Synthetic example: every name, party and figure in this record is fictional.
Sundance Ranch - Buckeye, AZ
160 gross acres of entitled residential land in the far west Phoenix valley, final-platted for 552 single-family lots. The business plan is a horizontal development and finished-lot sale to production builders over a four-year takedown.
This deal has no cap rate, no DSCR, and no debt yield, and that is not an omission. Land is not an income property. The noi_model below carries the annual cost of holding the dirt — property taxes, CFD assessments, insurance, and site security — against a small grazing lease, so net operating income is negative $272,000. The loan is an interest-only entitlement facility carried out of the equity reserve in sources & uses, exactly as underwritten. Dividing that negative NOI by the purchase price would produce a "-1.6% cap rate", which is arithmetically valid and financially meaningless. The land pack omits those three metrics rather than emitting misleading ones.
Land is underwritten here on basis and density instead: $30,000 per buildable lot, $120,000 per usable acre, 86.25% of the gross acreage usable after the wash and open-space dedications, and a land basis equal to 27.3% of the projected finished-lot sellout.
Property
json
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"actor": "test-fixture",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-13T09:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "Usable acres are gross acres net of the regional wash, drainage easements, and dedicated open space. Entitled units is the final-plat lot count, not a density estimate.",
"gross_acres": 160,
"usable_acres": 138,
"entitled_units": 552,
"entitlement_status": "final_plat_recorded",
"zoning": "R1-6 PAD",
"asset_subtype": "entitled_residential",
"planned_product": "single_family_detached",
"utilities_to_site": true,
"offsite_work_required": true,
"cfd_district": "Buckeye CFD No. 4",
"flood_zone": "X",
"topography": "flat",
"condition": "raw_entitled"
}Underwritten NOI
json
{
"_meta": {
"section": "noi_model",
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"quality": {
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"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "For land this section is a CARRY model, not an operating model. Expenses are the annual cost of holding the asset; income is incidental interim revenue only. Net operating income is negative by design and must not be capitalized.",
"income": {
"grazing_lease": 18000,
"effective_gross_income": 18000
},
"expenses": {
"property_taxes": 148000,
"insurance": 12000,
"cfd_assessments": 96000,
"site_maintenance_security": 34000,
"total_operating_expenses": 290000
},
"net_operating_income": -272000,
"is_carry_model": true,
"annual_carry_cost": 290000,
"carry_cost_per_acre": 1812.5
}Valuation
json
{
"_meta": {
"section": "valuation",
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},
"quality": {
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"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "going_in_cap_rate and exit_cap_rate are null by construction — there is no stabilized income to capitalize. Value is expressed per acre and per buildable unit, and tested against the projected finished-lot sellout.",
"purchase_price": 16560000,
"going_in_cap_rate": null,
"exit_cap_rate": null,
"price_per_acre": 103500,
"price_per_usable_acre": 120000,
"price_per_buildable_unit": 30000,
"projected_gross_sellout": 60720000,
"projected_lot_price": 110000,
"valuation_method": "comparable_sales_and_residual"
}Debt Structure
json
{
"_meta": {
"section": "debt_structure",
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"source": "manual",
"actor": "test-fixture",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-13T09:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "Interest-only land acquisition facility with partial-release provisions on lot takedown. Interest is funded from the entitlement carry reserve in sources & uses, not from operations — there are none.",
"loan_amount": 8280000,
"interest_rate": 0.0925,
"loan_term_years": 3,
"amortization_years": null,
"io_period_months": 36,
"annual_debt_service": 765900,
"dscr": null,
"ltv": 0.5,
"debt_yield": null,
"release_price_per_lot": 18000,
"recourse": "full_recourse"
}Sources & Uses
json
{
"_meta": {
"section": "sources_uses",
"provenance": {
"source": "manual",
"actor": "test-fixture",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-13T09:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": null,
"sources": {
"loan_amount": 8280000,
"sponsor_equity": 9626200,
"total": 17906200
},
"uses": {
"purchase_price": 16560000,
"closing_costs": 331200,
"entitlement_carry_reserve": 870000,
"due_diligence": 145000,
"total": 17906200
},
"total_sources": 17906200,
"total_uses": 17906200
}DCF & Hold Period
json
{
"_meta": {
"section": "dcf",
"provenance": {
"source": "manual",
"actor": "test-fixture",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-13T09:00:00Z",
"notes": null
},
"quality": {
"confidence": "medium",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "Returns come from lot takedown proceeds, not from an exit capitalization. There is no exit cap rate.",
"assumptions": {
"hold_period_years": 4,
"exit_cap_rate": null,
"annual_lot_price_growth": 0.03,
"takedown_schedule_lots_per_year": [
0,
138,
207,
207
]
},
"levered_irr": 0.19,
"summary": {
"equity_multiple": 1.71
}
}Pipeline Log
json
{
"_meta": {
"section": "pipeline_log",
"provenance": {
"source": "system/engine",
"actor": "system",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-13T09:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"entries": [
{
"entry_id": "log_001",
"timestamp": "2026-08-13T09:00:00Z",
"event_type": "file_created",
"agent_or_actor": "test-fixture",
"section_affected": null,
"status": "success",
"input_sections": [],
"output_sections": [],
"flags_raised": [],
"flags_cleared": [],
"duration_ms": null,
"input_hash": null,
"output_hash": null,
"error_code": null,
"error_message": null,
"notes": null
}
]
}Validation
Financial-validity engine run. Income-property thresholds do not apply to a land carry; the run records the LTC test.
