Company X operates in a wide space providing financing and advisory solutions to owners of Senior Living, Healthcare, Hospitals, and Market-Rate/Affordable Multifamily projects. In todays
Company X operates in a wide space providing financing and advisory solutions to owners of Senior Living, Healthcare, Hospitals, and Market-Rate/Affordable Multifamily projects. In todays marketplace much of the financing solutions required to meet clients needs include some form of agency-insured mortgage (i.e. FNMA, FHLMC, FHA, etc.). The mortgages allow a borrower to receive a non-recourse loan (the only collateral is the property itself), at historically low rates by borrowing the credit score of a government-insured entity.
One of Company X's existing clients, Aissi Enterprises, recently heard that FHA is offering attractive interest rates to strong borrowers and has approached an originator at the firm to request an insured loan on a Market-Rate Multifamily Housing property they have owned since late 2017. The property they currently own contains 150 units located in Kansas City, Kansas and has $5,650,000 of existing debt from Bank of Capri. The client feels that the property is under-levered and can afford at least $8,250,000 of debt. The client has a large appetite for multifamily projects and is looking to grow, therefore they would like to refinance the existing debt and take any remaining cash to acquire a new property they are considering purchasing.
The client has been a long-standing client of Company X and has five other loans outstanding totaling approximately $17,000,000. The originator has received the facilitys income statement and budget in Excel. Your manager has asked you to determine if the property can afford to take on this debt and if it is a prudent credit decision for Company X to make.
Details
- Assumptions
- Assume that the borrowing entity is a single-purpose entity which only owns the subject property and receives 100% of the net cash-flow.
- The interest rates today are 4.13% for a 30-year loan term with 30-year amortization.
- Company X will charge a fee of 1% to make the loan and there will be another 1% of various costs related to closing the loan. These fees can be included in the new loan.
- Assume property did not request or receive any COVID relief funds.
- Credit Limits
- The program limits the loan to a maximum of 80% of the projects value.
- The program requires that the project can generate cash flow of at least 125% (1.25x) of the projected debt payments.
- Borrower Group
- Aissi Enterprises, the owner of the borrowing entity, currently has $550,000 of liquidity.
- You have the following information on their other loans with Company X.
Please include:
- A PDF summary memo of your assessment and recommendation to proceed with a loan as described below. This memo should consist of no more than 500 words but may include additional tables and charts. In total the memo must not exceed two pages.
- An Excel model of your business case and calculations. Please ensure your excel model references the source excel provided.
