Page 11 - Appraisal 2018

Supplemental Comments File No. 180529004
Borrower Matthew Power
Property Address 22 Dow St
City Portland County Cumberland State ME Zip Code 04102
Lender/Client TruChoice Federal Credit Union
COMMENTS AND CONDITIONS OF THE APPRAISAL

The Intended User of this appraisal report is TruChoice Federal Credit Union. No additional intended users are
identified by the appraiser. This report contains sufficient information to enable the lender/client to understand the
report. Any other party receiving a copy of this report for any reason is not an intended user; nor does receiving a
copy of this report result in an appraiser-client relationship. Use of this report by any other party(ies) is not
intended by the appraiser.

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.

Other Assumptions and/or Conditions:

Extraordinary Assumption(s): None

Hypothetical Condition(s): None

Property Viewing: The appraiser has completed an interior and exterior viewing of the subject similar to that of
the 'typical' market participant. This is not to the level of a home inspection as that term is understood in the real
estate market where a higher level of expertise is required. The appraiser's observations are not a home inspection
and should not be relied upon to report the condition and/or functionality of the property as a whole nor any of its
individual components under that term.

Any readily observable defects noted by or reported to the appraiser at the time of property viewing are discussed
elsewhere in this report as to their individual or collective impact on value and/or marketability.

Subject Improvements

Subject overall is in average to good condition having had some renovations over the past 5 years. These include
new roof, heat pump units, new gas fired boilers, interior/exterior paint and professionally installed solar array
(6kw-26 panel roof mounted system). No items of deferred maintenance noted at the time of viewing. The subject
has mostly standard finishes with some upgraded cabinetry, a mix of wood, laminate, vinyl and tile floors. It is
considered to be of average overall quality. No personal property was included in the valuation of the subject
property.

SALES COMPARISON APPROACH

Summary

Research was conducted for comparable data meeting the subject's locational, physical and functional
characteristics as described in this report. Primary search criteria included three unit properties on the Portland
peninsula. Sales of three units were limited therefore the appraiser had to utilize sales outside of the subject's
immediate West End neighborhood. These sales are the most similar and those which provide the most reliable
indication of market value. C2 for seller concessions per the appraiser; C2 was adjusted for slightly inferior
location, being in Portland's Bayside neighborhood opposed to the subject's West End neighborhood which has
historically higher predominant values based on the land sales analysis and matched pairing of sales; C3 adjusted
for superior quality being brick constructed opposed to the subject wood clapboard siding based on the cost of the
amenity per Marshall & Swift; C2 adjusted for inferior condition having had less updating overall and exhibiting
increased physical depreciation per viewing; GBA at $20/SF for variances greater than 100 SF, Bedroom utility
was not adjusted as this is accounted for in the GBA difference; driveways at $10,000 (C2's small one car driveway
at $5,000), other amenities as noted at market contributory value. All value indicators are all within 5% of the
subject's indicated value and give added support to the value conclusion. No sales were available that contained a
roof top mounted solar array. These were the best sales available for analysis.

Reconciliation

All comps considered with most weight to C1 as it is the most recent sale and is overall similar. C2 and C3 are
located outside of the subject's West End neighborhood. C2 was used as it was viewed by this appraiser and is of
similar quality. C3 was used for its' similar site size. These were the best sales available for analysis.

Valuation of PV system: The valuation of the subject's PV system was undertaken using the PV Value tool from
Energy Sense Finance, LLC (developed with Sandia National Laboratories, and funded in part through the U.S.
Department of Energy). This income approach method quantifies the net present value of the projected future
energy production anticipated to occur during the warranty lifetime. This method accounts for the system capacity,

Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE