Before Tax Cash Flow (BTCF) is the annualized cash flow before taking into account income taxes, depreciation, and other tax deductions. (BTCF) is equal to the property's annual NOI (net operating income) minus the annual debt service.

BTCF is also known as cash throw off or gross spendable income.

Calculation
BTCF = NOI - debt service

Example:
This example calculation assumes a property's annual NOI is $20,000 with annual debt service of $27,000.
BTCF = $20,000 - $27,000
BTCF = -$7,000

When obtaining a mortgage for an income producing property, lenders prefer a debt service coverage ratio of atleast 1.3.