A Tiber Hudson administrator approves each account. Until then, sign-in reaches only the pending screen.
A new project starts from the setup questions and then opens the workspace. Every input has a ? icon explaining what it does.
Debt Structure Comparison compares the modeled executions side by side. Yield Bending follows one applicable analysis over time. Cash Flow Schedules shows the construction draws, interest, debt service and proceeds detail for the project currently open.
Switching tabs keeps the current project, inputs, settings, applied draws and unsaved changes together. Changing tabs is not a save. If a move cannot be completed you stay where you are with your work intact.
Yield Bending can also be used on its own. A standalone Yield-only analysis has no comparison behind it; saving it keeps it standalone and never creates a comparison.
All three tools are modeling aids. Which financing structure applies to a transaction is a deal-specific legal and business question for your Tiber Hudson team, not an output of this app.
- Private Placement (TEL) — directly placed tax-exempt loan economics used as the costs-of-issuance baseline.
- CBF to Conversion — cash-backed forward with bonds outstanding through conversion.
- CBF to Completion — cash-backed forward with the bonds redeemed at completion.
- MTEB / BCE — short-term bonds alongside a taxable or permanent piece, modeled as Series A and, where applicable, Series B.
A deal workspace is the parent identity for a project. Saved Comparison and Yield analyses can be grouped under it, and the Deals page lists every project you are authorized to see.
Use statuses to organize projects in Deals: Active, Prospect, Closed, Archived or Dead. New projects start as Prospect, and an unclassified project reads as Unclassified. App statuses do not change deal tracker records or any calculation.
Archiving hides a project from the ordinary list without deleting it; someone with edit access restores it by changing the status. Nothing on the Deals page deletes a project.
Autosave, where it is on for a saved project, keeps valid changes as you work. A saved analysis keeps the figures and model version recorded with it; recalculating under the current model is an unsaved working change.
Download Reports produces the Excel workbook and the PDF report for the analysis on screen. The Excel workbook carries values, not formulas, and includes the schedule detail. Copy Deal Summary puts a short text summary on your clipboard.
Share project gives another person view-only or edit access to the same project. It creates a link you send yourself — the app does not email it — the link is single-use, valid for 30 days, and can only be accepted by the exact email address it was created for. Sharing a project does not approve anyone's account.
Send to user is an administrator action for a project prepared on someone's behalf. Accepting it transfers ownership of that project to the invited account. Ordinary sharing never transfers ownership.
Duplicate to my projects makes your own independent copy. Later changes to the copy do not affect the shared project.
- Application
- Tiber Hudson Financial Tools 2026.09
- Current Comparison model
- Model v15 (2026-09-24 — MTEB / BCE S&G split into a Servicing Fee and a Guarantee Fee; the mortgage rate carries both, the five-year blended bond yield carries only the Guarantee Fee on Series A after Conversion)
Saved projects retain the model version recorded with that project. Generated reports include application, model, and saved-revision information when available.
Terms as they are used in this application. They describe modeling inputs and outputs only, and are not legal or tax advice.
- Average construction balance
- The average outstanding construction balance implied by the draw schedule. It is a derived, read-only result once a draw schedule is applied, not an input you set directly.
- CBF to Completion
- Cash-backed forward execution in which the bonds are redeemed at completion rather than carried through to conversion.
- CBF to Conversion
- Cash-backed forward execution in which the bonds remain outstanding through conversion to the permanent phase.
- Completion
- The modeled point at which construction finishes. It falls on the first of a month on the model's calendar-month grid.
- Conversion
- The modeled point at which construction financing converts to the permanent loan. It falls on the first of a month on the model's calendar-month grid.
- Costs of issuance (COI)
- Transaction costs of issuing the debt. In the comparison table they are shown incrementally against the Private Placement baseline.
- Draw schedule
- The month-by-month construction draws used to accrue construction interest. The default even-progress curve can be replaced with your own monthly draws; applying a schedule updates the unsaved working project and is not a project save.
- DSCR (debt service coverage ratio)
- Net operating income divided by annual debt service. The coverage requirement you enter is one of the constraints used when the permanent loan is sized from NOI.
- Gross proceeds
- Total proceeds generated by the financing before costs of issuance and other deducted amounts.
- Modeled net benefit
- The modeled economic difference for an execution under your assumptions, relative to the baseline. It is a modeling output, not a prediction or a recommendation.
- MTEB / BCE
- Short-term bonds alongside a taxable or permanent piece, modeled as Series A and, where applicable, Series B. Series A Only means Series B is exactly zero.
- Negative arbitrage
- The modeled cost of holding bond proceeds that earn less than the rate paid on the bonds during the period they are outstanding.
- Net proceeds
- Proceeds remaining after costs of issuance and other deducted amounts are taken out of gross proceeds.
- NOI (net operating income)
- The project's annual net operating income. Where financing is sized from NOI, it is the starting point for the supportable permanent loan.
- Private Placement (TEL)
- Directly placed tax-exempt loan economics, used in the comparison as the costs-of-issuance baseline.
- Tax-exempt debt
- Debt whose interest is tax-exempt, subject to the volume cap and sizing constraints you enter. Only tax-exempt amounts enter the tax-exempt blended yield.
- Taxable debt
- Debt whose interest is not tax-exempt. Supplemental taxable financing is optional and never assumed; taxable amounts never enter the tax-exempt blended yield.
- Total supportable debt
- Planning metadata recording the total debt the project is treated as supporting. It defaults to the total tax-exempt debt and follows it until you edit it, after which your amount is kept.
Field explanations
The same explanations shown by the ? icon next to each input, including the current starting default where one applies.
§266 Interest CapitalizationDebt Structure Comparison
Whether construction-period interest is capitalized under §266.
What it is
The election to capitalize construction-period bond interest rather than expense it.
How it affects the model
When off, only completion-period bond interest is removed from eligible basis; actual bond-interest cost and construction-interest basis remain in the economics.
Default and permitted range
Current new/reset starting default (absent an administrator override): On
Permitted: On or Off.
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
Applies to every structure in the comparison identically.
