Does the building pay?

The lender's first question isn't the timeline or the stack — it's "can the operating income pay back my loan?" Model rents, expenses, NOI, DSCR, yield, and a 10-year cash flow — and fold in your PermitPath, CapStack, and MarketScope runs.

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Enter the operationsUnits, rent, vacancy, expenses — or paste your MarketScope & CapStack links to autofill.
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Add the debtTotal cost, loan, rate, amortization — the numbers the loan lives or dies on.
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Read the answerNOI, DSCR, yield on cost, cash-on-cash, and the 10-year cash flow — the lender’s question, answered.
⭐ Pro — $39 one-timeFull 30-year projection · rent, expense & cap-rate sensitivity tables · printable lender-ready exhibit
Harborview Lofts — the same 96-unit New Bedford deal from MarketScope: $21.5M cost, $14M senior loan, $1,950 average rents. Watch the DSCR — then edit anything; it’s yours the moment you type.
⚡ Close the loopPaste links from the other tools to autofill this pro forma.
Total dev cost ($)
Senior loan ($)
Rate (%/yr)
Amortization (yrs)
⚙ Growth & exit assumptions
Rent growth %/yr
Expense growth %/yr
Exit cap rate %
Sale cost %
Months to stabilize

Planning math with editable assumptions — not underwriting, and never tax, legal, or investment advice.

Questions ProForma answers

What lenders test first, and what sponsors are asked to defend.

What debt service coverage ratio do lenders require?
Most stabilized multifamily and commercial lenders underwrite to roughly 1.20–1.25x, with agency and low-leverage programs sometimes accepting less and construction or bridge lenders asking for more. The number is a floor, not a target — a deal that pencils at exactly the minimum has no room for a vacancy quarter.
How is net operating income calculated?
Gross potential income, less vacancy and credit loss, plus other income, less operating expenses — and specifically before debt service, capital expenditure, depreciation and income tax. The most common error in a first pro forma is subtracting the mortgage payment, which produces a number no lender recognizes.
What is the difference between yield on cost and cash-on-cash return?
Yield on cost is stabilized NOI divided by total project cost, and it ignores financing — it tells you whether the asset itself is worth building. Cash-on-cash is annual cash after debt service divided by the equity you put in. The first tests the project; the second tests your position in it.
How do I know whether the building pays back the loan?
Compare stabilized NOI against annual debt service at a realistic interest rate and amortization, then stress it: lower rents by five percent, raise vacancy, add a rate point. A deal that survives all three is financeable. ProForma runs the base case and the ten-year cash flow free, with the exhibits behind Pro.

ProForma is free to run in your browser with no account, and it installs — see below to put it on your phone or desktop. Pro is a one-time $39 unlock that adds the printable exhibit, editing and depth — owned forever, not a subscription. Built by NESO, an advisory and tools practice for business and real estate. Questions: send them here.