Multifamily Property Valuation Model by Income Property ...

Multifamily Property Valuation Model by Income Property Analytics (BETA)

GO TO INCOME PROPERTY ANALYTICS NOW

INCOME PROPERTY ANALYTICS IS PROUD TO PRESENT THIS MULTIFAMILY PROPERTY VALUATION MODEL TO THE REAL ESTATE COMMUNITY. MY NAME IS LANDON M. SCOTT AND I AM PRESIDENT OF MONTE COMMERCIAL PROPERTIES AND AUTHOR OF THE INCOME PROPERTY ANALYTICS BLOG. THIS MODEL IS DONE IN MICROSOFT EXCEL 2007 AND IS A SINGLE WORKBOOK CONTAINING MULTIPLE WORKSHEETS.

THE PURPOSE OF THIS IS TO PROVIDE AN INEXPENSIVE ALTERNATIVE TO ARGUS AND REIWISE, AS WELL AS TO SHOWCASE THE VERSATILITY OF SPREADSHEETS FOR REAL ESTATE VALUATION. PLEASE BE WARNED THAT YOU WILL NEED AN INTERMEDIATE TO ADVANCED KNOWLEDGE OF EXCEL TO ALTER THE MODEL; PLAY WITH THE EQUATIONS AT YOUR OWN RISK IF YOU ARE NOT COMFORTABLE WITH EXCEL. I HAVE GROUPED THE "OFF SHEET" AREAS WHERE THE MAJORITY OF CALCULATIONS TAKE PLACE, SO IF YOU ARE LOOKING TO ALTER THE SPREADSHEET YOU WILL FIRST NEED TO UNGROUP EVERYTHING.

GO TO INCOME PROPERTY ANALYTICS NOW

QUICK TIPS: ? ONLY INPUT INFORMATION INTO CELLS WHICH ARE FORMATTED IN BLUE OR WHERE THERE IS A DROP DOWN MENU. IF THE CONTENTS OF A CELL ARE COLORED BLACK, DO NOT TOUCH IT. I HAVE PROTECTED THE WORKSHEETS SO THAT ONLY THE APPROPRIATE CELLS CAN BE MANIPULATED. YOU WILL NEED TO UNLOCK THE WORKSHEETS (NO PASSWORD) TO UNGROUP OR ALTER THE EQUATIONS

? I PROVIDE THIS TEMPLATE WITH INFROMATION FROM A HYPOTHETICAL PROPERTY FOR DEMONSTRATION PURPOSES, REMEMBER TO ERASE IT WHEN YOU USE IT FOR A REAL PROPERTY

? TO ARRIVE AT A SALES VALUE THIS MODEL IS DESIGNED TO CAPITALIZE THE NOI OF THE YEAR SUBSEQUENT TO THAT OF DISPOSITION; YOU MUST CHOOSE THE INCREASE IN NOI OF THE YEAR SUBSEQUENT TO DISPOSITION (SEE THE BOTTOWM OF THE "ADNANCED METRICS" WORKSHEET)

? THE TERMINAL CAP RATE IS SELECTED ON THE "GROWTH" WORKSHEET; YOU SELECT THE TERMINAL CAP RATE FOR YEAR TEN (10) (REGARDLESS OF THE DISPOSITION DATE). THEN THE TERMINAL CAP RATE FOR EACH YEAR IS A SMOOTH FUNCTION BETWEEN INTHE "PRO FORMA " (YEAR 1) CAP RATE (PURCHASE CAP RATE) AND THE TERMINAL CAP RATE

? THE MAXIMUM HORIZON FOR THIS MODEL IS TEN (10) YEARS

? IF THERE IS A CELL WHICH IS FORMATTED BLUE BUT FOR WHICH YOU CAN'T MANIPULATE THE CONTENTS, IT IS POSSIBLE I MISTAKINGLY LOCKED IT WHILE PROTECTING THE WORKSHEETS; FIRST UNPROTECT THE WORKSHEET AND THEN UNLOCK THE CELL IN QUESTION

? DOCUMENT TO THE BEST OF YOUR ABILITIES ANY GENUINE ERRORS AT OR EMAIL AT BRUINBROKER@ WITH NON-EXCEL RELATED QUESTIONS OR ISSUES

? FINALLY, APART FROM ADDRESSING ANY LEGITIMATE CODING AND EQUATION ERRORS, I ANTICIPATE A LARGE NUMBER OF EXCELRELATED QUESTIONS ARISING. UNFORTUNATELY, I DON'T HAVE THE RESOURCES TO HELP THE USER WITH EXCEL-RELATED ISSUES. THANK YOU FOR YOUR HELP AND ENJOY THIS MULTIFAMILY PROPERTY VALUATION MODEL BY LANDON M. SCOTT AT INCOME PROPERTY ANALYTICS, AN AFFILIATE OF MONTE COMMERCIAL PROPERTIES. I CAN ALSO BE REACHED AT BRUINBROKER@ .