10-Year USTDebt Structure Comparison
Ten-year Treasury rate used as the Private Placement (TEL) pricing benchmark.
What it is
The benchmark Treasury yield.
How it affects the model
With the Private Placement spread, sets the Private Placement mortgage rate and Private Placement permanent sizing.
Default and permitted range
Current new/reset starting default (absent an administrator override): 4.500%
Permitted: 0.000% to 15.000%. Buttons and arrow keys move in 0.050% steps; you can type any figure down to 0.010%.
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
Used only for the Private Placement structure's pricing.
AmortizationYield Bending
Amortization term of the permanent loan, in months.
What it is
The schedule length used to compute the level monthly permanent payment.
How it affects the model
Sets the monthly payment, and therefore the balance at the five-year date and the permanent-phase cash flows.
Default and permitted range
Current new/reset starting default (absent an administrator override): 480 months
Permitted: 300 to 480 months, in 1-month steps.
A Tiber Hudson administrator can change this starting value for future new or reset sessions. Saved scenarios are never rewritten.
Related constraints or warnings
The level payment is solved over the full stated amortization term; interest-only months are not subtracted from it. Payments start on the first of the month after conversion and carry principal once the interest-only months end.
Annual NOIDebt Structure Comparison
Annual property income after operating expenses, before debt service.
What it is
Annual stabilized net operating income at conversion.
How it affects the model
We calculate supportable permanent debt using your Annual NOI and the applicable debt service coverage ratio, mortgage interest rate, and amortization period. These assumptions can be reviewed and adjusted in the workspace. Each structure is sized separately. On the current model, Private Placement, CBF to Conversion and CBF to Completion permanent sizing is rounded DOWN to the nearest $1,000, while MTEB / BCE rounds DOWN to the nearest $5,000. Saved analyses from earlier model versions keep the rounding rules they were created under.
Default and permitted range
Current new/reset starting default (absent an administrator override): $1,970,875.00
Permitted: $150,000.00 to $8,000,000.00. Buttons and arrow keys move in $100,000.00 steps; you can type any amount down to $1.00.
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
Buttons and arrow keys move in $100,000.00 steps; any whole-dollar amount can be typed. Calculated supportable debt is still rounded down as described above.
Avg. Construction Loan BalanceDebt Structure Comparison
Derived read-only from the construction draw schedule on current analyses, and editable in models v1–v4.
What it is
The average drawn percentage of the construction loan over the construction period. On the current model it is calculated from the applied Cash Flow Schedules draw profile and shown read-only. On saved v1–v4 paths it remains the editable scalar those models used, and a model v6 analysis saved with an entered average keeps that saved figure.
How it affects the model
Construction interest through completion is calculated from the monthly draws; this percentage is the derived result of those draws and is reported for reference. Models v1–v4 use the entered percentage to scale construction-period interest cost.
Default and permitted range
Current new/reset starting default (absent an administrator override): 50.000%
Permitted: 0.000% to 100.000%. Buttons and arrow keys move in 1.000% steps; you can type any figure down to 0.010%.
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
Expressed as a percentage of the loan, not a dollar amount.
On a current analysis this figure is always derived from the applied draw schedule and cannot be entered.
Older saved models preserve their entered value exactly.
Balloon Date (from conversion)Yield Bending
Years after conversion at which the permanent loan is paid off.
What it is
The maturity of the permanent loan expressed in years after conversion.
How it affects the model
Supplemental borrower analysis only: sets the payoff row used by the Effective Borrower Cash-Flow IRR. The blended yield, earnings, rebate and All-in Mortgage Rate are unchanged.
Default and permitted range
Current new/reset starting default (absent an administrator override): 15 years after conversion
Permitted: 5 to 40 years, in 1-year steps.
A Tiber Hudson administrator can change this starting value for future new or reset sessions. Saved scenarios are never rewritten.
Related constraints or warnings
The five-year blended bond yield is measured at the five-year date even when the balloon is later.
The supplemental Effective Borrower Cash-Flow IRR is an annualized monthly solve that includes the payoff row.
Bond ParYield Bending
Face amount of the short-term bonds issued at closing.
What it is
The bonds issued at closing and held until the conversion paydown.
How it affects the model
Sets invested proceeds, construction-period investment earnings, bond interest before conversion, and the bond leg of the five-year blended yield.
Default and permitted range
Current new/reset starting default (absent an administrator override): $23,000,000.00
Permitted: $1,000,000.00 to $100,000,000.00. Buttons move in $100,000.00 steps; any whole-dollar amount can be typed.
A Tiber Hudson administrator can change this starting value for future new or reset sessions. Saved scenarios are never rewritten.
Related constraints or warnings
The permanent loan can never exceed bond par; raising the permanent loan is capped at this amount.
Bond par less the permanent loan is the conversion paydown.
Bond par is treated as fully drawn and invested at closing.
Example
$23,000,000.00 of par with a $23,000,000.00 permanent loan produces a $0.00 paydown at conversion.
Closing DateYield Bending
Bond closing date — any calendar day.
What it is
The date the bonds are issued and proceeds begin earning income.
How it affects the model
Anchors the construction window, the five-year measurement date and every date derived from them. A mid-month closing starts with a short stub period.
Default and permitted range
Current new/reset starting default: 60 calendar days after today
Permitted: Any calendar date, used exactly as entered.
Related constraints or warnings
The five-year yield is measured the day before the fifth anniversary of closing.
The first interest payment falls on the first of the month five months after closing.
Schedule dates fall on the first of each month, with the actual conversion and measurement dates inserted.
Changing closing keeps the conversion date you entered, within the five-year window.
Closing DateDebt Structure Comparison
Bond closing date that anchors every derived comparison date.
What it is
The date the bonds close and the construction period begins.
How it affects the model
Anchors the completion date, conversion date and five-year date used by every structure.
Default and permitted range
Current new/reset starting default (absent an administrator override): 60 calendar days after today — a new or reset deal always opens with a live closing date, never a fixed one
Permitted: Any calendar date in YYYY-MM-DD form.
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
Completion and conversion are measured in whole months from this date.
