Modelled index

RWN.ENR.0178.0±35 pts RWN.AGR.0164.0±39 pts RWN.INF.0161.0±42 pts RWN.PRP.0183.0±33 pts RWN.ENR.0259.0±47 pts RWN.ENR.0346.0±44 pts RWN.INF.0268.0±45 pts RWN.AGR.0257.0±42 pts RWN.AGR.0362.0±41 pts RWN.INF.0344.0±44 pts RWN.INF.0453.0±45 pts RWN.INF.0566.0±41 pts RWN.PRP.0261.0±41 pts RWN.PRP.0363.0±42 pts RWN.PRP.0448.0±43 pts RWN.CRD.0171.0±40 pts RWN.CRD.0258.0±43 pts RWN.CRD.0388.0±22 pts RWN.CMD.0179.0±35 pts RWN.CMD.0239.0±46 pts RWN.PRP.0546.0±26 pts RWN.PRP.0640.0±26 pts RWN.PRP.0754.0±26 pts RWN.PRP.0858.0±26 pts RWN.PRP.0954.0±26 pts RWN.PRP.1048.0±26 pts RWN.PRP.1148.0±26 pts RWN.PRP.1240.0±26 pts RWN.PRP.1340.0±26 pts RWN.PRP.1448.0±26 pts RWN.CRD.0464.0±26 pts RWN.CRD.0548.0±26 pts RWN.CRD.0640.0±26 pts RWN.CRD.0754.0±26 pts RWN.CRD.0840.0±26 pts RWN.CRD.0958.0±26 pts RWN.CRD.1058.0±26 pts RWN.CRD.1134.0±26 pts RWN.CRD.1258.0±26 pts RWN.CRD.1348.0±26 pts RWN.EQU.0148.0±26 pts RWN.EQU.0234.0±26 pts RWN.EQU.0348.0±26 pts RWN.EQU.0434.0±26 pts RWN.EQU.0540.0±26 pts RWN.EQU.0634.0±26 pts RWN.EQU.0740.0±26 pts RWN.EQU.0840.0±26 pts RWN.EQU.0948.0±26 pts RWN.EQU.1048.0±26 pts RWN.CMD.0358.0±26 pts RWN.CMD.0448.0±26 pts RWN.CMD.0534.0±26 pts RWN.CMD.0640.0±26 pts RWN.CMD.0734.0±26 pts RWN.CMD.0840.0±26 pts RWN.CMD.0934.0±26 pts RWN.CMD.1048.0±26 pts RWN.CMD.1140.0±26 pts RWN.CMD.1234.0±26 pts RWN.COL.0140.0±26 pts RWN.COL.0248.0±26 pts RWN.COL.0348.0±26 pts RWN.COL.0458.0±26 pts RWN.COL.0540.0±26 pts RWN.COL.0640.0±26 pts RWN.COL.0758.0±26 pts RWN.COL.0848.0±26 pts RWN.COL.0958.0±26 pts RWN.COL.1040.0±26 pts RWN.DIG.0140.0±26 pts RWN.DIG.0258.0±26 pts RWN.DIG.0334.0±26 pts RWN.DIG.0434.0±26 pts RWN.DIG.0534.0±26 pts RWN.DIG.0634.0±26 pts RWN.DIG.0734.0±26 pts RWN.DIG.0840.0±26 pts RWN.DIG.0934.0±26 pts RWN.DIG.1034.0±26 pts RWN.CUR.0158.0±26 pts RWN.CUR.0258.0±26 pts RWN.CUR.0348.0±26 pts RWN.CUR.0448.0±26 pts RWN.CUR.0558.0±26 pts RWN.CUR.0648.0±26 pts RWN.CUR.0748.0±26 pts RWN.CUR.0858.0±26 pts RWN.CUR.0948.0±26 pts RWN.CUR.1040.0±26 pts RWN.ENR.0178.0±35 pts RWN.AGR.0164.0±39 pts RWN.INF.0161.0±42 pts RWN.PRP.0183.0±33 pts RWN.ENR.0259.0±47 pts RWN.ENR.0346.0±44 pts RWN.INF.0268.0±45 pts RWN.AGR.0257.0±42 pts RWN.AGR.0362.0±41 pts RWN.INF.0344.0±44 pts RWN.INF.0453.0±45 pts RWN.INF.0566.0±41 pts RWN.PRP.0261.0±41 pts RWN.PRP.0363.0±42 pts RWN.PRP.0448.0±43 pts RWN.CRD.0171.0±40 pts RWN.CRD.0258.0±43 pts RWN.CRD.0388.0±22 pts RWN.CMD.0179.0±35 pts RWN.CMD.0239.0±46 pts RWN.PRP.0546.0±26 pts RWN.PRP.0640.0±26 pts RWN.PRP.0754.0±26 pts RWN.PRP.0858.0±26 pts RWN.PRP.0954.0±26 pts RWN.PRP.1048.0±26 pts RWN.PRP.1148.0±26 pts RWN.PRP.1240.0±26 pts RWN.PRP.1340.0±26 pts RWN.PRP.1448.0±26 pts RWN.CRD.0464.0±26 pts RWN.CRD.0548.0±26 pts RWN.CRD.0640.0±26 pts RWN.CRD.0754.0±26 pts RWN.CRD.0840.0±26 pts RWN.CRD.0958.0±26 pts RWN.CRD.1058.0±26 pts RWN.CRD.1134.0±26 pts RWN.CRD.1258.0±26 pts RWN.CRD.1348.0±26 pts RWN.EQU.0148.0±26 pts RWN.EQU.0234.0±26 pts RWN.EQU.0348.0±26 pts RWN.EQU.0434.0±26 pts RWN.EQU.0540.0±26 pts RWN.EQU.0634.0±26 pts RWN.EQU.0740.0±26 pts RWN.EQU.0840.0±26 pts RWN.EQU.0948.0±26 pts RWN.EQU.1048.0±26 pts RWN.CMD.0358.0±26 pts RWN.CMD.0448.0±26 pts RWN.CMD.0534.0±26 pts RWN.CMD.0640.0±26 pts RWN.CMD.0734.0±26 pts RWN.CMD.0840.0±26 pts RWN.CMD.0934.0±26 pts RWN.CMD.1048.0±26 pts RWN.CMD.1140.0±26 pts RWN.CMD.1234.0±26 pts RWN.COL.0140.0±26 pts RWN.COL.0248.0±26 pts RWN.COL.0348.0±26 pts RWN.COL.0458.0±26 pts RWN.COL.0540.0±26 pts RWN.COL.0640.0±26 pts RWN.COL.0758.0±26 pts RWN.COL.0848.0±26 pts RWN.COL.0958.0±26 pts RWN.COL.1040.0±26 pts RWN.DIG.0140.0±26 pts RWN.DIG.0258.0±26 pts RWN.DIG.0334.0±26 pts RWN.DIG.0434.0±26 pts RWN.DIG.0534.0±26 pts RWN.DIG.0634.0±26 pts RWN.DIG.0734.0±26 pts RWN.DIG.0840.0±26 pts RWN.DIG.0934.0±26 pts RWN.DIG.1034.0±26 pts RWN.CUR.0158.0±26 pts RWN.CUR.0258.0±26 pts RWN.CUR.0348.0±26 pts RWN.CUR.0448.0±26 pts RWN.CUR.0558.0±26 pts RWN.CUR.0648.0±26 pts RWN.CUR.0748.0±26 pts RWN.CUR.0858.0±26 pts RWN.CUR.0948.0±26 pts RWN.CUR.1040.0±26 pts

