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Business Construction Loan Approval and Contracts Signed Excel Workbooks

Business Construction Loan Approval and Contracts Signed Excel Workbooks

Question Description

I’m stuck on a Excel question and need an explanation.

You will create an excel workbook A,B,C,D follow the directions below:

Assignment

You and up to 2 associates are going into business! Your business will be building single-family homes on lots that you already own.

Here could be a rough description of the home you are building: Three bedrooms, two bathrooms, 2300 square feet built on a lot that you own. You purchased the lot for $70,000 but will charge $85,000 for it to the customer. Here is a list of major steps. You will fill in the details on your spreadsheet:

1)Permits, construction loan approval, and contracts signed

2)Grading, rough utilities, and foundation.

3)Rough framing, electrical, plumbing, and HVAC.

4)Insulation, drywall, flooring, finish carpentry, painting, roofing, stucco

5)Finish electrical, plumbing, cabinetry, and carpets

6)Exterior walkways, landscaping, and utility connections

7)Final walk-thru and contract completion.

1)Create an Excel Workbook:

a.Worksheet A:

i.Prices out the land, labor, material, and profit for the homes you are building.

ii.The land cost you $70,000, but you will charge the customer $85,000

iii.Use the series of tasks developed in your Microsoft Project file to price out the work as you plan the construction of the house.

1.For labor, material and profit, you will have a column for each.

2.For each task, estimate the labor, estimate the material, and then add 15% for Profit and Overhead.

3.Example: Concrete Foundation: Labor $4000, Material $6,000, Profit and Overhead: $1,500. Total: $11,500.

iv.Show the costs for each MILESTONE (that’s when the subcontractors get their money draws and you get the 15% to fund your management of the project)

v.The owner will see the total numbers, but not the Labor, Material, and P&O breakdown in this Worksheet.

vi.Building costs should be about $120-170 per square foot.

b.Worksheet B:

i.It has much less detail and shows the total cost (including profit) for each milestone.

ii.Use information from Worksheet A to create this Worksheet. . . which is to be shown to the bank/owner

c.Worksheet C:

i.Take the total price of the construction and land, and create amortization tables that show the payment for a 20-year and a 30-year mortgage loan.

d.Overall:

i.Don’t get too detailed. . . the purpose is to use Excel as a tool.

ii.Make it neat a professional as if a bank/owner was going to look at it.


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