Homebuilder Finance

Stress & Structure

As of August 31, 2026

Remaining-project liquidity review

Cedar Grove

Can construction spending and required loan repayment both be funded through sellout?

12scheduled units / lots

Fixed stress comparison

Current shared inputs · no added scenario cash. Selecting a preset replaces selected edits.

Credit measure	BaseNo modeled funding deficit	DownsideFunding required	Downside, higher sweepFunding required
Funding need
First deficit
Lowest cash checkpoint
Modeled interest
Principal due at maturity
Unsold at maturity
Final closing	Month 6	Month 8	Month 8

Selected scenario controls

Preset assumptions — edits affect only the selected review below.

Price reduction (%)

0–100 %

Remaining-cost increase (%)

0–200 %

Closing delay (months)

0–24 months

Release sweep (%)

0–100 %

Additional opening cash (USD)

Slider: $0–$2,000,000.00. Numeric: $0–$999,999,999,999.99 (cents accepted).

Closing delay shifts sales only, not construction. Scenario ranges are demonstration limits, not probabilities or lender policy.

Stated project cash: $150,000.00
Hypothetical added support: $0.00
Total starting cash modeled: $150,000.00

Minimum support has no safety buffer and requires a verified source. It covers the modeled remaining project.

02 · Selected case

Downside

Funding required

Price −10%Costs +10%Closings +2 months75% sweep

Further starting cash required
First deficit
Total interest
Maturity position

Ending signed cash after the maturity checkpoint: $616,913.74. Includes $0.00 of hypothetical added support; this is not profit. Continuation after the first deficit is conditional on funding it.

Controlling checkpoint-$733,750.00Month 5, before closings

Interpretation

Status, structure & model boundaries

Selected case assumptions

Current status

Funding required

At least one modeled cash checkpoint is negative using the stated project cash and hypothetical support. Later activity is conditional on curing that shortfall.

It is not a loss estimate, legal balancing demand, default prediction, or evidence that the sponsor can supply the cash.

Definitions for all three statuses

Inputs incomplete: One or more required inputs are missing, malformed, inconsistent, or outside the supported v1 structure. Current results are withheld. It is not a negative credit conclusion; the model has not produced a usable financial result.
Funding required: At least one modeled cash checkpoint is negative using the stated project cash and hypothetical support. Later activity is conditional on curing that shortfall. It is not a loss estimate, legal balancing demand, default prediction, or evidence that the sponsor can supply the cash.
No modeled funding deficit: Every modeled cash checkpoint is nonnegative under the selected assumptions and stated cash resources. It is not approval, a credit recommendation, proof of sponsor capacity, collateral value, or confirmation of loan-document compliance.

Structure comparison

75% vs. 90% release sweep

Moving from the ordinary sweep to the higher sweep increases modeled upfront cash required by $212,657.25 while reducing modeled interest by $12,372.76.

Added funding pressure: $212,657.25
Interest reduction: $12,372.76

This compares two structures under otherwise identical downside assumptions. It is not a recommendation or a lender policy conclusion.

Additional matters requiring attention

funding requiredThe modeled path requires $733,750.00 of further starting cash to avoid negative checkpoints.

Assumptions and confirmations (6)

advance timing

Eligible construction advances are assumed available in time to pay modeled construction costs; inspection and reimbursement delays are not modeled.

facility.commitment · costEvents

cash paid interest

Interest is cash-paid monthly using the stated midpoint convention and is not a payoff quote.

facility.annualRate · facility.interestTreatment

closing delay scope

Closing delay shifts sale dates only; construction timing remains unchanged.

scenario.closingDelayMonths

nonrevolving capacity

Availability equals original commitment less cumulative lifetime advances; principal repayments do not restore advance capacity.

facility.commitment · facility.openingCumulativeAdvances · facility.revolving

completion closing timing

Completion occurs at the end of its listed month before that month’s closing; the zero-lag base case is a demonstration assumption.

units

human confirmation

An actual review would require confirmation of support sources, release terms, cost eligibility, completion assumptions, sales evidence, and draw timing.

facility · project · units · costEvents

Not produced by this modelProfit · ROE · IRR · default probability · expected loss · valuation · approval recommendation

Cash, debt & availability

Exact values from Downside

Cash trajectory

Pre-closing and after-closing checkpoints; sales arrive after monthly costs.

