TERMS
Terms of Investment . . . . .
. . . . . . . 12 months
Current interest rate . . . . . . . . . . . . . . . .11.0%*
Index . . . . . . . . . . . .12 mo. Constant
Maturity Treasuries
Spread over the index . . . . . . . . . . . . . . 10.62%
Frequency of rate changes . . . . . . . .6 months
Interest rate ceiling. . . . . . . . . . . . . . . . .15.00%
Interest rate floor . . . . . . . . . . . . . . . . . .11.00%
Discount points to the lender . . . . . . . . . .N/A
Repayment schedule . . . 15 year amortization
Monthly payment . . . . . . . . . . . . . . .$1,248.00*
Frequency of payment change . . . . . . annual
Purchase price of the note . . . . . . . . . $97,668
Current balance on the note . . . . . . . $97,668
Maturity date . . . . . . . . . . . . . . . . . . 60 months
Balloon payment after 12 mos. appr. $94,400
Late charge amount . . . . . . . . . . . . . . . $137.75
Prepayment penalty . . . . . . . . . . . . . . . . .None
*Net of servicing costs
EQUITY ANALYSIS
Appraised Value as of September
2, 1996 . . . .$185,000
Less Senior Liens
First trust deed of . . . . . . . . . . . . . . . . . . .
. . . . . . . $
Beneficiary . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . .
P&I payment . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .$
Interest rate . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . %
Matures . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
Second trust deed of . . . . . . . . . . . . . . . . . . .
. . . . . $
Beneficiary . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . .
P&I payment . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . $
Interest rate . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . %
Matures . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
Third trust deed of . . . . . . . . . . . . . . . . . . .
. . . . . . $
Beneficiary . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . .
P&I payment . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .$
Interest rate . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . %
Matures . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
Protective equity . . . . . . . . . . . . . . . . . . . .
. . . . . $87,331
Loan-to-value ratio . . . . . . . . . . . . . . . . . . .
. . . . . 52.8%
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PROPERTY
Project: ACHUN
GIFT SHOP
Property address:
619 South 9th Street, Modesto, CA
Description: The
subject property consists
of five units, a gift shop, automotive repair,
seamstress, and a tax service.
OPERATING STATEMENT
INCOME
Rental Income . . . . . . . . . . . . . . . . . .
. .$35,400
Laundry and Other Net Income . . . . . . . .N/A
. . . . . . . . . . . . . . . . . . . Total Income: $35,400
Less 5% Vacancy Allowance . . . . . .
. .1,770
. . . . . . . . . . .Effective Gross Income $33,630
EXPENSES
Gas and electric . . . . . . . . . . . . . . . .
. . . . .
Insurance . . . . . . . . . . . . . . . . . . . . . . 2,000
Mgmt. offsite . . . . . . . . . . . . . . . . . . . 1,681
Gardner . . . . . . . . . . . . . . . . . . . . . . . . .
. . .
Repairs & maint. . . . . . . . . . . . . . . . . . .500
Salaries & Payroll . . . . . . . . . . . . . . . . . .
. .
Supplies . . . . . . . . . . . . . . . . . . . . . . . . .
. . .
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . .2,173
Payroll Taxes. . . . . . . . . . . . . . . . . . . . . . .
.
Gardner . . . . . . . . . . . . . . . . . . . . . . . . .
. . .
Reserves for replacement . . . . . . . . 3,500
Administration . . . . . . . . . . . . . . . . . . . . . .
.
. . . . . . . . . . . . . . . . Total Expenses:
$8,054
NET OPERATING INCOME . . . . .$25,576
Note: Based on appraiser's estimates.
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