Fund Structuring Calculator

Capital stack

LayerAmountRate

First-lossGrants or public dollars. Takes the first losses.

PatientFoundation loans. Low rates, long terms.

SeniorBanks and impact investors. Repaid first.

Fund size$10.0M

Loan terms

Average loan termRepayments are re-lent, so shorter terms mean more originations.

yrs

Years to fully lend outCapital is drawn as loans close.

yrs

Origination feePaid by borrowers at closing. Earned by the CDFI.

Pricing margin above break-evenBuilds a surplus in the fund.

Costs and fees

Management fee to the CDFIPer year, on committed capital.

Servicing fee to the CDFIPer year, on loans outstanding.

Other fund expensesAudit, legal, custody. Per year, on committed capital.

Expected loan lossesPer year, on loans outstanding.

CDFI's own cost to run the fundStaff time. Per year, as a share of fund size.

Setup costsLegal and accounting, paid by the CDFI in year one.

Share of fund surplus the CDFI keepsIf the fund's terms allow it.

Rate borrowers pay

6.40%

Blended cost of capital

3.90%

Added to the CDFI's bottom line

$95K / yr

Investor cushion

40%

Capital stack

First-loss money protects the layers above it. The blend of all three sets the rate borrowers pay.

Start from the cost of money and work up.

Net income to the CDFI by year, after fees earned, your own cost, and year-one setup costs.

Net income to the CDFI, by yearCumulative

Show the yearly numbers as a table

Year	Loans outstanding	Fees earned	Surplus kept	CDFI cost	Setup	Net income	Cumulative	Fund surplus

Each column uses that scenario's current numbers. Bring the strongest one to your board or anchor investor.

	A · Base case	B · More grants	C · Bank-heavy