Page 118 - Guardian Broker Questionnaire Summary Complete Package 2 2 22_Neat

STRICTLY CONFIDENTIAL

Guardian Place II 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 ($ 12,985,602) ($ 12,985,602)
Closing Costs (excl. Financing) - -
Upfront Funding of Capital Exp. ($ 827,340) ($ 827,340)
ACQUISITION COST ($ 13,812,943) - - - - - ($ 13,812,943)

OPERATING CASH FLOW
Effective Gross Revenue $ 1,335,962 $ 1,433,273 $ 1,521,982 $ 1,599,512 $ 1,639,599 $ 16,365,694
Operating Expenses ($ 696,172) ($ 773,724) ($ 797,219) ($ 820,748) ($ 843,143) ($ 8,504,647)
Capital Reserves ($ 34,500) ($ 35,449) ($ 36,424) ($ 37,425) ($ 38,454) ($ 390,980)
NET OPERATING INCOME $ 605,290 $ 624,101 $ 688,339 $ 741,339 $ 758,001 $ 7,470,067

Capital Expenditures ($ 268,333) ($ 275,713) ($ 283,295) - - ($ 827,340)
Paid from Amount Funded Upfront $ 268,333 $ 275,713 $ 283,295 - - $ 827,340
OPERATING CASH FLOW $ 605,290 $ 624,101 $ 688,339 $ 741,339 $ 758,001 $ 7,470,067

DISPOSITION PROCEEDS
Gross Sales Proceeds - - - - - $ 19,242,713
Selling Costs - - - - - -
NET SALES PROCEEDS - - - - - $ 19,242,713

UNLEVERAGED CASH FLOW 8.17% ($ 13,812,943) $ 605,290 $ 624,101 $ 688,339 $ 741,339 $ 758,001 $ 12,899,838

FINANCING CASH FLOW
Loan Drawdowns $ 9,090,000 - - - - - $ 9,090,000
Loan Closing Costs and Fees ($ 90,900) - - - - - ($ 90,900)
Debt Service - ($ 340,875) ($ 340,875) ($ 505,166) ($ 505,166) ($ 505,166) ($ 4,723,082)
Prepayment Costs - - - - - - -
Loan Repayments - - - - - - ($ 7,559,997)
CASH FLOW FROM LOAN PROCEEDS $ 8,999,100 ($ 340,875) ($ 340,875) ($ 505,166) ($ 505,166) ($ 505,166) ($ 3,283,979)

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

LEVERAGED CASH FLOW 13.43% ($ 4,813,843) $ 264,415 $ 283,226 $ 183,173 $ 236,172 $ 252,834 $ 9,615,859

LEVERAGED METRICS
Cumulative Equity Requirement $ 4,813,843 $ 4,813,843 $ 4,813,843 $ 4,813,843 $ 4,813,843 $ 4,813,843 $ 4,813,843
Cash on Cash Yield 5.49% 5.88% 3.81% 4.91% 5.25% 5.71%
Blended DSCR 1.78x 1.83x 1.36x 1.47x 1.50x 1.60x

Guardian Place II UW v1 1.26.22 Page 6 of 7 1/28/2022 6:04 PM