| A | B | C | D | E | F | G | H | I | J | K | L | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
1 | Development Budget | Sample Co-op | ||||||||||
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3 | Property Location: | # of beds: | Sq. Ft.: | Appraised Value: | ||||||||
4 | 123 Street | 15 | 5000 | 550,000 | <-may vary from the purchase price | |||||||
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6 | Uses of funds: | Amount | Notes | Rule of Thumb | ||||||||
7 | Paid at Closing: | (use these values as a first guess.) | ||||||||||
8 | Property purchase | 550,000 | sticker price | |||||||||
9 | Renovation | 17,500 | From Renovations tab | |||||||||
10 | Renovation Contingency | 2,625 | (15 % of renovation cost) | |||||||||
11 | Closing costs & Title Ins. | 5,000 | check with local company for rates | 5,500 | 1% of purchase price | |||||||
12 | Finance fee | 5,652 | varies by lender, a common figure is 1% of the amount loaned | 4,396 | 1% of primary loan | |||||||
13 | Development Consulting | 15,000 | consultant to advise/manage project (i.e. NASCO). "Success Fee" basis. | 14,188 | 2.5% of purchase+renovation | |||||||
14 | Operating Reserve | 20,000 | 19,245 | 2 mo. of cash expenditures (Operating) | ||||||||
15 | Subtotal | 615,777 | ||||||||||
16 | Paid Out of Pocket: | |||||||||||
17 | Legal | 3,000 | draft purchase agreement, resolve liens, review loan agreements | |||||||||
18 | Appraisal | 1,000 | ordered by lender, paid by buyer, can vary widely based on the market | |||||||||
19 | Land Survey | 500 | ordered by lender, paid by buyer | |||||||||
20 | Inspection | 500 | private inspection for buyer's due diligence | |||||||||
21 | Start-up, Household | 2,000 | Kitchen supplies, small appliances, tools, furniture | 3,000 | $200/person | |||||||
22 | Start-up, Business | 1,000 | office supplies, advertising, print material, registration/license | |||||||||
23 | Misc. Expenses | 800 | 800 | 10% of out-of-pocket | ||||||||
24 | Subtotal | 8,800 | ||||||||||
25 | Total Uses | 624,577 | ||||||||||
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27 | Sources of Funds: | Principal | Payment (annual) | Interest | Amortization (years) | Term (years) | Loan to Value "L2V" (cumulative) | % of Total Sources | ||||
28 | Notes | |||||||||||
29 | Primary Loan (usually a Bank) | 439,577 | 33,986 | 6.00% | 25 | 5 | 80% | 70% | Many banks will only loan up to 70% L2V | |||
30 | Secondary Loan (a CDFI or co-op loan fund) | 150,000 | 12,722 | 7.00% | 25 | 5 | 107% | 24% | Co-op lenders may go to higher L2V | |||
31 | Community Loans (friends & family) | 25,000 | 250 | 1.0% | 9999 | 5 | 112% | 4% | Usually unsecured loans at very favorable terms. | |||
32 | Cash fundraising | 5,000 | 0 | 113% | 1% | Cash from fundrasing or initial operations. | ||||||
33 | Member equity | 5,000 | 0 | 114% | 1% | Membershares paid by members at move-in. | ||||||
34 | Total sources | 624,577 | 46,958 | 100.00% | ||||||||
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