COI included in BasisDebt Structure Comparison
Include each structure's costs of issuance (COI) in eligible basis at the structure's share.
What it is
Election that treats costs of issuance (COI) — the underwriter fee, Underwriter's Counsel, rating agency and verification agent lines for the rated executions, and the placement agent fee for the Private Placement — as an addition to eligible basis. The actual costs of issuance are always costs; this election only controls their basis treatment.
How it affects the model
When on, under the current model each rated execution's COI enters eligible basis at its structure share (CBF to Completion 100.000%, CBF to Conversion 70.000%, MTEB / BCE 10.000%), and the Private Placement keeps its certified treatment (legacy share × placement agent fee); the added basis flows into total additional basis and tax-credit equity. When off, no COI enters basis and no figure changes. Saved comparisons prepared under the prior model keep the prior single-share treatment exactly.
Default and permitted range
Current new/reset starting default (absent an administrator override): On
Permitted: On or Off
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
A new or reset comparison starts with this election on and you can change it at any time. The current-model structure shares come from the three COI included in Basis share inputs.
Prior-model records (comparison model v1) continue to use the single legacy share and are never repriced merely by being opened.
COI included in Basis — CBF to Completion shareDebt Structure Comparison
Share of CBF to Completion costs of issuance included in eligible basis when COI included in Basis is on.
What it is
The portion of the CBF to Completion costs of issuance (underwriter fee, Underwriter's Counsel, rating agency, verification agent) that enters eligible basis under the current model.
How it affects the model
Multiplies the CBF to Completion total COI when COI included in Basis is on; the product is added to that execution's total additional basis and therefore to tax-credit equity. No effect while the election is off or on a prior-model record.
Default and permitted range
Current new/reset starting default (absent an administrator override): 100.000%
Permitted: 0.000%–100.000% in 1.000% steps
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
Applies only while COI included in Basis is on and the comparison is on the current model.
COI included in Basis — CBF to Conversion shareDebt Structure Comparison
Share of CBF to Conversion costs of issuance included in eligible basis when COI included in Basis is on.
What it is
The portion of the CBF to Conversion costs of issuance (underwriter fee, Underwriter's Counsel, rating agency, verification agent) that enters eligible basis under the current model.
How it affects the model
Multiplies the CBF to Conversion total COI when COI included in Basis is on; the product is added to that execution's total additional basis and therefore to tax-credit equity. No effect while the election is off or on a prior-model record.
Default and permitted range
Current new/reset starting default (absent an administrator override): 70.000%
Permitted: 0.000%–100.000% in 1.000% steps
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
Applies only while COI included in Basis is on and the comparison is on the current model.
COI included in Basis — MTEB / BCE shareDebt Structure Comparison
Share of MTEB / BCE costs of issuance included in eligible basis when COI included in Basis is on.
What it is
The portion of the MTEB / BCE costs of issuance (underwriter fee, Underwriter's Counsel, rating agency, verification agent) that enters eligible basis under the current model.
How it affects the model
Multiplies the MTEB / BCE total COI when COI included in Basis is on; the product is added to that execution's total additional basis and therefore to tax-credit equity. No effect while the election is off or on a prior-model record.
Default and permitted range
Current new/reset starting default (absent an administrator override): 10.000%
Permitted: 0.000%–100.000% in 1.000% steps
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
Applies only while COI included in Basis is on and the comparison is on the current model.
Completion after Closing (months; max 59)Debt Structure Comparison
Model periods from closing to construction completion.
What it is
The construction completion point, expressed in monthly model periods.
How it affects the model
Sets the completion-period interest split and the portion of construction interest treated as completion-period cost.
Default and permitted range
Current new/reset starting default (absent an administrator override): 24 months
Permitted: 0 to 59 months, in 1-month steps.
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
Conversion cannot precede completion.
Construction balance methodDebt Structure Comparison
Historical only: how a model v6 record recorded its construction loan balance, since current analyses always price from the draw schedule.
What it is
A record saved under model v6 could record either the construction draw schedule or an entered average construction loan balance as the basis for construction interest. This is shown only when such a record is open; there is no method choice on a current analysis.
How it affects the model
Construction draw schedule: the average balance is a result of the applied draw schedule and is shown read-only. Average construction loan balance I enter: a saved v6 record keeps the average balance it was saved with, and its draws are shown for reference only. On the current model the draw schedule always governs.
Default and permitted range
Current new/reset starting default: Construction draw schedule
Permitted: Historical record property; not an input on a current analysis.
Related constraints or warnings
Not offered on a new or current analysis — the construction draw schedule is the single governing basis.
A saved record keeps the figures it was saved with. To see it under the current draw-based model, use the explicit current-model recalculation action, which produces an unsaved working analysis and never alters the saved record.
Conversion after Closing (months; max 59)Debt Structure Comparison
Model periods from closing to permanent conversion.
What it is
The conversion point expressed in monthly model periods after closing, used by every structure.
How it affects the model
Affects pre-conversion interest, investment income, the conversion paydown, and the amount of permanent phase included in the five-year yield.
Default and permitted range
Current new/reset starting default (absent an administrator override): 36 months
Permitted: 0 to 59 months, in 1-month steps.
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
Months are counted from closing on the model's first-of-month grid, up to the five-year measurement date, and conversion cannot come before completion.
Conversion must occur before the five-year measurement date, so the editable maximum is 59 months after closing.
Conversion DateYield Bending
Months from closing to permanent financing; the resulting date appears below.
What it is
When the bonds are paid down and the permanent loan begins.
How it affects the model
Sets the construction investment window, bond interest before conversion, when the paydown occurs, and how much of the permanent phase falls inside the five-year yield.
Default and permitted range
Current new/reset starting default: the first of the month 36 periods after the live closing date (the same convention Debt Structure Comparison uses)
Permitted: Whole months from closing, up to the last month that lands on or before the five-year measurement date.
Related constraints or warnings
Enter the number of months from closing to conversion; the resulting date appears below the control and falls on or before the five-year yield measurement date. Zero months means conversion at closing, with no construction investment window. A saved analysis whose conversion date is off that month grid keeps its exact stored date.
