Gate 2 · Land Acquisition

Land Underwriting Scorecard

Approves closing, or making a deposit non-refundable. Six weighted pillars scored 1–5. Approval requires a weighted score of at least 3.50, and both Optionality and Land Basis must independently reach 3.00.

Mandatory tests

These override the aggregate score. A strong weighted total does not permit approval where a mandatory test has failed.

Pillar assessment

Scenario and residual value summary

Three scenarios are required at Gate 2. The as-of-right case is the downside floor — it must not depend on entitlement success.

Capital-at-risk schedule through Gate 3

IC resolution