Underwrite the equity,not just the deal
The developer's proforma is only useful if you can test it. EZFeasi puts the tax credit equity, the pay-in, the 15-year cash flow and the basis behind them in one model you can change.
What syndicators look at
LIHTC Underwriting Software for Syndicators. Pick a capability to see what it does and where it lives in the Console.
Tax credit equity, itemized
The equity card works from the applicable fraction, credit percentage and credit price. The 130% basis boost fills in from HUD's QCT and DDA layers for the project's location. A California state credit is priced on its own four-year stream.
Investor schedules from the run
Build new-construction depreciation and amortization, tax-credit delivery with lease-up, and reserve-account schedules with deposits, interest and spending. Review the schedules beside the completed financial model.
A pay-in schedule you can change
The base case releases equity at construction closing, completion, conversion and Form 8609. Each tranche feeds the construction interest and the funding gap.
Cash flow for the whole hold
A multi-year cash flow with DSCR in every year, CTCAC's 15-year positive cash flow test, the deferred developer fee payback and residual receipts splits.
Basis you can follow
Eligible, adjusted and qualified basis, the bond-financing test and the developer fee in basis, all traceable to the budget line that created them.
Sensitivity, not a single answer
Move the credit price or the interest rate and watch the gap. Compare AMI mixes under the same set-aside constraint.
Watch what you already own
Owned Portfolio computes each property's resyndication date (placed in service plus 15 years) and tracks the end of its extended use period.
How a review goes
- 1
Receive
Open the developer's deal or build it from the offering.
- 2
Test the equity
Check the credit, the price and the pay-in.
- 3
Stress it
Move the rate, price and rents and read the gap.
- 4
Read the hold
Walk the 15-year cash flow and the deferred fee.
- 5
Track it
Keep closed deals in the portfolio with their key dates.
Put a deal under the model
Bring a deal you are reviewing and we will build it with you.
Also for developers, consultants, and investors & lenders.