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APPRAISAL OF

LOCATED AT:

FOR:

BORROWER:

AS OF:

BY:

File No.

GLOBAL VALUATION CONSULTANTS,INC.REAL ESTATE APPRAISERS

26438389

2-4 RESIDENTIAL MULTI-FAMILY APPRAISAL REPORT

3700 PONCE DE LEON BLVD

CORAL GABLES, FL 33134

WELLS FARGO BANK, N.A.

1525 WEST W.T. HARRIS BLVD

CHARLOTTE, NC, 28262

ANDREW TAUBMAN/TOBI POTASH TAUBMAN

February 14, 2020

GILBERT L. MOYA/CERT RES RD3147

GLOBAL VALUATION CONSULTANTS,INC.

HIALEAH, FL 33010/TEL:305-496-3949

In accordance with your request, I have appraised the real property at:

The purpose of this appraisal is to develop an opinion of the market value of the subject property, as improved.

In my opinion, the market value of the property as of i s :

The at tached repor t conta ins the descr ip t ion , ana lys is and suppor t ive data for the conc lus ions ,f ina l opin ion of value, descr ipt ive photographs, l imi t ing condi t ions and appropr iate cer t i f icat ions.

File No.

File Number:


REAL ESTATE APPRAISERS

26438389

FEBRUARY 14, 2020

SERVICELINK



CHARLOTTE, NC, 28262

26438389

DEAR SIRS:



February 14, 2020

$1,700,000

One Million Seven Hundred Thousand Dollars

SINCERELY,



HIALEAH, FL 33010/TEL:305-496-3949

Small Residential Income Property Appraisal ReportThe purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.

Neighborhood Characteristics 2-4 Unit Housing Trends 2-4 Unit Housing Present Land Use %

Heating/Cooling Amenities

Car Storage

Page 1 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005Produced using ACI software, 800.234.8727 www.aciweb.com

1025_05 090909

File No.

Property Address City State Zip Code

Borrower Owner of Public Record County

Legal Description

Assessor's Parcel # Tax Year R.E. Taxes $

Neighborhood Name Map Reference Census Tract

Occupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per month

Property Rights Appraised Fee Simple Leasehold Other (describe)

Assignment Type Purchase Transaction Refinance Transaction Other (describe)

Lender/Client Address

Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes No

Report data source(s) used, offering price(s), and date(s).

I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed.

Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)

Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes No

If Yes, report the total dollar amount and describe the items to be paid.

Note: Race and the racial composition of the neighborhood are not appraisal factors.

Location Urban Suburban Rural Property Values Increasing Stable Declining PRICE AGE One-Unit %

Built-Up Over 75% 25-75% Under 25% Demand/Supply Shortage In Balance Over Supply $(000) (yrs) 2-4 Unit %

Growth Rapid Stable Slow Marketing Time Under 3 mths 3-6 mths Over 6 mths Low Multi-Family %

Neighborhood Boundaries High Commercial %

Pred. Other %

Neighborhood Description

Market Conditions (including support for the above conclusions)

Dimensions Area Shape View

Specific Zoning Classification Zoning Description

Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe)

Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe.

Utilities Public Other (describe) Public Other (describe) Public Private

Electricity Water Street

Gas Sanitary Sewer Alley

FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map Date

Are the utilities and off-site improvements typical for the market area? Yes No If No, describe.

Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe.

GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION materials/condition INTERIOR materials/condition

Units Two Three Four

Accessory Unit (describe below)

# of Stories # of bldgs.

Type Det. Att. S-Det./End Unit

Existing Proposed Under Const.

Design (Style)

Year Built

Effective Age (Yrs)

Concrete Slab Crawl Space

Full Basement Partial Basement

Basement Area sq. ft.

Basement Finish %

Outside Entry/Exit Sump Pump

Evidence of Infestation

Dampness Settlement

Foundation Walls

Exterior Walls

Roof Surface

Gutters & Downspouts

Window Type

Storm Sash/Insulated

Screens

Floors

Walls

Trim/Finish

Bath Floor

Bath Wainscot

Attic None

Drop Stair Stairs

Floor Scuttle

Finished Heated

FWA HWBB Radiant

Other Fuel

Central Air Conditioning

Individual Other

Fireplace(s) # WoodStove(s) #

Patio/Deck Fence

Pool Porch

Other

None

Driveway # of Cars

Driveway Surface

Garage # of Cars

Carport # of Cars

Att. Det. Built-in

# of Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)

Unit # 1 contains: Rooms Bedroom(s) Bath(s) Square feet of Gross Living Area




Additional features (special energy efficient items, etc.).

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).


26438389

3700 PONCE DE LEON BLVD CORAL GABLES FL 33134

ANDREW TAUBMAN/TOBI POTASH TAUBMAN 3700 PONCE LLC MIAMI DADE

COCONUT GROVE SEC 1-CORAL GABLES PB 14-25 LOTS 12-13 & 14 & 15 BLK 26 LOT SIZE 100.000 X 101 OR 9731-0110 COC 22339-4777 05 2004 1

03-4117-007-3540 2019 17,446

COCONUT GROVE SEC 1-CORAL GABLES 54-41-17 0074.00X 0.00 0.00

X

X

WELLS FARGO BANK, N.A. 1525 WEST W.T. HARRIS BLVD, CHARLOTTE, NC 28262X

THE SUBJECT WAS OFFERED FOR SALE ON 03/19/2019 FOR $2,699,000 MLS#A10641953 AND UNDER CONTRACT ON 02/04/2020 FOR $1,640,000. VERIFIED VIA

MATRIX MLS, MLXCHANGE, SALES CONTRACT AND MIAMI DADE ASSESSOR.X

BASED ON ALL THE DATA ANALYZED THE CONTRACT AGREEMENT APPEARS TO BE ARMS LENGTH, SELLER RESPONSIBLE FOR CLEAR TITLE. READ ADDENDUM FOR COMPLETE LISTING AND EXPOSURE TIME HISTORY.

1,640,000 02/04/2020 X MIAMI DADE ASSESSORX

$0 0

X

X

X

X

X

X

THE MARKET BOUNDARIES ARE DELINEATED AS TO THE NORTH; SW 24TH STREET, TO THE SOUTH; US-1, SW 27TH

AVENUE TO THE EAST ; AND SW 42ND AVENUE TO THE WEST.

300

2,000

450

1

100

70

60

10

10

15

PARKS 5

THE MARKET IS IN AN ESTABLISHED MID CENTURY MARKET SEGMENT IN MIAMI, IN CLOSE PROXIMITY TO AREA MALLS, PARKS, PLACES OF WORSHIP, LOCAL SCHOOLS, SHOPPING CENTERS, AND GROCERY STORES. THE MARKET HAS BEEN IN STABLE GENTRIFICATION FOR YEARS, BASED ON SUPPLY AND DEMAND FOR MULTIFAMILY AND SINGLE FAMILY HOMES. THE MARKET SEGMENT'S ECONOMIC BASE IS MADE UP OF AVERAGE TO HIGH QUALITY HOMES WITH ADEQUATE MAINTENANCE.

THE MARKET SEGMENT WITHIN THE DELINEATED MARKET BOUNDARIES OVER 12 MONTHS HAS PRODUCED OVER 90 CLOSED MULTIFAMILY SALES, AND CURRENTLY 86 LISTINGS, YIELDING A BALANCE BETWEEN SUPPLY AND DEMAND. THE 12 MONTH MEDIAN PRICE TREND WAS $470,000. THE ANALYSIS OF THE 6 MONTHS PRICE TREND REPORTS 54 CLOSED SALES AND A MEDIAN PRICE OF 485,000, YIELDING A STABLE PRICE OVER 12 MONTHS.

101X100 10100 sf RECTANGLE N.RESIDENTIAL

MF1 MULTI-FAMILY, LOW-DENSITY (UNDER 25 DU/GROSS ACRE).X

X SEE ADDENDUM

X

X

X

XASPHALT X

YES X

X X 12086C0457L 09/11/2009X

X THE SUBJECT

PROPERTY IS ON A RESIDENTIAL STREET WITH MIXED USE MULTIFAMILY AND SINGLE FAMILY RESIDENTIAL HOMES ON BOTH SIDES AND TO THE REAR, AS DESCRIBED BY ZONING COMPLIANCE. THE REPORTED FEMA

FLOOD ZONE FOR THE SUBJECT AND COMPARABLE SALES HAS NO ADVERSE AFFECT ON MARKETABILITY.

