01
Dashboard
Investment case, capital stack, uses of funds, and headline returns.
Excel workbook / Apartment development
A model for seeing the whole apartment deal at once.
A downloadable underwriting workbook for apartment development: assumptions, sales, cash flow, returns, lender tests, scenario comparison, funding triggers, and unit mix diagnostics.
The Development Playbook
Apartment Underwriting / Dashboard
Scenario: Base
Profit on cost
18.9%
developer profit / total cost
Equity IRR
51.2%
levered, annualised
Equity multiple
1.45x
cash returned / cash in
Margin on GDV
15.9%
profit / realised value
Funding profileDebt / Equity outstanding
Month 0
Month 6
Month 9
Month 15
Month 18
Month 21
Uses of funds
Construction65.8%
Land + acquisition13.9%
Marketing & sales6.7%
Professional fees6.6%
Contingency5.1%
What is inside
Not a black box. A readable underwriting file.
The workbook is organised as an argument: assumptions first, cash movement next, returns and risk after, with checks and evidence visible throughout.
02
Model Checks
Visible tie-outs, integrity checks, and warnings before decisions are made.
03
Sources Register
A live assumptions register for evidence, ownership, confidence, and audit trail.
04
Scenario Comparison
Base, downside, and upside cases using the same model engine.
05
Programme & Funding
Milestones, covenant triggers, equity requirement, and debt draw timing.
06
Unit Mix Analytics
Revenue concentration, absorption, ticket size, and mix diagnostics.
07
Cash Flow
Monthly land, construction, sales, debt, interest, and equity movement.
08
Returns & Waterfall
Profit, IRR, equity multiple, post-tax returns, and JV waterfall logic.
09
Lender & Risk
LTC, loan-to-GDV, pre-sales, margin of safety, and risk register.
Base / Downside / Upside
Scenario comparison
Compare the same development through different price, cost, absorption, and financing conditions.
Base18.9% POC
Downside0.3% POC
Upside33.5% POC
Funding discipline
Programme triggers
Track when pre-sales, equity exposure, first debt draw, peak debt, completion, and repayment occur.
Pre-sale covenantMonth 9
Peak equityMonth 9
Peak debtMonth 20
Product risk
Unit mix analytics
Read the mix by units, saleable area, revenue contribution, absorption speed, and concentration risk.
Largest dependency2-bed
Sell-outMonth 15
Average ticketKES 11.8m
Prefer the workflow version?
Underwrite an apartment development in 30 minutes.
The Excel model teaches the structure. Pencil turns the same logic into a guided underwriting workflow: assumptions, unit mix, sales, costs, funding, returns, and sensitivity in one place.
Manual model vs guided workflow
Choose how you want to work.
Excel model
Best for learning the logic, reviewing assumptions, and adapting a transparent starter file.
Pencil
Best for running the underwriting workflow faster, consistently, and with less spreadsheet friction.
Model output
Dashboard, returns, cash flow, sensitivity, lender tests, and unit mix diagnostics.
Workflow output
A guided apartment development underwriting case you can build, compare, and share.
Download the workbook
Use it as a teaching model, a starter file, or a review checklist.
Built for early-stage apartment development decisions. Re-verify assumptions before committing capital.
Download Excel model