Module 07 — Capstone

Goal

The graded test. From a term sheet + T-12 + rent roll, produce a full underwrite and a one-page credit memo. No worked example — this is on you.

What you build

• Stabilized NOI from the inputs.
• Loan sizing to the binding constraint (show which binds).
• A monthly Actual/360 cash-flow schedule with origination/exit fees and the month-36 payoff.
• Full credit metrics: DSCR (in-place & stabilized), debt yield (both), LTV, LTC, lender XIRR, MOIC.
• A 2-variable sensitivity (SOFR × exit month) and a scenario view.
• A live Checks block and a one-page credit-memo Output tab.

The deal

See 07_Capstone_term_sheet.md — a value-add light-industrial bridge loan.

Common mistakes (don't repeat them)

• Forgetting Actual/360 on the interest leg.
• Sizing to the wrong constraint.
• Dropping the exit fee from the payoff cash flow.
• Leaving a check red.

Your assignment

Open 07_Capstone_ASSIGNMENT.xlsx. Grade yourself on Self-Check; verify against 07_Capstone_ANSWER_KEY.xlsx (its Solution Notes list every expected number).