Spreadsheet: 47784d1246968413-one-problem-sheet-infected-proforma-pa-44-june-2009-db-rev
Sheet: Proforma

Property: | Punta Aguila #44
Deal Structure: | ROI/year with / Fully furnished House
 |  | ORIGINAL | CURRENT
Assumptions: | Total Land Cost | 1290000 | 1322000
 | Land Cost/sf FAR | 129 | 132.2 | per sf of saleable space
 | Saleable Area | 10000 | 10000 | sf
 | Total Hard & Soft Costs | 678500 | 1229182 | per sf includes, demolition, landscaping, survey, fixtures,appliances,decorating etc.
 | Implied Cost/SF | 67.85 | 122.9182
 | Sell Price per sq.ft | 350 | 370 | based on comparables plus 200k for furnishings
 | Sales Price based on Comps | 3000000 | 3250000
 | Sales Commission | 0.04 | 0.06
 | Interest Rate | 0.09 | 0.1
 | Loan/value [NAME] | 0.229704852694183 | 0.3135801365798285 | based on total project cost
 | Loan Amount | 550000 | 800000
 | Cash % | 0.770295147305817 | 0.6864198634201715
 | Cash Amount | 1844376.93 | 1751182
 | Turnaround Time | 1.5 | 1.5 | yrs
Project Costs: | Land & Villa | 1290000 | 1322000
 | Total Hard & Soft Costs | 1104376.93 | 1229182 | includes all soft & hard costs
 | Total Upfront Costs | 2394376.93 | 2551182
Profitability:
Sale Gross |  | 3000000 | 2950000
Total Cost |  | -2394376.93 | -2551182
Interest |  | -49500 | -80000
Sales Commission |  | -120000 | -177000
Nader Commission |  | -100000 | -100000
Net Profit (before taxes) |  | 336123.0700000003 | 41818
Project Profitability |  | 0.1403801823299393 | 0.01639161768936908
Downside Risk:
Break Even Sale Price/sf |  | 239.437693 | 255.1182 | per sf
Break Even Sale Price |  | 2663876.93 | 2908182 | includes sales commission
Required Capital from Partners |  | 1844376.93 | 1751182
Trishare | 0.689003791377937 | 1270782.6975 | 1200886.5 | 0.6857576768148599
CDC Investor (GP) | 0.2296679304593124 | 423594.2324999999 | 400295.5 | 0.22858589227162
ECONCA (Builder) | 0.08132827816275062 | 150000 | 150000 | 0.08565643091352013
Available Capital Return
Sales Price |  | 3000000 | 2950000
Bank Repayment |  | -550000 | -800000
Commisions |  | -220000 | -277000
Interest |  | -49500 | -80000
Capital to Distribute |  | 2180500 | 1793000
Waterfall to Investors
Return of Capital
Trishare |  | 1270782.6975 | 1200886.5
CDC Investor |  | 423594.2324999999 | 400295.5
ECONCA (Builder) |  | 150000 | 150000
ECONCA  Profit Return |  | 27336.31053387772 | 3581.980627941585
Balance if Return Available |  | 308786.7594661226 | 38236.01937205841
Preferred Return (20%) Based on Turn Around Time:
Trishare |  | 399704.5403592333 | 377719.8001282264
CDC (as LP) |  | 133234.8467864111 | 125906.6000427421
Proceeds for Profit Split |  | -224152.6276795218 | -465390.3807989101
CDC (as GP) | 0.4 | -89661.05107180873 | -186156.152319564
CDC (as LP) | 0.15 | -33622.89415192827 | -69808.5571198365
Trishare Profit | 0.45 | -100868.6824557848 | -209425.6713595095
 | 1 | -224152.6276795218 | -465390.38079891
Trishare
Total Proceeds |  | 1569618.555403448 | 1369180.628768717
Total Invested Equity |  | 1270782.6975 | 1200886.5
Simple Return on Equity |  | 0.2351588973404704 | 0.1401415777167259
IRR (assuming equity in at time 0) |  | 0.1511940972228076 | 0.09137128347550094
CDC Investor
Total Proceeds |  | 433545.1340626741 | 270237.3906033416
Total Invested Equity |  | 423594.2324999999 | 400295.5
Simple Return on Equity |  | 0.02349158888199487 | -0.3249052497384018
IRR (assuming equity in at time 0) |  | 0.01560037361746658 | -0.2304388164941457