HOW TO READ A REAL ESTATE LOAN AGREEMENT - COMPANION FILES
julianrsterling.com/loanagreement

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Revised 23 September 2026.

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WHAT IS IN THE ARCHIVE

1. The book's workbook, corrected
   The_Cure_Priced.xlsx                    Appendix F, chapters 6, 11 and 13,
                                           and a new sheet for chapters 2, 5, 6,
                                           8 and 12. Sixty-one checks.
   00_START_HERE.md                        what changed is at the end

2. Blank_Model_Set/  (new)
   The_Cure_Priced_Blank.xlsx              the same model, every input emptied
   Loan_On_One_Page_Blank.xlsx             chapters 2 to 18 for your own loan:
                                           the three tests and the binding one,
                                           the lender's definition, the covenant
                                           ladder, the cures at 10, 20 and 30
                                           per cent, the all-in cost, the exit
                                           three ways, the downside and the
                                           mezzanine
   Each checks sheet counts what is still missing and tests what holds for any
   inputs. The book's figures are in book_inputs.txt.

3. Working_Documents.pdf  (new)
   Thirteen printable pages: the sizing worksheet, rate and hedging, the one
   page before a term sheet, the covenant ladder, the monitoring page, cash
   management and reserves, the cure worksheet, prepayment and the extension,
   the maturity page, recourse and transfers, reporting and default, the
   capital structure and the workout pack, and the forty red flags.
   A4, fits Letter.

4. Forty_Questions.xlsx  (new)
   Forty questions across the book, marked by the file as you type.

5. Cases/  (new)
   Case_1_The_Interest_Only_Period_That_Can_Be_Lost.xlsx       Chapters 3, 6, 7
   Case_2_The_Trap_That_Cannot_Pay_For_The_Leasing.xlsx        Chapters 9, 19
   Case_3_The_Mezzanine_And_The_Appreciation_It_Needs.xlsx     Chapter 18
   Each case: the note on the first sheet, the model after it, checks at the end.

The files open in Excel, LibreOffice Calc, Google Sheets and Numbers. No macros.