X

1 1X

X

FOURPLEX

1952

20

X

X

0

X

ELECTRICX

CONCRETE/FOOT/AVERAGE

CBS BLOCK/AVERAGE

F/TILE/AVERAGE

METAL/AVERAGE

S.HUNG/AVERAGE

SHUTTERS/AVERAGE

NONE

0X OPEN X FENCE

X COVERED

TILE/AVERAGE

TEXTURED/AVERAGE

BASEBOARD/AVERAGE

STONE/TILE/GOOD

STONE/TILE/GOOD

X 6

CONCRETE/GRAVEL

0

0

4 4 4 0 1/1 WATER HEATERS

5 3 3 1,752

4 2 2 1,796

4 2 1 1,074

4 2 1 1,074

UPDATED KITCHENS, UPGRADED BATHROOMS, UPGRADED ELECTRICAL, NEWER ROOF, LIGHTING AND UPGRADED MECHANICAL SYSTEMS

SEE ADDEND FOR SPECIFIC DETAILS

Small Residential Income Property Appraisal Report


1025_05 090909

File No.

Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe

Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe

Is the property subject to rent control? Yes No If Yes, describe

The following properties represent the most current, similar, and proximate comparable rental properties to the subject property. This analysis is intended to support the opinion of the

market rent for the subject property.

FEATURE SUBJECT

Address

Proximity to Subject

Current Monthly Rent $

Rent/Gross Bldg. Area $ sq. ft.

Rent Control Yes No

Data Source(s)

Date of Lease(s)

Location

Actual Age

Condition

Gross Building Area

Unit BreakdownRm Count Size

Tot Br Ba Sq. Ft.

Unit # 1

Unit # 2

Unit # 3

Unit # 4

Utilities Included

COMPARABLE RENTAL NO. 1

$

$ sq. ft.

Yes No

Rm Count Size

Tot Br Ba Sq. Ft.Monthly Rent

$

$

$

$


$

$ sq. ft.

Yes No

Rm Count Size


$

$

$

$


$

$ sq. ft.

Yes No

Rm Count Size


$

$

$

$

Analysis of rental data and support for estimated market rents for the individual subject units reported below (including the adequacy of the comparables, rental concessions, etc.)

Rent Schedule: The appraiser must reconcile the applicable indicated monthly market rents to provide an opinion of the market rent for each unit in the subject property.

Leases Actual Rents Opinion Of Market Rent

Lease Date Per Unit Total Per Unit Total

Unit # Begin Date End Date Unfurnished Furnished Rents Unfurnished Furnished Rents

1 $ $ $ $ $ $

2

3

4

Comment on lease data Total Actual Monthly Rent $ Total Gross Monthly Rent $

Other Monthly Income (itemize) $ Other Monthly Income (itemize) $

Total Actual Monthly Income $ Total Estimated Monthly Income $

Utilities included in estimated rents Electric Water Sewer Gas Oil Cable Trash collection Other (describe)

Comments on actual or estimated rents and other monthly income (including personal property)

I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain

My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.

Data source(s)

My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.

Data source(s)

Report the results of the research and analysis of the prior sale history of the subject property and comparable sales (report additional prior sales on page 4).

ITEM SUBJECT

Date of Prior Sale/Transfer

Price of Prior Sale/Transfer

Data Source(s)

Effective Date of Data Source(s)

COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3

Analysis of prior sale history for the subject property and comparable sales


26438389

X

X

X



11,475

2.01X

INSPECTION/MATRIX MLS

06/01/2019 TO 05/01/2020

N.RESIDENTIAL

68

C3

5,696

5 3 3 1,752

4 2 2 1,796

4 2 1 1,074

4 2 1 1,074

0

0

0

738 BILTMORE WAY


0.99 miles NW

9,400

1.91X

EXT INSPECTION/MATRIX MLS #A10534009

MONTH TO MONTH

N.RESIDENTIAL

62

C3

4,927

4 2 1 1,300 2,500

4 2 1 1,300 2,500

3 1 1 1,164 2,200

3 1 1 1,164 2,200

0

0

0

2951 VIRGINIA ST

MIAMI, FL 33133

1.09 miles SE

9,600

1.57X

EXT INSPECTION/MATRIX MLS/MLS #A1984095

MONTH TO MONTH

N.RESIDENTIAL

12

C3

6,096

4 2 2.1 1,524 2,400

4 2 2.1 1,524 2,400

4 2 2.1 1,524 2,400

4 2 2.1 1,524 2,400

0

0

0

1622 BAY RD

MIAMI BEACH, FL 33139

8.03 miles NE

10,650

2.63X

EXT INSPECTION/MATRIX MLS #A10039214

MONTH TO MONTH

N.RESIDENTIAL

70

C3

4,042

5 3 2 1,134 2,900

3 2 1 887 2,400

3 2 1 887 2,400

5 3 3 1,134 2,950

0

0

0

THE UNIT RENT COMPARABLES ARE SIMILAR TO THE SUBJECT AND SIMILAR TO THE SUBJECT'S UNITS IN TOTAL GLA AND BEDROOM AND BATHROOM COUNT. THE RENTAL RANGE PER SQUARE FOOT RANGES FROM 1.57 TO 2.63 PER SQ.FT WITH A MEAN MARKET PRICE OF $1.90 PER SQUARE FOOT.

06/01/2019 05/01/2020 3,675 3,675 3,300 3,300

06/01/2019 05/01/2020 3,400 3,400 3,400 3,400

06/01/2019 05/01/2020 2,200 2,200 2,200 2,200

06/01/2019 05/01/2020 2,200 2,200 2,200 2,200

THE RENTAL DATA EXTRACTED

FROM THE COMPARABLES, AND MLS DATA. THE SUBJECT'S UNIT

ONE IS OWNER OCCUPIED

11,475 11,100

0 0

11,475 11,100X X

ESTIMATED RENTS ARE BASED UPON THE COMPARABLE MARKET RENTAL SURVEY AND DO NOT INCLUDE UTILITIES. THEREFORE THE RENTS USED FOR THE PURPOSE OF THIS ANALYSIS ARE ALL MARKET DERIVED AND SUPPORTED BY ANALYSIS OF THE RENTAL MARKET FOR MULTIFAMILY DWELLINGS IN THE DELINEATED MARKET AREA.

X

X

MLS ADVANTAGE-MIAMI DADE ASSESSORX

MLS ADVANTAGE-MIAMI DADE ASSESSOR

MIAMI DADE ASSESSOR

02/14/2020

MIAMI DADE ASSESSOR

02/14/2020

MIAMI DADE ASSESSOR

02/14/2020

MIAMI DADE ASSESSOR

02/14/2020

THE SALE AND TRANSFER HISTORY IS FOR THE PAST 36 MONTHS FOR THE SUBJECT AND COMPARABLE SALES VERIFIED VIA MLS

RESEARCH, AND MIAMI DADE PROPERTY ASSESSOR. COMPARABLE 4 REPORTS A HISTORY FOR A QUIT CLAIM DEED.



1025_05 090909

File No.

There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ .

There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ .

FEATURE SUBJECT

Address


Sale Price $

Sale Price/Gross Bldg. Area $ sq. ft

Gross Monthly Rent $

Gross Rent Multiplier

Price Per Unit $

Price Per Room $

Price Per Bedroom $

Rent Control Yes No

Data Source(s)

Verification Source(s)

VALUE ADJUSTMENTS DESCRIPTION

Sale or Financing

Concessions

Date of Sale/Time

Location

Leasehold/Fee Simple

Site

View

Design (Style)

Quality of Construction

Actual Age

Condition

Gross Building Area

Unit Breakdown Total Bdrms. Baths

Unit # 1

Unit # 2

Unit # 3

Unit # 4

Basement Description

Basement Finished Rooms

Functional Utility

Heating/Cooling

Energy Efficient Items

Parking On/Off Site

Porch/Patio/Deck

Net Adjustment (Total)

Adjusted Sale Price

of Comparables

Adj. Price Per Unit (Adj. SP Comp / # of Comp Units)

Adj. Price Per Room ((Adj. SP Comp / # of Comp Rooms)

Adj. Price Per Bdrm. (Adj. SP Comp / # of Comp Bedrooms)

COMPARABLE SALE NO. 1

$

$ sq. ft

$

$

$

$

Yes No

DESCRIPTION +(-) Adjustment

Total Bdrms. Baths

+ - $

Net Adj. %

Gross Adj. % $

$

$

$


$

$ sq. ft

$

$

$

$

Yes No


Total Bdrms. Baths

+ - $

Net Adj. %

Gross Adj. % $

$

$

$


$

$ sq. ft

$

$

$

$

Yes No


Total Bdrms. Baths

+ - $

Net Adj. %

Gross Adj. % $

$

$

$

Value Per Unit $ X Units = $ Value Per GBA $ X GBA = $

Value Per Rm. $ X Rooms = $ Value Per Bdrms. $ X Bdrms. = $

Summary of Sales Comparison Approach including reconciliation of the above indicators of value.

