Waterfall & Promote Calculator
Model preferred return plus promoted-interest tiers for JV and syndication structures — the math every LP wants and every GP needs to defend.
Deal Profile
Promote Tiers
Tier-by-Tier Distribution
Simplified European-style waterfall: pref paid first, then promoted-interest tiers above each IRR hurdle. Actual deal-level waterfalls vary by operating agreement — confirm with counsel before relying on output.
How CRE Waterfalls Actually Work
A standard CRE waterfall distributes profit in tiered priority: (1) return of capital, (2) preferred return to LPs (typically 7–9% on equity), (3) a promoted split above an IRR hurdle (often 80/20 LP/GP up to a 12–14% IRR), (4) a steeper promote above a second hurdle (70/30 up to 18–20% IRR), and (5)a final residual tier (often 60/40 or 50/50). The GP's “promote” is the disproportionate share of upside they earn above their pro-rata equity contribution.
See the preferred return, joint venture, and real estate syndication glossary entries for deeper context on each piece.
Other Real Estate Calculators
Every Linton Global Solutions calculator is built to institutional underwriting standards — use them together to stress-test any Florida CRE acquisition, hold, or disposition.
Cap Rate Calculator
Capitalization rate from NOI and purchase price — the standard yield metric in CRE.
DSCR Calculator
Debt service coverage by asset class — 1.20x multifamily to 1.55x hospitality.
Mortgage + Amortization
Monthly P&I, annual debt service, balloon, and full amortization schedule.
NOI Calculator
Net Operating Income from rent roll and operating expenses.
LTV Calculator
Loan-to-Value sizing for stabilized, value-add, and bridge scenarios.
Cash-on-Cash Return
Levered yield: annual pre-tax cash flow divided by equity invested.
IRR + Equity Multiple
Multi-year hold pro forma with exit cap — the institutional return metrics.
Loan Sizer (DSCR)
Solve maximum loan amount from NOI, DSCR minimum, rate, and amortization.
Yield-on-Cost Calculator
Stabilized NOI divided by total project cost — the value-add and ground-up benchmark.
Break-Even Occupancy
The minimum occupancy required to cover debt service plus operating expenses.
GRM (Gross Rent Multiplier)
Quick price-to-gross-rent ratio — the multifamily rule of thumb.
Refinance Cash-Out Analyzer
Model current vs new debt, cash out at refi, and post-refi DSCR.
Debt Yield Calculator
NOI ÷ Loan — the cap-rate-independent leverage test every CMBS lender runs.
Loan-to-Cost (LTC)
Construction and value-add leverage sizing across land, hard, soft, and reserves.
Sources & Uses
Balance the capital stack — senior, mezz, pref, sponsor, LP — to the dollar.
Net Effective Rent (NER)
Normalize face rent for free rent, TI dollars, and annual escalators.
SBA 504 & 7(a) Calculator
Owner-occupied CRE financing — bank/CDC splits, monthly P&I, true cost.
Bridge Loan True Cost
All-in annualized rate including origination, exit fee, and legal — not just the coupon.
Construction Loan + Reserve
Interest reserve sizing, net usable proceeds, and total financing cost.
Price Per SF / Per Unit
Benchmark against submarket comps — flag undervaluation discounts of 20%+.
CMBS Loan Sizer
3-constraint conduit underwriting: DSCR, LTV, and debt yield tested simultaneously.
Mezzanine & Pref Equity
Bridge senior debt to sponsor equity — model the blended cost of capital.
Cost Seg + Bonus Depreciation
Reclassify 20–35% of basis to 5/7/15-year — year-1 tax savings ROI 8–10x.
Lease vs Buy
Compare total lease cost vs net buy cost — including principal paydown and appreciation.
5–10 Year Pro Forma
NOI growth, debt service, exit value, and equity multiple in one institutional projection.
NPV Calculator
Net Present Value at your hurdle rate — the accept/reject test institutional investors run.
Operating Expense Ratio
OpEx ÷ EGI by asset class — the fastest red-flag check on operating statements.
TI Allowance ROI
Quantify tenant improvement dollars as % of PV rent and required rent bump to recover.
Hold Period Sensitivity
IRR matrix across hold period and exit cap shifts — the institutional stress test.
Yield Maintenance / Defeasance
CMBS prepayment penalty estimator — PV of lost yield to the lender.
Hard Money + ARV
Fix-and-flip math — purchase, rehab, carry cost, selling costs, annualized ROI.
Rent Escalation + CAM
Fixed, CPI, or stepped escalations alongside CAM reconciliation and pro-rata share.
Risk-Adjusted Return
Sharpe & Sortino vs strategy-bucket benchmarks (core, core-plus, value-add, opportunistic).
FL Property Tax Estimator
County millage rates with post-sale reassessment for every Florida county.
FL Insurance Estimator
Wind, flood, and general liability $/SF by asset class and Florida zone.
1031 Boot Calculator
Identify taxable boot in your 1031 exchange before closing the replacement.
Capital Gains Tax Calculator
Depreciation recapture, federal LTCG, NIIT, and 1031 deferral modeling.
FL Doc Stamp Tax
Florida documentary stamp tax on the deed and the mortgage note.
FL Closing Cost Calculator
Buyer and seller closing-cost itemization with FL-promulgated title rates.
Interest rates, loan terms, leverage levels, and pricing references shown on this page are estimates only, based on current Florida commercial real estate market conditions and lender feedback as of the page's last update. They are not commitments to lend, are not loan approvals or pre-qualifications, and do not guarantee any specific loan terms or that financing will be available to any particular borrower or property. Actual interest rates, fees, leverage, amortization, prepayment terms, and other loan terms depend on borrower qualifications (credit, net worth, liquidity, experience), property characteristics, lender-specific underwriting requirements, third-party reports, and market conditions at the time of application. All loans are subject to lender credit approval, underwriting, and applicable federal, state, and local lending regulations. Linton Global Solutions is a Florida-licensed commercial real estate brokerage (FL Broker #BK703722); it is not a lender. Financing is sourced through third-party lender relationships, and final loan terms are determined by the originating lender. This page does not constitute consumer credit advertising under Federal Reserve Board Regulation Z (12 CFR Part 1026) and is intended for informational purposes only for commercial real estate professionals, investors, and owners considering commercial mortgage financing. Past loan terms or transactions do not guarantee future results.