Conditional after deficit

First deficit-$285,250.00Month 4 · before closings

Controlling minimum-$733,750.00Month 5 · before closings

Inspect exact cash checkpoints

Checkpoint	Phase	Signed cash	Path status
Opening	opening · opening	$150,000.00	Before first deficit
M1 pre	before closings · before closings	$112,250.00	Before first deficit
M1 end	after closings · after closings	$112,250.00	Before first deficit
M2 pre	before closings · before closings	$67,625.00	Before first deficit
M2 end	after closings · after closings	$67,625.00	Before first deficit
M3 pre	before closings · before closings	$14,750.00	Before first deficit
M3 end	after closings · after closings	$14,750.00	Before first deficit
M4 construction	construction · before closings	-$285,250.00	Conditional after funding deficit
M4 pre	before closings · before closings	-$343,750.00	Conditional after funding deficit
M4 end	after closings · after closings	-$343,750.00	Conditional after funding deficit
M5 pre	before closings · before closings	-$733,750.00	Conditional after funding deficit
M5 end	after closings · after closings	-$321,325.00	Conditional after funding deficit
M6 pre	before closings · before closings	-$701,014.38	Conditional after funding deficit
M6 end	after closings · after closings	-$288,589.38	Conditional after funding deficit
M7 pre	before closings · before closings	-$327,968.13	Conditional after funding deficit
M7 end	after closings · after closings	$84,456.87	Conditional after funding deficit
M8 pre	before closings · before closings	$55,388.74	Conditional after funding deficit
M8 end	after closings · after closings	$616,913.74	Conditional after funding deficit
M9 pre	before closings · before closings	$616,913.74	Conditional after funding deficit
M9 end	after closings · after closings	$616,913.74	Conditional after funding deficit
M9 balloon	maturity balloon · maturity balloon	$616,913.74	Conditional after funding deficit

Principal vs. availability

Repayment reduces debt; it does not restore this nonrevolver’s advance capacity.

Contractual maturity · Month 9$0.00 balloon due

Cash before balloon: $616,913.74
Cash after balloon: $616,913.74
Unsold units: 0

Inspect exact debt and availability

Period end	Outstanding principal	Cumulative advances	Undisbursed
Opening	$1,800,000.00	$1,800,000.00	$3,000,000.00
Month 1	$2,460,000.00	$2,460,000.00	$2,340,000.00
Month 2	$3,450,000.00	$3,450,000.00	$1,350,000.00
Month 3	$4,440,000.00	$4,440,000.00	$360,000.00
Month 4	$4,800,000.00	$4,800,000.00	$0.00
Month 5	$3,562,725.00	$4,800,000.00	$0.00
Month 6	$2,325,450.00	$4,800,000.00	$0.00
Month 7	$1,088,175.00	$4,800,000.00	$0.00
Month 8	$0.00	$4,800,000.00	$0.00
Month 9	$0.00	$4,800,000.00	$0.00

Monthly loan & project ledger

Downside · exact USD values

Month

Construction

Eligible

Advance

Cumulative advances

Undisbursed

Holding

Interest

Cash pre-close

Net sales

Releases

Cash end

Principal end

Month 1

$660,000.00

$2,460,000.00

$2,340,000.00

$20,000.00

$17,750.00

$112,250.00

$0.00

$112,250.00

$2,460,000.00

Month 2

$990,000.00

$3,450,000.00

$1,350,000.00

$20,000.00

$24,625.00

$67,625.00

$0.00

$67,625.00

$3,450,000.00

Month 3

$990,000.00

$4,440,000.00

$360,000.00

$20,000.00

$32,875.00

$14,750.00

$0.00

$14,750.00

$4,440,000.00

Month 4First deficit

$660,000.00

$360,000.00

$4,800,000.00

$0.00

$20,000.00

$38,500.00

-$343,750.00

$0.00

-$343,750.00

$4,800,000.00

Transaction sequence

#	Event	Cash before	Cash change	Cash after	Principal before	Principal change	Principal after	Undisbursed
1	advance	$14,750.00	$360,000.00	$374,750.00	$4,440,000.00	$360,000.00	$4,800,000.00	$0.00
2	construction	$374,750.00	-$660,000.00	-$285,250.00	$4,800,000.00	$0.00	$4,800,000.00	$0.00
3	holding	-$285,250.00	-$20,000.00	-$305,250.00	$4,800,000.00	$0.00	$4,800,000.00	$0.00
4	interest	-$305,250.00	-$38,500.00	-$343,750.00	$4,800,000.00	$0.00	$4,800,000.00	$0.00
5	before closings	-$343,750.00	$0.00	-$343,750.00	$4,800,000.00	$0.00	$4,800,000.00	$0.00
6	after closings	-$343,750.00	$0.00	-$343,750.00	$4,800,000.00	$0.00	$4,800,000.00	$0.00

