Why Most Build-to-Rent Models Don’t Refinance
How a fragile spreadsheet nearly killed a 9-unit deal – and the 9-tab architecture that brought it back. A sponsor sent us their build-to-rent model. Three tabs. Deal-specific data hard-coded throughout. A #REF! error in row 45 of the inputs sheet. No GP/LP waterfall. No sensitivity analysis. No tear sheet for investors. The exit cap […]