What the stack actually leaves you to find.

A senior facility is sized twice — against end value and against total development cost — and you get the smaller number. This runs both tests, layers mezzanine against the real gap rather than a leverage target, and shows the equity left over, with return on cost against the hurdle a credit team will actually apply.

Assumptions, stated rather than hidden. Net realisable value is gross realisation less the GST percentage you set — under the margin scheme GST applies to the margin, not one-eleventh of the price, so confirm the figure with your accountant. Total development cost includes land, stamp duty, construction, contingency, professional fees, authority fees, selling costs, lender establishment fees and the full interest budget over the loan term; interest is solved iteratively, because the facility size depends on it and it depends on the facility size. Senior interest is modelled on the average drawn balance you select; mezzanine interest is modelled on the full limit for the whole term, which is the common private-credit structure. The senior facility is the lesser of the LVR and loan-to-cost tests. Mezzanine is sized to the funding gap and capped at the combined LVR you set — not to a leverage target. Return on cost is (NRV − total development cost) ÷ total development cost. Presale requirements, line fees, broker fees, QS and valuation costs, land tax and holding costs are not modelled, and no lender is bound by anything here. General information only, not financial product advice or credit assistance, and not an offer of finance.