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R,GOS CONST RJCTION gRlGGS pROpERT
<br />Prequal Package Must Include:
<br />Apart THE B F:r [ G C= S C O M PA ICI [ E S
<br />Loan Request Summary Form
<br />-MORT q gR G
<br />Pictures - Mounted
<br />Financing
<br />Date: 9/6/2021
<br />Sworn
<br />Orig. Agent Name: Pat Briggs
<br />Cashflow with TIFF 15 yr
<br />Principal: xxx 6th Street
<br />Telephone #: Regestered Abstractors
<br />Facsimile #:
<br />COMPLETE THIS SECTION IN ITS ENTIRETY
<br />NAME OF PROPERTY
<br />Briggs Companies
<br />NAME OF BORROWER
<br />SUBJECT PROPERTY ADDRESS
<br />PROPERTY TYPE MULTIFAMILY Market Rate high density Housing TIFF Elk River, MN
<br />AGE New Construction Income restricted 80/20 Housing
<br />lackson Hill Residential Suites
<br />Monthly Rent
<br />Total Monthly
<br />Total Annual
<br />Unit Type
<br />#of units
<br />Unit Size
<br />Per Unit
<br />Rent-1 st year
<br />Rent-1 st year
<br />Studio
<br />8
<br />545
<br />$1,000
<br />$8,000
<br />$96,000
<br />1 Bedroom 1A
<br />12
<br />745
<br />$1,100
<br />$13,200
<br />$158,400
<br />1 Bedroom 1B
<br />2
<br />960
<br />$1,175
<br />$2,350
<br />$28,200
<br />1 Bedroom ADA 1 D(H C)
<br />1
<br />745
<br />$1,100
<br />$1,100
<br />$13,200
<br />1 Bedroom 1C
<br />4
<br />856
<br />$1,150
<br />$4,600
<br />$55,200
<br />1 Bedroom 1E
<br />2
<br />960
<br />$1,200
<br />$2,400
<br />$28,800
<br />2 Bedrooms 1Bath 2A
<br />9
<br />1050
<br />$1,400
<br />$12,600
<br />$151,200
<br />2 Bedrooms 1Bath 2B
<br />4
<br />1281
<br />$1,600
<br />$6,400
<br />$76,800
<br />2 Bedrooms
<br />$0
<br />$0
<br />2 Bedrooms 1 3/413ath
<br />$0
<br />$0
<br />2 Bedrooms 2B 1 3/4Bath
<br />$0
<br />$0
<br />3 Bedrooms 3A
<br />2
<br />1246
<br />$1,600
<br />$3,200
<br />$38,400
<br />Garages
<br />44
<br />$50
<br />$2,200
<br />$26,400
<br />Lockers
<br />$0
<br />$0
<br />Total
<br />44
<br />$56,050
<br />$672,600
<br />1.83
<br />1.48
<br />1.22
<br />1.48
<br />1.34
<br />1.25
<br />1.33
<br />1.25
<br />#DIV/0I
<br />#DIV/0I
<br />#DIV/0I
<br />1.28
<br />CONDITION OF PROPERTY
<br />New Construction
<br />SURROUNDING PROPERTIES
<br />General Occupancy Residential
<br />COMPLETE THIS SECTION IF PURCHASE
<br />SALES PRICE
<br />Price per unit
<br />$ 214,704.35 $ 8,588,174 #REF!
<br />REQUESTED 1ST T.D.
<br />$ 15o,000.00 $ 6,000,000 70%
<br />SECONDARY FINANCING
<br />$ - 0%
<br />CASH DOWN PAYMENT
<br />$ 2,588,174 30%
<br />TERMS
<br />100%
<br />CASH FLOW ANALYSIS
<br />GROSS ANNUAL INCOME
<br />$ 672,600
<br />VACANCY
<br />5%
<br />$ 33,630
<br />EFFECTIVE GROSS INCOME
<br />$ 638,970
<br />EXPENSES
<br />42%
<br />$ 282,492 $ 7,062.30
<br />NET OPERATING INCOME
<br />$ 356,478
<br />DEBT SERVICE
<br />1STT.D.@
<br />4.000%
<br />$ (380,043) $ 380,043
<br />2ND T.D. @
<br />0.0%
<br />$ - $31,670.21
<br />NET CASH FLOW $ (23,565)
<br />DEBT COVERAGE RATIO 1ST T.D. 0.94
<br />COMBINED DEBT COVERAGE RATIO W/2ND T.D. 0.94
<br />LOAN QUOTE
<br />LENDER Lakewood Mortgage
<br />LOAN AMOUNT $ B,000000 FLOOR/CEILING
<br />PROPERTY RATING: A, B, C, D B AMORT./TERM
<br />LOAN PROGRAM: MO.ARM, NO-NEG ARM, 3/1, 5/1, 7/1, 10/1 TYPE OF PREPAYMENT
<br />INDEX: 12MAT, COFI, CMT, LIBOR RECOURSE
<br />CURRENT INDEX RATE EST. FUNDING
<br />LOAN MARGIN
<br />START RATE COMMENTS
<br />FULLY INDEXED RATE
<br />UNDERWRITING RATE
<br />REVIEWED AND ACCEPTED FOR SUBMISSION OF FULL CREDIT PACKAGE.
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