You are securing a construction loan from a lender that provides a loan$-$to$-$value $($LTV$)$ ratio of $75\%$ for an industrial building with a gross area of $100,000$ square feet and a building floor efficiency of $80\%.$ The estimated development cost for the project is $$20,000,000.$ The building has been pre$-$leased to an end user at a gross rent of $$20\mathrm{.}00$ per square foot upon completion. Projected operating expenses are $45\%,$ vacancy is expected to be $5\%,$ and a capitalization rate of $5\%$ is applied. What is the equity contribution required from the borrower for this project?

Question $3$ options:

$$2,000,000$

$$10,000,000$

$$5,000,000$

$$8,000,000$