How sizing works
Senior facility = GDV x LTGDV cap. Equity gap = total costs minus senior debt. If the equity gap exceeds your stack, mezz or pref equity bridges it but at 12 to 18 percent.
Which cap binds
On schemes where GDV is high relative to cost (premium new build), LTC binds first. On schemes where GDV is thin relative to cost (heavy refurb in low-value areas), LTGDV binds first.
Inputs
MAX LAND BID£106,489At 20% profit on cost, 9 units, 950 sqft GIA each.
MARGINAL
GDV£3,088,688
Build cost£1,826,937
Prof fees£219,232
s106/CIL/BNG£108,000
Contingency£161,563
Finance interest£164,996
Target profit£496,146
Total costs (excl land)£2,480,729
Senior debt @ LTGDV£2,007,647
PoC19.4%
PoGDV16.2%
LTC77.6%
Sensitivity (PoC %)
Build -5%Build +5%Build +10%Build +15%Build +20%
GDV -15%11%1%-3%-7%-11%
GDV -10%18%7%2%-2%-6%
GDV -5%19%13%8%4%-1%
GDV 0%19%19%14%9%5%
GDV +5%18%19%19%14%10%
Cells show profit-on-cost percentage at each GDV stress / build-cost shock pair. Cells below your target PoC turn amber-warm; cells below 10 percent abort.