Indicated Value by Sales Comparison Approach $

Total gross monthly rent $ X gross rent multiplier (GRM) = $ Indicated value by the Income Approach

Comments on income approach including reconciliation of the GRM

Indicated Value by: Sales Comparison Analysis $ Income Approach $ Cost Approach (if developed) $

This appraisal is made "as is," subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed,

subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to the following required

inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:

Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting

conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is $

as of , which is the date of inspection and the effective date of this appraisal.


26438389

3 1,650,000 1,800,000

2 1,600,000 1,750,000



1,640,000

287.92

11,475

142.92

410,000

96,471

182,222X


MIAMI DADE. ASSESSOR

0

02/04/2020

N.RESIDENTIAL

FEE SIMPLE

10100 sf

N.RESIDENTIAL

FOURPLEX

Q3

68

C3

65 5,696

5 3 3

4 2 2

4 2 1

4 2 1

0

0

MARKET STANDARD

FWA C/Air

MECHANICAL SYSTEMS

6 Car Driveway

Patio/Deck,Porch

FENCE/NONE

738 BILTMORE WAY


0.99 miles NW1,600,000

324.74

9,400

170.21

400,000

114,286

266,667X

EXT INSPECTION/MATRIX MLS


CONV #A10534009

0 DOM 199

04/05/2019

N.RESIDENTIAL

FEE SIMPLE

8940 sf 2,320

N.RESIDENTIAL

FOURPLEX

Q3

67

C3

4,927 49,985

4 2 1 6,000

4 2 1 3,000

3 1 1 0

3 1 1 0

0

0

MARKET STANDARD

FWA C/Air

MECHANICAL SYSTEMS

6 Car Driveway

Patio/Deck,Porch

FENCE/NONE

X 61,305

3.8

3.8 1,661,305

415,326

118,665

276,884

1451 LINCOLN TERRACE


8.00 miles NE1,750,000

470.68

7,900

221.52

437,500

109,375

218,750X

EXT INSPECTION/MATRIX MLS/REALTOR


CONV #A10648628

0 DOM 53

07/17/2019

N.RESIDENTIAL

FEE SIMPLE

5000 sf 10,200

N.RESIDENTIAL

FOURPLEX

Q3

70

C3

3,718 128,570

4 2 2 3,000

4 2 1 3,000

4 2 2 -3,000

4 2 1

0

0

MARKET STANDARD

FWA C/Air

MECHANICAL SYSTEMS

6 Car Driveway

Patio/Deck,Porch

FENCE/NONE

X 141,770

8.1

8.4 1,891,770

472,943

118,236

236,471

2951 VIRGINIA ST

MIAMI, FL 33133

1.09 miles SE1,510,000

247.70

9,600

157.29

377,500

94,375

188,750X



CONV #A1984095

0 DOM 47

02/23/2015 100,000

N.RESIDENTIAL

FEE SIMPLE

7200 sf 5,800

N.RESIDENTIAL

FOURPLEX

Q3

12

C3

6,096 -26,000

4 2 2.1 1,500

4 2 2.1 -1,500

4 2 2.1 -3,000

4 2 2.1 -3,000

0

0

MARKET STANDARD

FWA C/Air

MECHANICAL SYSTEMS

6 Car Driveway/8 GARAGES -20,000

Patio/Deck,Porch

FENCE/NONE

X 53,800

3.6

10.6 1,563,800

390,950

97,738

195,475

425,000 4 1,700,000

118,000 17 2,006,000

250.00 5,696 1,424,000

200,000 9 1,800,000

RELATIVE TO THE DIFFERENCES BETWEEN THE GRM ESTABLISHED FOR THE SUBJECT IN THE MARKET GRID AND THE GRM USED BY RECONCILIATION OF THE MARKET DATA. THE DEVELOPMENT OF THE INCOME APPROACH TO VALUE REQUIRES THE APPRAISER TO DEVELOP A MARKET EXTRACTED GRM AS DESCRIBED IN THE INCOME ANALYSIS BELOW THEREFORE THE APPRAISER SHOULD RECONCILE THE GRM ANALYSIS AND PLACE MOST WEIGHT ON A MARKET DERIVED GRM SUCH AS THE CASE IN THIS APPRAISAL. THE GRM USED BY THE APPRAISER WAS EXTRACTED FROM THE MARKET RANGE AND THE ESTIMATED MARKET RENT AS ANALYZED BY THE APPRAISER. THE GRM REPORTED FOR THE SUBJECT RELATES TO THE SUBJECT ONLY. SEE ADDENDUM UNDER COMPARABLES 4-6.

1,700,000

11,100 160.00 1,776,000

THE GRM RANGE ANALYZED FROM THE MARKET INCOME IS BETWEEN 222.0 TO 157.0 WITH A MEAN MARKET GRM OF 160.0, YIELDING A

COMPARABLE MARKET INCOME ANALYSIS WHICH SUPPORTS THE FINAL OPINION OF VALUE. THE INCOME APPROACH TO VALUE SUPPORTS THIS ANALYSIS BASED ON QUALITY OF RENTAL DATA. THE INCOME APPROACH

WAS DEVELOPED BASED ON THE MARKET RENTS AND GRM FOR THE SUBJECT AND COMPARABLES.

1,700,000 1,776,000 1,702,700

The Indicated Value by Sales Comparison Approach, $1,700,000, is calculated using the following weights:

30.3% - 738 BILTMORE WAY; Sale Price $1,600,000; Adjusted Value $1,661,305; Gross Adj: 3.8%

26.7% - 1451 LINCOLN TERRACE; Sale Price $1,750,000; Adjusted Value $1,891,770; Gross Adj: 8.4%

25.0% - 2951 VIRGINIA ST; Sale Price $1,510,000; Adjusted Value $1,563,800; Gross Adj: 10.6%

18.0% - 1431 LINCOLN TERRACE; Sale Price $1,650,000; Adjusted Value $1,813,870; Gross Adj: 19.4%X

THIS APPRAISAL IS MADE AS IS AND COMPLIES WITH FANNIE MAE, USPAP AND

DODD/FRANK REGULATIONS.

1,700,000

02/14/2020

Global Valuation Consultants Inc.


COST APPROACH TO VALUE (not required by Fannie Mae)

PROJECT INFORMATION FOR PUDs (if applicable)


1025_05 090909

File No.

Provide adequate information for the lender/client to replicate the below cost figures and calculations.

Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)

ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW

Source of cost data

Quality rating from cost service Effective date of cost data

Comments on Cost Approach (gross living area calculations, depreciation, etc.)

Estimated Remaining Economic Life (HUD and VA only) Years

OPINION OF SITE VALUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $

Dwelling Sq. Ft. @ $ . . . . . . . . . . . . = $

Sq. Ft. @ $ . . . . . . . . . . . . = $

Garage/Carport Sq. Ft. @ $ . . . . . . . . . . . . = $

Total Estimate of Cost-New . . . . . . . . . . . . = $

Less Physical Functional External

Depreciation = $ ( )

Depreciated Cost of Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $

"As-is" Value of Site Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $

INDICATED VALUE BY COST APPROACH . . . . . . . . . . . . . . . . . . . . . . = $

Is the developer/builder in control of the Homeowners' Association (HOA)? Yes No Unit type(s) Detached Attached

Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.

Legal name of project

Total number of phases Total number of units Total number of units sold

Total number of units rented Total number of units for sale Data source(s)

Was the project created by the conversion of an existing building(s) into a PUD? Yes No If Yes, date of conversion.

Does the project contain any multi-dwelling units? Yes No Data source(s)

Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.

