Christian Reina 9/14/26 Christian Reina 9/14/26

What Is an Equity Waterfall in Real Estate?

An equity waterfall sets the order cash is paid out between the sponsor and investors. Here is a four-tier example, how the promote works, and the details that catch people out.

Christian Reina 9/14/26 Christian Reina 9/14/26

What Is Loan-to-Cost (LTC) in Real Estate?

Loan to cost compares the loan to total project cost rather than value. Here is the formula, a development example, and how LTC and LTV work together to size a construction loan.

Christian Reina 9/14/26 Christian Reina 9/14/26

What Is Debt Yield in Real Estate?

Debt yield is NOI divided by the loan amount. Here is why lenders trust it more than DSCR or LTV, with a step-by-step example of how it caps your loan.

Christian Reina 9/14/26 Christian Reina 9/14/26

What Is DSCR in Real Estate?

DSCR is net operating income divided by annual debt service. Here is the formula, what lenders look for, and how DSCR sets the maximum loan on a deal.

Christian Reina 9/14/26 Christian Reina 9/14/26

What Is Net Operating Income (NOI) in Real Estate?

Net operating income is a property's income after operating expenses and before debt. Here is the formula, a step-by-step example, and why NOI drives both value and loan size.

Christian Reina 4/5/25 Christian Reina 4/5/25

What Is Cash-on-Cash Return in Real Estate?

Step-by-Step Guide to Understanding Cash-on-Cash Return

Christian Reina 4/5/25 Christian Reina 4/5/25

What Is Loan-to-Value (LTV) in Real Estate?

Step-by-Step Guide to Understanding Loan to Value Ratio (LTV)

Christian Reina 4/4/25 Christian Reina 4/4/25

The Role of Cap Rates in Real Estate

Trying to make sense of cap rates? This student-friendly guide explains what a cap rate really means, how to calculate it, and when to use it. With simple examples and clear explanations, you'll finally understand how cap rates help measure return, risk, and property value — without the confusing jargon.