Commercial Mortgage Loan Analysis
Once the center is leased, the construction loan is replaced. This shows how large the new loan can be.
- Type
- Excel model
- Version
- v2.7
- Updated
- Jun 2026
- Stage
- Finance the build, Lease, hold and sell
- File
- Excel workbook (.xlsx), 254 KB
- Works in
- Microsoft Excel 2013 or newer, desktop
What it answers
- How much will a permanent lender lend on this income?
- Which test limits the loan: coverage, debt yield or value?
- What does it cost to pay the loan off early?
What goes in
- Net operating income and value
- Rate, amortization and term
- The lender's minimum coverage and debt yield, and maximum loan-to-value
- Prepayment terms
What comes out
- Maximum loan amount
- Debt service and coverage
- Payoff and prepayment cost
How we use it
We use it to plan the permanent loan before construction starts, so the way out of the construction loan is known on day one.
Before you open it
- Use the desktop version of Excel. Excel for the web and other spreadsheet apps cannot run the parts of a model that use macros.
- On Windows, Excel blocks macros in any file downloaded from the internet and shows a red bar. Close the file, right-click it, choose Properties, tick Unblock and press OK, then open it again. If it came inside a zip, unblock the zip before you extract it.
- Read the Version tab first. It records the model's history and its authors. Leave it in place, unchanged, if you share the file.
Use and sharing
Free to use, adapt and share with anyone, as long as it stays free and its Version tab and credits stay in the file. Provided as is, for education. It is not investment, legal or tax advice, not an appraisal, and not an offer of any security. Any project figures in it are illustrative. Full terms, including credits, are in our Terms of Service.
Commercial-Mortgage-Loan-Analysis-v2.7.xlsx · SHA-256 db7775e673c48235e8c3c3f2dd8c2f2bfc728532b0988a3847f3fbc34c55d612
Where it fits in our work
Often used with
Co-GP, JV & capital partners
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