Monthly Operating Report: Meal Time Enterprises The flowing internation is for the recere should rew's with any other individus, including cur baureconds 1 ACCOUNT: Operating and Maintenance Checking Account JAN. FEB. MAR APR MAY JUNE JULY AUG SEPT. , NOV. DEC YTD BUDGET Occupancy % 96.00% 100.00% 100.00% 100.00% 100.00% 100.00% 96.00% 92.00% 92.00% 96.00% 100.00% 100.00% # of Units Vacant 10 0 0 0 0 0 0 10 20 20 10 0 0 #4010-Rent 207,626.67 217,640.00 217,020.00 213,340.00 208.286.67 211.573.33 214.226.67 204.193.33 207,520.00 203.140.00 213,000.00 215,413.33 2,532.980.00 2,501,420.00 M4150-Laundry 5,786.73 2,610.00 2,641.67 1,885.87 3,441.67 982.53 4,840.00 2.250.07 2,450.87 3,211.67 2,575.87 3,6BD.07 36,357.001 34,666.87 #4580-SD Fee Income 41.33 0.00 0.00 42.93 0.00 350.00 44.60 0.00 0.00 42.60 0.00 0.00 521.471 226.67 #4385-Tenant Damages 0.00 0.00 0.00 0.00 0.00 0.00 0.001 0.00 0.00 0.00 0.00 0.00 0.001 2,666.67 #4605-Misc 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.001 0.00 - Tot.inc. 213,454.73 220,250.00 219,661.67 215,268.80 211,728.33 212,905.87 219,111.27 206,443.40 209,970.87 206,394.27 215,575.87 219,093.40 2,569,858.471 2,538.980.00 N5100 Maint. Payroll 22,606.60 19,728.20 22,097.60 20,851.60 29,104.40 19,311.87 22,646.73 22,135.13 21.130.53 32,936.73 21,177.07 26,384.53 280, 111.00! 169,759.26 #504X-Maint. Supplies 7,759.47 5,752.67 19,362.67 9,035.60 1.654.20 7.409.07 3.548.131 19,691.33 8,184.80 22,985.93 5,918.87 3,965.40 115,268.131 61,111.11 #506X-Maint. Contract 0.00 0.00 D.OD 2,483.27 0.00 810.00 0.00 714.60 6,000.00 714.60 0.00 0.00 10,722.471 7,407.41 9510X-Painting 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 DO 0.00 0.001 6,296.30 #548X-Snow Removal 1,582.274,320.00 11.993.07 0.00 2,880.00 0.00 0.00 0.00 0.00 0.00 2,303.93 9.195.13 32,274.40! 37.037.04 W50BX-Grounds 341.33 D.DD D.OD 1,595.93 534.27 17,594.07 0.00 1,885.60 493.33 120153 0.00 460.DD 23,906.071 8,518.52 #11XX-Cap. Exp. Oper. 0.00 0.00 0.00 0.00 14,121.73 0.00 0.00 38,138.67 12. 198.53 0.00 16,041.67 0.00 80,500.601 230,694.44 Sub-Tot Oper. & Maint. 32,289.67 29,800.8753,453.33 33,966.40 48,294.60 45,125.00 26,194.87 82,365.33 48,007.20 57,838.80 45,441.53 40,005.07 542,782.67! 520,824.07 W501X-Electric Utility 3,599.53 3,227.40 3,710.73 2,718.40 1,749.40 1,381.60 1,928.73 1,004.80 1.500.33 2,129.00 1,702.53 2,152.87 26,805.131 50,066.67 #5030-Water Utility 7,501.47 7,281.27 7,215.07 8,426.33 7.773.60 7.485.40 6.929.27 7.212.40 7,001.40 7.292.13 7,91127 7,517.47 99,547,071 108,926.67 #5031-Sewer Utility 7,137.BO 6,950.40 6,894.00 7,925.07 7,436.13 6,870.20 6.396.60l 6.637.73 6.705.60 6,458.07 7,232.80 6,897.53 83,541.931 80,000.00 #502X-Gas Utility 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.001 0.00 #551X-Trash Utility 4,232.87 4,236.67 4.254.67 4,254.67 4.244.27 4.236.07 7.716.00 4.384.00 4.379.87 4,370.73 4,369.67 4,370.73 55,050.200 45,413.33 Sub-Total Utility 22,471.67 21,695.73 22,074.47 23,324.47 21,203.40 19,973.27 22.970.60 19, 238.93 19.877.93 19,959.20 21,216.27 20,938.40 254,944,331 284,406.87 #5181-Site Office Payroll 7,832.80 7,832.80 7,832.80 7,832.80 7,832.80 7,832,80 7,832.00 7,832.80 7,832.80 7,832.80 7,832.80 7,832.80 93,993.80 93,993 33 #5430-Management Fee 21,653.33 22.026.67 22.026.67 22.026.67 22.026.67 22.026.67 21,653.33 21.280.00 21 280.00 21,653.33 22,026.67 22.026.67 261,706.671 264,320.00 W5365.Project Auditing 13,666.67 13,666.87 D.OD 0.00 0.00 0.00 0.00 0.00 0.00 0.00 13,866.67 13,866.67 #5364-Project Bkping. 