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Accounting tells you what happened. Bivvit tells you what it means.
Bivvit connects cost, timing, financing, sales, cash and profit so a completed project becomes more than a financial statement — it becomes a lesson for the next one.
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Every figure on the following pages is illustrative data from a fictitious project.
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Executive insights.
The project cost stack, the major metrics, and the three findings that mattered most — including how the carry problem moved from construction into sellout.
Project Insight ReportExecutive Insights
Page 1 / 5- Project
- Project Cedar (fictional example)
- Product type
- Townhomes (for sale)
- Finished SF
- 9,840
- Profit
- $624,000
- Margin
- 13.1%
- Hard cost / SF
- $267
- Total cost / SF
- $422
- Construction duration
- 8.2 months
- Total project duration
- 13.8 months
- Equity invested
- $1,180,000
- Profit / equity invested
- 52.9%
- Land / acquisition$1,050,000
- Hard costs$2,632,000
- Soft costs$318,400
- Financing & carry$148,600
- 01
Sitework Was the Biggest Miss
+$38,400 over budget
Sitework was the project's largest single cost overrun and, with no contingency carried in the original budget, the full amount flowed straight into project cost and profit.
- 02
Stronger Pricing Carried the Project
+$133,000 above the sales assumption
Realized sales exceeded the original revenue assumption by $133,000, which more than covered $94,500 of combined cost overruns. Profit finished $38,500 ahead of budget on revenue, not on cost control.
- 03
The Carry Problem Moved From Construction to Sellout
21 days early to build · $15,200 of carry over budget
Construction finished 21 days ahead of schedule, yet financing still finished above budget: $8,400 of interest over plan and $6,800 of extension fees that were never budgeted. The final closing landed 33 days after loan maturity, so the build was fast and the sellout wasn't fast enough to capture the financing benefit.
Track construction carry and sales carry separately. A fast build only creates the full financial benefit if the project also exits on schedule.
Based on this project only.
Illustrative Data.
Cost performance.
Land, hard costs, soft costs and cost per square foot against budget, detailed category variances, and a contingency analysis.
Project Insight ReportCost Performance
Page 2 / 5- Project type
- Townhomes (for sale)
- Units
- 8
- Finished square footage
- 9,840 SF
- Land / acquisition
- $1,050,000
- Total project cost
- $4,149,000
- Revenue
- $4,773,000
- Profit
- $624,000
- Margin
- 13.1%
| Measure | Budget | Actual | Variance |
|---|---|---|---|
| Land / acquisition | $1,050,000 | $1,050,000 | — |
| Hard costs | $2,567,000 | $2,632,000 | +$65,000 |
| Soft costs | $302,000 | $318,400 | +$16,400 |
| Financing & carry | $135,500 | $148,600 | +$13,100 |
| Total project cost | $4,054,500 | $4,149,000 | +$94,500 |
| Hard cost / SF | $261 | $267 | +$6 |
| Total cost / SF | $412 | $422 | +$10 |
| Category | Budget | Actual | Variance | Var % | $/SF |
|---|---|---|---|---|---|
| Sitework | $214,000 | $252,400 | +$38,400 | +17.9% | $25.65 |
| Foundation | $268,000 | $271,500 | +$3,500 | +1.3% | $27.59 |
| Framing | $611,000 | $623,900 | +$12,900 | +2.1% | $63.40 |
| Roofing | $96,000 | $94,200 | −$1,800 | −1.9% | $9.57 |
| Windows / doors | $138,000 | $141,600 | +$3,600 | +2.6% | $14.39 |
| Exterior / siding | $172,000 | $178,900 | +$6,900 | +4.0% | $18.18 |
| Plumbing | $142,000 | $135,800 | −$6,200 | −4.4% | $13.80 |
| Electrical | $128,000 | $141,200 | +$13,200 | +10.3% | $14.35 |
| HVAC | $104,000 | $101,300 | −$2,700 | −2.6% | $10.29 |
| Insulation / drywall | $186,000 | $183,400 | −$2,600 | −1.4% | $18.64 |
| Cabinets / millwork | $149,000 | $146,700 | −$2,300 | −1.5% | $14.91 |
| Flooring / tile | $121,000 | $118,900 | −$2,100 | −1.7% | $12.08 |
| Finish carpentry / paint | $88,000 | $91,600 | +$3,600 | +4.1% | $9.31 |
| Appliances | $46,000 | $45,200 | −$800 | −1.7% | $4.59 |
| Landscaping / exterior | $62,000 | $68,700 | +$6,700 | +10.8% | $6.98 |
| Contingency | $0 | $0 | — | — | $0.00 |
| Other | $42,000 | $36,700 | −$5,300 | −12.6% | $3.73 |
| Total | $2,567,000 | $2,632,000 | +$65,000 | +2.5% | $267.48 |
- Sitework+$38,400
- Electrical+$13,200
- Framing+$12,900
- Plumbing−$6,200
- Other−$5,300
- HVAC−$2,700
Most of the hard-cost variance sat in early site and structural work rather than in finish selections. Sitework, framing and electrical account for $64,500 of the $65,000 net hard-cost variance; every other category nets to $500. Finish and mechanical trades generally held. The records establish where the variance landed; whether it originated in estimating, site conditions or scope changes is a question for the project team.
