电子表格

带公式、多工作表、CSV及交易模板的快速模型。

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Spreadsheet is available to GhatanGroup members.

使用指南

Using Spreadsheet well

A light spreadsheet for the models that don't justify opening Excel: formulas, several sheets, copy and paste with Excel, CSV import and export, and four deal templates — rent roll, sources & uses, Canadian loan sizing, and a five-year cash flow with IRR. Saved in this browser.

如何使用

Click a cell and type a number, text or a formula starting with = — for example =C2*D2 or =SUM(E2:E6). Typing 5% or $1,200 stores the number and sets the format.
While writing a formula, click another cell to insert its address. Use $ to lock a reference (E$7) before filling down with Ctrl+D.
Functions: SUM, AVERAGE, MIN, MAX, COUNT, MEDIAN, ROUND, ABS, IF, AND, OR, PMT, PV, FV, NPV and IRR.
Templates open as new sheets, with live formulas you can change. Export to CSV for Excel, or import a CSV to keep working here.

如何解读结果

Formulas recalculate as you type. Hover a red code to see what is wrong: #DIV/0! (division by zero), #VALUE! (text where a number belongs), #CIRC! (a formula that depends on itself).
PMT and PV follow Excel's sign convention: money you receive is positive, money you pay is negative — hence =-PMT(…).
Canadian fixed-rate mortgages compound semi-annually. The monthly rate is (1 + annual rate ÷ 2)^(1/6) − 1, as in the Loan sizing template — not the annual rate ÷ 12.

案例分析

Sources & uses on a $17.9M purchase

The Mississauga building from NOI & Cap Rate, with the $9.90M loan from DSCR & Financing. Open the Sources & uses template.

Ontario land transfer tax on $17.9M of commercial property is $354,475 (0.5% to $55K, 1% to $250K, 1.5% to $400K, 2% above). Inside the City of Toronto, the municipal land transfer tax roughly doubles that.
Add legal and title (about $26,850), a 0.75% lender fee ($74,265), $45,000 of third-party reports and a $150,000 working-capital reserve: total uses $18.55M.
Equity required: $8.65M — 48% of the price, not the 45% that "price minus loan" suggests.

要点The equity cheque is always larger than price minus loan. Model every use before you commit to a closing date.

Checking a lender's loan quote

A lender quotes $10.5M at 5.75% over 25 years on the same building, with a 1.30× covenant. Open Loan sizing and type 10,500,000 over the loan.

Annual debt service at $10.5M: about $787,500 — a DSCR of 1.23×.
That is below the 1.30× minimum, so either the quote assumes a higher NOI than the in-place $965,484, or it will be cut at credit approval.
Ask which NOI the lender underwrote. If it includes vacant space at market rent, expect a holdback until it is leased.

要点A quote is not a commitment. Run the lender's own covenant against your NOI before you rely on the number.

常见错误

Overwriting a formula with a typed number
Mixing percentages entered as 5 and 0.05

Case studies are illustrative. Properties and figures are composites built to show the method; they are not offers or appraisals. Talk to Kam before relying on any number for a transaction.