Page 111 - Guardian Broker Questionnaire Summary Complete Package 2 2 22_Neat

STRICTLY CONFIDENTIAL

Guardian Place I Investment Cash Flow Richmond, VA

Mar-23 Mar-24 Mar-25 Mar-26 Mar-27
IRR At Close Year 1 Year 2 Year 3 Year 4 Year 5 TOTAL
ANNUAL CASH FLOW DURING HOLD PERIOD

ACQUISITION COST
Purchase Price ($ 13,040,664) ($ 13,040,664)
Closing Costs (excl. Financing) - -
Upfront Funding of Capital Exp. ($ 1,381,186) ($ 1,381,186)
ACQUISITION COST ($ 14,421,850) - - - - - ($ 14,421,850)

OPERATING CASH FLOW
Effective Gross Revenue $ 1,236,298 $ 1,413,453 $ 1,489,574 $ 1,570,378 $ 1,714,537 $ 17,143,691
Operating Expenses ($ 697,519) ($ 774,565) ($ 797,541) ($ 821,267) ($ 848,395) ($ 8,562,913)
Capital Reserves ($ 36,300) ($ 37,298) ($ 38,324) ($ 39,378) ($ 40,461) ($ 411,379)
NET OPERATING INCOME $ 502,479 $ 601,590 $ 653,709 $ 709,734 $ 825,681 $ 8,169,398

Capital Expenditures ($ 448,929) ($ 459,806) ($ 472,451) - - ($ 1,381,186)
Paid from Amount Funded Upfront $ 448,929 $ 459,806 $ 472,451 - - $ 1,381,186
OPERATING CASH FLOW $ 502,479 $ 601,590 $ 653,709 $ 709,734 $ 825,681 $ 8,169,398

DISPOSITION PROCEEDS
Gross Sales Proceeds - - - - - $ 22,639,755
Selling Costs - - - - - -
NET SALES PROCEEDS - - - - - $ 22,639,755

UNLEVERAGED CASH FLOW 9.28% ($ 14,421,850) $ 502,479 $ 601,590 $ 653,709 $ 709,734 $ 825,681 $ 16,387,303

FINANCING CASH FLOW
Loan Drawdowns $ 9,130,000 - - - - - $ 9,130,000
Loan Closing Costs and Fees ($ 91,300) - - - - - ($ 91,300)
Debt Service - ($ 319,550) ($ 319,550) ($ 319,550) ($ 319,550) ($ 491,973) ($ 4,230,040)
Prepayment Costs - - - - - - -
Loan Repayments - - - - - - ($ 7,980,670)
CASH FLOW FROM LOAN PROCEEDS $ 9,038,700 ($ 319,550) ($ 319,550) ($ 319,550) ($ 319,550) ($ 491,973) ($ 3,172,010)

RESERVES
Reserves Funded And Replenished - - - - - - -
Reserves Used - - - - - - -
Release of Unused Reserves - - - - - - -
CASH FLOW FROM RESERVES - - - - - - -

LEVERAGED CASH FLOW 15.32% ($ 5,383,150) $ 182,929 $ 282,040 $ 334,159 $ 390,184 $ 333,707 $ 13,215,293

LEVERAGED METRICS
Cumulative Equity Requirement $ 5,383,150 $ 5,383,150 $ 5,383,150 $ 5,383,150 $ 5,383,150 $ 5,383,150 $ 5,383,150
Cash on Cash Yield 3.40% 5.24% 6.21% 7.25% 6.20% 7.32%
Blended DSCR 1.57x 1.88x 2.05x 2.22x 1.68x 1.93x

Guardian Place I UW v3 Page 6 of 7 1/28/2022 4:16 PM