54,666.871 54,686.87 10,260.53 10,260.53 10,260.53 10,260.53 10.260.53 10.260.53 10.260.53 10.260.53 10,260.53 10,260.53 10,260.53 10,260.53 123,126.40 123, 126.67 N5366-Project Legal 0.007 D.DD D.OD 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 D.DD 0.00 #529X-Advertising 0.00 0.00 0.00 0.00 1,674,67 0.00 0.00 0.00 0.00 0.00 0.00 8,333.33 #546X-Project Phones 1,331.53 1,335.47 1,352.00 1,471.33 1,350.00 1,350.00 1,351.73 1,351.73 1.351.73 1,356.53 1,349.93 1,316.20 16,268.201 11,933.33 9540X.Olice Supplies 2,428.27 858.60 1,104.33 2,011.07 906.53 1,057.20 592.67 995.00 2.667.27 1,908.27 1,691.13 1,869.33 18,666.67 18,089.671 #545X-Training 166.67 0.00 766.67 0.00 3,600.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,533.331 6,666.67 525X-Empl. Benefits 0.00 D.OD D.OD 0.00 0.00 0.00 0.00 3,598.87 3.598.93 5,398.20 3,598.93 3,598.87 19,793.801 0.00 #3 TBZ-Maint. Paylaxes 2,27233-1966.47-2,750.40-2.060.59-2.87987-1921.872.779.935 2.753.07-2062.07-3243.67 -324367 -2,760.00 -- 2,080.00-2.265.27-27794.071 30,086.67 H5220-Maint. Wkrs. Comp. 1,177.20 1.045.20 1,144.00 1,096.20 1.528.87 1,022.40 1,159.67 1,145.40 1,107.67 1,754.80 1,125.27 1,633.87 14,941.531 16,226.67 #541X-Other Admin. Exp. 413 27 2,029,67 413.27 2,827.80 413.27 413.27 413.27 596.33 413.27 16,518.67 779.53 1,747.67 28,979 271 40,000.00 Sub-Total Administration 61,143,20 61,023.07 47,050.67 49,586.93 50,792.53 47,559.40 45,443.93 49.213.73 71,926.80 64,411.47 66,221.87 664,967.871 666,020.00 #547X-Real Estate Taxes 75,326.BD 0.00 D.OD 0.00 0.00 89,588.53 0.00 0.00 62,084.07 0.00 0.00 0.00 226,999.401 227,053.33 #5455-Property Insurance 9,986.97 9,966,97 9,966.97 9,966.97 9.966.97 9.966.97 9.966.97 9.966.97 9,966.97 9,966.97 9,986.97 9,966.97 119,603.60 123,100.00 Sub-Total R.E. Tax & Ins. 85,293.77 9,966.97 9.966.97 9.966.97 9,966.97 99,555.50 9.966.97 9.966.97 72,051.03 9,966.97 9,966.97 9.966.97 346,603.001 350, 153.33 0.001 1.674 671 0.00 " 50.594.27 0.00 5180-Maint. Payroll 1504X Maint. Supplies #506X-Maint. Contract 510X-Painting #548X-Snow Removal #508X-Grounds #11XX-Cap. Exp. Oper. Sub-Tot Oper. & Maint. #501X-Electric Utility 45030-Water Utlity #5031-Sewer Utility 1502X Gas Utlity #551X-Trash Utility sub-Total Utility #5181-Site Office Payrol #5430-Management Fee #5365-Project Auditing 45364 Project Bkping #5366-Project Legal 529X-Advertising #546X-Project Phones #540x-Office Supplies 1545X-Training #525X-Empl. Benefits 1510Z Maint. Payit. Taxes #5220-Maint. Wkrs. Como #541X-Other Admin. Exp. Sub-Total Administration 0.00 22.606.60 19,728.ZU 22.097.6U 20,851.60 29,104.40 19,311.8722,646.73 22,135.13 21,130.53 32,936.73 21.177.07 26,384.53 Tb9.759.26 7.759.47 260.111.001 5,752.67 19,362.67 9,035.60 1.654.20 7,409.07 3,548.13 19,691.33 8,184.80 22,985.93 5,918.87 3,965.40 115 268.131 81.111.11 0.00 0.00 0.00 2,483.27 810.00 0.00 714.60 6,000.00 714.60 0.00 0.00 10,722.471 7.407.41 0.00 0.00 0.00 0.00 0.00 0.00 0.00 D.DD D.OD 0.00 0.00 0.00 0.001 6.296.30 1,582.27 4,320.00 11,993,07 0.00 2.880.00 0.00 0.00 0.00 0.00 2.303.93 9.195.13 32,274,401 37.037.04 DDD 341.33 D.OD 1,595.93 534.27 17.594.07 0.00 1,685.80 493.33 120.880.00 460.00 10.00 23.906.071 8.518.52 0.00 0.00 0.00 14.121.73 0.00 0.00 38,138 67 12,198.53 0.00 16,041,67 0.00 80,500.00 230,694.44 32,289.67 29,800.87 53,453.33 33,968.40 48.294.60 45,126.00 26,194.87 922365.33 48,007,20 57.838.80 45,441.53 