At conversion the bonds pay the interest accrued since the last payment date plus the paydown.
DSCRDebt Structure Comparison
Debt service coverage ratio used to size permanent proceeds.
What it is
The coverage ratio applied to NOI when sizing each structure's permanent loan.
How it affects the model
A higher DSCR reduces available debt service and therefore permanent proceeds.
Default and permitted range
Current new/reset starting default (absent an administrator override): 1.15x
Permitted: 1.00x to 2.00x, in 0.01x steps.
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
Coverage below 1.11x is flagged as thin coverage; 1.11x and above raises no alert.
Executions ComparedDebt Structure Comparison
Choose which financing structures appear in your comparison.
More info
Private Placement is always included as the comparison baseline. Select at least one additional structure.
Your answer about the construction lender’s related-party status determines whether CBF to Completion is available to select. You can change your response in the comparison report if needed.
These selections control which structures appear in the comparison, charts, summaries and exports. Selecting or removing a structure does not change the calculations for the other structures.
Fee amounts by structureDebt Structure Comparison
Per-structure amounts for the modeled issuance fees.
What it is
The starting amounts for each modeled issuance fee — underwriter fee (minimum, expense allowance and total), Underwriter's Counsel, rating agency and verification agent — with an amount you can enter for one structure at a time.
How it affects the model
Changes that structure's costs of issuance, and therefore its net costs and the share of issuance costs included in eligible basis when that election is on.
Default and permitted range
Current new/reset starting default: Underwriter fee: greater of a $40,000 minimum and the applicable rate on the bonds that structure actually issues plus a $5,000 expense allowance, with no maximum. Underwriter's Counsel $65,000, or $85,000 once for MTEB / BCE (current model) when it issues any Series B or taxable bonds; rating agency by par tier; verification agent $2,500, or $3,500 for MTEB / BCE with Series B.
Permitted: $0.00 to $100,000,000.00. Buttons and arrow keys move in $1.00 steps; you can type any amount down to $1.00.
Related constraints or warnings
Each amount applies to the one structure selected above it; entering an amount for one structure never changes another.
Until an amount is entered, a fee keeps following the bonds that structure issues. An entered amount — including $0 — stays exactly as entered until Use default restores the formula.
The expense allowance is counted once inside the underwriter total; it is never added on top of the minimum a second time.
If NOI supports a larger loanDebt Structure Comparison
What happens when NOI supports more permanent debt than the tax-exempt amount entered.
What it is
One answer, asked only when a selected structure's supported permanent debt is above the tax-exempt amount entered.
How it affects the model
Add taxable financing: Use taxable debt for the remaining loan capacity. Assume additional tax-exempt bonds: Model additional bonds on the same terms; availability is not confirmed. Use only the entered amount: Leave any remaining loan capacity unused.
Default and permitted range
Current new/reset starting default: Assume additional tax-exempt bonds
Permitted: One of three answers.
Related constraints or warnings
The question disappears when no selected structure has a shortfall; nothing is added in that case.
Taxable debt does not enter the tax-exempt bond yield.
Assumed additional tax-exempt financing is reported as assumed and is never presented as confirmed volume cap.
Interest Only (after conversion)Yield Bending
Months of interest-only payments before principal amortization begins.
What it is
The number of permanent-phase months in which only interest is paid, before the first principal payment.
How it affects the model
Delays principal repayment, so more balance is carried into the five-year measurement. The payment itself is unchanged: it is always solved over the full stated amortization term.
Default and permitted range
Current new/reset starting default (absent an administrator override): 0 months
Permitted: 0 to 36 months, in 1-month steps.
A Tiber Hudson administrator can change this starting value for future new or reset sessions. Saved scenarios are never rewritten.
Related constraints or warnings
The level payment is solved over the full stated amortization term; interest-only months are not subtracted from it. Payments start on the first of the month after conversion and carry principal once the interest-only months end.
Investment RateYield Bending
Yield earned on invested bond proceeds during construction.
What it is
The rate earned on proceeds held from closing to conversion.
How it affects the model
Produces investment earnings. Earnings above the blended bond yield are rebatable; the rest is retainable.
Default and permitted range
Current new/reset starting default (absent an administrator override): 4.250%
Permitted: 0.000% to 5.000%. Buttons and arrow keys move in 0.050% steps; you can type any figure down to 0.010%.
A Tiber Hudson administrator can change this starting value for future new or reset sessions. Saved scenarios are never rewritten.
Related constraints or warnings
Earnings accrue 30/360 regardless of the day-count election.
One flat reinvestment rate applies from closing to conversion.
If the cash flows do not produce a single blended yield, the yield-dependent figures read Not available rather than zero.
Investment RateDebt Structure Comparison
Reinvestment rate earned on bond proceeds during construction.
What it is
The rate earned on invested bond proceeds before conversion.
How it affects the model
Produces investment income, which nets against bond interest to produce excess earnings or negative arbitrage in each structure.
Default and permitted range
Current new/reset starting default (absent an administrator override): 4.250%
Permitted: 0.000% to 15.000%. Buttons and arrow keys move in 0.050% steps; you can type any figure down to 0.010%.
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
Compared against each structure's blended bond yield; when a blended yield is unavailable the comparison is reported as Not available, never zero.
Legacy COI Share (prior model)Debt Structure Comparison
Single share of issuance fees treated as eligible basis under the prior model.
What it is
The percentage of each execution's issuance fees added to eligible basis when COI included in Basis is on, for comparisons prepared under the prior model (comparison model v1). Under the current model it still scales the Private Placement Agent Fee; the rated executions use the structure shares instead.
How it affects the model
Prior model: scaled per execution by the portion of the financing period the fee supports, then added to total additional basis. Current model: applies to the Private Placement Agent Fee only.
Default and permitted range
Current new/reset starting default (absent an administrator override): 10.000%
Permitted: 0.000%–100.000% in 1.000% steps
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
Applies only while COI included in Basis is on.
Limit modeled financing to the entered tax-exempt amountDebt Structure Comparison
Optional: model every structure at the entered tax-exempt amount instead of its own supportable permanent debt.
