Help - Syndication Studio

Getting Started

Syndication Studio helps real estate syndicators and investors analyze deals, compare properties, and generate professional reports.

Calculator - Start by entering property details to analyze a deal
Save Deals - Save your analyses to track multiple properties
Compare - Use the comparison tool to evaluate deals side-by-side
Pipeline - Track deals through your investment pipeline stages
Reports - Generate professional PDF reports for investors

Using the Calculator

Property Information

Enter basic property details including name, address, purchase price, and down payment. Select the deal type (Value-Add, Stable, Development) and property type.

Loan Structure

Configure your financing with interest rate, loan term, and optional interest-only periods. The calculator supports conventional, CMBS, bridge, and hard money loan types.

Income & Expenses

Enter gross potential rent, vacancy rate, and operating expenses. The calculator will compute Net Operating Income (NOI) and cash flow metrics.

Syndication Structure

Define GP/LP equity splits, preferred returns, and waterfall tiers. The system calculates returns for both general and limited partners.

Calculate Returns

Click "Calculate Returns" to generate comprehensive metrics including Cap Rate, Cash-on-Cash Return, IRR, and Equity Multiple.

Comparing Deals

The Compare Deals feature allows you to evaluate multiple properties side-by-side:

Select 2-5 deals from your saved analyses
View key metrics in a comparison table
Visualize differences with charts
Save comparisons for future reference
Export comparison reports as PDF

Sensitivity Analysis

Test how changes in key variables affect your returns:

Interest Rate - See how rate changes impact cash flow
Vacancy Rate - Model different occupancy scenarios
Rent Growth - Project returns under various rent assumptions
Exit Cap Rate - Analyze sale price sensitivity

Results are displayed in tables and charts showing best-case, base-case, and worst-case scenarios.

Deal Pipeline

Track deals through your investment process with the pipeline board:

Analysis - Initial deal evaluation
Offers - Deals with submitted offers
Due Diligence - Deals under contract
Closed - Completed acquisitions
Passed - Deals you've decided not to pursue

Drag and drop deals between stages to update their status.

Generating Reports

Create professional reports to share with investors and partners:

Deal Analysis Report - Comprehensive single-deal analysis
Portfolio Report - Overview of all your deals
Syndication Waterfall Report - Detailed GP/LP return projections
Comparison Report - Side-by-side deal comparison

Reports can be downloaded as PDF or Excel files.

Glossary of Terms

Key Investment Metrics

Cap Rate (Capitalization Rate): The ratio of Net Operating Income (NOI) to property value. Formula: NOI ÷ Purchase Price. A higher cap rate indicates higher potential returns but often higher risk. Typical ranges: 4-10% depending on market and property type.
Cash-on-Cash Return (CoC): Annual pre-tax cash flow divided by total cash invested. Formula: Annual Cash Flow ÷ Total Cash Invested. Measures the return on your actual out-of-pocket investment. Target: 8%+ is generally considered good.
IRR (Internal Rate of Return): The annualized rate of return that accounts for the time value of money across all cash flows (including sale). Unlike CoC, IRR considers when cash flows occur. Target: 15%+ for value-add deals, 12%+ for stabilized properties. Note: IRR is capped at 200% in reports to prevent unrealistic projections from small investments or data anomalies.
Equity Multiple: Total cash returned divided by total cash invested. Formula: Total Distributions ÷ Total Invested. An equity multiple of 2.0x means you doubled your money. Does not account for time—use with IRR for complete picture.
AAR (Average Annual Return): The simple average yearly return over the hold period. Calculated by dividing total return by number of years. Easier to understand than IRR but doesn't account for timing of cash flows.
DSCR (Debt Service Coverage Ratio): Net Operating Income divided by annual debt payments. Formula: NOI ÷ Annual Debt Service. Measures ability to cover loan payments. Lenders typically require 1.20-1.25 minimum. Higher is better—1.25 means 25% cushion above debt payments.
NOI (Net Operating Income): Gross income minus operating expenses (before debt service). Formula: Gross Income - Vacancy - Operating Expenses. The property's true earning power before financing costs. Does not include mortgage payments, capital expenditures, or depreciation.

Investment Rules of Thumb

1% Rule: Monthly rent should be at least 1% of the purchase price. Example: A $200,000 property should rent for $2,000/month minimum. Quick screening tool—properties meeting this rule often cash flow well.
2% Rule: Stricter version—monthly rent should be 2% of purchase price. Harder to find but indicates strong cash flow potential. More common in lower-cost markets or distressed properties.
50% Rule: Operating expenses typically run about 50% of gross rental income. Use for quick NOI estimates: if rent is $2,000/month, expect ~$1,000 in expenses, leaving $1,000 NOI before debt service.
70% Rule (Fix & Flip): For fix-and-flip: Maximum purchase price should be 70% of ARV (After Repair Value) minus repair costs. Formula: (ARV × 0.70) - Repairs = Max Purchase Price. Ensures profit margin for investors.

Syndication Terms

GP (General Partner): The sponsor/operator who manages the deal. GPs find deals, arrange financing, manage the property, and make key decisions. They typically invest less capital but receive fees and promoted interest (extra profit share) for their work.
LP (Limited Partner): Passive investors who provide capital but don't manage the property. LPs have limited liability (can only lose their investment) and limited decision-making authority. They receive preferred returns and profit splits.
Preferred Return (Pref): A minimum return paid to LPs before GPs receive profit splits. Common rates: 6-10% annually. Example: With 8% pref, LPs get 8% return on their investment before profits are split with the GP.
Waterfall: The structure defining how profits are distributed. Typically: 1) Return of capital, 2) Preferred return to LPs, 3) Catch-up to GP, 4) Remaining profits split (e.g., 70/30 LP/GP). Multiple tiers may exist with different splits at different return hurdles.
Promote / Carried Interest: The GP's share of profits above the preferred return. This is the GP's incentive for finding and managing good deals. A "20% promote" means the GP gets 20% of profits after the pref is paid.
Capital Call: A request for LPs to contribute committed capital. May happen at closing or in phases. LPs commit to invest a total amount, then fund it when capital is called by the GP.

Financing Terms

LTV (Loan-to-Value): Loan amount divided by property value. Formula: Loan Amount ÷ Property Value. Lenders typically cap at 65-80% LTV. Lower LTV = more equity required but often better rates and terms.
Interest-Only (I/O) Period: Period where you pay only interest, not principal. Common in commercial loans (1-5 years). Improves initial cash flow but doesn't build equity. Payments increase when I/O period ends.
Amortization: The schedule for paying off the loan principal over time. A 30-year amortization means payments are calculated as if paying off over 30 years. Longer amortization = lower payments but more interest paid.
Balloon Payment: Large lump-sum payment due at loan maturity. Common when loan term is shorter than amortization (e.g., 5-year term with 30-year amortization). Requires refinancing or sale to pay off.
Exit Cap Rate: The projected cap rate when selling the property. Used to estimate future sale price. Formula: Projected NOI at Sale ÷ Exit Cap Rate = Sale Price. Conservative underwriting uses higher exit cap than purchase cap.

Tips & Shortcuts

Click the logo in the sidebar to return to the Calculator
Use Tab to navigate between form fields
Numbers are automatically formatted as currency where appropriate
Calculations update in real-time as you enter data
Your work is auto-saved when you click "Save Deal"

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