# Module 07 — Capstone Term Sheet (illustrative)

**Deal:** Senior bridge loan on a **value-add light-industrial** asset
(multi-tenant logistics/flex). The sponsor is buying below replacement cost,
funding TIs/LCs and a modest reposition, and leasing to stabilization.

> All figures are **illustrative assumptions** for training. No market data is
> claimed or sourced.

## Property & basis
- As-is value: **$52,000,000**
- As-stabilized value: **$68,000,000**
- Total project cost (purchase + capex + reserves + closing): **$47,000,000**

## T-12 / rent-roll summary (stabilized basis)
- Gross potential rent: **$4,800,000**
- Vacancy / credit loss: **6%**
- Other income (fees, parking, reimbursements net): **$180,000**
- Operating expenses: **32% of EGI**
- In-place (current) NOI: **$2,900,000**

## Loan request & sizing constraints
- Max **65% LTC** of total cost
- Max **65% LTV** of as-stabilized value
- Min **1.20x DSCR** on **stabilized** NOI at the note rate (interest-only)
- **8.5% debt-yield** floor (on stabilized NOI)
- Loan = the **MIN** of the four implied amounts; show which one **binds**.

## Pricing & terms
- Rate: **1-mo Term SOFR 4.30% + 325 bps**, floating, **Actual/360**
- Term: **36 months**, **full-term interest-only**
- Origination fee: **1.00%** (at close); Exit fee: **0.50%** (at payoff)
- Payoff: **month 36 at par** + exit fee
- Close date: **1/1/2026**

## Deliverable (build it)
1. Stabilized **NOI** from the inputs above.
2. **Loan sizing** to the binding constraint (show which binds).
3. Monthly **Actual/360** cash-flow schedule with fees and the month-36 payoff.
4. Full **credit metrics**: DSCR (in-place & stabilized), debt yield (both),
   LTV, LTC, lender **XIRR** and **MOIC**.
5. A **2-variable sensitivity** (lender gross yield: SOFR × exit month).
6. A **scenario** view and a live **Checks** block.
7. A one-page **credit-memo** `Output` tab: deal summary, sizing, key metrics,
   returns.

Grade yourself on the **Self-Check** tab; the **Solution Notes** in the answer
key list every expected number.