GO TO INCOME PROPERTY ANALYTICS NOW

Site Information Property Type Street Address City, State Zip Code County

Assessor's Parcel Number (APN) Zoning Thomas Guide Map Page

Lot Size (Square Feet) Lot Size (Acres) Shape of Lot

Parking # of On-site Parking Spaces Parking Ratio

Basic Building Characteristics Date of Construction Physical Age (years) Effective Age (years) Date of Major Rehabilitation Number of Stories

Number of Buildings Number of Units Number of Non-Income Units Number of Revenue-Producing Units

Total Building Square feet Living/Useable Square Feet Load Factor

Additional Building Characteristics Construction Material Roof Type Individually Metered for Gas Individually Metered for Electricity Individually Metered for Water Handicap Access

Property Summary

SITE DESCRIPTION & SALES HISTORY

Multifamily 123 Main Street

Van Nuys, CA 91406

Los Angeles

111-222-333 C-1.5

123-A1

17,622 0.40

Rectangular

106 2.30

Sale History Last 10 Years Most Recent Sale in Last 10 yrs Sale Price Document #

2nd Most Recent Sale in Last 10 yrs Sale Price Document #

Regulatory Influences Rent Control HAP Contract Low Income Housing Tax Credits (LIHTC)

Environmental Influences Flood Zone Earthquake Zone Fire High Risk Area

2/5/2006 $7,500,000

4651268

2/1/2002 $6,250,000

4632685

No No No

No Yes No

DESCRIPTION OF THE IMPROVEMENTS

1985 27 10

N/A 4

1 54

1 53

46,000 43,850

4.90%

Capital Expenditure History Last 10 Years Description of Item #1 Capital Expenditure Date #1 Capital Expenditure Item #1

New Roof Sep. 2008 $250,000

Description of Item #2 Capital Expenditure Date #2 Capital Expenditure Item #2

Individually Metered (gas) Jun. 2005 $100,000

Description of Item #3 Capital Expenditure Date #3 Capital Expenditure Item #3

New Hardscape Mar. 2003 $50,000

Total Capital Expenditure Last 10 yrs Total Capital Expenditure/Sq. Ft.

$400,000 $8.70

Wood Frame & Stucco Composition Shingle Yes Yes Yes Yes

Rehab Needed At Acquisition Description of Item #1 Est. Rehab Cost Item #1

. Description of Item #2 Est. Rehab Cost Item #2

Description of Item #3 Est. Rehab Item #3

Total Capital Expenditure at Acquisition Total Capital Expenditure/Sq. Ft.

Rehab 10 Units $100,000

High Speed Cable $7,500

Retaining Brick Wall $15,000

$122,500 $2.66

Property Valuation Models at

Basic Metric Summary

ASSUMPTIONS

Price & Acquisition Reserves Acquisition Price

Acquisition Closing Costs & Due Dilligence Rehab at Acquisition Total Acqusition Reserves

Total Acquisition Cost (TAC)

$ 4,250,000

$ 15,000 $ 122,500 $ 137,500

$ 4,387,500

Pro Forma Real Estate Taxes Year Ending

Assessed Value Assessment Ratio Taxable Value Millage Rate Estimated RE Tax

2012

4,250,000 25.00%

1,062,500 0.050568

53,729

Pro Forma Payroll

# of

Hourly

employees Wage

Hours/ Month

Monthly Expense

Annual Expense

Maintenance

Grounds/Custodial

2

Maint. Supervisor

1

Maint. Assistant

1

Total

4

Administrative

Manager

1

Manager's Unit N/A

Assistant Manager

1

Leasing Commission N/A

Total

2

$ 12.50 $ 10.00 $ 8.00

N/A

160 $ 160 $ 160 $ N/A $

$ 17.50

N/A

N/A

$ 15.00

N/A

N/A

160 $ $

80 $ N/A 240 $

4,000 1,600 1,280 6,880

$ 48,000 $ 19,200 $ 15,360 $ 82,560

2,800 1,325 1,200

N/A 5,325

$ 33,600 $ 15,900 $ 14,400

N/A $ 63,900

Year 1 Operating Assumptions (Annual)

