RF Holdings, Consolidated — Phased Forward Projection

ROZ Venango

2400 E. Venango St — Philadelphia — 30 townhome — Build start August 2023

Adjustable inputs · scenarios rebuild in real time

Unit sale price

range $550K-$620K

Sale velocity (units/month)

unit closings cadence

Loan principal

Capital Bank up to $5M

Loan rate (%)

Capital Bank draft

Loan term (months)

IO + balloon assumed

Cost overrun buffer (%)

applied to estimates

Sales commission (%)

deducted from revenue

Revenue start phase

which phase's completion gates contracts

Contract→close lag (months)

time from contract to closing

Phase schedule (decoupled · set start date + duration for each)

Today: Apr 24, 2026 · Model anchor: May 2026 = m0 · T+N snaps to nearest month

Phase summary

Phase cost distribution

Phasing logic. Phase 1 gets the site clean and 5 units sellable. Phase 2 triggers when a unit goes under contract; it wraps the back half so the site looks whole from the street. Phases 3 & 4 are interior-only, executed in parallel with sales as the money comes in.

Timeline & milestones

Net project economics (summary)

Phase 1 · CO + First 5 Units to Market Total: $0

Scope: All site work (stormwater, PECO electric to property, freshwater/sewer street connection), finish Units 1-5 to CO. Goal: site is clean and shownable, 5 units have power/water/utilities and can be shown to the public.

Site work (property-wide)

Unit finishes (U1-5)

Carry costs during Phase 1

Phase 2 · Vertical Build, Units 16-30 Total: $0

Trigger: 1st unit under contract (configurable above).
Scope: Framing, windows, doors, roof, gutters, siding on Units 16-30. Exterior only — no interior work. Site looks complete from the street; remaining interior work on Phase 3 and 4 is all indoors.

Vertical shell (15 units)

Site completion on back half

Phase 3 · Interior Buildout, Units 6-15 Total: $0

Scope: Rough-in, sheetrock, finals for Units 6-15. Split into two sub-phases because work completed on U6-10 differs from U11-15. Runs sequentially after Phase 2 completes — interior finishing crews can't work while heavy vertical/exterior work is happening on the back half. By the end of Phase 3, inventory available = 15 finished units.

Phase 3A — Units 6-10 (5 units · some work already done)

Phase 3B — Units 11-15 (5 units · mostly fresh)

Phase 4 · Interior Buildout, Units 16-30 Total: $0

Trigger: Later of (a) 10 units under contract, or (b) Phase 3 complete. Whichever hits last.
Scope: Rough-in, sheetrock, finals for Units 16-30 (15 units). Interior work only — shell was completed in Phase 2. Per-unit costs extrapolated from the U11-15 contract history.

Per-unit cost rollup (15 units × extrapolated)

Sales cash flow schedule

Cumulative revenue curve

ROZ cash position over time

Capital Bank loan · draft terms

Status: Discussions with Capital Bank; bank prefers a term loan (not a line of credit) as a single-disbursement recapitalization. Up to $5M available at 7.5%. Eli's preference: borrow $2M-$3M rather than the full $5M. All inputs above are adjustable.

Monthly cash flow projection · ROZ standalone

Cash inflows: loan disbursement, unit sales (net of commission). Cash outflows: phase construction spend, loan interest, loan principal repayments from unit sales.

Parent cashflow assumptionsclick to collapse

J&E income is driven by the instrument schedule below. OMNE burn is baked in from Ayala's RF Holdings — OMNE LLC Cash Flow Projection (4/15/2026 snapshot); scenarios apply proportional multipliers. Cash yield: first portion earns bank rate on all months; excess above threshold earns reinvest rate starting Nov 2027.

OMNE burn scenario

Per Ayala's FY 2026 projection; Q4 2026 run-rate extrapolated

Custom OMNE burn ($/mo)

flat override (no month-by-month variation)

Bank rate (%/yr)

earned on first $X of cash

Reinvest rate (%/yr)

earned on excess above threshold from Nov 2027

Reinvest threshold ($)

first $ stays at bank rate

Consolidated cash position

Total consolidated cash

Phase start

Tax event

First closing

★Principal maturity (J&E)

OMNE burn extrapolated (post-Dec 2026)

J&E receivables scheduleclick to expand

Source: Ayala's Close Smartsheet (5/1/2026). All active instruments fire from month 0 (May 2026). Quarterly equity deals hit on calendar quarter-ends (Jun, Sep, Dec, Mar). Old Melbourne Highway is current deployed capital ($1.7M Class B in OM Highway LLC, accruing 13% pref return since 10/28/2024); amended payouts start August 2027 on its own 3-month cycle.

OMNE forward cash spend assumptionsclick to expand

Source: Ayala's RF Holdings — OMNE LLC Cash Flow Projection (4/24/2026). Full FY 2026 P&L by line item, organized by GL code category. Click any category header to expand its line items. Q1 2026 is actuals; Q2-Q4 are projections.

Consolidated cash bridge: Q1 2026 → end of projectclick to expand

Starting point: $1.69M consolidated cash (Q1 2026 actuals, from the main model). Parent-level assumptions come from the inputs above; OldCo distributions run every 3 months starting May 2026.

Consolidated cash sensitivity — how loan size affects parent-level runwayclick to expand

Reading this: Shows the consolidated trough (minimum cash across the entire parent, including J&E receivables, OldCo distributions, OMNE burn, trust tax, and cash yield) under different ROZ loan sizes, holding all other assumptions at their current values. A smaller loan means less project interest expense but a deeper construction trough; a larger loan cushions the construction dip but grows interest. The trough and ending cash numbers here match the KPIs above.

Line-item confidence key

Tag	Meaning	Source
Contracted	Signed contract in hand, pricing locked	Outline / contract files
Estimate	Contractor estimate issued, not yet signed	DRC, Caballo, Christopher, etc.
Researched	Market pricing research, no specific vendor	2026 Northeast contractor-grade pricing
Best guess	Eli's estimate pending quotes	Internal judgment
Already paid	Sunk cost, reflected in cumulative $9.43M	ROZ P&L historical

Pricing sources by line item

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RF Holdings, Consolidated — Phased Forward Projection

ROZ Venango

Phase summary

Phase cost distribution

Timeline & milestones

Net project economics (summary)

Phase 1 · CO + First 5 Units to Market Total: $0

Site work (property-wide)

Unit finishes (U1-5)

Carry costs during Phase 1

Phase 2 · Vertical Build, Units 16-30 Total: $0

Vertical shell (15 units)

Site completion on back half

Phase 3 · Interior Buildout, Units 6-15 Total: $0

Phase 3A — Units 6-10 (5 units · some work already done)

Phase 3B — Units 11-15 (5 units · mostly fresh)

Phase 4 · Interior Buildout, Units 16-30 Total: $0

Per-unit cost rollup (15 units × extrapolated)

Sales cash flow schedule

Cumulative revenue curve

ROZ cash position over time

Capital Bank loan · draft terms

Monthly cash flow projection · ROZ standalone

Parent cashflow assumptionsclick to collapse

Consolidated cash position

J&E receivables scheduleclick to expand

OMNE forward cash spend assumptionsclick to expand

Consolidated cash bridge: Q1 2026 → end of projectclick to expand

Consolidated cash sensitivity — how loan size affects parent-level runwayclick to expand

Line-item confidence key

Pricing sources by line item

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