Structure the capital stack — and see who earns what.
Layer senior debt, mezzanine, and equity onto your pro-forma. UnlockLand builds sources & uses, sizes each tranche against the deal, and shows the return that flows to every position.
Part of underwriting — financing sits on top of the model and feeds your returns.
Illustrative interface — resize any tranche and the equity gap, coverage ratios, and blended cost update live.
Sources and uses that always balance
Capital Stack sits on top of your financial model and turns funding into structure. Size each tranche by loan-to-cost or loan-to-value, set the order of repayment, and watch the leftover equity — and its return — adjust automatically as the deal moves.
Senior and mezzanine debt sized to LTC, LTV, or DSCR limits — with interest, fees, and drawdown reflected in cash flow.
Common and preferred equity fill the gap, with a waterfall that splits profit by hurdle, promote, and preferred return.
See blended cost of capital and the IRR and multiple earned by the lender, the sponsor, and each equity partner.
How it works
Set total uses
UnlockLand pulls total project cost from your model — land, construction, fees, and finance — so the uses side of the table is set before you raise a dollar.
Layer the sources
Add senior debt, mezzanine, and equity. Size each by LTC, LTV, or DSCR, set rates and fees, and the gap funding solves automatically.
Split the returns
Define the waterfall — preferred return, hurdles, and promote — and see the IRR and multiple earned by each tranche and the sponsor.
Sources, uses, and who earns what
The funding that pays for the project on one side, the cost it covers on the other — and the return each position earns once the deal pays out.
What goes in, what comes out
- Total project cost and cash flows from your model
- Debt terms: rate, LTC/LTV, DSCR, fees, and drawdown
- Equity structure: common, preferred, and co-invest
- Waterfall terms: preferred return, hurdles, and promote
- A balanced sources & uses table
- Tranche sizing with blended cost of capital
- An equity waterfall with returns to each position
- IRR, equity multiple, and DSCR for the structured deal
Where it fits in the workflow
The capital stack sits between the model and the memo. It draws costs and cash flows from Financial Modeling, then hands a fully-funded deal to stress-testing and the write-up.
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Build the stack. Know every return.
Request a demo to structure your first deal in minutes — Talk to our team to get started.