40.005.07 542,782.671 520,824.07 3,599.53 3,227.40 3,710.73 2.718.40 1,749.40 1,381.60 1.928.73 1.004.10 1,500.33 2,129.00 1,702.53 2.152.67 26.105.131 50.066.67 7,501.47 7,281.27 7,215.07 8,426.33 7.773.60 7,485.40 8.929.27 7,212.40 7,292.13 7,001,40 7.911.27 7.517.47 7,137.80 6,950.40 B9,547.071 108.926.67 6,894.00 7,925.07 7,436.13 6.870.20 6,396.601 6.637.73 6,705.60 6,458.07 7.232.80 6,897.53 83,541.931 80.000.00 0.00 D.DD D.OD 0.00 0.00 0.00 0.00 D.DD D.OD 0.00 0.00 0.00 0.001 0.00 4,232.87 4,236.67 4,254.67 4,254.67 4.244.27 4.236.07 7,716.00 4,384.00 4,379.87 4,370.73 4.369.67 4,370.73 55,050.201 45,413.33 22.471.67 21,695.73 22,074.47 23,324.47 21,203.40 19,973.27 22,970.6019,238.93 19,877.93 19,959.20 21.216.27 20.938.40 254.944.33 284.406.67 7,832.80 7.832.BD 7,832.80 7,832.80 7,832.80 7,832.80 7.832.80 7.832.BD 7,832.8D 7.832.80 7,832.80 7,832.80 93,993.601 93.993.33 21.653 33 22,026.87 22,026.67 22.026.67 22.026.67 22.026.67 21,653.33 21,280.00 21,280.00 21,653.33 22.026.67 22.026.67 261,706.671 13,666.67 264 320.00 13,666.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 13,666.67 13,666.67 54,666.671 54,666.67 10.280.53 10,280.53 10,260.53 10,260.53 10,260.53 10,260.53 10.260.53 10,260.53 10,260.53 10,260.53 10,260.53 10.260.53 0.00 123, 126.401 123, 126.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 O.DO 0.001 0.00 D.DD D.OD 0.00 0.00 1,674.67 0.00 D.DD D.OD 0.00 0.00 0.00 1,674.671 8.333.33 1,331.53 1,335.47 1,352.00 1,471,33 1.350.00 1.350.00 1,351.73 1,351.73 1,351.73 1,356.53 1.349.93 1.316.20 16,268,201 11,933.33 2.428.27 858.60 1,104.33 2,011.07 906.53 1,057.20 592.67 995.00 2.667.27 1,908.27 1,691.13 1,869.33 18,089.671 16,666.67 0.00 166.67 766.67 0.00 3,600.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.533.33 6,866.67 0.00 0.00 0.000.00 0.00 0.00 0.00 3,598.873,598.93 5,398.20 3,598.933,598.87 0.00 2.272.93 1,966.47 2,150.40-2,060.59--7,873.87-1921.87- 2,179.93 19.793.80L 2.155.072082.07 3.243.87 2,080.00 -- 2.269.27 27,194.071 30,086.67 1,177.20 1,046.20 1,144.00 1.096.20 1.529.87 1.022.40 1,159.67 1,145.40 1,107,67 1,754.80 1.125.27 1,633.87 14,941.531 16.226.67 413.27 2,029.67 413.27 2,827.80 413.27 413.27 413.27 596.33 413.27 18,518.67 779.53 1.747.67 40.000.00 81,143 20 28,979.27 61,023.07 49,586.93 47,050.67 50.792.53 47.559.40 45,443.93 49.2113.73 50,594.27 71,926.80 64.411.47 88.221.87 684 987.871 666.020.00 75,326.80 0.00 0.00 0.00 0.00 89.588.53 0.00 62,084.07 0.00 0.00 0.00 226,999.401 227,053.33 9.966.97 9,966.97 9.966.97 9.966.97 9.966.97 9.966.97 9,966.97 9.966.97 9.966.97 9.966.97 9.966.97 9.966.97 123,100.00 85 293.77 9,966.97 119,603.60 9,966.97 9,968.97 9.966.97 99.555.50 9.966.97 9,966,97 72,051.03 9,966.97 9.966.97 9.966.97 348.603.00 350 153.33 346 67 346.67 346.67 346.67 346.67 346.67 346.67 0.00 0.00 86.67 86.67 86.67 2,886.671 201,544.97 122,833.30 132,992.10 117,191.43 130,604.17 212,559.83 104,923.03 160,784.97 190,530.43 159,778.43 141, 122.90 137,218.97 1,811,984.531 1,821,404.07 7,433 33 7.433.33 77433.33 7.433.33 7.433.33 7.433.33 7,433.33 7,433,33 7,433.33 7,433.337.433.33 7,433.33 89,200.001 89,200.00 89,983.37 79,336.23 90,644.03 73,690.83 -7,087.30 106,754.90 38,225.10 12,007.10 39,182.50 67,019.63 666,673.931 628,375.93 12,000.00 12,123.56 12,247.12 12,370.68 12,494.24 12.617.80 12,741.36 12,864.92 