Are the common elements leased to or by the Homeowners' Association? Yes No If Yes, describe the rental terms and options.

Describe common elements and recreational facilities.


26438389

Clarification of Intended Use and Intended User:

The Intended User of this appraisal report is the Lender/Client. The Intended Use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser.

The appraiser has taken the comparables and done a cost approach on each one and then determined the site value by subtracting the cost of improvements minus depreciation from the sales price. The estimated price per sq.ft value for the subject property is $69.30.

Residential Income Closed Sale Properties

THE FOLLOWING FARM LIST WAS USED TO DETERMINE PRICE PER UNIT ADJUSTMENTS AND MARKET VALUE DERIVED ADJUSTMENTS AS ANALYZED BY THE APPRAISER. FURTHERMORE SOME OF THE FARM SALES PROVIDED ARE GREATER THAN 4 UNITS AND COULD NOT BE USED IN THE MARKET GRID.

1 A10657733 718 SW 11th Ave 41 11 9 ¤5,702 ¤5,702 1930 No No $284.99 $1,750,000 $1,750,000 $1,625,000 92.86 12/17/19 1412 A10534009 738 Biltmore Way 41 6 8 ¤4,927 ¤4,927 1953 No No $334.89 $4,199,001 $1,999,999 $1,650,000 39.30 04/05/19 1993 A10648628 1451 Lincoln Ter 32 4 0 3,718 4,118 1950 No No $470.68 $2,000,000 $2,000,000 $1,750,000 87.50 07/17/19 534 A10769182 1440 16th St 32 4 4 ¤4,305 ¤4,305 1955 No No $418.12 $1,895,000 $1,895,000 $1,800,000 94.99 01/17/20 85 R10386295 33 NW 28th Street 31 6 4,242 4,242 1986 No No $447.90 $2,200,000 $2,125,000 $1,900,000 86.36 12/04/18 1676 A10243178 940-942 Michigan Ave 42 8 0 7,970 7,970 1955 No No $238.39 $2,200,000 $2,000,000 $1,900,000 86.36 01/10/19 80Closed Sale TotalsListing Count : 6 Averages: 7 5,144 5,211 1955 $365.83 $2,374,000 $1,961,667 $1,770,833 81.23 96Price : High $1,900,000 Low $1,625,000 Median $1,775,000

THE MARKET EXPOSURE TIME IS A RETROSPECTIVE OPINION BASED ON ANALYSIS OF PAST EVENTS ASSUMING A COMPETITIVE AND OPEN MARKET. THE MARKET EXPOSURE TIME FOR THE SUBJECT IS ROUGHLY 150 DOM. THE ANALYSIS DEVELOPED ABOVE IS FROM THE DELINEATED MARKET SEGMENT CONSISTING OF MULTIFAMILY HOMES WITHIN A GLA SEARCH CRITERIA RANGE BETWEEN 3000 TO 6100 SQ.FT WHICH IS THE COMPARABLE DEMOGRAPHIC INVENTORY PROVIDED BY THE MARKET SEGMENT. THE DATE OF SALES SEARCH CRITERIA IS DATING BACK 120 MONTHS FOR ANALYSIS WITHIN THE COMPARABLE MARKET SEGMENT BASED ON MOST SIMILAR AND COMPARABLE INVENTORY. THE SEARCH CRITERIA FOR PROXIMITY IS WITHIN A 10 MILE RADIUS WHICH ENCOMPASSES THE SUBJECT'S MULTIFAMILY MARKET SEGMENT FOR COMPARABLE SALES.

ESTIMATED REMAINING ECONOMIC LIFE=60 YRS. REPLACEMENT COST ESTIMATES DERIVED FROM MARSHALL AND SWIFT COST SERVICE. THE ESTIMATED SITE VALUE REPRESENTS 41% OF THE INDICATED VALUE BY COST APPROACH WHICH IS TYPICAL FOR THE MARKET AND DOES NOT ADVERSELY AFFECT MARKETABILITY OF THE SUBJECT. DEPRECIATION IS BASED ON AGE/LIFE METHOD. THE LAND VALUE PER SQ.FT ANALYZED IS $69.30.

X

MARSHALL AND SWIFT

Q3 02/2020

SEE ADDENDUM ABOVE

40

700,000

5,696 250.00 1,424,000

0

APPL,MECH/PORCHES 35,000

0 0.00 0

1,459,000

60

$486,333 486,333

972,667

30,000

1,702,700



1025_05 090909

File No.

This report form is designed to report an appraisal of a two- to four-unit property, including a two- to four-unit property in a plannedunit development (PUD). A two- to four-unit property located in either a condominium or cooperative project requires the appraiserto inspect the project and complete the project information section of the Individual Condominium Unit Appraisal Report or theIndividual Cooperative Interest Appraisal Report and attach it as an addendum to this report.

This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement ofassumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user,definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of workto include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications ordeletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterationsto this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in anappraisal organization, are permitted.

SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and thereporting requirements of this appraisal report form, including the following definition of market value, statement of assumptionsand limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of theinterior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from atleast the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis,opinions, and conclusions in this appraisal report.

INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject ofthis appraisal for a mortgage finance transaction.

INTENDED USER: The intended user of this appraisal report is the lender/client.

DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open marketunder all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price isnot affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing oftitle from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informedor well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed forexposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangementscomparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creativefinancing or sales concessions* granted by anyone associated with the sale.

*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments arenecessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readilyidentifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can bemade to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not alreadyinvolved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of thefinancing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing orconcessions based on the appraiser's judgment.

STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to thefollowing assumptions and limiting conditions:

1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the titleto it, except for information that he or she became aware of during the research involved in performing this appraisal. Theappraiser assumes that the title is good and marketable and will not render any opinions about the title.

2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements,including each of the units. The sketch is included only to assist the reader in visualizing the property and understanding theappraiser's determination of its size.

3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (orother data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified SpecialFlood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding thisdetermination.

4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,unless specific arrangements to do so have been made beforehand, or as otherwise required by law.

5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence ofhazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware ofduring the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has noknowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to,needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) thatwould make the property less valuable, and has assumed that there are no such conditions and makes no guarantees orwarranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering ortesting that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field ofenvironmental hazards, this appraisal report must not be considered as an environmental assessment of the property.

6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactorycompletion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will beperformed in a professional manner.


26438389



1025_05 090909

File No.

APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:

1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in thisappraisal report.

2. I performed a complete visual inspection of the interior and exterior areas of the subject property, including all units. I reportedthe condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affectthe livability, soundness, or structural integrity of the property.

3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practicethat were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at thetime this appraisal report was prepared.

4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparisonand income approaches to value. I have adequate market data to develop reliable sales comparison and income approaches tovalue for this appraisal assignment. I further certify that I considered the cost approach to value but did not develop it, unlessotherwise indicated in this report.

5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for saleof the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject propertyfor a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.

6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to thedate of sale of the comparable sale, unless otherwise indicated in this report.

7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.

8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a homethat has been built or will be built on the land.

9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subjectproperty and the comparable sales.

10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest inthe sale or financing of the subject property.

11. I have knowledge and experience in appraising this type of property in this market area.

12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listingservices, tax assessment records, public land records and other such data sources for the area in which the property is located.

13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report fromreliable sources that I believe to be true and correct.

14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subjectproperty, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I havenoted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence ofhazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject propertyor that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions inmy analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subjectproperty.

15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, allstatements and information in this appraisal report are true and correct.

16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which aresubject only to the assumptions and limiting conditions in this appraisal report.

17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospectivepersonal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, myanalysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap,familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners oroccupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.

18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditionedon any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predeterminedspecific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or theattainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loanapplication).

19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied onsignificant real property appraisal assistance from any individual or individuals in the performance of this appraisal or thepreparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisalreport. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change toany item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it.

20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that orderedand will receive this appraisal report.

21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower;the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary marketparticipants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentalityof the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's orsupervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed ordistributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media).


26438389



1025_05 090909

File No.

22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain lawsand regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice thatpertain to disclosure or distribution by me.

23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers,government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of anymortgage finance transaction that involves any one or more of these parties.

24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisalreport containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if apaper version of this appraisal report were delivered containing my original hand written signature.

25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminalpenalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section1001, et seq., or similar state laws.

SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:

1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser'sanalysis, opinions, statements, conclusions, and the appraiser's certification.

2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis,opinions, statements, conclusions, and the appraiser's certification.

3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or theappraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.

4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted andpromulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisalreport was prepared.

5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisalreport containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if apaper version of this appraisal report were delivered containing my original hand written signature.

APPRAISER

SignatureNameCompany NameCompany Address

Telephone NumberEmail AddressDate of Signature and ReportEffective Date of AppraisalState Certification #or State License #or Other (describe) State #StateExpiration Date of Certification or License

ADDRESS OF PROPERTY APPRAISED

APPRAISED VALUE OF SUBJECT PROPERTY $

LENDER/CLIENTNameCompany NameCompany Address

Email Address

SUPERVISORY APPRAISER (ONLY IF REQUIRED)


Telephone NumberEmail AddressDate of SignatureState Certification #or State License #StateExpiration Date of Certification or License

SUBJECT PROPERTYDid not inspect subject propertyDid inspect exterior of subject property from streetDate of InspectionDid inspect interior and exterior of subject propertyDate of Inspection

COMPARABLE SALESDid not inspect exterior of comparable sales from streetDid inspect exterior of comparable sales from streetDate of Inspection


26438389

26. I HAVE PREFORMED NO SERVICES, AS AN APPRAISER OR IN ANY OTHER CAPACITY, REGARDING THE PROPERTY THAT IS THE SUBJECT OF THIS REPORT WITHIN THE THREE YEAR PERIOD IMMEDIATELY PROCEEDING ACCEPTANCE OF THIS AGREEMENT.



318 9TH COURT

HAILED, FL 33010

305-496-0000

[email protected]

02/14/2020

02/14/2020

CERT RES RD3147

FL

11/30/2020



1,700,000

SERVICELINK



CHARLOTTE, NC 28262



Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005Produced using ACI software, 800.234.8727 www.aciweb.com1025_05 090909

File No.

FEATURE SUBJECT

Address


Sale Price $

Sale Price/Gross Bldg. Area $ sq. ft

Gross Monthly Rent $

Gross Rent Multiplier

Price Per Unit $

Price Per Room $

Price Per Bedroom $

Rent Control Yes No

Data Source(s)

Verification Source(s)

VALUE ADJUSTMENTS DESCRIPTION

Sale or Financing

Concessions

Date of Sale/Time

Location

Leasehold/Fee Simple

Site

View

Design (Style)

Quality of Construction

Actual Age

Condition

Gross Building Area

Unit Breakdown Total Bdrms. Baths

Unit # 1

Unit # 2

Unit # 3

Unit # 4

Basement Description

Basement Finished Rooms

Functional Utility

Heating/Cooling

Energy Efficient Items

Parking On/Off Site

Porch/Patio/Deck

Net Adjustment (Total)

Adjusted Sale Price

of Comparables

Adj. Price Per Unit (Adj. SP Comp / # of Comp Units)

Adj. Price Per Room ((Adj. SP Comp / # of Comp Rooms)

Adj. Price Per Bdrm. (Adj. SP Comp / # of Comp Bedrooms)


$

$ sq. ft

$

$

$

$

Yes No


Total Bdrms. Baths

+ - $

Net Adj. %

Gross Adj. % $

$

$

$


$

$ sq. ft

$

$

$

$

Yes No


Total Bdrms. Baths

+ - $

Net Adj. %

Gross Adj. % $

$

$

$


$

$ sq. ft

$

$

$

$

Yes No


Total Bdrms. Baths

+ - $

Net Adj. %

Gross Adj. % $

$

$

$

ITEM SUBJECT

Date of Prior Sale/Transfer

Price of Prior Sale/Transfer

Data Source(s)

Effective Date of Data Source(s)

COMPARABLE SALE NO. 4 COMPARABLE SALE NO. 5 COMPARABLE SALE NO. 6

Summary of Sales Comparison Approach.


26438389



1,640,000

287.92

11,475

142.92

410,000

96,471

182,222X



0

02/04/2020

N.RESIDENTIAL

FEE SIMPLE

10100 sf

N.RESIDENTIAL

FOURPLEX

Q3

68

C3

65 5,696

5 3 3

4 2 2

4 2 1

4 2 1

0

0

MARKET STANDARD

FWA C/Air

MECHANICAL SYSTEMS

6 Car Driveway

Patio/Deck,Porch

FENCE/NONE



8.02 miles NE

1,650,000

488.45

8,050

204.97

412,500

103,125

206,250X



CONV #A2098052

0 DOM 164

10/20/2015 75,000

N.RESIDENTIAL

FEE SIMPLE

5000 sf 10,200

N.RESIDENTIAL

FOURPLEX

Q3

70

C2 -75,000

3,378 150,670

4 2 2 3,000

4 2 1 3,000

4 2 2 -3,000

4 2 1

0

0

MARKET STANDARD

FWA C/Air

MECHANICAL SYSTEMS

6 Car Driveway

Patio/Deck,Porch

FENCE/NONE

X 163,870

9.9

19.4 1,813,870

453,468

113,367

226,734

0.00 0.00

MIAMI DADE ASSESSOR

02/14/2020

02/23/2015

$100

MIAMI DADE ASSESSOR

02/14/2020

THE GLA FOR THE SUBJECT AND COMPARABLES EXTRACTED FROM MEASUREMENTS, MIAMI DADE ASSESSORS ON LINE PROPERTY SURVEY'S AND REALTORS. THE GLA ADJUSTMENTS MADE TO THE COMPARABLES EXTRACTED FROM COMPARABLES PRICE PER SQ.FT RESALE PRICES, BASED ON A CONTRIBUTORY MARKET VALUE. ALL ADDITIONAL SALES USED FOR EXTRACTION OF ADJUSTMENTS, OR THE LACK OF ADJUSTMENTS MADE TO THE COMPARABLES ARE INCLUDED IN THE FARM LIST OF THIS APPRAISAL. THE COMPARABLES USED IN THIS ANALYSIS ARE ALL FROM THE LUXURY MULTIFAMILY MARKET IN MIAMI DADE COUNTY. THIS IS A UNIQUE AND LIMITED MARKET WHICH DOES NOT SELL OR COME ON MARKET FOR SALE OFTEN. THEREFORE THE MARKET PROXIMITY AND AGE OF THE COMPARABLES WAS EXPANDED FOR THE PURPOSE OF BRACKETING GUIDELINE COMPLIENCE. THE COMPARABLES SHARE SIMILAR SCHOOL SYSTEMS, AND ALL HAVE SIMILAR NEIGHBORHOOD LAND VALUES, DUE TO THEIR POPULAR LOCATIONS IN MIAMI DADE AND THEREFORE COMMANDING THE HIGHER END OF THE MARKET RENTAL RANGE. THE BEDROOM COUNT DIFFERENCE DOES DOES NOT COMMAND A DIRECT ADJUSTMENT IN THIS MARKET BASED ON SALES ANALYZED. THE DIFFERENCE IS ADJUSTED WITHIN THE GLA. THE COMPARABLES ARE ADJUSTED FOR LOT SIZES AT $2.00 PER SQ.FT SUPPORTED ON THE COST APPROACH. THE LOT SIZE FOR THE SUBJECT WHICH IS ON A PREMIUM DOUBLE LOT IS NOT BRACKETED BY THE COMPARABLES DUE TO A LIMITED POOL OF COMPARABLE BUILDINGS ON A DOUBLE LOT. AGE ADJUSTMENTS ARE NOT WARRANTED FOR COMPARABLES, WITH THE EXCEPTION OF THE COMPARABLES ADJUSTED FOR CONDITION, IN WHICH CASE THE AGE ADJUSTMENT IS INCORPORATE.D. THE CONDITION ADJUSTMENT MADE TO THE COMPARABLES IS BASED ON THE CONTRIBUTORY MARKET VALUE EXTRACTED FROM THE SALES ANALYZED, BASED ON THE AGE OF THE IMPROVEMENTS AND QUALITY OF THE MATERIALS ANALYZED, AS ABSORBED BY THE MARKET PARTICIPANTS, WHICH ARE REFLECTED IN FLOORING, KITCHEN AND WINDOW QUALITY. THE COMPARABLES WITHIN 12 MONTHS DO NOT REQUIRE A TIME ADJUSTMENT BASED ON THEIR DATE OF SALE AS ANALYZED BY THE APPRAISER. THE DATED COMPARABLES WHICH ARE ROUGHLY 5 YEARS OLD ARE ADJUSTED FOR VALUE DIFFERENCES OVER TIME AS COMPAIRED TO SIMILAR SALES OVER THE LAST 12 MONTHS. THE ADDITIONAL SALES ANALYZED FOR THE PURPOSE OF ADJUSTMENTS HAVE BEEN INCLUDED IN A FARMLIST IN THE APPRAISAL.