Construction events

Unit / event	Base cost	Stressed cost	Eligible cost	Source
B01B01-M04	$100,000.00	$110,000.00	$110,000.00	budget / B01 / month 4 / amount
B02B02-M04	$100,000.00	$110,000.00	$110,000.00	budget / B02 / month 4 / amount
B03B03-M04	$100,000.00	$110,000.00	$110,000.00	budget / B03 / month 4 / amount
D01D01-M04	$100,000.00	$110,000.00	$110,000.00	budget / D01 / month 4 / amount
D02D02-M04	$100,000.00	$110,000.00	$110,000.00	budget / D02 / month 4 / amount
D03D03-M04	$100,000.00	$110,000.00	$110,000.00	budget / D03 / month 4 / amount

Month 5Trough

$330,000.00

$0.00

$4,800,000.00

$0.00

$20,000.00

$40,000.00

-$733,750.00

$1,649,700.00

$1,237,275.00

-$321,325.00

$3,562,725.00

Transaction sequence

#	Event	Cash before	Cash change	Cash after	Principal before	Principal change	Principal after	Undisbursed
1	advance	-$343,750.00	$0.00	-$343,750.00	$4,800,000.00	$0.00	$4,800,000.00	$0.00
2	construction	-$343,750.00	-$330,000.00	-$673,750.00	$4,800,000.00	$0.00	$4,800,000.00	$0.00
3	holding	-$673,750.00	-$20,000.00	-$693,750.00	$4,800,000.00	$0.00	$4,800,000.00	$0.00
4	interest	-$693,750.00	-$40,000.00	-$733,750.00	$4,800,000.00	$0.00	$4,800,000.00	$0.00
5	before closings	-$733,750.00	$0.00	-$733,750.00	$4,800,000.00	$0.00	$4,800,000.00	$0.00
6	unit closing	-$733,750.00	$137,475.00	-$596,275.00	$4,800,000.00	-$412,425.00	$4,387,575.00	$0.00
7	unit closing	-$596,275.00	$137,475.00	-$458,800.00	$4,387,575.00	-$412,425.00	$3,975,150.00	$0.00
8	unit closing	-$458,800.00	$137,475.00	-$321,325.00	$3,975,150.00	-$412,425.00	$3,562,725.00	$0.00
9	after closings	-$321,325.00	$0.00	-$321,325.00	$3,562,725.00	$0.00	$3,562,725.00	$0.00

Construction events

Unit / event	Base cost	Stressed cost	Eligible cost	Source
C01C01-M05	$100,000.00	$110,000.00	$110,000.00	budget / C01 / month 5 / amount
C02C02-M05	$100,000.00	$110,000.00	$110,000.00	budget / C02 / month 5 / amount
C03C03-M05	$100,000.00	$110,000.00	$110,000.00	budget / C03 / month 5 / amount

Unit closings and releases

Unit	Sale price	Selling costs	Net proceeds	Sweep test	Floor	Ordinary release	Principal paid	Rule
A01	$585,000.00	$35,100.006% · unit override	$549,900.00	$412,425.0075% of net	$400,000.00	$412,425.00greater of floor / sweep	$412,425.00	Ordinary release
A02	$585,000.00	$35,100.006% · unit override	$549,900.00	$412,425.0075% of net	$400,000.00	$412,425.00greater of floor / sweep	$412,425.00	Ordinary release
A03	$585,000.00	$35,100.006% · unit override	$549,900.00	$412,425.0075% of net	$400,000.00	$412,425.00greater of floor / sweep	$412,425.00	Ordinary release

Month 6

$330,000.00

$0.00

$4,800,000.00

$0.00

$20,000.00

$29,689.38

-$701,014.38

$1,649,700.00

$1,237,275.00

-$288,589.38

$2,325,450.00

Month 7

$0.00

$4,800,000.00

$0.00

$20,000.00

$19,378.75

-$327,968.13

$1,649,700.00

$1,237,275.00

$84,456.87

$1,088,175.00

Month 8

$0.00

$4,800,000.00

$0.00

$20,000.00

$9,068.13

$55,388.74

$1,649,700.00

$1,088,175.00

$616,913.74

$0.00

Month 9

$0.00

$4,800,000.00

$0.00

$616,913.74

$0.00

$616,913.74

$0.00

Undisbursed is original commitment less cumulative lifetime advances. Releases reduce principal but do not restore availability. Conditional rows assume any earlier cash deficit is funded.