What it is
An optional election available only under the current model, and only when a known tax-exempt amount below at least one structure's supportable permanent debt has been entered. It is off for every new analysis.
How it affects the model
Each structure issues exactly the entered amount, carries the lower of that amount and its supportable permanent debt as permanent financing, and repays the difference at conversion. NOI-supported capacity above the entered amount is reported as not financed — it is not a reduction in project cost and no additional financing source is assumed.
Default and permitted range
Current new/reset starting default: Off
Permitted: On or Off.
Related constraints or warnings
Unavailable while the volume cap is marked not yet known.
The entered amount is never raised to satisfy the minimum; an amount below the minimum is reported instead.
Long Term UW FeeDebt Structure Comparison
Long-term underwriting fee, as a rate on the bond amount.
What it is
The underwriting fee charged on long-term bonds. Under MTEB / BCE it is charged on the combined long-term bonds actually issued — tax-exempt Series A plus any taxable bonds issued at closing. It is not the taxable mortgage rate premium, which is a separate input.
How it affects the model
Increases costs of issuance and therefore reduces net benefit.
Default and permitted range
Current new/reset starting default (absent an administrator override): 0.750%
Permitted: 0.250% to 2.000%. Buttons and arrow keys move in 0.050% steps; you can type any figure down to 0.010%.
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
The long-term and short-term fees are independent, each bounded at 0.250% to 2.000% of the bond amount.
The table reports underwriting cost incrementally against the Private Placement (TEL) baseline, so $0 on the Private Placement row means no incremental cost rather than no fee.
MTEB / BCE AmortizationDebt Structure Comparison
Amortization term applied to the MTEB / BCE permanent loan.
What it is
The MTEB / BCE structure's amortization schedule length in months. The equivalent years are shown beneath the control.
How it affects the model
Sets the MTEB / BCE constant payment factor and therefore MTEB / BCE permanent proceeds.
Default and permitted range
Current new/reset starting default (absent an administrator override): 480 months
Permitted: 12 to 600 months, in 12-month steps.
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
Independent of the Private Placement amortization term.
Normal range is 30–40 years (360–480 months); values outside it receive an advisory and remain allowed when they are within the existing hard limits.
MTEB / BCE Guarantee FeeDebt Structure Comparison
Annual guarantee fee on the MTEB / BCE mortgage.
What it is
Annual guarantee fee on the MTEB / BCE mortgage.
How it affects the model
Added to the Series A bond rate in the MTEB / BCE mortgage rate, and carried on Series A after Conversion in the five-year tax-exempt blended bond yield. Never applies before Conversion or to Series B.
Default and permitted range
Current new/reset starting default (absent an administrator override): 45 bps
Permitted: 0–100 bps in 1 bp steps
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
Applies to the MTEB / BCE structure only (current model v15).
MTEB / BCE S&GsDebt Structure Comparison
MTEB / BCE servicing and guaranty fees added to the MTEB / BCE rate.
What it is
Annual servicing and guaranty fees carried by the MTEB / BCE structure.
How it affects the model
Increases the MTEB / BCE mortgage rate and reduces MTEB / BCE permanent proceeds.
Default and permitted range
Current new/reset starting default: 0.900%
Permitted: 0.000% to 15.000%. Buttons and arrow keys move in 0.050% steps; you can type any figure down to 0.010%.
Related constraints or warnings
Applies to the MTEB / BCE structure only.
MTEB / BCE Servicing FeeDebt Structure Comparison
Annual servicing fee on the MTEB / BCE mortgage.
What it is
Annual servicing fee on the MTEB / BCE mortgage.
How it affects the model
Added to the Series A bond rate in the MTEB / BCE mortgage rate (reducing permanent proceeds). Excluded from the five-year tax-exempt blended bond yield.
Default and permitted range
Current new/reset starting default (absent an administrator override): 45 bps
Permitted: 0–100 bps in 1 bp steps
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
Applies to the MTEB / BCE structure only (current model v15).
MTEB / BCE Tax-Exempt Bond RateDebt Structure Comparison
Long-term rate on the MTEB / BCE structure.
What it is
The permanent-phase rate applied to the MTEB / BCE structure.
How it affects the model
Sizes MTEB / BCE permanent proceeds, the Series A / Series B split, and the MTEB / BCE blended bond yield.
Default and permitted range
Current new/reset starting default (absent an administrator override): 5.250%
Permitted: 0.000% to 15.000%. Buttons and arrow keys move in 0.050% steps; you can type any figure down to 0.010%.
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
If the cash flows do not produce a single blended yield, the yield-dependent figures read Not available rather than zero.
Ongoing Issuer FeeDebt Structure Comparison
Optional annual issuer fee on outstanding bond par.
What it is
An annual issuer fee on outstanding bonds. In this comparison it is counted only while bonds are outstanding before Conversion (through Completion for CBF to Completion), using 30/360 — not for the post-Conversion life of long-term bonds. Issuer schedules vary by issuer; enter the actual schedule when known.
How it affects the model
Adds an Issuer Fee — Ongoing cost line, reducing Net Permanent Proceeds and Net Benefit. With COI Included in Basis on, 10% of the fee on long-term bonds and 70% on short-term bonds enter eligible basis.
Default and permitted range
Current new/reset starting default: 0 bps
Permitted: 0–50 bps per year; decimals such as 12.5 bps accepted
Related constraints or warnings
Blank is treated as 0 bps.
Permanent financing optionsDebt Structure Comparison
Choose how each structure's permanent financing is sized.
What it is
A single three-way choice, available under the current model, that decides how much permanent financing each structure carries. Exactly one basis is in force at a time.
How it affects the model
Tax-exempt financing supported by NOI (additional cap assumed): each structure carries the permanent financing its Required Annual NOI supports, and any amount above the tax-exempt amount entered is disclosed as assumed. Limit financing to the tax-exempt amount entered: modeled permanent financing stops at the entered amount, construction borrowing is still sized to the project's own requirement, and any shortfall at conversion is reported rather than financed. Tax-exempt amount entered plus supplemental taxable financing: the entered tax-exempt amount is carried in full and a supplemental taxable permanent tranche is sized from the remaining NOI capacity at the taxable permanent rate. Taxable financing never enters the tax-exempt bond yield.
