Assignment:

Increase rent by $100 per month and Increase Hard Cost by $5000 per year

ZOOM + SAMPLE APARTMENT PROJECT 39 Units Budget Land Hard Cost Soft Cost TOTAL per unit Total $5,000 $195.000 $100,000 $3,900,000 $25.000 5975,000 $ $6,070,000 Income 182 252 TOTAL 700 1000 20 19 39 OP Tas Struc Res $168.000 5228.000 $396,000 $150,480 53.900 $241.620 -S231 192 $10.428 NOI DS CF Month 1 2 3 4 5 6 7 8 9 10 11 12 USE OF FUNDS Land Hard Cost Soft Cost Operating cost Construction Interest Mini Perm Interest TOTAL $195.000 0 0 0 0 0 5650.000 5650.000 5650.000 $650,000 $650,000 5650.000 S162,500 5162,500 5162,500 $162,500 5162,500 5162.500 $ $ 0 0 0 0 0 0 1.957 4.341 1.736 10.641 0 0 0 0 0 $1,007,500 5812,500 $814,457 $817 341 5820.236 5823.141 0 0 0 $12.540 0 14,354 $26.894 0 0 0 $12.540 0 14,436 $26.976 0 512 340 0 14,495 $27,038 0 0 0 $12.540 0 14542 $27,082 0 0 0 $12.540 0 14,567 $27.107 0 0 0 $12,540 0 14.574 527.114 0 $1,607 SOURCE OF FUNDS Equity Construction Mini Perm Loan Permanent Loan Rental Income TOTAL $1,007,500 5260.000 0 0 0 0 0 5552.500 $814,457 5817341 5820.236 5823.141 0 0 0 0 0 0 0 0 0 0 0 0 51.007,500 5812,500 $814.4575817341 5820.236 5823.141 521.794 0 55.100 516,694 $16.776 0 $10.200 0 $11.738 0 515 300 0 56.682 0 520.400 0 -56,036 0 3,802,500 $33,150 0 $25.300 Constr Mini Loan Balance SO $652,500 $1,366,957 $2,184,295 $3,004,534 $3.527,675 $3,549,469 $3.566,244 53,877,983 $3,584,665 $3,856,273 $3,880,236 Need to Makeup Assumptious: 39 unit apartment builing, even split 1BR 25R Rents: 5700 per month 132: 51000 per month 252 OP Tax 38% of rent income Structural reserve: 5100 per year per apt Construction Loan: Prime plus 1%, 75% LTC Mini Perm Loan: 4.5% interest only Permanent Loan: 4.5% 30 yr amort: 1.15 coverage: 75% LTC Schedule: 6 months to build: 6 months to lesse up Prorata construction and absorbtion 100% of OP Tax is fixed Project Cout Construction Loan Permanent Loan Upfront Equity Red . Prime Rate Constr Loan Pate 0.0608 Mini Pem Pate 5.070.000 3.802,500 3.802 500 1.267.300 3.25% 4.25% 4.50% ASSIGNMENT: Increase Rents by 5100 per month Increase Hard Costs by $3000 per unit Recalculate ZOOM + SAMPLE APARTMENT PROJECT 39 Units Budget Land Hard Cost Soft Cost TOTAL per unit Total $5,000 $195.000 $100,000 $3,900,000 $25.000 5975,000 $ $6,070,000 Income 182 252 TOTAL 700 1000 20 19 39 OP Tas Struc Res $168.000 5228.000 $396,000 $150,480 53.900 $241.620 -S231 192 $10.428 NOI DS CF Month 1 2 3 4 5 6 7 8 9 10 11 12 USE OF FUNDS Land Hard Cost Soft Cost Operating cost Construction Interest Mini Perm Interest TOTAL $195.000 0 0 0 0 0 5650.000 5650.000 5650.000 $650,000 $650,000 5650.000 S162,500 5162,500 5162,500 $162,500 5162,500 5162.500 $ $ 0 0 0 0 0 0 1.957 4.341 1.736 10.641 0 0 0 0 0 $1,007,500 5812,500 $814,457 $817 341 5820.236 5823.141 0 0 0 $12.540 0 14,354 $26.894 0 0 0 $12.540 0 14,436 $26.976 0 512 340 0 14,495 $27,038 0 0 0 $12.540 0 14542 $27,082 0 0 0 $12.540 0 14,567 $27.107 0 0 0 $12,540 0 14.574 527.114 0 $1,607 SOURCE OF FUNDS Equity Construction Mini Perm Loan Permanent Loan Rental Income TOTAL $1,007,500 5260.000 0 0 0 0 0 5552.500 $814,457 5817341 5820.236 5823.141 0 0 0 0 0 0 0 0 0 0 0 0 51.007,500 5812,500 $814.4575817341 5820.236 5823.141 521.794 0 55.100 516,694 $16.776 0 $10.200 0 $11.738 0 515 300 0 56.682 0 520.400 0 -56,036 0 3,802,500 $33,150 0 $25.300 Constr Mini Loan Balance SO $652,500 $1,366,957 $2,184,295 $3,004,534 $3.527,675 $3,549,469 $3.566,244 53,877,983 $3,584,665 $3,856,273 $3,880,236 Need to Makeup Assumptious: 39 unit apartment builing, even split 1BR 25R Rents: 5700 per month 132: 51000 per month 252 OP Tax 38% of rent income Structural reserve: 5100 per year per apt Construction Loan: Prime plus 1%, 75% LTC Mini Perm Loan: 4.5% interest only Permanent Loan: 4.5% 30 yr amort: 1.15 coverage: 75% LTC Schedule: 6 months to build: 6 months to lesse up Prorata construction and absorbtion 100% of OP Tax is fixed Project Cout Construction Loan Permanent Loan Upfront Equity Red . Prime Rate Constr Loan Pate 0.0608 Mini Pem Pate 5.070.000 3.802,500 3.802 500 1.267.300 3.25% 4.25% 4.50% ASSIGNMENT: Increase Rents by 5100 per month Increase Hard Costs by $3000 per unit Recalculate