json
{
"_meta": {
"section": "validation",
"provenance": {
"source": "system/financialValidityChecker",
"actor": "system",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-26T09:00:00Z",
"notes": "Land basis: no income-property thresholds (DSCR / debt yield / cap rate) apply — the carry statement nets negative by design. Sizing discipline lives in LTC and the interest reserve."
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"overall_status": "clean",
"financial_validity": [],
"completeness": []
}Preliminary Sizing
Sizing for a land carry: LTC at 50% against an 80% limit is the only applicable test — DSCR and debt-yield sizings have no meaning against a negative carry.
json
{
"_meta": {
"section": "preliminary_sizing",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-26T15:00:00Z",
"notes": "Land basis: income-property constraints (DSCR, debt yield) do not apply — the carry nets negative by design. LTC is the governing test; the interest reserve is sized in sources & uses."
},
"quality": {
"confidence": "medium",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"sizing_basis": {
"total_cost": 16560000,
"carry_noi_annual": -272000
},
"constraints": [
{
"test": "max_ltc",
"limit": 0.8,
"max_loan": 13248000
}
],
"max_supportable_loan": 13248000,
"governing_constraint": "ltc",
"proposed_loan": 8280000,
"proposed_within_constraints": true,
"cushion": 4968000
}Borrower / Sponsor
Sundance Ranch Land Partners LLC — single-principal sponsorship; figures PFS-stated pending CPA verification.
json
{
"_meta": {
"section": "borrower_sponsor",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-26T15:00:00Z",
"notes": "Figures are PFS-stated; CPA verification requested for the DD period."
},
"quality": {
"confidence": "medium",
"human_review_required": true,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"principals": [
{
"name": "Cole Bennett",
"role": "managing_member",
"ownership_pct": 1,
"is_guarantor": true,
"is_key_man": true,
"net_worth_stated": 14904000,
"liquid_assets_stated": 910800,
"contingent_liabilities_stated": 0,
"years_cre_experience": 18,
"pfs_received": true,
"tax_returns_received": false,
"figures_verified": false,
"verification_basis": "pfs_stated"
}
],
"entity": {
"name": "Sundance Ranch Land Partners LLC",
"type": "llc",
"state": "AZ"
},
"financial_summary": {
"global_net_worth": 14904000,
"global_liquidity": 910800,
"nw_to_loan_ratio": 1.8,
"nw_to_loan_policy_min": 1,
"liquidity_to_loan_ratio": 0.11,
"liquidity_to_loan_policy_min": 0.1,
"all_figures_verified": false,
"unverified_flag": true
}
}Market Analysis
Buckeye / Far West Valley land fundamentals as of 2026-08.
json
{
"_meta": {
"section": "market_analysis",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-26T15:00:00Z",
"notes": "Broker survey and county land-sale comps; refresh before credit committee."
},
"quality": {
"confidence": "medium",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"market": "Phoenix Metro",
"submarket": "Buckeye / Far West Valley",
"data_as_of": "2026-08-01",
"land_sales": {
"comp_range_per_acre_low": 350000,
"comp_range_per_acre_high": 480000,
"trend": "appreciating"
},
"entitlement": {
"note": "Comparable entitled parcels trade at a 30-45% premium to raw; the subject is mid-entitlement."
},
"absorption": {
"note": "Homebuilder takedowns in Buckeye remain active; two national builders acquired adjacent sections within 18 months."
}
}