THE METHODOLY USED BY THE APPRAISER TO DETERMINE AND DEVELOP THE FINAL RECONCILIATION IS AS FOLLOWS,The Indicated Value by Sales Comparison Approach, $1,700,000, is calculated using the following weights: 30.3% - 738 BILTMORE WAY; Sale Price $1,600,000; Adjusted Value $1,661,305; Gross Adj: 3.8% 26.7% - 1451 LINCOLN TERRACE; Sale Price $1,750,000; Adjusted Value $1,891,770; Gross Adj: 8.4% 25.0% - 2951 VIRGINIA ST; Sale Price $1,510,000; Adjusted Value $1,563,800; Gross Adj: 10.6% 18.0% - 1431 LINCOLN TERRACE; Sale Price $1,650,000; Adjusted Value $1,813,870; Gross Adj: 19.4%

COMMENTS ON PREDOMINANT PRICE VERSES MARKET VALUE:PREDOMINANT PRICE IN MOST SOUTH FLORIDA REAL ESTATE MARKETS IS NOT AN INDICATOR OF VALUE. THE PREDOMINANT PRICE REPRESENTS A TREND, CURRENT MARKET CONDITIONS OR MARKET TRENDS. THE PREDOMINANT PRICEFACTOR IS AN INDICATOR OF PRICING IN WHICH THE SUBJECT FALLS INTO. THE SUBJECT'S MARKET VALUE IS HIGHER THAN THE PREDOMINANT PRICE IN THIS MARKET . THE SUBJECT IS NOT AN OVERIMPROVEMENT BASED ON THESEFACTORS. CONDITION OF PROPERTY: INSPECTION OF THE BUILDING REVEALED THATTHE SUBJECT PROPERTY WAS BUILT IN 1952, CONSISTING OF FOUR UNITS AS RECORDED IN MIAMI DADE ASSESSOR WITH ADDITIONS TO THE GLA IN 1980. BASED ON IMPROVEMENTS THE BUILDING EFFECTIVE AGE IS 20, YEARS BASED ON AGELIFE METHOD AND THE REMAINING ECONOMIC AGE LIFE IS ROUGHLY 40 YEARS. THE SUBJECT IS FUNCTIONAL AS A FOURPLEX IN THIS MARKET BASED ON HIGHEST AND BEST USE. THEREFORE THE SUBJECT WOULD BE A C-3 CONDITIONRATING, BY DESCRIPTION. THE SUBJECT DOES HAVE A SMALL CRAWL SPACE AND NO BASEMENT. THE KITCHEN CABINETS, APPLIANCES AND MECHANICAL SYSTEMS WERE INSPECTED AND TESTED BY THE APPRAISER AND FOUND IN GOODFUNCTIONAL CONDITION. VARIOUS ELECTRICAL OUTLETS WERE TESTED AND THE PLUMBING WAS TESTED, BY FLUSHING TOILETS AND RUNNING WATER ALL FOUND IN GOOD FUNCTIONAL CONDITION. FINAL RECONCILIATIONGREATEST WEIGHT IS PLACED ON THE SALES COMPARISON ANALYSIS AS IT BEST REFLECTS THE INTERACTIONS OF BUYERS AND SELLERS IN THE MARKET PLACE. THE INCOME APPROACH WAS DEVELOPED BASED ON RENTAL DATA ANDMARKET GRM ANALYSIS, SEE ADDEND COMMENTS. THE COST APPROACH IS SUPPORTIVE BASED ON QUALITY AND QUANTITY OF COST DATA ANALYSED. SITE COMMENTS:THE SUBJECT PROPERTY IS ON A RESIDENTIAL STREET WITH MIXED USE MULTIFAMILY AND SINGLE FAMILY RESIDENTIAL HOMES ON BOTH SIDES AND TO THE REAR, AS DESCRIBED BY ZONING COMPLIANCE. THE REPORTED FEMA FLOOD ZONEFOR THE SUBJECT AND COMPARABLE SALES HAS NO ADVERSE AFFECT ON MARKETABILITY. HAZARDOUS MATERIALS:THE EXISTENCE OF POTENTIALLY HAZARDOUS MATERIALS TO BE USED IN THE CONSTRUCTION OR MAINTENANCE OF THE BUILDING, SUCH AS THE PRESENCE OF UREA-FORMALDEHYDE FOAM INSULATION, ASBESTOS, AND/OR THE EXISTENCEOF TOXIC WASTE, WHICH MAY OR MAY NOT BE PRESENT ON THE PROPERTY, WAS NOT OBSERVED BY THE APPRAISER. NOR DOES THE APPRAISER HAVE ANY KNOWLEDGE OF THE EXISTENCE OF POSSIBLE USE OF UREA-FORMALDEHYDEFOAM INSULATION, CHINA DRYWALL OR OTHER POTENTIALLY HAZARDOUS WASTE MATERIAL IN THE BUILDING IMPROVEMENTS OR ON THE SITE WHICH WOULD ADVERSELY AFFECT THE VALUE OF THE PROPERTY. WE WOULD RECOMMENDTHE CLIENT RETAIN AN EXPERT IN THE FIELD FOR PROPER INSPECTIONS IF NEEDED. Highest and best use analysis as follows: The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible,and that results in the highest value. Therefore based on this criteria and analysis of historical and current market trends in this market segment. The fact that the subject conforms to it's currentuse, consisting of four living units. The appraiser has determined that the current use and zoning is the highest and best use of the subject property and improvements. Absorption rate analysis is as follows, determine the number of homes closed in your market over a specific period, 12 months. DIvide the number of homes by the number of months in theperiod. divide the rate into the number of current listings. THEREFORE 94 UNITS SOLD OVER 12 MONTHS, DIVIDED BY 12 MONTHS IS 7.8 DIVIDED BY 86 MULTIFAMILY LISTINGS, YIELDS ANABSORPTION RATE OF 11.025 UNITS. I HAVE PREFORMED NO SERVICES, AS AN APPRAISER OR IN ANY OTHER CAPACITY, REGARDING THE PROPERTY THAT IS THE SUBJECT OF THIS REPORT WITHIN THE THREE YEAR PERIODIMMEDIATELY PROCEEDING ACCEPTANCE OF THIS AGREEMENT. MLS#: A10641953 3700 Ponce De Leon Blvd Price Chg Type Chg Info Eff Date Agent ID Office ID DOM$1,799,000 PS A -> PS 01/23/2020 3187652 KEYE17 310$1,799,000 INCR $1,725,000 -> $1,799,000 12/11/2019 3187652 KEYE17 267$1,725,000 DECR $1,850,000 -> $1,725,000 10/13/2019 3187652 KEYE17 208$1,850,000 DECR $1,990,000 -> $1,850,000 08/28/2019 3187652 KEYE17 162$1,990,000 DECR $2,250,000 -> $1,990,000 08/14/2019 3187652 KEYE17 148$2,250,000 DECR $2,400,000 -> $2,250,000 05/06/2019 3187652 KEYE17 48$2,400,000 DECR $2,499,000 -> $2,400,000 04/17/2019 3187652 KEYE17 29$2,499,000 DECR $2,699,000 -> $2,499,000 04/05/2019 3187652 KEYE17 17$2,699,000 NEW ACTV -> $2,699,000

ADDENDUMBorrower: File No.:Property Address: Case No.:City: State: Zip:Lender:

ANDREW TAUBMAN/TOBI POTASH TAUBMAN 26438389


CORAL GABLES FL 33134


Addendum Page 1 of 1

FLOORPLAN SKETCHBorrower: File No.:Property Address: Case No.:City: State: Zip:Lender:





HIALEAH, FL 33010/TEL:305-496-3949

DIMENSION LIST ADDENDUM

Produced using ACI software, 800.234.8727 www.aciweb.com DIM 10072013

Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender:

GROSS BUILDING AREA (GBA)GROSS LIVING AREA (GLA)

Area(s) Area % of GLA % of GBA

Living

Level 1

Level 2

Level 3

Other

GBA

Basement

Garage

Area Measurements Area Type

Measurements Factor Total Level 1 Level 2 Level 3 Other Bsmt. Garage

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

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x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =

x x =





5,696

5,696

5,696 100.00

0 0.00 0.00

0 0.00 0.00

0 0.00 0.00

Market Conditions Addendum to the Appraisal ReportThe purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. This is a required

addendum for all appraisal reports with an effective date on or after April 1, 2009.

