Julian R. Sterling

Free Excel templates

Financial models for private markets and real estate, each one built for a book and checked against every figure the book prints.

Every file below opens in Excel, LibreOffice or Google Sheets. No macros, nothing locked, no account and no email address. Each page explains what the model does, shows its worked example, and links to the rest of the companion files for the same book.

• LBO modelSources and uses to sponsor IRR, twelve sheets, every figure checked. From The Buyout Investor.
• Real estate property modelRent roll, cash flow, debt and returns for one asset, empty and ready to fill. From Real Estate Financial Modeling.
• Residual land valuationDevelopment appraisal with the four downside tests and peak debt. From The Real Estate Development Manager.
• DCF with terminal valuePerpetuity growth and exit multiple side by side, with the TV share of value. From The Private Markets Valuation Specialist.
• Distribution waterfall modelReturn of capital, pref, catch-up and carry, three catch-up readings, European vs deal-by-deal. From Real Estate Fund Management.
• Loan sizing: LTV, LTC, DSCR, debt yieldThe four lender tests at once, the binding one, and a rate shock. From Real Estate Fund Management.
• Direct lending credit modelUnitranche underwriting: coverage, leverage, sweep, base, downside and stress. From The Private Credit Investor.
• Data center financial modelTurnkey, powered shell and powered land on one campus, levered returns and delay. From The Data Center Development Handbook.
• 13-week cash flow modelLiquidity on paper against usable liquidity, a springing covenant and six levers. From The Corporate Restructuring Handbook.
• Small business acquisition model (SBA loan)SBA 7(a) loan sized in closed form, lender coverage against cash coverage, exit returns. From Buying a Small Business.
• 3-statement financial modelFive-year forecast feeding a DCF and an LBO on one case, with a blank build. From Financial Modeling from First Principles.
• Project finance modelSolar and storage project, debt sculpted to a 1.35x DSCR, no circularity. From The Project Finance Handbook.
• REIT valuation modelFFO, AFFO, NAV and the implied cap rate for one REIT, plus an empty template. From REIT Analysis and Valuation.
• Self-storage financial modelCohort rent roll, break-even occupancy, ten-year hold and the bid for one store. From Self-Storage Real Estate.
• Tax lien certificate yield calculatorBid, minimum charge and redemption month turned into a real annual yield. From The Tax Lien Investor.
• Sale and leaseback modelNine buildings, the price split five ways, rent cover on the entity that signs. From Sale and Leaseback.

Articles — worked arithmetic from the books →