Percentage of Gross Potential Rent

Loss to Lease Vacancy

2.50% 7.50%

Bad Debt Concessions

0.50% 0.75%

Damages/Cleaning/Deposits Late Fees Reimbursements Misc. Items

1.50% 5.00% 0.00% 0.25%

$ (15,270) $ (44,665)

$ (2,978) $ (4,466)

$ 8,933

$ 29,777

$

-

$ 1,489

Percentage of Effective Gross Income

Management Fees %

5.00%

$ 29,181

Total Employees Total Wages

Benefits & Insurance Total Payroll

6 7.50%

$ 12,205 $ 146,460

$

915 $ 10,985

$ 13,120 $ 157,445

Replacement Reserves

$200 PUPY $ 10,800

Year of Initial Deposit

2012

METRICS

Year 1 Operating Statistics

Market Rent Market Rent/Unit Market Rent/Sq. Ft.

Annual $ 610,800 $ 11,311 $ 13.28

Monthly

$ 50,900

$

943

$

1.11

Year 1 OperatingStatistics (continued)

Annual

Net Operating Income

$ 256,092

Net Operating Income/Unit

$ 4,742

Net Operating Income/Sq. Ft.

$ 5.57

Monthly

$ 21,341

$

395

$ 0.46

Gross Potential Rent (GPR) GPR/Unit GPR/Sq. Ft.

$ 595,530 $ $ 11,028 $ $ 12.95 $

49,628 919 1.08

Total Debt Service Total Debt Service/Unit Total Debt Service/Sq. Ft.

$ 207,188 $ 17,266

$ 3,837 $

320

$ 4.50 $ 0.38

Total Rent Loss Total Rent Loss/Unit Total Rent Loss/Sq. Ft.

$ (52,109) $ $ (965) $ $ (1.13) $

(4,342) (80)

(0.09)

Before Tax Cash Flow (BTCF) BTCF/Unit BTCF/Sq. Ft.

$ 48,905 $

$

906 $

$ 1.06 $

4,075 75

0.09

Total Other Income Total Other Income/Unit Total Other Income/Sq. Ft.

$ 40,198 $

$

744 $

$ 0.87 $

3,350 62

0.07

After Tax Cash Flow (ATCF) ATCF/Unit ATCF/Sq. Ft.

$ 48,905 $

$

906 $

$ 1.06 $

4,075 75

0.09

Effective Gross Income Effective Gross Income/Unit Effective Gross Income/Sq. Ft.

Operating Expneses (Op Ex) Op Ex/Unit Op Ex/Sq. Ft.

Op Ex Ratio

$ 583,619 $ $ 10,808 $ $ 12.69 $

$ 327,527 $ $ 6,065 $ $ 7.12 $

48,635 901 1.06

27,294 505 0.59

56.12%

First Year Metrics Acquisition Price / Square Foot (Total Square Feet) Acquisition Price / Unit (Total Units) Pro Forma Capitalization Rate (Year 1 CAP) In-Place Capitalization Rate (Year 0 CAP) Gross Rent Multiplier (GRM) Gross Income Multiplier (GIM) Payback Period (Based on Acquisition Cost) Break Even Ratio Equity Dividend Rate (Based on BTCF) Cash-On-Cash (Based on Effective Equity & ATCF)

$

92

$ 78,704

6.03%

6.44%

7.14

7.28

17 years

91.62%

3.87%

3.87%

Advanced Metric Summary

ASSUMPTIONS

Timing Acquisition Date Disposition Date Investment Hold Period (years)

Financing Loan #1 Fixed or Variable interest rate? Loan-to-Value (LTV) Loan Amount Loan Points/Origination Fee Total Amount Funded Fixed Interest Rate (If applicable) Term (months) Prepayment Penalties End of Yield Maintenance Start Date Maturity Date

Loan #2 Fixed or Variable interest rate? Loan-to-Value (LTV) Loan Amount Loan Points/Origination Fee Total Amount Funded Fixed Interest Rate (If applicable) Term - Months Prepayment Penalties End of Yield Maintenance Start Date Maturity Date

Depreciation Analysis

Jan. 2012

Improvements as % of Property Value

Dec. 2021

10

Acquisition Price

$

Total Capital Expenditures at Acquisition

$

Decpreciable Amount

$

Senior Loan

Fixed

Years of Depreciation

Straight Line

75.00%

Annual Depreciation (Full Year)

$

$ 3,187,500

Depreciation Allowed in Acquisition Year

$

2.00%

$ 3,123,750

Total Recpature at Time of Disposition

$

5.50%

Total Recpature Tax at Time of Disposition

$

360 months

2.00%

Tax Rates

Dec. 2026

Include?

