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Annual IRR Investor Developer
Equity Contribution 90% 10% Mthly IRR
Waterfall:
Preferred Return
Total CF Available CF to Investor at CF Available CF to Developer at
Month Cash Flow to Investor Preferred Return to Developer Preferred Return
15.00%
of the monthly cash flows until the Investor achieves 15% IRR.
Waterfall Model:
18.00% - The waterfall assumes two parties who split cash flows based on a "waterfall" structur
he Investor achieves 18% IRR. - The waterfall is really IRR hurdles which determine how cash flows at each level are s
- The waterfall structure is a typical real estate capital structure where the developer is
24.00% - The primary investor sets progressive target yields (IRRs) as hurdles.
he Investor achieves 24% IRR. - The Developer typically receives a disproportionate share of the cash flow after the fir
as the "promote." The fact that the developer is no longer pari-passu above the prefe
- Enter fields marked in blue font, yellow cells, ONLY. All mandatory.
- One or more -ive values (investments) are followed by +ive values (cash flows / profit
- To skip a particular hurdle, enter zero values. The model is dynamic and amenable to
- To help us improve this model, please send your feedback to info@globaliconnect.com
Hurdle 1 Hurdle 2
Balance - Post CF Available CF to InvestorAddl CF to DeveloperCF to Developer Balance - Post CF Available
Preferred Return to Investor at Hurdle 1 at Hurdle 1 at Hurdle 1 Hurdle 1 to Investor
Hurdle 2 Hurdle 3
CF to Investor Addl CF to Developer CF to Developer Balance - Post CF Available CF to Investor Addl CF to Developer
at Hurdle 2 at Hurdle 2 at Hurdle 2 Hurdle 2 to Investor at Hurdle 3 at Hurdle 3