REAL ESTATE FINANCE - COMPANION FILES
julianrsterling.com/finance

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Revised 24 September 2026.

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WHAT IS IN THE ARCHIVE

1. The book's four workbooks, corrected
   Alder_Point_The_Four_Values.xlsx        Chapters 1 to 3, 5, 11, 15 and 16
   Sizing_and_the_Binding_Test.xlsx        Chapter 4
   The_Loan_Tape_and_the_Waterfall.xlsx    Chapters 8 to 10
   Unsmoothing_and_the_Bid.xlsx            Chapters 16 to 18
   00_START_HERE.md                        what changed is at the end
   Each workbook closes on a Checks sheet: 206 controls, all passing.

2. Blank_Model_Set/  (new)
   The four workbooks with every input emptied, for your own loan, pool or
   fund. Each checks sheet counts what is still missing and tests what holds
   for any inputs. The book's figures are in book_inputs.txt: type them back
   in and the book's results come back.

3. Working_Documents.pdf  (new)
   Twelve printable pages: which question a number answers, the recovery
   bridge, the loan as a written put, sizing and the binding test, the stack
   and the intercreditor, a loan agreement in ninety minutes, a loan tape in
   half a day, your tranche, pools and risk transfer, buying a sale and
   leaseback, what a NAV is made of, and unsmoothing the bid. A4, fits Letter.

4. Forty_Questions.xlsx  (new)
   Forty questions across the book, marked by the file as you type.

5. Cases/  (new)
   Case_1_The_Extension_Is_A_New_Put.xlsx                Chapter 3
   Case_2_What_Senior_Debt_Includes.xlsx                  Chapter 5
   Case_3_The_Hundred_Million_The_Bank_Releases.xlsx      Chapter 14
   Each case: the note on the first sheet, the model after it, checks at the end.

The files open in Excel, LibreOffice Calc, Google Sheets and Numbers. No macros.