12,988.48 13,112.04 13.235.60 13,359.16 152, 154.96 152,154.96 8,959.07 6,835.51 6,711.95 6,588.39 6,464.83 6,341.27 6.217.71 6,094.15 5,970.59 5,847,03 5,723.47 5,599.91 75,353.84 75,353.84 3,526.36 3,526.36 3,526.36 3,526.36 3,526.36 4.528.58 3,526.36 4,528.58 3,526.36 4,528.58 3,526.36 4.528.58 46,325.20 43,568.36 0.00 #547X-Real Estate Taxes #5455-Property Insurance Sub Total R E. Tax & Ins. Tenant Utility & Overage Total Operating Expense Page #1308-Capital expenditures Net Operating Inc. #7009 Principal Payment 17010 Interest Payment #6536 Depreciation & Amortization Net Income -18,000.99 67,497.94 56,850.81 38.6 312205.41 30,574.95 84,269.47 14,737.45 -10,478.33 15,694.85 44,534.21 50,933.45 394,839.93 315742918.77 REO Schedule The following information is fictional. The recipient should not share this with any other individuals, including current or future candidates. Aissi Enterprises Real Estate Owned Property Name Property Location Property Type Occupancy % Units 2019 NOI/Cash Flow Mike Scott Tower Shiloh, IL Conventional 85% 15 $ 46,125 St. Luke Apartments Waterloo, IA Affordable Housing 100% 10 $ 27,625 Beakas Nest Cleveland, OH Senior Living 80% 120 $ 1,950,000 Hobbs Cape Yellow Springs, OH Conventional 70% 30 $ 77,760 Kansas Walls St. Charles, MO Conventional 100% 5 $ 16,400 Est. Value $ 562,500 $ 425,000 $ 15,000,000 $ 1,080,000 $ 200,000 Value/Unit $ 37,500 $ 42,500 $ 125,000 $ 36,000 $ 40,000 Current Loan $ 438,750 $ 306,000 $ 12,300,000 $ 1,188,000 $ 100,000 Loan-To-Value 78.0% 72.0% 82.0% 110.0% 50.0% "1"T Monthly Operating Report: Meal Time Enterprises The flowing internation is for the recere should rew's with any other individus, including cur baureconds 1 ACCOUNT: Operating and Maintenance Checking Account JAN. FEB. MAR APR MAY JUNE JULY AUG SEPT. , NOV. DEC YTD BUDGET Occupancy % 96.00% 100.00% 100.00% 100.00% 100.00% 100.00% 96.00% 92.00% 92.00% 96.00% 100.00% 100.00% # of Units Vacant 10 0 0 0 0 0 0 10 20 20 10 0 0 #4010-Rent 207,626.67 217,640.00 217,020.00 213,340.00 208.286.67 211.573.33 214.226.67 204.193.33 207,520.00 203.140.00 213,000.00 215,413.33 2,532.980.00 2,501,420.00 M4150-Laundry 5,786.73 2,610.00 2,641.67 1,885.87 3,441.67 982.53 4,840.00 2.250.07 2,450.87 3,211.67 2,575.87 3,6BD.07 36,357.001 34,666.87 #4580-SD Fee Income 41.33 0.00 0.00 42.93 0.00 350.00 44.60 0.00 0.00 42.60 0.00 0.00 521.471 226.67 #4385-Tenant Damages 0.00 0.00 0.00 0.00 0.00 0.00 0.001 0.00 0.00 0.00 0.00 0.00 0.001 2,666.67 #4605-Misc 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.001 0.00 - Tot.inc. 213,454.73 220,250.00 219,661.67 215,268.80 211,728.33 212,905.87 219,111.27 206,443.40 209,970.87 206,394.27 215,575.87 219,093.40 2,569,858.471 2,538.980.00 N5100 Maint. Payroll 22,606.60 19,728.20 22,097.60 20,851.60 29,104.40 19,311.87 22,646.73 22,135.13 21.130.53 32,936.73 21,177.07 26,384.53 280, 111.00! 169,759.26 #504X-Maint. Supplies 7,759.47 5,752.67 19,362.67 9,035.60 1.654.20 7.409.07 3.548.131 19,691.33 8,184.80 22,985.93 5,918.87 3,965.40 115,268.131 61,111.11 #506X-Maint. Contract 0.00 0.00 D.OD 2,483.27 0.00 810.00 0.00 714.60 6,000.00 714.60 0.00 0.00 10,722.471 7,407.41 9510X-Painting 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 DO 0.00 0.001 6,296.30 #548X-Snow Removal 1,582.274,320.00 11.993.07 0.00 2,880.00 0.00 0.00 0.00 0.00 0.00 2,303.93 9.195.13 32,274.40! 