expenditure Start | 1 July 2002 | |
| Expenditure Months | 2 Months | |
| Include in Draws | 100% | |
| Sanitary Sewer Unit Sales Spending Assumptions | ||
| Unit Sales Cost | $158,810.00 | |
| Expenditure Start | 1 April 2002 | |
| Expenditure Months | 3 Months | |
| Include in Draws | 100% | |
| Storm Sewer Unit Sales Spending Assumptions | ||
| Unit Sales Cost | $61,277.00 | |
| Expenditure Start | 1 April 2002 | |
| Expenditure Months | 3 Months | |
| Include in Draws | 100% | |
| Water Unit Sales Spending Assumptions | ||
| Unit Sales Cost | $63,602.00 | |
| Expenditure Start | 1 May 2002 | |
| Expenditure Months | 1 Month | |
| Include in Draws | 100% | |
| Entrance Unit Sales Spending Assumptions | ||
| Unit Sales Cost | $36,000.00 | |
| Expenditure Start | 1 August 2002 | |
| Expenditure Months | 2 Months | |
| Include in Draws | 100% | |
| Power & Street Lighting Unit Sales Spending Assumptions | ||
| Unit Sales Cost | $9,300.00 | |
| Expenditure Start | 1 April 2002 | |
| Expenditure Months | 1 Month | |
| Include in Draws | 100% | |
| Amenity Unit Sales Spending Assumptions | ||
| Unit Sales Cost | $270,000.00 | |
| Expenditure Start | 1 August 2002 | |
| Expenditure Months | 5 Months | |
| Include in Draws | 100% | |
| Contingency Unit Sales Spending Assumptions | ||
| Unit Sales Cost | $35,000.00 | |
| Expenditure Start | 1 February 2002 | |
| Expenditure Months | 1 Month | |
| Include in Draws | 100% | |
| Design Unit Sales Spending Assumptions | ||
| Unit Sales Cost | $37,500.00 | |
| Expenditure Start | 1 February 2002 | |
| Expenditure Months | 3 Months | |
| Include in Draws | 100% | |
| Layout Unit Sales Spending Assumptions | ||
| Unit Sales Cost | $25,000.00 | |
| Expenditure Start | 1 May 2002 | |
| Expenditure Months | 3 Months | |
| Include in Draws | 100% | |
| Taxes & Insurance Unit Sales Spending Assumptions | ||
| Unit Sales Cost | $12,000.00 | |
| Expenditure Start | 1 February 2002 | |
| Expenditure Months | 12 Months | |
| Include in Draws | 100% | |
| Legal & Closing Unit Sales Spending Assumptions | ||
| Unit Sales Cost | $13,000.00 | |
| Expenditure Start | 1 February 2002 | |
| Expenditure Months | 1 Month | |
| Include in Draws | 100% | |
| Appraisal Unit Sales Spending Assumptions | ||
| Unit Sales Cost | $5,000.00 | |
| Expenditure Start | 1 February 2002 | |
| Expenditure Months | 1 Month | |
| Include in Draws | 100% | |
| Marketing & Advertising Unit Sales Spending Assumptions | ||
| Unit Sales Cost | $61,250.00 | |
| Expenditure Start | 1 July 2002 | |
| Expenditure Months | 15 Months | |
| Include in Draws | 100% | |
| County Fees Unit Sales Spending Assumptions | ||
| Unit Sales Cost | $2,000.00 | |
| Expenditure Start | 1 February 2002 | |
| Expenditure Months | 1 Month | |
| Include in Draws | 100% | |
| Development Fees Unit Sales Spending Assumptions | ||
| Unit Sales Cost | $60,000.00 | |
| Expenditure Start | 1 February 2002 | |
| Expenditure Months | 12 Months | |
| Include in Draws | 100% | |