Thanks for taking a look. This isn't my model. It's a potential development partner that sent it over and I'm reviewing it. The circular references are there on purpose and are typical for a real estate dev model. Often, it's done in order to calculate interest on a loan where you are simultaneously borrowing and financing the interest (thus creating more interest that must be financed..thus creating more interest...you get the point). Other than that, I'm pretty much stuck with the model in it's current state. Also, I'm not sure what #4 and #5 mean.