Jan. 2012

Federal Income Tax Rate

Yes

Jan. 2042

Federal Capital Gains Tax Rate

Yes

Federal Recapture Tax Rate

Yes

Junior Loan

Fixed

State Tax Rate (CA)

Yes

0.00%

$

-

Discount Rate & Reinvestment Rate

2.00%

10 Year Treasury Note

$

-

Risk Premium*

0.00%

Discount Rate

(Used for NPV & MIRR)

360 months

0.00%

* Based on Vanguard's REIT Index Fund, 10 year performance

Dec. 2026

Jan. 2012

Reinvestment/Savings Rate**

(Used for MIRR)

N/A

** Based on 1 year CD as quoted by

METRICS

75.00%

4,250,000 122,500

3,279,375

27.5 yrs 119,250 114,349

1,187,599

Rate 35.00% 15.00% 25.00%

9.33%

3.50% 6.95% 10.45%

1.35%

Sources

(Includes All Junior Financing)

Debt

Equity Invested

Estimated Acquisition Price

LTV %

$ 3,187,500 $ 1,062,500 $ 4,250,000

75.00%

Performance Analysis Acquisition Price

Acquisition Closing Costs & Due Dilligence Rehab at Acquisition Total Acqusition Reserves

$ 4,250,000

$

15,000

$

122,500

$

137,500

Loan Amount Loan Points/Origination Fee Total Debt Financing

$ 3,187,500

$

(63,750)

$ 3,123,750

Total Acquisition Cost (TAC) Net Present Value (NPV)

$ 4,387,500

$

(810,534)

Equity Investment Loan Points/Origination Fee Acquisition Reserves (Includes Closing & Rehab Costs) Total Out of Pocket

Total Annual Debt Service Payment Consolidated Loan Constant Consolidated Debt Service Coverage (Year 1)

Effective Cost of Debt (Includes Points & PPP) Loan #1 Loan #2 Loan #3

Residual Value & Disposition

Average % Increase in NOI % Increase in Sale Year NOI (to capitalize Year + 1 NOI) Terminal Cap Rate (year 10 ) Estimated Sales Price

Transaction Costs (% of Sales Price) Other Closing Costs ($)

$ 1,062,500

$

63,750

$

137,500

$ 1,263,750

$

207,188

6.500%

1.24

7.80% N/A N/A

Dec. 2021 2.76% 3.00% 6.50%

$ 5,179,469

5.50%

$

3,500

Internal Rates of Return

10 Year (Unleveraged) 10 Year (Leveraged) 10 Year After-Tax (Leveraged)

IRR 7.75%

10.43% 7.85%

MIRR 6.28%

8.88% 6.63%

Partition of Cash Flows (Unleveraged) PV of Pre-Sale Cash Flows PV of Net Sale Proceeds Total PV of Cash Flows

(After-Tax, Leveraged) PV of Pre-Sale Cash Flows PV of Net Sale Proceeds Total PV of Cash Flows

Amount

$

1,766,672

$

1,810,294

$

3,576,966

Amount

$

442,282

$

586,270

$

1,028,552

Effective Duration (Macaulay Duration) Actual Duration of Cash Flows Effective Duration

% 49.39% 50.61%

100.00%

% 43.00% 57.00%

100.00%

10 yrs 7.49 yrs

Loan #1

Loan Amount Fixed Rate Fixed Pmt (mo) Amortization Principal Reduction

3,187,500 5.50%

18,098.27 360 mos. 336 mos.

Start Maturity

Loan #2

1/1/2012 1/1/2042

Loan Amount Rate Fixed Pmt (mo) Amortization Amortization

Financing

0 0.00%

0.00 360 mos. 360 mos.

Start Maturity

1/1/2012 N/A

Loan #3

Loan Amount Rate Fixed Pmt (mo) Amortization Amortization

0 0.00%

0.00 360 mos. 360 mos.

Start Maturity

1/1/2012 N/A

Annual Summary - Loan #1

Annual Summary - Loan #2

Annual Summary - Loan #3

Payments 1st Year

$

Loan Constant 1st Year

Interest Only for Period?

If yes, what is the applicable Interest Only rate?

If yes, when does amortization resume?

Variable Rate for Period?* If yes, when does fixed/Interest Only rate resume?