37.037.04 W50BX-Grounds 341.33 D.DD D.OD 1,595.93 534.27 17,594.07 0.00 1,885.60 493.33 120153 0.00 460.DD 23,906.071 8,518.52 #11XX-Cap. Exp. Oper. 0.00 0.00 0.00 0.00 14,121.73 0.00 0.00 38,138.67 12. 198.53 0.00 16,041.67 0.00 80,500.601 230,694.44 Sub-Tot Oper. & Maint. 32,289.67 29,800.8753,453.33 33,966.40 48,294.60 45,125.00 26,194.87 82,365.33 48,007.20 57,838.80 45,441.53 40,005.07 542,782.67! 520,824.07 W501X-Electric Utility 3,599.53 3,227.40 3,710.73 2,718.40 1,749.40 1,381.60 1,928.73 1,004.80 1.500.33 2,129.00 1,702.53 2,152.87 26,805.131 50,066.67 #5030-Water Utility 7,501.47 7,281.27 7,215.07 8,426.33 7.773.60 7.485.40 6.929.27 7.212.40 7,001.40 7.292.13 7,91127 7,517.47 99,547,071 108,926.67 #5031-Sewer Utility 7,137.BO 6,950.40 6,894.00 7,925.07 7,436.13 6,870.20 6.396.60l 6.637.73 6.705.60 6,458.07 7,232.80 6,897.53 83,541.931 80,000.00 #502X-Gas Utility 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.001 0.00 #551X-Trash Utility 4,232.87 4,236.67 4.254.67 4,254.67 4.244.27 4.236.07 7.716.00 4.384.00 4.379.87 4,370.73 4,369.67 4,370.73 55,050.200 45,413.33 Sub-Total Utility 22,471.67 21,695.73 22,074.47 23,324.47 21,203.40 19,973.27 22.970.60 19, 238.93 19.877.93 19,959.20 21,216.27 20,938.40 254,944,331 284,406.87 #5181-Site Office Payroll 7,832.80 7,832.80 7,832.80 7,832.80 7,832.80 7,832,80 7,832.00 7,832.80 7,832.80 7,832.80 7,832.80 7,832.80 93,993.80 93,993 33 #5430-Management Fee 21,653.33 22.026.67 22.026.67 22.026.67 22.026.67 22.026.67 21,653.33 21.280.00 21 280.00 21,653.33 22,026.67 22.026.67 261,706.671 264,320.00 W5365.Project Auditing 13,666.67 13,666.87 D.OD 0.00 0.00 0.00 0.00 0.00 0.00 0.00 13,866.67 13,866.67 #5364-Project Bkping. 54,666.871 54,686.87 10,260.53 10,260.53 10,260.53 10,260.53 10.260.53 10.260.53 10.260.53 10.260.53 10,260.53 10,260.53 10,260.53 10,260.53 123,126.40 123, 126.67 N5366-Project Legal 0.007 D.DD D.OD 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 D.DD 0.00 #529X-Advertising 0.00 0.00 0.00 0.00 1,674,67 0.00 0.00 0.00 0.00 0.00 0.00 8,333.33 #546X-Project Phones 1,331.53 1,335.47 1,352.00 1,471.33 1,350.00 1,350.00 1,351.73 1,351.73 1.351.73 1,356.53 1,349.93 1,316.20 16,268.201 11,933.33 9540X.Olice Supplies 2,428.27 858.60 1,104.33 2,011.07 906.53 1,057.20 592.67 995.00 2.667.27 1,908.27 1,691.13 1,869.33 18,666.67 18,089.671 #545X-Training 166.67 0.00 766.67 0.00 3,600.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,533.331 6,666.67 525X-Empl. Benefits 0.00 D.OD D.OD 0.00 0.00 0.00 0.00 3,598.87 3.598.93 5,398.20 3,598.93 3,598.87 19,793.801 0.00 #3 TBZ-Maint. Paylaxes 2,27233-1966.47-2,750.40-2.060.59-2.87987-1921.872.779.935 2.753.07-2062.07-3243.67 -324367 -2,760.00 -- 2,080.00-2.265.27-27794.071 30,086.67 H5220-Maint. Wkrs. Comp. 1,177.20 1.045.20 1,144.00 1,096.20 1.528.87 1,022.40 1,159.67 1,145.40 1,107.67 1,754.80 1,125.27 1,633.87 14,941.531 16,226.67 #541X-Other Admin. Exp. 413 27 2,029,67 413.27 2,827.80 413.27 413.27 413.27 596.33 413.27 16,518.67 779.53 1,747.67 28,979 271 40,000.00 Sub-Total Administration 61,143,20 61,023.07 47,050.67 49,586.93 50,792.53 47,559.40 45,443.93 49.213.73 71,926.80 64,411.47 66,221.87 664,967.871 666,020.00 #547X-Real Estate Taxes 75,326.BD 0.00 D.OD 0.00 0.00 89,588.53 0.00 0.00 62,084.07 0.00 0.00 0.00 226,999.401 227,053.33 #5455-Property Insurance 9,986.97 9,966,97 9,966.97 9,966.97 9.966.97 9.966.97 9.966.97 9.966.97 9,966.97 9,966.97 9,986.97 9,966.97 119,603.60 123,100.00 Sub-Total R.E. Tax & Ins. 85,293.77 9,966.97 9.966.97 9.966.97 9,966.97 99,555.50 9.966.97 9.966.97 72,051.03 9,966.97 9,966.97 9.966.97 346,603.001 350, 153.33 0.001 1.674 671 0.00 " 50.594.27 0.00 5180-Maint. Payroll 1504X Maint. Supplies #506X-Maint. Contract 510X-Painting #548X-Snow Removal #508X-Grounds #11XX-Cap. Exp. Oper. Sub-Tot Oper. & Maint. #501X-Electric Utility 45030-Water Utlity #5031-Sewer Utility 1502X Gas Utlity #551X-Trash Utility sub-Total Utility #5181-Site Office Payrol #5430-Management Fee #5365-Project Auditing 45364 Project Bkping #5366-Project Legal 529X-Advertising #546X-Project Phones #540x-Office Supplies 1545X-Training #525X-Empl. Benefits 1510Z Maint. Payit. Taxes #5220-Maint. Wkrs. Como #541X-Other Admin. Exp. Sub-Total Administration 0.00 22.606.60 19,728.ZU 22.097.6U 20,851.60 29,104.40 19,311.8722,646.73 22,135.13 21,130.53 32,936.73 21.177.07 26,384.53 Tb9.759.26 7.759.47 260.111.001 5,752.67 19,362.67 9,035.60 1.654.20 7,409.07 3,548.13 19,691.33 8,184.80 22,985.93 5,918.87 3,965.40 115 268.131 81.111.11 0.00 0.00 0.00 2,483.27 810.00 0.00 714.60 6,000.00 714.60 0.00 0.00 10,722.471 7.407.41 0.00 0.00 0.00 0.00 0.00 0.00 0.00 D.DD D.OD 0.00 0.00 0.00 0.001 6.296.30 1,582.27 4,320.00 11,993,07 0.00 2.880.00 0.00 0.00 0.00 0.00 2.303.93 9.195.13 32,274,401 37.037.04 DDD 341.33 D.OD 1,595.93 534.27 17.594.07 0.00 1,685.80 493.33 120.880.00 460.00 10.00 23.906.071 8.518.52 0.00 0.00 0.00 14.121.73 0.00 0.00 38,138 67 12,198.53 0.00 16,041,67 0.00 80,500.00 230,694.44 32,289.67 29,800.87 53,453.33 33,968.40 48.294.60 45,126.00 26,194.87 922365.33 48,007,20 57.838.80 45,441.53 40.005.07 542,782.671 520,824.07 3,599.53 3,227.40 3,710.73 2.718.40 1,749.40 1,381.60 1.928.73 1.004.10 1,500.33 2,129.00 1,702.53 2.152.67 26.105.131 50.066.67 7,501.47 7,281.27 7,215.07 8,426.33 7.773.60 7,485.40 8.929.27 7,212.40 7,292.13 7,001,40 7.911.27 7.517.47 7,137.80 6,950.40 B9,547.071 108.926.67 6,894.00 7,925.07 7,436.13 6.870.20 6,396.601 6.637.73 6,705.60 6,458.07 7.232.80 6,897.53 83,541.931 80.000.00 0.00 D.DD D.OD 0.00 0.00 0.00 0.00 D.DD D.OD 0.00 0.00 0.00 0.001 0.00 4,232.87 4,236.67 4,254.67 4,254.67 4.244.27 4.236.07 7,716.00 4,384.00 4,379.87 4,370.73 4.369.67 4,370.73 55,050.201 45,413.33 22.471.67 21,695.73 22,074.47 23,324.47 21,203.40 19,973.27 22,970.6019,238.93 19,877.93 19,959.20 21.216.27 20.938.40 254.944.33 284.406.67 7,832.80 7.832.BD 7,832.80 7,832.80 7,832.80 7,832.80 7.832.80 7.832.BD 7,832.8D 7.832.80 7,832.80 7,832.80 93,993.601 93.993.33 21.653 33 22,026.87 22,026.67 22.026.67 22.026.67 22.026.67 21,653.33 21,280.00 21,280.00 21,653.33 22.026.67 22.026.67 261,706.671 13,666.67 264 320.00 13,666.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 13,666.67 13,666.67 54,666.671 54,666.67 10.280.53 10,280.53 10,260.53 10,260.53 10,260.53 10,260.53 10.260.53 10,260.53 10,260.53 10,260.53 10,260.53 10.260.53 0.00 123, 126.401 123, 126.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 O.DO 0.001 0.00 D.DD D.OD 0.00 0.00 1,674.67 0.00 D.DD D.OD 0.00 0.00 0.00 1,674.671 8.333.33 1,331.53 1,335.47 1,352.00 1,471,33 1.350.00 1.350.00 1,351.73 1,351.73 1,351.73 1,356.53 1.349.93 1.316.20 16,268,201 11,933.33 2.428.27 858.60 1,104.33 2,011.07 906.53 1,057.20 592.67 995.00 2.667.27 1,908.27 1,691.13 1,869.33 18,089.671 16,666.67 0.00 166.67 766.67 0.00 3,600.