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Level 9
Level 9: Welcome
In level 9 we will look to focus more on the debt side of the capital stack. Without doubt one of the most important components of any development appraisal, it is about time we got around to tackling it in more detail. What you will see in the spreadsheet are two extra tabs, the first labelled ‘Finance Facilities’ will introduce a 3-tier system for each stage of the appraisal, acquisition, development and operating stages. If you remember from level 4, each tier of debt is ranked in terms of subordination and will function differently in terms of hierarchical drawdown and payback. Drawdowns and paybacks and be tracked in the 2nd newly created tab called ‘Facility Cash Flow’. The Project Summary sheet is now also more driven towards general debt inputs and allows for more mobility when it comes to ‘playing around’ with assumptions focussed on debt.
Phasing has been taken out of the appraisal just to keep things that little bit simpler. Results start to get cloudy and not easily legible when there are too many things going on at once, not to mention the actual modelling itself.
Level 9: About
Whilst every effort has been made to ensure complete accuracy, BTR Ireland accepts no responsibility to anyone whatsoever for any errors in this financial model or for any error or loss that may result from using it. Potential investors and their professional advisers should review and carry out their own due diligence on this financial model themselves and form their own views in relation to the reasonableness, completeness, accuracy of calculations and achievability of the projections.
Level 9: Text
Level 9: Text
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