Contractual maturity

Month 9

Balloon due: $0.00
Cash before balloon: $616,913.74
Cash after balloon: $616,913.74
Unsold units: 0

The balloon is a separate conditional checkpoint after scheduled releases.

Beyond modeled horizon

No scheduled construction spending

Total construction: $0.00
Eligible construction: $0.00
Unsold inventory: None
Cash-need scope: Remaining project

No post-maturity advances, closings, extension, or refinance are assumed.

Printable review brief

Two-page core brief · ledger remains separate

Selected case briefSelected assumptions and calculated results

Ledger appendix

HBF judgment notesYour assessment is separate from the modeled conclusion and does not change the calculations.0 / 10,000 characters · Long notes continue onto additional print pages rather than being clipped.

Homebuilder FinanceStress & Structure

Cedar Grove

Remaining-project liquidity and release-structure review

Team reviewAugust 31, 2026

Selected scenario DownsideCurrency USD

Modeled conclusion

Funding required

Under the selected Downside assumptions, signed project cash reaches -$733,750.00 in Month 5 before closings. The modeled path requires at least $733,750.00 of further starting cash beyond $0.00 already included; later activity is conditional on funding the shortfall.

This conclusion is limited to modeled cash sufficiency and structure. It is not approval or evidence of sponsor capacity.

Further starting cash$733,750.00Beyond support included; no buffer

First deficitMonth 4before closings · -$285,250.00

Total interest$211,886.26Cash-paid monthly

Maturity principal$0.000 unit(s) unsold

Selected assumptions

Price reduction: 10%
Remaining-cost increase: 10%
Closing delay: +2 months
Release sweep: 75%
Stated project cash: $150,000.00
Hypothetical added support: $0.00
Annual interest rate: 10%
Contractual maturity: Month 9

Construction uses the unit budget: $3,600,000.00 remaining before stress.
0 of 12 scheduled units have fixed sale prices and are excluded from price stress. Closing delay applies to all.
Selling costs use unit overrides, then the project assumption. Costs not entered at either level are excluded and flagged below.

Controlling cash event

Stated project cash

$150,000.00

Hypothetical added support

$0.00

Construction advances

$3,000,000.00

−

Construction spending

$3,630,000.00

−

Holding costs

$100,000.00

−

Cash-paid interest

$153,750.00

Net sale proceeds

$0.00

−

Principal releases

$0.00

Signed cash at Month 5 before closings

-$733,750.00

Homebuilder FinanceStress & Structure

Cedar GroveDownside · August 31, 2026

Base and downside comparison

Scenario	Further cash	Interest	Maturity principal
Base	$0.00	$121,262.50	$0.00
Downside	$733,750.00	$211,886.26	$0.00
Downside, higher sweep	$946,407.25	$199,513.50	$0.00

Release structure trade-off

Moving from the ordinary sweep to the higher sweep increases modeled upfront cash required by $212,657.25 while reducing modeled interest by $12,372.76.

Added funding pressure: $212,657.25
Modeled interest reduction: $12,372.76

This compares two structures under otherwise identical downside assumptions. It is not a recommendation or a lender policy conclusion.

Maturity position

Scheduled releases repay principal by Month 8; no principal remains due at contractual maturity under the selected assumptions.

The modeled path requires $733,750.00 of further starting cash to avoid negative checkpoints.

Proposed discussion items

Source, timing, control, and verification of any additional equity or other project cash.
Loan-document release terms, fixed floors, final-unit payoff, and any permitted exceptions.
Eligibility of remaining and incremental construction costs under the facility.
Completion timing, draw availability, inspection cadence, and reimbursement timing.
Current contracts, sales evidence, selling costs, closing sequence, and price support.
Sponsor liquidity, contingent obligations, collateral, documentation, and execution risks outside this model.

HBF judgment notes

No HBF judgment notes entered.

Modeling boundary

Remaining-project analysis; not a valuation, approval, loss estimate, default probability, payoff quote, or legal compliance review.
One nonrevolving senior facility. Repayments do not restore availability; multiple facilities, revolvers, mezzanine debt, interest reserves, and capitalized interest are excluded.
Eligible advances are assumed available in time for modeled construction. Inspection and reimbursement delays are not modeled.
Interest is cash-paid monthly using a midpoint convention. Closings and releases occur at month-end in unit-ID order.
Closing delay shifts sales only. Construction timing is unchanged; zero-lag completion and closing in the base schedule is an assumption.
Continuation after a negative checkpoint is conditional on funding the deficit. Calculated support has no safety buffer and does not prove sponsor capacity.