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.533.33 6,866.67 0.00 0.00 0.000.00 0.00 0.00 0.00 3,598.873,598.93 5,398.20 3,598.933,598.87 0.00 2.272.93 1,966.47 2,150.40-2,060.59--7,873.87-1921.87- 2,179.93 19.793.80L 2.155.072082.07 3.243.87 2,080.00 -- 2.269.27 27,194.071 30,086.67 1,177.20 1,046.20 1,144.00 1.096.20 1.529.87 1.022.40 1,159.67 1,145.40 1,107,67 1,754.80 1.125.27 1,633.87 14,941.531 16.226.67 413.27 2,029.67 413.27 2,827.80 413.27 413.27 413.27 596.33 413.27 18,518.67 779.53 1.747.67 40.000.00 81,143 20 28,979.27 61,023.07 49,586.93 47,050.67 50.792.53 47.559.40 45,443.93 49.2113.73 50,594.27 71,926.80 64.411.47 88.221.87 684 987.871 666.020.00 75,326.80 0.00 0.00 0.00 0.00 89.588.53 0.00 62,084.07 0.00 0.00 0.00 226,999.401 227,053.33 9.966.97 9,966.97 9.966.97 9.966.97 9.966.97 9.966.97 9,966.97 9.966.97 9.966.97 9.966.97 9.966.97 9.966.97 123,100.00 85 293.77 9,966.97 119,603.60 9,966.97 9,968.97 9.966.97 99.555.50 9.966.97 9,966,97 72,051.03 9,966.97 9.966.97 9.966.97 348.603.00 350 153.33 346 67 346.67 346.67 346.67 346.67 346.67 346.67 0.00 0.00 86.67 86.67 86.67 2,886.671 201,544.97 122,833.30 132,992.10 117,191.43 130,604.17 212,559.83 104,923.03 160,784.97 190,530.43 159,778.43 141, 122.90 137,218.97 1,811,984.531 1,821,404.07 7,433 33 7.433.33 77433.33 7.433.33 7.433.33 7.433.33 7,433.33 7,433,33 7,433.33 7,433.337.433.33 7,433.33 89,200.001 89,200.00 89,983.37 79,336.23 90,644.03 73,690.83 -7,087.30 106,754.90 38,225.10 12,007.10 39,182.50 67,019.63 666,673.931 628,375.93 12,000.00 12,123.56 12,247.12 12,370.68 12,494.24 12.617.80 12,741.36 12,864.92 12,988.48 13,112.04 13.235.60 13,359.16 152, 154.96 152,154.96 8,959.07 6,835.51 6,711.95 6,588.39 6,464.83 6,341.27 6.217.71 6,094.15 5,970.59 5,847,03 5,723.47 5,599.91 75,353.84 75,353.84 3,526.36 3,526.36 3,526.36 3,526.36 3,526.36 4.528.58 3,526.36 4,528.58 3,526.36 4,528.58 3,526.36 4.528.58 46,325.20 43,568.36 0.00 #547X-Real Estate Taxes #5455-Property Insurance Sub Total R E. Tax & Ins. Tenant Utility & Overage Total Operating Expense Page #1308-Capital expenditures Net Operating Inc. #7009 Principal Payment 17010 Interest Payment #6536 Depreciation & Amortization Net Income -18,000.99 67,497.94 56,850.81 38.6 312205.41 30,574.95 84,269.47 14,737.45 -10,478.33 15,694.85 44,534.21 50,933.45 394,839.93 315742918.77 REO Schedule The following information is fictional. The recipient should not share this with any other individuals, including current or future candidates. Aissi Enterprises Real Estate Owned Property Name Property Location Property Type Occupancy % Units 2019 NOI/Cash Flow Mike Scott Tower Shiloh, IL Conventional 85% 15 $ 46,125 St. Luke Apartments Waterloo, IA Affordable Housing 100% 10 $ 27,625 Beakas Nest Cleveland, OH Senior Living 80% 120 $ 1,950,000 Hobbs Cape Yellow Springs, OH Conventional 70% 30 $ 77,760 Kansas Walls St. Charles, MO Conventional 100% 5 $ 16,400 Est. Value $ 562,500 $ 425,000 $ 15,000,000 $ 1,080,000 $ 200,000 Value/Unit $ 37,500 $ 42,500 $ 125,000 $ 36,000 $ 40,000 Current Loan $ 438,750 $ 306,000 $ 12,300,000 $ 1,188,000 $ 100,000 Loan-To-Value 78.0% 72.0% 82.0% 110.0% 50.0% "1"T