207,188 6.50% Yes 6.50%

1/1/2014

No

Payments 1st Year Loan Constant 1st Year Interest Only for Period?

If yes, what is the applicable Interest Only rate? If yes, when does amortization resume?

Variable Rate for Period? If yes, when does fixed/Interest Only rate resume?

0.00%

No

No

Payments 1st Year Loan Constant 1st Year Interest Only for Period?

If yes, what is the applicable Interest Only rate? If yes, when does amortization resume?

Variable Rate for Period? If yes, when does fixed/Interest Only rate resume?

0.00%

No

No 1/1/2015

* variable rates forecast found on "Growth" worksheet; If both "Interest Only" and "Variable" are indicated, the variable rates will be used. If no resume date is selected for "Interest Only" or "Variable" rate period, it is assumed the note is interest only and/or variable till maturity

* variable rates forecast found on "Growth" worksheet; If both "Interest Only" and "Variable" are indicated, the variable rates will be used. If no resume date is selected for "Interest Only" or "Variable" rate period, it is assumed the note is interest only and/or variable till maturity

* variable rates forecast found on "Growth" worksheet; If both "Interest Only" and "Variable" are indicated, the variable rates will be used. If no resume date is selected for "Interest Only" or "Variable" rate period, it is assumed the note is interest only and/or variable till maturity

Amortization - Loan #1

Amortization - Loan #2

Amortization - Loan #3

Pmt. # 001 002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023 024 025 026 027 028 029 030 031 032 033 034 035 036 037 038 039 040 041 042 043 044 045 046 047 048 049 050

Month

Pmt.

Jan. '12 $ 17,266

Feb. '12 $ 17,266

Mar. '12 $ 17,266

Apr. '12 $ 17,266

May. '12 $ 17,266

Jun. '12 $ 17,266

Jul. '12 $ 17,266

Aug. '12 $ 17,266

Sep. '12 $ 17,266

Oct. '12 $ 17,266

Nov. '12 $ 17,266

Dec. '12 $ 17,266

Jan. '13 $ 17,266

Feb. '13 $ 17,266

Mar. '13 $ 17,266

Apr. '13 $ 17,266

May. '13 $ 17,266

Jun. '13 $ 17,266

Jul. '13 $ 17,266

Aug. '13 $ 17,266

Sep. '13 $ 17,266

Oct. '13 $ 17,266

Nov. '13 $ 17,266

Dec. '13 $ 17,266

Jan. '14 $ 18,098

Feb. '14 $ 18,098

Mar. '14 $ 18,098

Apr. '14 $ 18,098

May. '14 $ 18,098

Jun. '14 $ 18,098

Jul. '14 $ 18,098

Aug. '14 $ 18,098

Sep. '14 $ 18,098

Oct. '14 $ 18,098

Nov. '14 $ 18,098

Dec. '14 $ 18,098

Jan. '15 $ 18,098

Feb. '15 $ 18,098

Mar. '15 $ 18,098

Apr. '15 $ 18,098

May. '15 $ 18,098

Jun. '15 $ 18,098

Jul. '15 $ 18,098

Aug. '15 $ 18,098

Sep. '15 $ 18,098

Oct. '15 $ 18,098

Nov. '15 $ 18,098

Dec. '15 $ 18,098

Jan. '16 $ 18,098

Feb. '16 $ 18,098

Interest $ 17,266 $ 17,266 $ 17,266 $ 17,266 $ 17,266 $ 17,266 $ 17,266 $ 17,266 $ 17,266 $ 17,266 $ 17,266 $ 17,266 $ 17,266 $ 17,266 $ 17,266 $ 17,266 $ 17,266 $ 17,266 $ 17,266 $ 17,266 $ 17,266 $ 17,266 $ 17,266 $ 17,266 $ 14,609 $ 14,593 $ 14,577 $ 14,561 $ 14,545 $ 14,529 $ 14,512 $ 14,496 $ 14,479 $ 14,463 $ 14,446 $ 14,429 $ 14,413 $ 14,396 $ 14,379 $ 14,362 $ 14,345 $ 14,327 $ 14,310 $ 14,293 $ 14,275 $ 14,258 $ 14,240 $ 14,222 $ 14,205 $ 14,187