- Original contingency budget
- $0 — none carried
- Contingency used
- $0 — none available
- Contingency remaining
- $0
- Contingency as % of hard costs
- 0.0% of hard costs
- Hard-cost variance before contingency
- +$65,000
- Hard-cost variance after contingency
- +$65,000
No contingency was carried in the original budget, so the full $65,000 hard-cost overrun flowed directly into project cost and reduced profit dollar for dollar. A 3% hard-cost contingency ($77,000) would have absorbed the entire variance without touching the profit line. The absence of contingency is itself a finding: on this project, every estimating miss became a margin miss.
| Category | Budget | Actual | Variance | Var % |
|---|---|---|---|---|
| Architecture / engineering | $62,000 | $64,800 | +$2,800 | +4.5% |
| Permits / impact fees | $86,500 | $90,600 | +$4,100 | +4.7% |
| Survey / geotech | $14,000 | $18,300 | +$4,300 | +30.7% |
| Insurance | $21,000 | $21,400 | +$400 | +1.9% |
| Utilities / connections | $34,000 | $36,900 | +$2,900 | +8.5% |
| Legal / entity | $9,500 | $8,800 | −$700 | −7.4% |
| Accounting / admin | $12,000 | $11,600 | −$400 | −3.3% |
| Marketing / staging | $18,000 | $21,200 | +$3,200 | +17.8% |
| Sales commission | $39,000 | $40,100 | +$1,100 | +2.8% |
| Other | $6,000 | $4,700 | −$1,300 | −21.7% |
| Total | $302,000 | $318,400 | +$16,400 | +5.4% |
Soft costs ran $16,400 over, led by permits and impact fees (+$4,100), geotech and survey (+$4,300) and marketing and staging (+$3,200). Geotech overruns appear alongside the sitework miss. That pairing is worth reviewing with the project team; the records do not establish the cause on their own.
Illustrative Data.
Time, financing and cash.
Construction duration, sellout duration and total project duration alongside financing detail and the builder capital the project required.
Project Insight ReportTime, Financing & Cash
Page 3 / 5- Land acquired / project start
- Feb 3, 2025
- Construction start
- Apr 7, 2025
- Substantial completion (planned)
- Jan 2, 2026
- Substantial completion (actual)
- Dec 12, 2025
- First unit listed
- Dec 18, 2025
- Construction loan maturity
- Feb 15, 2026
- Final unit closed
- Mar 30, 2026
| Duration | Plan | Actual |
|---|---|---|
| Construction durationApr 7, 2025 → Dec 12, 2025. Finished 21 days ahead of plan. | 8.9 months | 8.2 months |
| Sellout durationDec 12, 2025 → Mar 30, 2026. Final closing ran 33 days past loan maturity. | 2.5 months | 3.6 months |
| Total project durationFeb 3, 2025 → Mar 30, 2026. Land close through final closing. | 13.5 months | 13.8 months |
Construction beat plan by 21 days, but sellout ran 33 days longer than assumed and the final closing landed after loan maturity. The build got faster; the project did not. Total project duration finished slightly longer than plan even though the construction schedule improved.
| Category | Budget | Actual | Variance | Var % |
|---|---|---|---|---|
| Interest — construction period | $83,000 | $78,900 | −$4,100 | −4.9% |
| Interest — after completion | $21,000 | $33,500 | +$12,500 | +59.5% |
| Loan fees | $21,000 | $21,000 | — | 0.0% |
| Extension fees | $0 | $6,800 | +$6,800 | — |
| Property taxes / carry | $8,500 | $7,200 | −$1,300 | −15.3% |
| Other financing costs | $2,000 | $1,200 | −$800 | −40.0% |
| Total | $135,500 | $148,600 | +$13,100 | +9.7% |
Construction-period interest finished $4,100 under budget, alongside a build that finished 21 days early. Post-completion interest finished $12,500 over, and $6,800 of extension fees were recorded after the final closing landed 33 days past loan maturity. On this project the financing variance sits after completion rather than during construction.
