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Investment model · Register interest

Capital stack, sized to the deal.

Senior debt, mezzanine, equity tranches and promote on one waterfall. Equity IRR by tranche, peak debt and headroom against covenants.

  • Inputs7 blocks
  • Outputs8 metrics
  • CashflowMonthly
  • ScenariosPlanned

What this model does

Funding investment model, end to end.

Size the capital stack. Senior debt against peak cost, mezzanine to fill, equity tranches with their own promote. Equity IRR by tranche and headroom against covenants returned.

Calculation flow05 steps
  1. 01

    Deal cost

    Total project cost, equity required and peak debt captured.

  2. 02

    Senior debt

    Facility size, LVR, coupon, line fees and covenants applied.

  3. 03

    Mezzanine

    Mezz facility, coupon, PIK and intercreditor terms applied.

  4. 04

    Equity tranches

    Common equity, preferred equity, hurdle rates and promote structured.

  5. 05

    Waterfall

    Distribution waterfall returns equity IRR by tranche and promote payout.

Schema

Every input. Every output. In one view.

The full funding investment model schema. 7 input blocks feeding 8 output metrics, with the calculation engine in between.

Inputs07 blocks
  1. 01

    Deal

    Total project costPeak debtEquity requiredDistribution timing
  2. 02

    Senior debt

    Facility sizeLVRCouponLine fees
  3. 03

    Mezzanine

    Facility sizeCouponPIKIntercreditor
  4. 04

    Equity tranches

    Common equityPreferred equityHurdle ratePromote
  5. 05

    Covenants

    LVR capICR floorDSCR floorHeadroom
  6. 06

    Deal cashflow

    NOISale proceedsRefinance proceedsDistributions
  7. 07

    Sensitivity

    Coupon stressLVR stressPromote stressDownside
Outputs08 metrics
Primary outputAt base case
Equity IRR (common)22.4%
MetricValue
  • Preferred IRR9.0%
  • Promote payout$8.4M
  • Senior debt LVR62%
  • Mezz LVR (cumulative)76%
  • Peak debt$148.0M
  • ICR headroom1.6x
  • Equity required$48.0M

Engine logic

Two engines. Scenarios and cashflow.

The two pieces that separate the funding investment model from a spreadsheet. Scenarios that share one project, and a monthly cashflow wired to every input.

Scenarios01 / 02

Multiple scenarios, one project

Switchable in a click. No copied files.

  1. 01

    Stack mix, coupon and promote as scenario levers.

  2. 02

    Covenant stress (LVR, ICR, DSCR) per scenario.

  3. 03

    Refinance and recapitalisation as scenario events.

  4. 04

    Each scenario returns equity IRR by tranche.

Cashflow02 / 02

Monthly cashflow, fully connected

Every input touches the schedule.

  1. 01

    Monthly cashflow across the deal, with senior and mezz drawdown logic.

  2. 02

    Senior coupon accrues against drawn balance; mezz PIK accretes.

  3. 03

    Distribution waterfall runs on a hurdle and promote structure.

  4. 04

    Covenant headroom returned each period, with breach flags.

Excel replacement

Where the workbook quietly fails.

Every row is a recurring failure mode of the funding investment workbook, and how the model handles it once.

SpreadsheetPopurise model
  • 01Capital stack assumed awaySenior, mezz and equity tranches modelled in full
  • 02Promote in a separate tabDistribution waterfall with hurdle and promote in one view
  • 03Covenants checked manuallyCovenant headroom returned each period, with breach flags

Use and verify

What it decides. What to check first.

The decisions the funding investment model is built to support, alongside the things to verify before you trust it on a live deal.

What it decidesUse cases
  1. 01

    Size the stack

    Senior, mezz and equity tranches with their own coupon and hurdle.

  2. 02

    Structure the promote

    Hurdle rate, promote and catch-up modelled in the waterfall.

  3. 03

    Stress-test covenants

    LVR, ICR and DSCR stress as scenarios. Breach flags raised in line.

  4. 04

    Brief capital partners

    Equity IRR by tranche and promote payout on one screen.

Pre-flight checklist05 checks

  • Senior debt with LVR, coupon, line fees and covenants.

  • Mezzanine with coupon, PIK and intercreditor terms.

  • Distribution waterfall with hurdle and promote.

  • Covenant headroom returned each period, with breach flags.

  • Equity IRR returned by tranche.

Worth checking before you stake a live deal on the funding investment model.Register interest
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Questions

Funding investment model, answered.

How Popurise handles the funding investment model.

Is the funding model live today?

Not yet. Popurise is live for residential feasibility. Investment models are on the expansion roadmap.

Does it handle mezzanine debt?

Yes. Mezz facility, coupon, PIK and intercreditor terms live as inputs.

How is promote modelled?

Distribution waterfall with hurdle rate, catch-up and promote percentage. Equity IRR returned by tranche.

Can I stress covenants?

Yes. LVR, ICR and DSCR stress as scenarios. Breach flags raised in line.

Shape the funding model in Popurise.

Tell us how your team makes this decision today. We are building investment models with capital allocators and investment committees.

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