B D E G H 1 K M N O Investment Analysis Year 2014 2015 2016 2017 2018 2019 2020 $11,822,261.54 1.50% $10,640,035.38 1.25% 5%/4%/3%/2%/1%/0% $611,802.03 $768,447.00 6.50% 2.00% 6.25% 7.00% Purchase Price Purchase Costs Loan Amount Loan Closing Costs $11,822,261.54 $177,333.92 $10,640,035.38 $133,000.44 Inputs 2 Purchase Price 3 Purchase Costs 4 Loan amount 5 Loan Closing Costs 6 Prepayment Penalty 7 Debt Service 8 NOI 2015 9 Going in cap rate 2014 10 NOI growth rate 11 Exit cap rate 2019 12 Selling Costs 13 14 15 16 17 18 19 20 211 $848,427.58 Net Operating Income (NOI) Debt Service Payment $768,447.00 $611,802.03 $783,815.94 $611,802.03 $799,492.26 $611,802.03 $815,482.10 $611,802.03 $831,791.75 $611,802.03 Capital Gain $1,752,579.76 Sale Price Selling Costs Loan Balance Repaid Loan Prepayment Penalty $13,574,841.30 $950,238.89 $10,640,035.38 $106,400.35 Net Cash Flow Sum of Net Cash flow $0.00 IRR B D E G H 1 K M N O Investment Analysis Year 2014 2015 2016 2017 2018 2019 2020 $11,822,261.54 1.50% $10,640,035.38 1.25% 5%/4%/3%/2%/1%/0% $611,802.03 $768,447.00 6.50% 2.00% 6.25% 7.00% Purchase Price Purchase Costs Loan Amount Loan Closing Costs $11,822,261.54 $177,333.92 $10,640,035.38 $133,000.44 Inputs 2 Purchase Price 3 Purchase Costs 4 Loan amount 5 Loan Closing Costs 6 Prepayment Penalty 7 Debt Service 8 NOI 2015 9 Going in cap rate 2014 10 NOI growth rate 11 Exit cap rate 2019 12 Selling Costs 13 14 15 16 17 18 19 20 211 $848,427.58 Net Operating Income (NOI) Debt Service Payment $768,447.00 $611,802.03 $783,815.94 $611,802.03 $799,492.26 $611,802.03 $815,482.10 $611,802.03 $831,791.75 $611,802.03 Capital Gain $1,752,579.76 Sale Price Selling Costs Loan Balance Repaid Loan Prepayment Penalty $13,574,841.30 $950,238.89 $10,640,035.38 $106,400.35 Net Cash Flow Sum of Net Cash flow $0.00 IRR