# Workbook reference: current Tamarindo commercial model

Confidential - Business & Operating Design - Ricardo Cidale, with OpenAI Codex

Workbook: **Tamarindo Credit Pro Forma Operating Model.xlsx**

Review date: **4 November 2026**, through the connected Microsoft Excel session. The original workbook is not embedded in this research package. This record supplies the model provenance for the business artifact and separates it from the external research checked on 1 November 2026.

The review profiled all 57 tabs and scanned 103,378 formulas and 142,847 populated cells. No Excel error values were found, and the main model checks passed. These checks establish the calculation status reviewed; they do not establish that every business assumption, contract or tax treatment is legally or commercially cleared.

## Product and pricing anchors

| Sheet and cells | Current input | Meaning |
|---|---|---|
| Input!C144 | 65% | FinanceCo-funded share of original property price |
| Input!C145 | 35% | Customer initial contribution |
| Input!C146 | 15% | Optional purchase residual as a share of original property price |
| Input!C147 | Up to 180 months | Maximum offered term, equivalent to 15 years; actual terms vary with the contract mix |
| Input!C148 and C235 | 13.7350% | Nominal customer rate-card basis |
| Input!C241 | 14.6335% | Effective annual rate-card basis; not an all-in regulatory APR |
| 'Dashboard — Detail'!C17 | 13.69% | Financing-engine nominal rate after channel concessions |
| 'Dashboard — Detail'!C19 | 14.58% | Financing-engine effective annual rate |
| Input!C103 | 3.66% | Workbook SOFR input; not a live market quotation |
| Input!C104 | 5.50 percentage points | Base FinanceCo margin over SOFR |
| Input!C120 | 50 basis points | Increment for TC's liquidation-surplus allocation |
| Input!C105 | 9.66% | FinanceCo contractual coupon |
| Input!C486 | 2% | One-off activation fee on FinanceCo-funded drawdown |
| Input!C487 | 20% | TC participation in monthly lease interest |
| Input!C490 and C492 | 1% per year | TC servicing on net investment; reconcile with spread without double counting |
| Input!C501 | 1.5% | TC credit-loss indemnity cap as a share of cumulative funded originations; separate from fees and liquidation surplus |
| Input!C117 | 100% | TC share of positive liquidation surplus |
| Input US!C123 | 0% placeholder | U.S. FinanceCo income tax is not independently provided in the current model |

The SSN and 780 FICO screen remains part of the current working product design. It is an eligibility screen, not a complete credit decision or an approval promise.

## Current local liquidation calibration

The current workbook uses grades A/B/C with sale discounts of 5%/10%/15%, 6% selling costs, disposal periods of 9/12/18 months, 2% annual carrying costs and a 5% FX move. Current weighting gives approximately **81.8293%** net proceeds relative to full market value and **9.953 months** to liquidation. These are local model assumptions. They are not global statistics, an independent property valuation or a guarantee of sale proceeds or timing. Each proposed destination requires its own grade mix and sale, cost, timing and FX evidence.

## Scope of the artifact update

The artifact updates product mechanics, the contribution and residual example, fee bases, pricing inputs and affected competitive comparisons. It does not publish a forecast of TC or FinanceCo returns. A coupon is not an after-tax IRR. Statutory tax treatment and the U.S. and local legal classifications must be assessed for the final structure in each market.

The model retains the adopted assumption of 35% in 2026, 33% in 2027 and 31% from 2028, assuming the expected local tax reductions take effect. The future reductions remain a modeling assumption rather than enacted rates as of 4 November 2026. No change to that adopted tax schedule is requested by this artifact. The current U.S. FinanceCo income-tax input is a 0% placeholder. Passing workbook checks establishes the reviewed calculation status; it does not independently validate tax treatment.

For a $500,000 residence, the current model means $175,000 from the customer, $325,000 funded by FinanceCo, $250,000 financed principal paid during the term and a $75,000 optional purchase residual. Finance charges and transaction costs are additional.

This update changes the separate research artifact. It does not change the workbook, the investor website, its slides or chatbot knowledge.

## Reference links for the tax-status distinction

- [DIAN: Law 2277 of 2022, Article 10](https://normograma.dian.gov.co/dian/compilacion/docs/ley_2277_2022.htm#10) - the current general corporate-rate provision used to distinguish enacted law from a proposed change.
- [Cámara de Representantes: Ley Rescate Económico](https://www.camara.gov.co/ley-rescate-economico/) and the [project register](https://www.camara.gov.co/proyectos-de-ley/) - PL 477/2026C, introduced 29 October 2026 and recorded in commission proceedings at the 4 November review.
- [Ministerio de Hacienda: Rescate Económico proposal](https://www.minhacienda.gov.co/w/ley-rescate-economico-devolucion-iva-19-millones-colombianos) - official description identifying the initiative as a proposed law.

These legal-status references were checked in the 4 November workbook review. The 53 external market-research sources in the main artifact retain their original 1 November check dates.