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Use of Funds <br />Purchase of Land <br />378,100 <br />Construction Build -out & related expenses <br />2,100,000 <br />Soft Costs <br />40,000 <br />Subtotal <br />2,518,100 <br />Debenture Pricing <br />28,760 <br />Total Use of Funds <br />2,546,860 <br />Final Project Source of Funds <br />Bank 1,259,050 <br />SBA (net Debenture $1,027,240) 1,036,000 <br />Owners' Equity 251,810 <br />Total Source of Funds 2,546,860 <br />Fees & Costs: <br />Estimated Soft Costs for Project: <br />Bank Origination Fee <br />12,591 <br />Senior Mortgage Fee/Colson Subordination Fee <br />(SBA) <br />6,295 <br />Appraisal (as-built/review/final) <br />3,500 <br />Phase I Environmental Assessment <br />2,500 <br />Mortgage Registration <br />5,279 <br />Title Insurance <br />3,443 <br />Abstracting Fee & Exam Fee <br />400 <br />Assessment Search <br />35 <br />Recording Fees <br />150 <br />Flood Search and Certification <br />19 <br />Closing Costs <br />300 <br />Legal Fee <br />0 <br />SBA Title Re -issue Fee/payable to CDC <br />8,288 <br />Miscellaneous <br />0 <br />Total Soft Costs <br />42,799 <br />Required Eguity <br />In iection: Estimated to be $251,810 (approximately 10% of the total project). <br />Collateral: A perfected priority real estate mortgage on commercial real estate located at: 17565 Tyler St NW, <br />Elk River, MN 55330 <br />Personal Personal guaranty of all owners with 20% or more ownership will be required to guaranty the <br />Guarantor(s): loan on an unlimited basis. <br />FDIC #ItTakesaVillage I www.villagebankonline.bank <br />LENDER <br />