Default and permitted range
Current new/reset starting default: Tax-exempt financing supported by NOI (additional cap assumed)
Permitted: One of three choices.
Related constraints or warnings
Every option stays selectable under the current model, including when the volume cap is marked not yet known — the choice helps determine the permanent financing, not only the tax-exempt sizing. With an unknown cap the tax-exempt portion is estimated from NOI and each option says what that means for it.
On older saved records the two choices that depend on an entered amount were unavailable while the volume cap was marked not yet known; those records keep that behavior.
A taxable tranche is only ever added when the entered tax-exempt amount is below that structure's own supportable permanent debt.
Permanent LoanYield Bending
Permanent mortgage balance outstanding after conversion.
What it is
The loan remaining once the bonds are partially paid down.
How it affects the model
Sets the conversion paydown (bond par less this amount) and the permanent-phase cash flows inside the five-year yield.
Default and permitted range
Current new/reset starting default (absent an administrator override): $23,000,000.00
Permitted: $0.00 to bond par. Buttons move in $100,000.00 steps; any whole-dollar amount can be typed.
A Tiber Hudson administrator can change this starting value for future new or reset sessions. Saved scenarios are never rewritten.
Related constraints or warnings
Cannot exceed bond par. When it equals bond par there is no paydown at conversion.
Permanent Loan Interest Day CountYield Bending
Accrual basis for permanent-loan interest after conversion.
What it is
Act/360 or 30/360 U.S. (NASD), applied after conversion.
How it affects the model
Changes permanent interest accruals, and therefore amortization inside the five-year window and the permanent leg of the blended yield.
Default and permitted range
Current new/reset starting default: 30/360
Permitted: Act/360 or 30/360 U.S. (NASD).
Related constraints or warnings
Applies only to permanent-loan interest after conversion. Bond interest and investment earnings always accrue 30/360, and the permanent payment always uses the annual rate divided by twelve.
30/360 uses the U.S./NASD (DAYS360) rules.
Permanent Loan RateYield Bending
Note rate on the permanent mortgage loan.
What it is
The stated annual interest rate on the permanent loan after conversion.
How it affects the model
Sets the monthly payment, the amortization schedule and the permanent leg of the blended yield. The headline All-in Mortgage Rate equals this rate.
Default and permitted range
Current new/reset starting default (absent an administrator override): 6.300%
Permitted: 3.000% to 10.000%. Buttons and arrow keys move in 0.050% steps; you can type any figure down to 0.010%.
A Tiber Hudson administrator can change this starting value for future new or reset sessions. Saved scenarios are never rewritten.
Related constraints or warnings
The monthly payment always uses the annual rate divided by twelve; the day-count election does not change it.
The rate is nominal annual with monthly compounding.
Private Placement — TX Undeployed Funds RateDebt Structure Comparison
Earnings rate on Private Placement proceeds funded at closing but not yet deployed, under the Texas Anti-Draw-Down Rules.
What it is
A separate earnings rate that applies only when a Texas project elects the Texas Anti-Draw-Down Rules. It never replaces or changes the general Investment Rate.
How it affects the model
Earns income on the Private Placement construction proceeds funded at closing and not yet deployed, period by period, on the model's existing accrual convention and the unchanged construction draw schedule. The earnings offset Private Placement net cost only.
Default and permitted range
Current new/reset starting default (absent an administrator override): 4.000%
Permitted: 0.000% to 15.000%. Buttons and arrow keys move in 0.050% steps; you can type any figure down to 0.010%.
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
Applies to the Private Placement only; no other structure reads it.
Inert unless the project's state is Texas and the treatment is elected.
Never enters eligible basis, the §266 election or the COI-in-basis election.
Private Placement Agent FeeDebt Structure Comparison
Flat placement agent fee charged on a Private Placement (TEL).
What it is
The fee paid to the placement agent on a Private Placement execution, entered in dollars.
How it affects the model
Adds a cost of issuance to the Private Placement execution only. The rated executions carry their own underwriter fee instead.
Default and permitted range
Current new/reset starting default (absent an administrator override): $0.00
Permitted: $0.00 to $1,000,000.00. Buttons and arrow keys move in $5,000.00 steps; you can type any amount down to $1.00.
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
The modeled default is $0.00 — a Private Placement adds no issuance fees unless a fee is entered.
Private Placement AmortizationDebt Structure Comparison
Amortization term applied to the Private Placement (TEL) permanent loan.
What it is
The Private Placement structure's amortization schedule length in months. The equivalent years are shown beneath the control. This single Placement setting also applies to CBF to Conversion and CBF to Completion.
How it affects the model
Sets the Private Placement constant payment factor and therefore Private Placement permanent proceeds.
Default and permitted range
Current new/reset starting default (absent an administrator override): 480 months
Permitted: 12 to 600 months, in 12-month steps.
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
Independent of the MTEB / BCE amortization term.
Normal range is 30–40 years (360–480 months); values outside it receive an advisory and remain allowed when they are within the existing hard limits.
Private Placement Spread to 10-YearDebt Structure Comparison
Credit spread added to the 10-year Treasury for Private Placement (TEL) pricing.
What it is
The Private Placement pricing spread over the benchmark.
How it affects the model
With the 10-year UST, sets the Private Placement mortgage rate and Private Placement permanent proceeds.
Default and permitted range
Current new/reset starting default (absent an administrator override): 1.800%
Permitted: 0.000% to 15.000%. Buttons and arrow keys move in 0.050% steps; you can type any figure down to 0.010%.
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
Applies to the Private Placement structure only.
Related PartyDebt Structure Comparison
Whether the bond purchaser and borrower are related parties.
What it is
An election describing the relationship between the parties to the financing.
How it affects the model
Applies the related-party treatment used to determine eligible costs across the structures compared.
Default and permitted range
Current new/reset starting default (absent an administrator override): No
Permitted: Yes or No.
