Real Estate Loan and Value Analysis Property: B Grade Office Building Year Underwriting Analysis Projected annual NOI Estimated Property Value Monthly NOI Max Loan Payment under Min DSC Number of Payments Historical Information on Property NOI 2015 8,000,000 2016 8,200,000 2017 7,750,000 2018 7,200,000 2019 7,000,000 2018 Cap Rate from similar office building sale: Cap Rate: 6.5% Pro Forma Cash Flows (based off of historical information and market) 1) Loan Size from Min DSC: 2020 Projected Net Operating Income (NOI) $6,000,000 2) Loan Size based on Max. LTV: Conclusions: Loan Offer Loan Size Offered (Use lower of LTV and DSC Sizing) Risk-free(UST) Spread All in rate Bank's Underwriting Criteria on Office Bldg Loans Min. Debt-Service Coverage 1.40 Max. Loan-to-Value 70% Loan interest rate for loan sizing 4.50% Loan Amortization (Yrs) 20 Payments per year 12 Max. Maturity 8 Interest Rate on Loan Loan Maturity Amortization (yrs) Monthly Loan Payment Actual LTV Actual DSC 20 Real Estate Loan and Value Analysis Property: B Grade Office Building Year Underwriting Analysis Projected annual NOI Estimated Property Value Monthly NOI Max Loan Payment under Min DSC Number of Payments Historical Information on Property NOI 2015 8,000,000 2016 8,200,000 2017 7,750,000 2018 7,200,000 2019 7,000,000 2018 Cap Rate from similar office building sale: Cap Rate: 6.5% Pro Forma Cash Flows (based off of historical information and market) 1) Loan Size from Min DSC: 2020 Projected Net Operating Income (NOI) $6,000,000 2) Loan Size based on Max. LTV: Conclusions: Loan Offer Loan Size Offered (Use lower of LTV and DSC Sizing) Risk-free(UST) Spread All in rate Bank's Underwriting Criteria on Office Bldg Loans Min. Debt-Service Coverage 1.40 Max. Loan-to-Value 70% Loan interest rate for loan sizing 4.50% Loan Amortization (Yrs) 20 Payments per year 12 Max. Maturity 8 Interest Rate on Loan Loan Maturity Amortization (yrs) Monthly Loan Payment Actual LTV Actual DSC 20