You are the embodiment of the entrepreneurial spirit and want to finance a real estate project costing $1.2 million with a 70% LTV, 15-year loan at an interest rate of 7%. Your project’s NOI is expected to be $115,000 during year 1 and the NOI, as well as its value, is expected to increase at an annual rate of 3% thereafter. You plan to sell the property in year 5, hoping to capitalize on the value appreciation before the next recession. Based on your education at NU, you anticipate the lender will require an initial DCR of at least 1.20x. Will the lender likely approve your loan request? Develop a cash flow statement that calculates the BTCF and corresponding DCR for a 5 year period to support your answer. Based on the BTCF for the 5 year holding period, calculate the BTIRR on equity.