Leveraged Breakdowns

REPE Case Study

Underwriting a Construction Loan – Borrower Analysis

This is the second post in our ongoing REPE Case Study on how a real estate private equity construction loan is underwritten by potential lenders.  This installment will focus on borrower analysis.  If you haven’t had a chance to read the first post, you can do so by clicking here. The intent of this article …

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Catch-Up Waterfall, Part Three: Introducing the Waterfall

Introduction The previous post answered the first question of the prompt, “what are the gross returns of this investment?” by building a simple real estate LBO model. This post will begin our journey to answer the second question of this REPE case study, “what net return should the LP expect to earn?” Of course, net …

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Preferred Note Case Study, Part Six: Conclusion

Introduction This is the final installment of the preferred note REPE case study. You should begin at part one, otherwise this section won’t make much sense. But if you’re joining us from part five, we’re going to improve the sensitivity table that we ended with. This sensitivity table looks great, but let’s expand it. I’m …

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