The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding housing trends and

overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent it is available and reliable and must provide

analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an explanation. It is recognized that not all data sources will be able to

provide data for the shaded areas below; if it is available, however, the appraiser must include the data in the analysis. If data sources provide the required information as an average instead of the

median, the appraiser should report the available figure and identify it as an average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria

that would be used by a prospective buyer of the subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.

Prior 7-12 Months

Prior 7-12 Months

Prior 4-6 Months

Prior 4-6 Months

Current - 3 Months

Current - 3 Months

Overall Trend

Overall Trend

Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo fees, options, etc.).

Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analysis of

Prior 7-12 Months Prior 4-6 Months Current - 3 Months Overall Trend

Page 1 of 1Freddie Mac Form 71 March 2009 Fannie Mae Form 1004MC March 2009Produced using ACI software, 800.234.8727 www.aciweb.com

1004MC_2009 090909

File No.

Property Address City State Zip Code

Borrower

Instructions:

Inventory AnalysisTotal # of Comparable Sales (Settled)

Absorption Rate (Total Sales/Months)

Total # of Comparable Active Listings

Months of Housing Supply (Total Listings/Ab.Rate)

Median Sale & List Price, DOM, Sale/List %Median Comparable Sale Price

Median Comparable Sales Days on Market

Median Comparable List Price

Median Comparable Listings Days on Market

Median Sale Price as % of List Price

Seller-(developer, builder, etc.)paid financial assistance prevalent?

Increasing

Increasing

Declining

Declining

Increasing

Declining

Increasing

Declining

Increasing

Declining

Stable

Stable

Stable

Stable

Stable

Stable

Stable

Stable

Stable

Stable

Declining

Declining

Increasing

Increasing

Declining

Increasing

Declining

Increasing

Declining

IncreasingYes No

Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties).

Cite data sources for above information.

pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.

If the subject is a unit in a condominium or cooperative project , complete the following: Project Name:Subject Project Data

Total # of Comparable Sales (Settled)

Absorption Rate (Total Sales/Months)

Total # of Active Comparable Listings

Months of Unit Supply (Total Listings/Ab. Rate)

Increasing

Increasing

Declining

Declining

Stable

Stable

Stable

Stable

Declining

Declining

Increasing

Increasing

Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales of foreclosed properties.

Summarize the above trends and address the impact on the subject unit and project.

APPRAISER


State License/Certification # StateEmail Address

SUPERVISORY APPRAISER (ONLY IF REQUIRED)


State License/Certification # StateEmail Address


26438389


ANDREW TAUBMAN/TOBI POTASH TAUBMAN

1

0.17

3

17.65

1,600,000

47

1,650,000

90

97.00%

1

0.33

3

9.09

1,750,000

199

1,800,000

180

97.00%

0

0.00

3

0.00

0

0

1,750,000

150

0.00%

X

X

X

X

X

X

X

X

X

X X

THE SUBJECT'S MARKET SEGMENT IS PREDOMINANTLY FINANCED BY CONVENTIONAL, CASH OR FHA METHODS WITH FINANCIAL CONCESSIONS WHICH HAVE DECREASED OVER THE PAST 12 MONTHS TO AN ADJUSTED 0-3

PCT. .

X

THE MARKET SEGMENT WITHIN THE DELINEATED MARKET BOUNDARIES OVER 12 MONTHS HAS PRODUCED OVER 90 CLOSED MULTIFAMILY SALES, AND CURRENTLY 86 LISTINGS, YIELDING A BALANCE BETWEEN SUPPLY AND DEMAND. THE 12 MONTH MEDIAN PRICE TREND WAS $470,000. THE ANALYSIS OF THE 6 MONTHS PRICE TREND REPORTS 54 CLOSED SALES AND A MEDIAN PRICE OF 485,000, YIELDING A STABLE PRICE OVER 12 MONTHS.

REALITY TRAC, ZILLOW STATS, MLXCHANGE, MIAMI DADE ASSESSOR, LOCAL AND NATIONAL NEWS NETWORKS.

THE MARKET EXPOSURE TIME IS A RETROSPECTIVE OPINION BASED ON ANALYSIS OF PAST EVENTS ASSUMING A COMPETITIVE AND OPEN MARKET. THE MARKET EXPOSURE TIME FOR THE SUBJECT IS ROUGHLY 150 DOM. THE ANALYSIS DEVELOPED ABOVE IS FROM THE DELINEATED MARKET SEGMENT CONSISTING OF MULTIFAMILY HOMES WITHIN A GLA SEARCH CRITERIA RANGE BETWEEN 3000 TO 6100 SQ.FT WHICH IS THE COMPARABLE DEMOGRAPHIC INVENTORY PROVIDED BY THE MARKET SEGMENT. THE DATE OF SALES SEARCH CRITERIA IS DATING BACK 120 MONTHS FOR ANALYSIS WITHIN THE COMPARABLE MARKET SEGMENT BASED ON MOST SIMILAR AND COMPARABLE INVENTORY. THE SEARCH CRITERIA FOR PROXIMITY IS WITHIN A 10 MILE RADIUS WHICH ENCOMPASSES THE SUBJECT'S MULTIFAMILY MARKET SEGMENT FOR COMPARABLE SALES.



318 9TH COURT

HAILED, FL 33010

CERT RES RD3147 FL

[email protected]

Currently Expiration Current Rent Market RentRented Date Per Month Per Month

The applicant should complete all of the income and expense projections and for existing properties provide actual year-end operating

Income Statement and previous operating statements the applicant provides must then be sent to the appraiser for review, com-

the form instead of the applicant, the lender must provide to the appraiser the aforementioned operating statements, mortgage insur-ance premium, HOA dues, leasehold payments, subordinate financing, and/or any other relevant information as to the income andexpenses of the subject property received from the applicant to substantiate the projections. The underwriter should carefully reviewthe applicant's/appraiser's projections and the appraiser's comments concerning those projections. The underwriter should make anyfinal adjustments that are necessary to more accurately reflect any income or expense items that appear unreasonable for the market.( R e a l e s t a t e t a x e s a n d i n s u r a n c e o n t h e s e t y p e s o f p r o p e r t i e s a r e i n c l u d e d i n P I T I a n d n o t c a l c u l a t e d a s a n a n n u a l e x p e n s e i t e m . )

Income should be based on current rents, but should not exceed market rents. When there are no current rents because the propertyis proposed, new, or currently vacant, market rents should be used.

Freddie Mac PAGE 1 OF 2 Fannie MaeForm 998 Aug 88 Produced using ACI software, 800.234.8727 www.aciweb.com Form 216 Aug 88

216 06212017

Operating Income StatementOne- to Four-Family Investment Property and Two- to Four-Family Owner-Occupied Property

Property Address

Street City State Zip CodeGeneral Instructions: This form is to be prepared jointly by the loan applicant, the appraiser, and the lender's underwriter. Theapplicant must complete the following schedule indicating each unit's rental status, lease expiration date, current rent, market rent,and the responsibility for utility expenses. Rental figures must be based on the rent for an "unfurnished" unit.

Paid PaidUtility Expense By Owner By Tenant

Unit No. 1 Yes No $ $ ElectricityUnit No. 2 Yes No $ $ GasUnit No. 3 Yes No $ $ Fuel OilUnit No. 4 Yes No $ $ Fuel (Other)

Total $ $ Water/SewerTrash Removal

statements for the past two years ( for new proper t ies the appl icant 's pro jected income and expenses must be prov ided) . Th is Opera t ing

ment, and/or adjustments next to the applicant's figures (e .g. , Appl icant /Appra iser 288/300) . I f the appra ise r i s re ta ined to comp le te

Annual Income and Expense Projection for Next 12 months

Adjustments byIncome (Do not include income for owner-occupied units) By Applicant/Appraiser Lender's UnderwriterGross Annual Rental (from unit(s) to be rented) $ $Other Income (include sources) + +Total $ $Less Vacancy/Rent Loss - ( -%) ( %)Effective Gross Income $ $

Expenses (Do not include expenses for owner-occupied units)

ElectricityGasFuel OilFuel (Type- )Water/SewerTrash RemovalPest ControlOther Taxes or LicensesCasual Labor

This includes the costs for public area cleaning, snow removal,etc., even though the applicant may not elect to contract forsuch services.

