Commercial Property Deal Model

Yes. File > Import > Upload > choose the file > Replace spreadsheet. Every formula was written to run in free Google Sheets as well as Excel - no XLOOKUP, no LET, no LAMBDA, no dynamic arrays, no macros, no add-ons. You do not need a paid Google account and you do not need Excel.

Those are formulas, locked so a stray paste cannot silently break the math on a projection you may be about to make a seven-figure decision with. There is no password. Review > Unprotect Sheet in Excel, or Data > Protected sheets and ranges in Google Sheets, opens the whole thing immediately.

The 85% loan-to-value line is the supervisory limit for improved commercial, multifamily and other nonresidential property, published in Appendix C of the Comptroller's Handbook booklet 'Commercial Real Estate Lending' (Version 2.0) from the Office of the Comptroller of the Currency. That booklet is a US government work in the public domain and is free to download. The same table gives 65% for raw land, 75% for land development or improved lots, and 80% for commercial construction. The 1.25x DSCR and 10% debt yield lines are market convention rather than published limits, and the workbook says so wherever it shows them. Your bank's own credit policy governs what it will actually lend.

Probably neither. During an interest-only period this model tests coverage against the fully amortizing payment, which is a harder test and produces a lower number. That follows the same OCC booklet, which tells banks the property 'should nonetheless meet the bank's repayment capacity (debt service coverage) requirements as though the loan were amortizing.' The DSCR column on the cash-flow tab shows coverage on the actual payment for each year, so you can compare both.

Because a buyer pays for the income they will receive, not the income you just received. A sale at the end of Year 10 is priced by capitalizing Year 11 NOI. Year 11 exists only to supply that number, and its own operating cash flow is excluded from every return. Set the hold to five years and the model prices the exit off Year 6 instead, automatically.

Yes. Every workbook is built with an older, universal formula vocabulary so it imports into free Google Sheets without add-ons, and it opens in Excel as well. You get both in one purchase.

The workbook was opened in a calculation engine, fully rebuilt, and 54 figures were compared to values worked out independently in code from the same seed inputs. One disagreement would have stopped the release. An excerpt of that ledger is on this page.