Funding is where the project funding stack is built, typically a mix of debt and equity structured to cover total project costs.
Headline Metrics
Project Costs to Fund: the total the funding stack needs to cover. Build the stack until Shortfall / Surplus reaches $0
Available Debt: total debt facility available to draw across all debt sources
Available Equity: total equity committed across all equity sources
Shortfall / Surplus: the difference between the two. A shortfall displays in red, surplus in green
What Project Costs to Fund includes
What Project Costs to Fund includes
Included: land, acquisition costs, professional and consulting fees, construction and works costs including contingency, infrastructure and authority fees, land holding costs, sales costs (other), marketing costs, unfunded debt and equity fees, and serviced interest.
Excluded: funded finance costs and capitalised interest provisions, rental costs offset by rental income, and sales costs (settlement).
Funding Stack Cost Basis
Select whether the funding stack calculates on GST exclusive or GST inclusive costs. The selector displays both figures before applying, so the difference is visible before committing.
The choice affects cost-based facilities, cost coverage and allocation amounts, the shortfall or surplus position, and the basis used in the Funding Coverage and Funding Allocation reports.
Adding a Funding Source
Click + Add Funding Source. Sources can be added, edited or deleted at any time.
Debt Facility
Interest Handling: capitalised within the facility, or serviced, paid monthly from another source
Calculation Type: auto-calculate from a basis and percentage, or enter the facility and interest provision directly
Basis: sizes the facility. Options are grouped by whether they size on value, on cost, or on a fixed amount, and each option carries its own explanation in the dropdown
Draw Assumption sets how interest is estimated before a draw schedule exists:
Progressive Drawdown: 55% of the facility drawn, at the midpoint of the term
Drawn Upfront: 100% of the facility drawn, for the full term
Debt Repayment Source sets where repayment comes from: sales proceeds, or another debt facility where one facility repays another. A facility only becomes selectable once it has a term.
Fees are added against the facility. Funded fees are capitalised within it and reduce the amount available to draw. Unfunded fees are payable from other sources.
Equity Funds
Ordinary (Developer): developer equity taking residual profit on completion
Preferred (Investor): investor equity with agreed returns and fees
Equity can be auto-calculated from a basis and percentage, or entered directly as a capital commitment.
Equity uses a shorter Basis list than debt. Carry-based options and facility repayment are available to debt facilities only.
Preferred equity return structures are configured per source and can be combined: a percentage of net project profit post-tax, an interest return calculated over the project term, or a fixed dollar amount. Deal-related fees such as legal costs are treated as unfunded funding costs.
Equity returns can be viewed in Reports > Returns: Equity Distribution
The Funding Stack
Each source displays Amount, Available to Draw, Funding Costs and Repaid by.
Priority order sets repayment priority, with 1 being the most senior. Use the arrows beside each source to reorder. Senior debt is repaid first from net sales proceeds.
Stack metrics display once sources are added: Equity to Cost, Debt to Cost, Debt to GRV, Total Funding Costs and Weighted Average Cost of Debt.
Cost Coverage
Cost Coverage assigns which funding source covers each cost category. Allocation is manual, which allows real-world funding conditions to be modelled: equity drawn before debt, or a facility restricted to specific cost categories.
Click Allocate Funds beside a cost category and choose an allocation method:
Percentage of cost: allocate a percentage of the category to the selected source
Fixed dollar amount: allocate a specific amount
Fill remaining: allocate the source's remaining unallocated balance to that category
Click Clear to remove an allocation.
A tracker above the categories shows how much of each source has been allocated and how much remains, alongside an overall coverage count.
Cost Coverage allocation determines how drawdowns are calculated in the Funding Coverage and Debt Facility Schedule reports.
Comparing Funding Structures
A funding stack is rarely settled on the first attempt. Rather than overwriting one structure to test another, duplicate the scenario and keep both.
Duplicate the scenario from the Dashboard.
Rebuild the funding stack in the copy: different sources, rates, terms, or a different priority order.
Open Reports. The Feasibility Summary and Key Indicators display both scenarios side by side.
Every downstream figure recalculates, so the comparison covers total funding costs, project profit, margins and returns, not just the headline rates.
Senior debt alone against senior plus mezzanine. Capitalised interest against serviced. More equity against more debt. Each is a scenario, and every one stays available to compare.