stress-the-debt-and-refi

name	stress-the-debt-and-refi
description	Size the debt, schedule DSCR through the hold, and surface the refinance year and the rate at which the deal breaks. Reach for this before any levered return is quoted.

Skill: Stress the debt and refinance wall

Most deals die at the refi, not the entry. This makes the debt and the refinance wall explicit.

Step 1 — Size to a DSCR and LTV

Set the loan against in-place NOI at a target DSCR and LTV; record the constraint that binds.

Step 2 — Schedule DSCR through the hold

Project DSCR each year against the NOI plan; a dip below covenant is a flag, not a footnote (§3 #6).

Step 3 — Find the refi wall

Identify the maturity year and the take-out assumption — the rate and cap at which the refinance fails.

Step 4 — Quantify equity at risk

State the equity exposed if the refi clears at a stressed rate, not the base.

Output

A debt schedule, a DSCR path, the refi year and break rate, and the equity at risk under stress.