Apartment Loan Sizer
100% Gross Potential Income(1)		$
Less Vacancy and Uncollectables(2)		$ 5% 7.5% 10% 12.5% 15% 20%
	Effective Gross Income	$
Less Expenses(3)
	Taxes	$
	Insurance	$
	Utilities	$
	Management(4)	$
	Trash	$
	Maintenance & Repairs	$
	Landscape	$
	Administrative	$
	Miscellaneous	$
	Total Operating Expenses	$ % of GPI
	Expenses per Unit	$
Net Operating Income		$
Less
	Capital Reserves(5) per unit	$   # of Units:
	Total Capital Reserves	$
Cash Flow Available to Service Debt		$
Calculator
	Interest Rate	%
	Repayment Schedule(years)	years
	Debt Service Coverage(6)	1.2 1.25 1.3
	Loan Amount	$

Definitions
1. Sum of all actual income assuming 100% occupancy.
2. Input actual vacancy and uncollectables. If input is less than 5% of Gross Potential Income, model will automatically defaut to greater number.
3. Input actual expenses with necessary adjustments for Taxes and Insurance. Use Miscellaneous as a catch all.
4. Input actual management expenses. If input is less than 5% of Effective Potential Income, model will automatically defaut to greater number.
5. Use greater of $.15/sq. ft. or actual.
6. Use greater of $.60/sq. ft. or actual.
7. Use greater of $.40/sq. ft. or actual.
8. Defaults to 1.2 times.