Principal

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$ 3,489

$ 3,505

$ 3,521

$ 3,537

$ 3,553

$ 3,570

$ 3,586

$ 3,602

$ 3,619

$ 3,635

$ 3,652

$ 3,669

$ 3,686

$ 3,703

$ 3,720

$ 3,737

$ 3,754

$ 3,771

$ 3,788

$ 3,806

$ 3,823

$ 3,841

$ 3,858

$ 3,876

$ 3,894

$ 3,911

Balance $ 3,187,500 $ 3,187,500 $ 3,187,500 $ 3,187,500 $ 3,187,500 $ 3,187,500 $ 3,187,500 $ 3,187,500 $ 3,187,500 $ 3,187,500 $ 3,187,500 $ 3,187,500 $ 3,187,500 $ 3,187,500 $ 3,187,500 $ 3,187,500 $ 3,187,500 $ 3,187,500 $ 3,187,500 $ 3,187,500 $ 3,187,500 $ 3,187,500 $ 3,187,500 $ 3,187,500 $ 3,184,011 $ 3,180,506 $ 3,176,985 $ 3,173,448 $ 3,169,895 $ 3,166,325 $ 3,162,739 $ 3,159,137 $ 3,155,518 $ 3,151,883 $ 3,148,230 $ 3,144,562 $ 3,140,876 $ 3,137,173 $ 3,133,454 $ 3,129,717 $ 3,125,963 $ 3,122,192 $ 3,118,404 $ 3,114,599 $ 3,110,776 $ 3,106,935 $ 3,103,077 $ 3,099,201 $ 3,095,307 $ 3,091,396

Pmt. # 001 002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023 024 025 026 027 028 029 030 031 032 033 034 035 036 037 038 039 040 041 042 043 044 045 046 047 048 049 050

Month

Pmt.

Jan. '12 $

-

Feb. '12 $

-

Mar. '12 $

-

Apr. '12 $

-

May. '12 $

-

Jun. '12 $

-

Jul. '12 $

-

Aug. '12 $

-

Sep. '12 $

-

Oct. '12 $

-

Nov. '12 $

-

Dec. '12 $

-

Jan. '13 $

-

Feb. '13 $

-

Mar. '13 $

-

Apr. '13 $

-

May. '13 $

-

Jun. '13 $

-

Jul. '13 $

-

Aug. '13 $

-

Sep. '13 $

-

Oct. '13 $

-

Nov. '13 $

-

Dec. '13 $

-

Jan. '14 $

-

Feb. '14 $

-

Mar. '14 $

-

Apr. '14 $

-

May. '14 $

-

Jun. '14 $

-

Jul. '14 $

-

Aug. '14 $

-

Sep. '14 $

-

Oct. '14 $

-

Nov. '14 $

-

Dec. '14 $

-

Jan. '15 $

-

Feb. '15 $

-

Mar. '15 $

-

Apr. '15 $

-

May. '15 $

-

Jun. '15 $

-

Jul. '15 $

-

Aug. '15 $

-

Sep. '15 $

-

Oct. '15 $

-

Nov. '15 $

-

Dec. '15 $

-

Jan. '16 $

-

Feb. '16 $

-

Interest

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

Principal

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

Balance

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

Pmt. # 001 002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023 024 025 026 027 028 029 030 031 032 033 034 035 036 037 038 039 040 041 042 043 044 045 046 047 048 049 050

Month

Pmt.

Jan. '12 $

-

Feb. '12 $

-

Mar. '12 $

-

Apr. '12 $

-

May. '12 $

-

Jun. '12 $

-

Jul. '12 $

-

Aug. '12 $

-

Sep. '12 $

-

Oct. '12 $

-

Nov. '12 $

-

Dec. '12 $

-

Jan. '13 $

-

Feb. '13 $

-

Mar. '13 $

-

Apr. '13 $

-

May. '13 $

-

Jun. '13 $

-

Jul. '13 $

-

Aug. '13 $

-

Sep. '13 $

-

Oct. '13 $

-

Nov. '13 $

-

Dec. '13 $

-

Jan. '14 $

-

Feb. '14 $

-

Mar. '14 $

-

Apr. '14 $

-

May. '14 $

-

Jun. '14 $

-

Jul. '14 $

-

Aug. '14 $

-

Sep. '14 $

-

Oct. '14 $

-

Nov. '14 $

-

Dec. '14 $

-

Jan. '15 $

-

Feb. '15 $

-

Mar. '15 $

-

Apr. '15 $

-

May. '15 $

-

Jun. '15 $

-

Jul. '15 $

-

Aug. '15 $

-

Sep. '15 $

-

Oct. '15 $

-

Nov. '15 $

-

Dec. '15 $

-

Jan. '16 $

-

Feb. '16 $

-

Interest

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

Principal

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

Balance

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

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