SmartHelping / Real Estate Development / Excel
Real Estate Development Budget vs. Actual
Plan development costs, unit sales, and funding needs, then track actual results against the budget. Organize up to three phases and review spending, equity requirements, loan utilization, and investment returns as the project progresses.
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See the model in action
Walk through the development budget and actuals.
Two separate monthly entry tabs
Build the budget, then enter results as they happen.
Monthly budget entry
Enter forecast values directly into the monthly budget tab. Plan the timing of sales proceeds, development spending, and the related funding requirements.
Monthly actual entry
Record actual values in a separate monthly tab as activity occurs. Comparisons update from the figures you enter.
Budget utilization
Review budgeted and actual values alongside the percentage of total budget utilized to see how the project is progressing.
Monthly and annual summaries
Review comparisons at both monthly and annual levels, including individual line items, subtotals, and final cash flow.
Organize the development plan
Track sales and costs across up to three phases.
One, two, or three phases
Use the phases needed for your project. The model supports constructing or acquiring commercial or residential real estate and selling it over a period of up to 48 months.
Sales proceeds by month
Enter the weighted average selling price per unit and the number of units sold in each relevant month for each phase.
Hard costs by phase
Enter hard costs by month and review dedicated budget-versus-actual detail and roll-up totals for each phase.
Soft costs across the project
Enter monthly soft costs and review a combined budget-versus-actual summary across all phases.
Loan utilization, equity, and interest
Review funding needs as monthly activity changes.
Debt and equity requirements
Set the model’s loan-to-value (LTV) percentage and annual interest rate. Review modeled loan draws and the equity required in each month as the budget and actual cash flows develop.
Interest reserve tracking
Enter the total interest reserve and compare accrued interest against that amount as the loan is utilized.
Reconciliation at loan payoff
When the final loan amount is paid off, unused interest reserve is credited back. If interest exceeds the reserve, the shortfall reduces cash flow.
Compare the plan with project performance
Review the cash requirements and investment returns.
Proceeds and equity required
Compare total sales proceeds and total equity requirements for the budgeted forecast and actual results.
Net return, ROI, and equity multiple
Review net return, total ROI, and equity multiple to understand the results of the development activity.
Monthly and annual IRR
Compare budget and actual IRR using the monthly cash flows. Annual IRR is derived from the monthly rate to retain the effect of cash-flow timing.
Timing across development phases
Review how construction spending and sales proceeds overlap when earlier units are sold while later phases are still being developed.
Included in the real estate collection
Explore the Real Estate Financial Model Bundle.
Real Estate Financial Models
This development budget-versus-actual template is included in the real estate bundle. Explore the collection for property acquisitions, development, operations, financing, and investor returns.
Explore the real estate bundleQuestions before you start
A few useful details.
How many phases and months can I model?
The template supports up to three development phases over a period of up to 48 months. You can use one, two, or all three phases.
Where do I enter the budget and actual results?
Data entry takes place directly on two separate monthly tabs: one for the budgeted forecast and one for actual values as they occur.
Can I compare costs by phase?
Yes. Hard-cost detail is summarized by phase, while soft costs are also summarized across the project. Monthly and annual views compare budget and actual values.
How is the interest reserve handled?
Accrued interest is measured against the reserve you enter. At final loan payoff, unused reserve is credited back, while interest above the reserve reduces cash flow.
Which investment return metrics are included?
The model shows net return, total ROI, equity multiple, monthly IRR, and annual IRR for comparison between the budgeted forecast and actuals.
Keep the development plan and results together
Track your development budget against actuals.
Real Estate Development Budget vs. Actual — $45, delivered as an Excel download.