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
Applies uniformly to every structure in the comparison.
Short Term Bond RateDebt Structure Comparison
Short-term tax-exempt bond rate during construction.
What it is
The construction-period coupon on the short-term tax-exempt bonds.
How it affects the model
Sets construction-period bond interest and the short-term leg of the CBF to Conversion and CBF to Completion blended bond yields.
Default and permitted range
Current new/reset starting default (absent an administrator override): 3.250%
Permitted: 0.000% to 15.000%. Buttons and arrow keys move in 0.050% steps; you can type any figure down to 0.010%.
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
If the cash flows do not produce a single blended yield, the yield-dependent figures read Not available rather than zero.
Short Term UW FeeDebt Structure Comparison
Short-term underwriting fee, as a rate on the bond amount.
What it is
The underwriting fee charged on short-term bonds — the initial bonds under either cash-collateralized alternative, or MTEB / BCE Series B when one is issued. Series B is never also charged at the long-term rate.
How it affects the model
Increases costs of issuance and therefore reduces net benefit.
Default and permitted range
Current new/reset starting default (absent an administrator override): 0.600%
Permitted: 0.250% to 2.000%. Buttons and arrow keys move in 0.050% steps; you can type any figure down to 0.010%.
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
The long-term and short-term fees are independent, each bounded at 0.250% to 2.000% of the bond amount.
The table reports underwriting cost incrementally against the Private Placement (TEL) baseline, so $0 on the Private Placement row means no incremental cost rather than no fee.
Short-Term RateYield Bending
Interest paid on the bonds before conversion.
What it is
The coupon carried from closing through conversion.
How it affects the model
Sets bond interest before conversion, which nets against investment earnings, and forms the short-term leg of the blended yield.
Default and permitted range
Current new/reset starting default (absent an administrator override): 3.250%
Permitted: 0.000% to 5.000%. Buttons and arrow keys move in 0.050% steps; you can type any figure down to 0.010%.
A Tiber Hudson administrator can change this starting value for future new or reset sessions. Saved scenarios are never rewritten.
Related constraints or warnings
When the short-term rate exceeds the investment rate the model reports negative arbitrage.
Interest accrues on a 30/360 U.S. (NASD) basis, is paid semiannually starting five months after closing, and includes any stub at conversion.
If the cash flows do not produce a single blended yield, the yield-dependent figures read Not available rather than zero.
Tax-Exempt / Taxable Construction SpreadDebt Structure Comparison
Spread between taxable and tax-exempt construction rates.
What it is
The reduction applied to the taxable construction rate to derive the tax-exempt rate.
How it affects the model
Lowers construction interest for tax-exempt construction financing.
Default and permitted range
Current new/reset starting default (absent an administrator override): 0.500%
Permitted: 0.000% to 15.000%. Buttons and arrow keys move in 0.050% steps; you can type any figure down to 0.010%.
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
Applied to the TX construction rate, not to bond coupons.
At the default spread, the taxable construction rate sits 0.500% above the tax-exempt construction rate.
An import never overwrites this rate; your current value is kept.
With Related Party set to No, the TE/TX spread cannot exceed the taxable construction rate. With Yes, the related-party treatment applies instead.
The tax-exempt construction rate is the taxable rate less the TE/TX spread, and never falls below zero.
Tax-exempt bond amountDebt Structure Comparison
Choose whether to enter a tax-exempt bond amount or calculate it from NOI.
What it is
Specific amount: Use the amount you enter. Based on NOI: Calculate the amount from NOI and loan terms.
How it affects the model
The entered option uses the amount entered. The NOI option sizes each structure from Required Annual NOI and loan terms; the entered amount is remembered but not used.
Default and permitted range
Current new/reset starting default: Specific amount
Permitted: One of two options.
Related constraints or warnings
An amount entered for modeling is not evidence of a formally confirmed allocation.
Records saved before the current model do not carry this answer and are shown exactly as they were saved.
Taxable Construction RateDebt Structure Comparison
Taxable construction loan rate used by the non-bond structures.
What it is
The taxable construction financing rate.
How it affects the model
Sets construction interest for structures financed on a taxable construction loan and, with the TE/TX spread, derives the tax-exempt construction rate.
Default and permitted range
Current new/reset starting default (absent an administrator override): 7.000%
Permitted: 0.000% to 15.000%. Buttons and arrow keys move in 0.050% steps; you can type any figure down to 0.010%.
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
Applied to the average construction loan balance, not the full amount.
At the default spread, the taxable construction rate sits 0.500% above the tax-exempt construction rate.
An import never overwrites this rate; your current value is kept.
With Related Party set to No, the TE/TX spread cannot exceed the taxable construction rate. With Yes, the related-party treatment applies instead.
The tax-exempt construction rate is the taxable rate less the TE/TX spread, and never falls below zero.
Taxable premium — MTEB / BCEDebt Structure Comparison
Premium added to the tax-exempt permanent rate for supplemental taxable debt.
What it is
The amount added to the MTEB / BCE tax-exempt permanent rate to price its supplemental taxable permanent tranche, which is issued as bonds at closing. It is a premium, not the full taxable rate.
How it affects the model
The taxable tranche is sized on its own payment at this rate; the tax-exempt and taxable payments are added and tested together against the required debt service coverage. The same premium is added to the comparable tax-exempt bond coupon to price the construction-period coupon on the taxable bonds, without the permanent servicing and guarantee additions.
Default and permitted range
Current new/reset starting default: Starts so the MTEB / BCE taxable bond coupon equals the 10-year Treasury rate + 1.40%, rounded UP to the next 5-basis-point increment (premium = that target minus the MTEB / BCE Tax-Exempt Bond Rate). Servicing and guarantee fees are added separately for the mortgage only. An entered premium is kept.
Permitted: 0 to 500 bps, in 1 bp steps.
Related constraints or warnings
Used only when supplemental taxable financing is the basis in force.
Taxable premium — PP / CBFDebt Structure Comparison
Premium added to the tax-exempt permanent rate for supplemental taxable debt.
