Before You Sign a Multi-Family Term Sheet, Expose the Blind Spots.
Most refinancing models stop at the gross interest rate. This interactive model exposes what standard bank calculators miss: the multi-family tax shield, depreciation alignment, and the true opportunity cost drag of transaction friction. Plug in your parameters to see the actual after-tax cash-flow and wealth generation potential of your structure.
Free · No signup required · ~90 seconds
Benchmark Case Study · Twin Palms (24 units)
Benchmark · UST 7Y @ 4.20% · IO spread 225 bps · Amort spread 215 bps
Demo Scenario: Input your asset data on the left to instantly replace this matrix with your custom deal metrics.
3-Way Comparison Matrix
| Metric | Current Loan | Interest Only | Amortized |
|---|---|---|---|
| Loan Terms & Payment | |||
| Interest Rate | 5.52% | 5.75% * | 5.75% * |
| Annual Debt Service | $115,560 | $109,250 | $133,055 |
| Monthly Payment | $9,630 | $9,104 | $11,088 |
| DSCR | 1.60x | 1.69x | 1.39x |
| Operating Cash Flow (Annual) | |||
| Pre-Tax Cash Flow | $69,440 | $75,750 | $51,945 |
| Tax Shelter / (Tax Liability) | ($11,412) | ($4,388) | ($4,388) |
| After-Tax Cash Flow | $58,028 | $71,362 | $47,557 |
| Transaction & Closing Costs | |||
| Cash-Out Proceeds | $0 | $275,000 | $275,000 |
| Upfront Financed Costs / Points | — | $72,000 | $72,000 |
| Total Wealth Accumulation Potential (7y) | |||
| Cumulative ATCF | $406,193 | $517,195 | $350,562 |
| Equity Build | $181,192 | $0 | $204,563 |
| Reinvestment Gain | $0 | $74,810 | $45,012 |
| = Total Wealth Δ | $587,384 | $592,005 | $600,137 |
| Net Buy-Down Benefit | — | $67,389 | $52,387 |
Cumulative ATCF vs Total Wealth Delta
Scaled to 7-year investment horizon
An Open Letter to Multi-Family Operators
Dear Fellow Investor,
As multi-family operators, we are trained to hunt down every last dollar of efficiency on the property level. We audit utility bills, push for RUBS compliance, and optimize turn costs.
Yet, when it comes to the single largest line item on the entire P&L—the debt structure—many of us evaluate multi-million dollar refinance quotes using standard interest rate calculators.
When you look at a term sheet, that quiet question always sits in the back of your mind: Am I missing something important here?
The answer is usually yes, because standard calculations are fundamentally blind to the commercial tax shield. They don't model how your asset's depreciation offsets incoming cash flow liabilities. They ignore the linear amortization of upfront loan fees over your hold period. They completely miss the actual opportunity cost drag of financing points out of your gross proceeds, and they leave you guessing as to whether an expensive interest rate buy-down actually increases your net wealth or just lines the bank's pockets.
I built WeLandlord to solve this exact blind spot in my own multi-family portfolio.
This terminal treats your debt restructure like an institutional capital allocation decision. It strips away the bank's marketing and uncovers the only metric that actually matters: your true, after-tax wealth generation potential over your chosen investment horizon.
No fluff, no hidden agendas. Just a clean sandbox built by a fellow GP to ensure you aren't leaving money on the table.
Sincerely,
Don Variano
General Partner & Founder, WeLandlord.com