SFFA Back Door Procedure

	ORDINARY BUILDING	HIGHLY ENERGY EFFICIENT BUILDING
Total Square Feet	100,000	100,000
xExpected Gross Rental Rate PSF	$38.55	$33.23
=Potential Gross Income(PGI)	$3,855,000.00	$3,323,000.00
Vacancy and Collectin Loos % of PGI	15%	10%
-Vacancy and Collection Loss% of PGI	$578,250.00	$332,300.00
=Effective Gross Income(EGI)	$3,276,750.00	$2,990,700.00
Total Operating Expenses as % of EGI	35%	25%
-Total Operating Expenses	$1,146,862.50	$747,675.00
=Expeced Net Operating Income	$2,129,887.50	$2,243,025.00
/ Debt Service Coverage Ratio	1.4	1.25
=Annual Debt Service	$1,521,348.21	$1,794,420.00
Before Tax Cash Flow(BTCF)	$608,539.29	$448,605.00
/ Annualized Mortgage Constant	0.107859393	0.101262819
=Debt(Loan Amount)	$14,104,921.04	$17,720,423.07
Maximum LTV Ratio	70%	80%
= Maximum Supportable Total Project Costs	$20,149,887.19	$22,150,528.83
+Governmental Rebates for Energy/Sustainability	0	$500,000.00
-Land Acquisition Costs	$150,000.00	$150,000.00
=Expected Construction Cost	$19,999,887.19	$22,500,528.83
Maximum Construction Cost(PSF)	$200.00	$225.01