Interior Paint/DecoratingThis includes the costs of contract labor and materials that arerequired to maintain the interiors of the living units.

General Repairs/MaintenanceThis includes the costs of contract labor and materials that arerequired to maintain the public corridors, stairways, roofs,mechanical systems, grounds, etc.

Management ExpensesThese are the customary expenses that a professional manage-ment company would charge to manage the property.

SuppliesThis includes the costs of items like light bulbs, janitorialsupplies, etc.

Total Replacement Reserves - See Schedule on Pg. 2Miscellaneous

Total Operating Expenses $ $


26438389


X 12/31/2020 3,675 3,300

X 12/31/2020 3,400 3,400

X 12/31/2020 2,200 2,200

X 12/31/2020 2,200 2,200

11,475 11,100

X

X

X

MARKET RENT 137,700

137,700

960.00 2

136,740

ESTIMATED MARKET 17,500

200

370

INSURANCE ESTIMATE 3,500

21,570

Adequate replacement reserves must be calculate regardless of whether actual reserves are provided for on the owner's operatingstatements or are customary in the local market. This represents the total average yearly reserves. Generally, all equipment and com-ponents that have a remaining l i fe of more than one year-such as refr igerators, stoves, clothes washers/dryers, trash compactors,f u r n a c e s , r o o f s , a n d c a r p e t i n g , e t c . - s h o u l d b e e x p e n s e d o n a r e p l a c e m e n t c o s t b a s i s .

Effective gross Income Total Operating Expenses Operating Income Monthly Operating Income

Monthly Operating Income Monthly Housing Expenses Net Cash Flow

(Note: Monthly Housing Expense includes principal and interest on the mortgage, hazard insurance premiums, real estate taxes, mort-gage insurance premiums, HOA dues, leasehold payments, and subordinate financing payments.)

I f Monthly Operat ing Income is a posi t ive number, enter as "Net Rental Income" in the "Gross Monthly Income" sect ion ofFreddie Mac Form 65/Fannie Mae Form 1003. I f Monthly Operat ing Income is a negat ive number, i t must be included as al iab i l i t y fo r qua l i f i ca t ion purposes .

The borrower's monthly housing expense-to-income ratio must be calculated by comparing the total Monthly Housing Expense

If Net Cash Flow is a posit ive number, enter as "Net Rental Income" in the "Gross Monthly Income" sect ion of Freddie Mac

Form 65/Fannie Mae Form 1003. I f Net Cash Flow is a negat ive number, i t must be included as a l iabi l i ty for qual i f icat ionp u r p o s e s .

The borrower's monthly housing expense-to-income ratio must be calculated by comparing the total monthly housing expense

Freddie Mac PAGE 2 OF 2 Fannie MaeForm 998 Aug 88 Produced using ACI software, 800.234.8727 www.aciweb.com Form 216 Aug 88

216 06212017

Replacement Reserve Schedule

Equipment Replacement Remaining By Applicant/ LenderCost Life Appraiser Adjustments

Stoves/Ranges @$ ea. Yrs. x Units =$ $Refrigerators @$ ea. Yrs. x Units =$ $Dishwashers @$ ea. Yrs. x Units =$ $A/C Units @$ ea. Yrs. x Units =$ $C. Washer/Dryers @$ ea. Yrs. x Units =$ $HW Heaters @$ ea. Yrs. x Units =$ $Furnace(s) @$ ea. Yrs. x Units =$ $(Other) @$ ea. Yrs. x Units =$ $

Roof @$ Yrs. x One Bldg. = $ $

Carpeting (Wall to Wall) RemainingLife

(Units) Total Sq. Yds. @ $ Per Sq. Yd. Yrs. = $ $(Public Areas) Total Sq. Yds. @ $ Per Sq. Yd. Yrs. = $ $

Total Replacement Reserves. (Enter on Pg. 1) $ $

Operating Income Reconciliation

$ - $ =$ 12= $

$ - $ =$

Underwriter's instructions for 2-4 Family Owner-Occupied Properties

for the subject property to the borrower's stable monthly income.

Underwriter's instructions for 1-4 Family Investment Properties

for the borrower's primary residence t o the bor rower ' s s tab le month ly income.

Appraiser's Comments (including sources for data and rationale for the projections)

Appraiser Name Appraiser Signature Date

Underwriter's Comments and Rationale for Adjustments

Underwriter Name Underwriter Signature Date


26438389

150.00 20 4 30.00

180.00 20 4 36.00

1,150.00 25 4 184.00

125.00 20 2 12.50

85.00 20 4 17.00

1,800.00 20 90.00

369.50

136,740.00 21,570.00 115,170.00 9,597.50

9,597.50 9,597.50

GILBERT L. MOYA/CERT RES RD3147 02/14/2020



MIAMI DADE PROPERTY INDEX CARD





HIALEAH, FL 33010/TEL:305-496-3949

SUBJECT PROPERTY PHOTO ADDENDUMBorrower: File No.:Property Address: Case No.:City: State: Zip:Lender:

FRONT VIEW OFSUBJECT PROPERTY

Appraised Date:Appraised Value: $

REAR VIEW OFSUBJECT PROPERTY

STREET SCENE





February 14, 2020

1,700,000

Produced using ACI software, 800.234.8727 www.aciweb.com PHT3 05212013






STREET SCENE

ALLEY

FRONT ANGLE







REAR ANGLE

PATIO/PORCH/DECK

SIDE SCENE







METERS

CENTRAL AIR

UTILITY ROOM







LIVING/DINING/KITCHEN #1

KITCHEN #1

BEDROOM #1







BATHROOM #1

CENTRAL AIR

BEDROOM #2







BATHROOM #2

BATHROOM #1

BEDROOM #1







PANELBOX

LIVING/DINING UNIT #3

DINING #3







KITCHEN #3

BEDROOM #3

BATHROOM #3







BEDROOM #3

KITCHEN UNIT #4

DINING #4







BEDROOM #4

BEDROOM #4

BATHROOM #4







LIVING ROOM UNIT #4

WATERHEATER

CENTRAL AIR







LIVING ROOM UNIT #2

DINING AND KITCHEN #2

BATHROOM UNIT #2







PANEL BOX

BEDROOM UNIT #2

BEDROOM UNIT #2







BATHROOM UNIT #2

COMPARABLE PROPERTY PHOTO ADDENDUMBorrower: File No.:Property Address: Case No.:City: State: Zip:Lender:

COMPARABLE SALE #1

Sale Date:Sale Price: $

COMPARABLE SALE #2


COMPARABLE SALE #3






738 BILTMORE WAY


04/05/2019

1,600,000



07/17/2019

1,750,000

2951 VIRGINIA ST

MIAMI, FL 33133

02/23/2015

1,510,000

COMPARABLE PROPERTY PHOTO ADDENDUMBorrower: File No.:Property Address: Case No.:City: State: Zip:Lender:

COMPARABLE SALE #4


COMPARABLE SALE #5


COMPARABLE SALE #6








10/20/2015

1,650,000

COMPARABLE RENTALS PHOTO ADDENDUMBorrower: File No.:Property Address: Case No.:City: State: Zip:Lender:

COMPARABLE RENTAL #1







738 BILTMORE WAY


2951 VIRGINIA ST

MIAMI, FL 33133

1622 BAY RD


FLOOD MAPBorrower: File No.:Property Address: Case No.:City: State: Zip:Lender:





HIALEAH, FL 33010/TEL:305-496-3949

AERIAL MAPBorrower: File No.:Property Address: Case No.:City: State: Zip:Lender:





HIALEAH, FL 33010/TEL:305-496-3949

LOCATION MAPBorrower: File No.:Property Address: Case No.:City: State: Zip:Lender:





HIALEAH, FL 33010/TEL:305-496-3949


APP/LIC





HIALEAH, FL 33010/TEL:305-496-3949


E/O





HIALEAH, FL 33010/TEL:305-496-3949

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