TERMS
Terms of Investment . . . .
. . . . . . . . 60 months
Current interest rate . . . . . . . . . . . . . . . .13.0%*
Index . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . N/A
Spread over the index . . . . . . . . . . . . . . . . .N/A
Frequency of rate changes . . . . . . . . . . . . N/A
Interest rate ceiling. . . . . . . . . . . . . . . . . .
. N/A
Interest rate floor. . . . . . . . . . . . . . . . . . .
. .N/A
Discount points to the lender . . . . . . . . . .N/A
Repayment schedule . . . 15 year amortization
Monthly payment . . . . . . . . . . . . . . .$1,894.82*
Lockout period . . . . . . . . . . . . . .. . . 30 months
Purchase price of the note . . . . . . . . .$153,000
Current balance on the note . . . . . . . $153,000
Maturity date . . . . . . . . . . . . . . . . . . 60 months
Balloon payment after 60 mos.app. . .$135,154
Late charge amount . . . . . . . . . . . . . . . .$213.78
Prepayment penalty . . . . . . . . . . . . . . . . .None
*Net of servicing costs
EQUITY ANALYSIS
Appraised Value as of May 31,
2000. . . . . . . .$279,900
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 . . . . . . . . . . . . . . . . . . .
. . . . $126,400
Loan-to-value ratio . . . . . . . . . . . . . . . . . .
. . . . .54.8%
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PROPERTY
Project: PEOPLE'S
INN
Property address:
Rt. 2, Box 2012, Hwy 90, Columbus, Texas
Description: This
is a 20 unit motel on an .805 acre parcel. This property
is right off of Interstate 10 about 80 miles west of Houston,
TX.
OPERATING STATEMENT
INCOME
Rental Income at 50% occupancy. . . . .$91,250
Telephone and other net income. . . . . . .$3,114
. . . . . . . . . . . . . . . . . . . . . Total Income:
$94,364
Less % Vacancy Allowance . . . . . . . . . .
. . . . . . . . . . . . .Effective Gross Income
$94,364
EXPENSES
Utilities . . . . . . . . . . . . . . . . . . .
. . . . .$7,172
Insurance . . . . . . . . . . . . . . . . . . . . . .944
Mgmt. offsite . . . . . . . . . . . . . . . . . . .2,076
Mgmt. onsite . . . . . . . . . . . . . . . . . . .9,719
Repairs & maint. . . . . . . . . . . . . . . . . 7,172
Room expense. . . . . . . . . . . . . . . . . . 22,364
Supplies . . . . . . . . . . . . . . . . . . . . . . .
Taxes . . . . . . . . . . . . . . . . . . . . . . . . .
.3,963
Trash . . . . . . . . . . . . . . . . . . . . . . . . .
.
Marketing. . . . . . . . . . . . . . . . . . . . . . 3,963
Reserves for replacement . . . . . . . . 755
Miscellaneous . . . . . . . . . . . . . . . . . 283
Franchise fees. . . . . . . . . . . . . . . . . . 1,510
Telecommunications . . . . . . . . . . . . .849
Total Expenses . . . . . . . . . . . . . . . . .$60,770
NET OPERATING INCOME . . . . .$33,594
Note: Based on the appraiser's estimates..
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