You are developing a 100,000 sqft industrial building. The bank
is financing 60% of the total project cost, interest-only at 4%,
while the balance is funded by the MP. The draw schedule is as
follows
July 2020: 2.0M
August 2020 - March 2021: $1.0M/month
The total budget is $10.0M
Assume the construction interest for a given month is equal to
the monthly interest rate times the prior month outstanding balance
plus current month draw, for example, October interest = monthly...