Companion files · The Private Markets Career Guides
How Real Estate Debt Funds Originate, Underwrite and Finance Bridge, Construction and Mezzanine Loans: LTV, LTC, DSCR and Debt Yield, the Term Sheet, Back Leverage and CRE CLOs, Servicing, Workouts and the Career.
These are the companion files of the book. One workbook rebuilds Calder Ridge Real Estate Credit Fund II, the fictional $750 million debt fund the book follows from its first close in 2024 to its last repayment: the Mercer Street bridge loan sized with the four tests, its cash flows and lender IRR, the Dunmore capital stack, the unit economics of a levered senior loan on repo and in a CRE CLO, the Linden Street margin call and workout, and the fund’s gross and net returns. A toolkit holds the checklists of Appendix B in an editable form.
The archive holds the workbook, the toolkit and 00_START_HERE.md. No macros, no circular references, no external links. The workbook recalculates in Excel, LibreOffice or Google Sheets.
Chapters 3, 5, 6, 8 and 10 to 14
One Inputs sheet holds every assumption: the base rate, the Mercer Street loan and the credit box, the Dunmore stack, Fund II economics and terms, and the Linden Street workout. One sheet per topic, and a Checks sheet that puts the figures printed in the book beside the cells that compute them.
Download the workbook27 KBAppendix B
Loan screening questions, underwriting checklist, sponsor diligence checklist, term sheet outline, credit memo outline, draw request checklist, watch list triggers and workout decision checklist.
Download the toolkit40 KBRead first
What each file holds, which sheet answers which chapter, and the two inputs to change first.
Download the read-me2 KB| The test that binds | Mercer Street: loan to cost allows $41.25 million, against $41.7 million under stabilized DSCR and $42.4 million under debt yield; the commitment is $41.0 million |
| Leverage | An 8.10 percent senior loan financed on repo at a 70 percent advance earns 13.0 percent on equity, 16.9 percent in a CRE CLO |
| Gross to net | Fund II earns 13.2 percent gross and nets its investors 10.2 percent, after a $9.0 million workout loss, fees, expenses and carry |
The files are provided as they are, without warranty of any kind. The model is illustrative: Calder Ridge Capital, its funds, loans and sponsors are fictional, the model is annual and simplified with a flat SOFR, and the figures are the book’s assumptions, not market terms or forecasts. Nothing here is investment, legal, tax or accounting advice.