- Equity invested
- $1,180,000
- Peak cash exposure
- $1,180,000
- Capital duration
- 13.8 months
- Cash returned at exit
- $1,804,000
- Profit / equity invested
- 52.9%
- Equity multiple
- 1.53x
Total builder cash contributed across land close and construction draws.
Reached Dec 2025. No capital was returned before the first closing, so peak exposure equals total equity contributed.
Feb 3, 2025 → Mar 30, 2026. Equity stayed committed until the final closing.
Equity returned plus project profit.
Profit $624,000 ÷ equity invested $1,180,000. Unannualized.
$1,804,000 returned ÷ $1,180,000 invested.
The project earned $624,000 on $1,180,000 of builder equity over 13.8 months — profit equal to 52.9% of invested equity, unannualized. The 3.6-month sellout accounts for about a quarter of that capital duration. Every month of sellout after completion affects return twice: carry goes up and the same profit is spread over a longer capital commitment.
How much cash did this project require, how long was it tied up, and what did it earn? On this project: $1,180,000, 13.8 months, $624,000.
Cash analysis requires equity contribution data. Where a project's equity, draw or closing detail is not provided, Bivvit reports "not enough data provided to calculate this metric" rather than assuming it.
Illustrative Data.
Profitability.
Revenue, total project cost, margin, and a profit bridge that reconciles budgeted profit to actual profit line by line.
Project Insight ReportProfitability
Page 4 / 5- Budgeted revenue
- $4,640,000
- Budgeted cost
- $4,054,500
- Budgeted profit
- $585,500
- Budgeted margin
- 12.6%
- Actual revenue
- $4,773,000
- Actual cost
- $4,149,000
- Actual profit
- $624,000
- Actual margin
- 13.1%
| Measure | Budget | Actual | Variance |
|---|---|---|---|
| Revenue | $4,640,000 | $4,773,000 | +$133,000 |
| Average price per unit | $580,000 | $596,625 | +$16,625 |
| Revenue / SF | $472 | $485 | +$13 |
| Sellout duration | 2.5 months | 3.6 months | +1.1 months |
- Realized sales above the original revenue assumption+$133,000
- Total positive+$133,000
- Sitework overrun−$38,400
- Electrical overrun−$13,200
- Framing overrun−$12,900
- Other hard cost variances (net of savings)−$500
- Soft cost variance, led by permits and geotech−$16,400
- Financing & carry variance, including extension fees−$13,100
- Total negative−$94,500
Bridge reconciles: $585,500 + +$133,000 −$94,500 = $624,000 (+$38,500 vs budget).
The project finished $38,500 ahead of its budgeted profit, and all of that came from revenue. Realized pricing beat the sales assumption by $133,000, which absorbed $94,500 of combined cost overruns — $65,000 hard, $16,400 soft and $13,100 of carry. Cost control did not improve this project's outcome; the market did. Repeat the pricing and the profit repeats. Repeat the sitework estimate and the next project keeps the overrun without the same guarantee of a stronger market.
Illustrative Data.
What to take into the next project.
What to keep doing, what to watch, and where there is an opportunity to improve the economics of the next development.
Project Insight ReportWhat to Take Into the Next Project
Page 5 / 5- Keep doing
Maintain the construction processes that delivered substantial completion 21 days early. Construction-period interest finished $4,100 under budget as a direct result, and mechanical and finish trades held to plan.
- Watch
Sitework assumptions and contingency. Sitework, framing and electrical account for $64,500 of the $65,000 hard-cost variance, and with no contingency in the budget the entire overrun landed on profit.
- Opportunity
Manage the project exit timeline as closely as the construction schedule. Sellout ran 1.1 months longer than planned and the final closing landed 33 days past loan maturity, which cost $6,800 in extension fees and $12,500 of post-completion interest.
- Next project
- Complete sitework and geotech diligence before the construction budget is finalized, not after mobilization.
- Carry an explicit hard-cost contingency and report against it. A 3% line would have absorbed this project's entire overrun.
- Lock major electrical scope and pricing earlier in the schedule.
- Track construction carry and sales carry as separate lines so exit timing is visible on its own.
- Set the loan maturity date against a realistic sellout, then manage listing and closing dates against it weekly.
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Illustrative Data.
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