What it is
The amount added to the Private Placement, CBF to Conversion and CBF to Completion tax-exempt permanent rates to price each supplemental taxable permanent tranche. The compact column label PP / CBF refers to this shared premium; it is not the full taxable rate.
How it affects the model
The taxable tranche is sized on its own payment at this rate; the tax-exempt and taxable payments are added and tested together against the required debt service coverage.
Default and permitted range
Current new/reset starting default: 50 bps
Permitted: 0 to 500 bps, in 1 bp steps.
Related constraints or warnings
Used only when supplemental taxable financing is the basis in force.
Total Tax-Exempt Proceeds expected for the ProjectDebt Structure Comparison
Tax-exempt volume cap (both new money cap and recycled bond cap) you expect to use for this project—not project cost or net proceeds.
More info
Enter the total tax-exempt amount you expect to use for this project. Be sure include both new money cap and any recycled bond cap anticipated. Each structure normally uses the greater of this amount or its own NOI-based supportable permanent debt.
When the entered amount exceeds supportable permanent debt, the difference is assumed to be paid down at conversion. For MTEB / BCE, that difference would be the size of a short-term series B bond amount.
When supportable permanent debt exceeds the entered amount, the comparison identifies the additional tax-exempt financing assumed. Availability must be confirmed separately.
Choose “Size tax-exempt bonds from NOI” to calculate the amount from NOI and loan terms. The amount already entered is remembered but not used until you choose “Enter a tax-exempt bond amount” again.
What it is
Under models v3 through the current model, this is the tax-exempt volume cap the project expects to use. If the cap is not known yet, select the estimate option: every structure is then sized from the annual NOI alone and the amount entered here is remembered but not used. On v1/v2 saved records the same stored field is the total tax-exempt proceeds expected for the project, and those records keep their prior wording and economics.
How it affects the model
Each structure is sized independently from Required Annual NOI at its own permanent rate and amortization. With a known amount, a structure issues the greater of the entered amount and its own supportable permanent debt, and the difference above its permanent debt is repaid at conversion; anything issued above the entered amount is disclosed as additional tax-exempt financing assumed. With the estimate option, a structure issues exactly its supportable permanent debt. The optional advanced election limits every structure to the entered amount instead. Underwriting rate fees are charged only on the bonds a structure actually issues.
Default and permitted range
Current new/reset starting default (absent an administrator override): $23,000,000.00
Permitted: $3,000,000.00 to $200,000,000.00. Buttons and arrow keys move in $100,000.00 steps; you can type any amount down to $1.00.
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
The amount you enter is an input; the Actual Modeled Bond Amount is derived by the model. Both must be at least $3,000,000.00, and limit messages refer to the sized amount.
The minimum permitted bond amount for a new or edited analysis is $3,000,000.00; a warning is raised when the Actual Modeled Bond Amount exceeds $500,000,000.00.
On v1/v2 saved comparisons, Total Supportable Debt for the Project sits directly below this input and remains planning information that never changes the calculation. Models v3 through the current model instead calculate supportable permanent debt separately for each structure and disclose any additional tax-exempt financing assumed.
Example
A saved or imported comparison prepared under the prior model may carry an amount below $3,000,000.00 (even $0.00). It loads unchanged with a review notice; the amount must be raised before the current model can be applied to it.
Upfront Issuer FeeDebt Structure Comparison
Optional one-time issuer fee, as a rate on actual issued bond par.
What it is
A one-time issuer fee charged on the bonds each structure actually issues, tax-exempt or taxable. It is never charged on a taxable construction loan or a taxable permanent loan that is not a bond. Issuer schedules vary by issuer; enter the actual schedule when known.
How it affects the model
Adds an Issuer Fee — Upfront cost line, reducing Net Permanent Proceeds and Net Benefit. With COI Included in Basis on, 10% of the fee on long-term bonds and 70% on short-term bonds enter eligible basis.
Default and permitted range
Current new/reset starting default: 0 bps
Permitted: 0–150 bps; decimals such as 12.5 bps accepted
Related constraints or warnings
Blank is treated as 0 bps.
Yield BlendingDebt Structure Comparison
Whether investment earnings may be blended across the bond issue, set separately for CBF and MTEB / BCE.
What it is
Yield blending may be permitted for the CBF executions, MTEB/BCE, both, or neither depending on the issuer/bond counsel. Each side controls only that execution family.
How it affects the model
When off, positive recognized investment earnings are capped at the applicable bond debt service; negative arbitrage still remains when actual investment income is insufficient.
Default and permitted range
Current new/reset starting default (absent an administrator override): On
Permitted: On or Off, separately for CBF (both CBF executions) and MTEB / BCE.
A Tiber Hudson administrator can change this starting value for future new or reset deals. Saved comparisons are never rewritten.
Related constraints or warnings
Private Placement is unaffected by either side.
This election changes excess earnings and therefore each structure's modeled net benefit.
If the cash flows do not produce a single blended yield, the yield-dependent figures read Not available rather than zero.
Yield Blending — CBFDebt Structure Comparison
Whether yield blending is permitted for CBF to Conversion and CBF to Completion.
What it is
Yield blending may be permitted for the CBF executions, MTEB/BCE, both, or neither depending on the issuer/bond counsel. Each side controls only that execution family.
How it affects the model
When off, positive recognized investment earnings for CBF to Conversion and CBF to Completion are capped at the applicable bond debt service. Private Placement is unaffected.
Default and permitted range
Current new/reset starting default: On
Permitted: On or Off.
Related constraints or warnings
A saved record without this setting uses its single Yield Blending election.
Yield Blending — MTEB/BCEDebt Structure Comparison
Whether yield blending is permitted for MTEB / BCE.
What it is
Yield blending may be permitted for the CBF executions, MTEB/BCE, both, or neither depending on the issuer/bond counsel. Each side controls only that execution family.
How it affects the model
When off, positive recognized investment earnings for MTEB / BCE are capped at the applicable bond debt service. Private Placement is unaffected.
Default and permitted range
Current new/reset starting default: On
Permitted: On or Off.
Related constraints or warnings
A saved record without this setting uses its single Yield Blending election.
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