Frontiers · Commercial Real Estate · Capital structure

Maturity is a funding event.

Size a replacement loan against both value and income, and make the investor’s funding gap visible.

ILLUSTRATIVE · USD · SQ FT · PRE-TAX

Commercial debt & refinancing

Size the initial loan and test whether a replacement loan, capped by LTV and DSCR, covers the balance at maturity.

Modelled outcome

Debt position

Initial borrowing

$3,000,000

Year 1 DSCR

1.36×

Year 1 debt yield

11.0%

Initial maturity

Month 60

Loan terms

Whole-property figures; your share follows the ownership stake.

Initial loan

Initial loan-to-value (%)Initial interest rate (% p.a.)Amortisation period (years)Initial interest-only monthsInitial loan maturity (month)Initial loan fee (%)

Refinance constraints

Refinance at maturity? 1 = yes, 0 = noRefinance maximum LTV (%)Refinance rate (% p.a.)Refinance amortisation (years)Refinance loan fee (%)Refinance minimum DSCR (×)Refinance valuation cap rate (%)

At the maturity date

Refinancing bridge	Whole property
Forward 12-month NOI	$329,083
Income-based property value	$4,701,182
LTV-constrained borrowing	$2,820,709
DSCR-constrained borrowing	$2,984,673
Selected replacement loan	$2,820,709
Existing balance repaid	-$2,716,865
New loan fee	-$42,311
Net financing cash flow	$61,534
Investor share	$61,534
Binding constraint	LTV

Debt balance over the hold

Outstanding property debt

During interest-only months no principal is paid; later payments use the original amortisation period.

Cumulative investor cash flow

Cumulative investor cash

Includes the initial equity, refinance cash and final sale.

Next: ground-up construction or major repositioning.

Development lab →