Spencer, first as many have said before me, awesome model.
I’m new to the A1 model and find it extremely helpful. My question is how do I reduce the interest reserve number by the amount of available operating cash flow that could be used to pay it before full stabilization and a take-out loan is arranged? This causes the interest reserve to be too high and increases the cost of the project. In my work with developers in the past, especially simple “developer math” cash flow was netted against interest in project budget. I do see it as a project source on the S&U page, but not netted against costs.