|
Apartment Loan Request Summary - PurchasePrequal Package Must Include:
<br />Loan Request Summary Form
<br />Pictures - Mounted
<br />Financing Date:9/6/2021
<br />Sworn Orig. Agent Name:Pat Briggs
<br />Cashflow with TIFF 15 yr Principal:xxx 6th Street
<br />Telephone #:Regestered Abstractors
<br />Facsimile #:
<br />COMPLETE THIS SECTION IN ITS ENTIRETY
<br />NAME OF PROPERTY 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 />Jackson Hill Residential Suites
<br />Monthly Rent Total Monthly Total Annual
<br />Unit Type # of units Unit Size Per Unit Rent-1st year Rent-1st year
<br />Studio 8 545 $1,000 $8,000 $96,000 1.83$
<br />1 Bedroom 1A 12 745 $1,100 $13,200 $158,400 1.48$
<br />1 Bedroom 1B 2 960 $1,175 $2,350 $28,200 1.22$
<br />1 Bedroom ADA 1D (HC) 1 745 $1,100 $1,100 $13,200 1.48$
<br />1 Bedroom 1C 4 856 $1,150 $4,600 $55,200 1.34$
<br />1 Bedroom 1E 2 960 $1,200 $2,400 $28,800 1.25$
<br />2 Bedrooms 1Bath 2A 9 1050 $1,400 $12,600 $151,200 1.33$
<br />2 Bedrooms 1Bath 2B 4 1281 $1,600 $6,400 $76,800 1.25$
<br />2 Bedrooms $0 $0 #DIV/0!
<br />2 Bedrooms 1 3/4Bath $0 $0 #DIV/0!
<br />2 Bedrooms 2B 1 3/4Bath $0 $0 #DIV/0!
<br />3 Bedrooms 3A 2 1246 $1,600 $3,200 $38,400 1.28$
<br />Garages 44 $50 $2,200 $26,400
<br />Lockers $0 $0
<br />Total 44 $56,050 $672,600
<br />CONDITION OF PROPERTY New Construction
<br />SURROUNDING PROPERTIES General Occupancy Residential
<br />COMPLETE THIS SECTION IF PURCHASE
<br />SALES PRICE Price per unit 214,704.35$ 8,588,174$ #REF!
<br />REQUESTED 1ST T.D.150,000.00$ 6,000,000$ 70%
<br />SECONDARY FINANCING -$ 0%
<br />CASH DOWN PAYMENT 2,588,174$ 30%
<br />TERMS 100%
<br />CASH FLOW ANALYSIS
<br />GROSS ANNUAL INCOME 672,600$
<br />VACANCY 5%33,630$
<br />EFFECTIVE GROSS INCOME 638,970$
<br />EXPENSES 42%282,492$ 7,062.30$
<br />NET OPERATING INCOME 356,478$
<br />DEBT SERVICE
<br />1ST T.D. @ 4.000%(380,043)$ 380,043$
<br />2ND T.D. @ 0.0%-$ 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 6,000,000$ 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.
|