Capital Structure
How Phase I is funded — real-estate proceeds and membership initiation carry the build, bridged by a commercial construction loan sized to 60% of completed real-estate value, with land seller-financed and a reserve held throughout.
The capital stack, in priority of use
| Layer | Role | Reference |
|---|---|---|
| Real-estate proceeds | Primary equity/collateral; staged deposits 25% / 25% / 50% | |
| Commercial construction loan | 60% LTV of completed real-estate market value; bridge debt repaid at delivery | |
| Membership initiation | One-time initiation from the Phase I member cohort | |
| Owner equity | The residual plus the construction-period timing bridge | |
| Land | Secured under executed purchase contract; seller-financed / contributed equity |
Model the stack
Capital-stack calculator
Sources and uses for Phase I (excluding seller-financed land). Select a scenario or flex the inputs; permanent equity is the residual after real-estate proceeds, membership initiation, and the construction facility.
A $10M liquidity reserve is held through construction; the construction facility is repaid from real-estate deliveries. Land is seller-financed and additive to the collateral base.
Construction-period cash flow (Expected case)
Real-estate deposits and membership initiation provide cash in; construction and the real-estate build provide cash out; the 60% LTV facility bridges the construction trough and is repaid as final real-estate payments arrive at delivery.
Permanent equity
Peak equity
Reserve
Loan repayment