SmartHelping / Real Estate Portfolios / Excel
Seller Financing Portfolio Model
Explore whether a property portfolio can be acquired with $0 of buyer cash. Model seller financing and a refinance of properties released free and clear, then review the down payment, debt service, and operating cash flow.
Immediate download after purchase. By purchasing, you agree to the Terms of Service.
See the model in action
Follow the financing through the property cash flows.
Watch how the seller financing and refinance assumptions interact with rent, expenses, debt service, and the potential exit. Open the screenshots to review the workbook before purchasing.
What the template includes
Test the financing and the economics of holding the properties.
Compare leverage, rental performance, operating costs, and exit assumptions to understand the cash flow implications of a proposed portfolio purchase.
Explore the down payment and leverage
Test the seller financing and refinance structure to assess whether the proposed financing can support the portfolio acquisition.
Define the rental income assumptions
Enter starting rent per property, the month rent begins, average vacancy, and growth assumptions.
Include the costs of owning the portfolio
Enter renovation costs and ongoing operating expenses to evaluate the cash flow available from the properties.
Review the burden of both loans
See net operating income, debt service from both loans, cash flow, and the debt service coverage ratio (DSCR).
Include a potential sale
Model a holding period of up to 120 months and an optional exit value based on the chosen exit month and exit cap rate.
Review the impact of changing assumptions
Use the included sensitivity table and change leverage, rent, or expense assumptions to assess the deal under different scenarios.
Evaluate the modeled investment outcome
Review discounted cash flow analysis with NPV and the model's IRR output. IRR relevance depends on the cash flows in the scenario.
Follow the results over time
Review monthly and annual pro forma views, plus visuals for the deal's key financial metrics.
How the proposed financing fits together
The seller still receives a down payment.
The $0 target refers to the buyer's cash contribution. The scenario uses a second source of borrowing to try to fund the down payment owed to the seller.
Seller-financed purchase
The buyer and seller agree to a portfolio price, down payment, and ongoing principal and interest payments under the seller financing terms.
Properties released free and clear
The scenario assumes the seller agrees to release one or more properties free and clear so the buyer can seek separate financing against them.
Refinance proceeds
The buyer seeks enough refinance proceeds to cover the seller's down payment. The amount available and the feasibility of that sequence depend on the actual transaction and financing terms.
Combined debt obligations
The operating portfolio must support the debt service from both loans. Compare that obligation with NOI, vacancy assumptions, renovation costs, and the resulting cash flow.
This strategy carries high risk and can approach 100% leverage. A purchase with $0 of buyer cash is not guaranteed. Review the transaction with a real estate attorney and the proposed funding providers. This spreadsheet is an analysis tool, not financial or legal advice.
Strategy inspiration: a Twitter post by Chris Ramsey.
How to use it
Move from proposed deal terms to a cash flow review.
Enter the financing assumptions
Set the proposed seller financing, down payment, and refinance assumptions for the portfolio purchase.
Build the property operating plan
Enter starting rent, rental start timing, renovations, ongoing expenses, growth, and average vacancy.
Set the hold and exit assumptions
Choose the holding period and, if relevant, the exit month and cap rate used to estimate a sale value.
Review debt coverage and test alternatives
Check NOI, both loans' debt service, DSCR, cash flow, NPV, and the applicable return outputs. Use the sensitivity analysis and revised assumptions to compare scenarios.
Who gets value from it
For people evaluating a seller-financed portfolio purchase.
Portfolio buyers
Test whether the proposed financing and property operations work together under the deal assumptions.
Real estate operators
Evaluate rental income, vacancy, renovations, expenses, and the cash left after both loans' debt service.
Sellers and transaction participants
Use a numerical model to discuss down payment funding, repayment obligations, and the proposed structure.
Analysts and advisors
Compare financing and operating scenarios through pro forma views, coverage metrics, sensitivity analysis, and visuals.
Also available in these bundles
Need more real estate or sensitivity tools?
The Seller Financing Portfolio model is included in the Real Estate and Sensitivity Table collections.
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A few useful details.
Does the seller waive the down payment?
No. In the scenario modeled here, refinancing proceeds from properties released free and clear are intended to fund the seller's down payment. The buyer still has obligations under both loans.
Does the model guarantee a purchase with no buyer cash?
No. It lets you test the structure. Whether refinance proceeds cover the required down payment depends on the property values, financing terms, and transaction assumptions.
What is the maximum holding period?
The model supports a holding period of up to 120 months, with an optional exit value based on the selected exit month and cap rate.
Can I include vacancy and renovation costs?
Yes. Inputs include average vacancy, renovations, starting rent per property, the rental start month, ongoing expenses, and growth.
Does it show debt service from both loans?
Yes. The outputs include NOI, debt service from both loans, cash flow, and DSCR.
Is IRR meaningful for every scenario?
Not necessarily. The model includes IRR, but its relevance depends on the cash flow pattern, especially when the scenario assumes no upfront buyer equity. Review the cash flows, NPV, and debt coverage alongside the return output.
Can I compare different deal assumptions?
Yes. The model includes a sensitivity table and supports changes to leverage, rent, expenses, vacancy, and exit assumptions. Monthly and annual views show how the results change.
Is this template included in a bundle?
Yes. It is included in the Real Estate and Sensitivity Table bundles linked above.
Understand the financing before committing to the deal
Put both loans and the property cash flows in one view.
Get the Excel model for seller-financed portfolio scenarios, with up to 120 months of analysis, DSCR, sensitivity analysis, NPV, and monthly and annual pro forma views. One-time purchase for $45.
