BORROWER STATEMENT RE-CLASSIFICATION FORM (MULTIFAMILY)
PROJECT: Sampletown Apts.
REPORTING PERIOD: 12/31/99
Do not add or delete rows from this box. DO NOT REMOVE
INPUT BORROWER OPERATING STATEMENT FORMAT   STANDARD RECLASSIFICATION   None Selected 1
        Apt. Rental Revenue 2
NOTE: REVENUE CATEGORIES $ Amount Code CATEGORY $ Amount Parking Income 3
R1 Rent Income  $     2,050,000
2 Apartment Rental Income  $  Underwriter's    Laundry Income 4
R2 Retail Income  $           9,000
5 Parking Income  $   Toolbox   Other Income 5
R3 Furnishings Rentals  $          18,000 5 Laundry Income  $  Underwriter's    Excluded Revenue Item 6
R4 Rental Unit Vacancies  $      (160,000) 8 GROSS POTENTIAL RENT  $   Toolbox   Excluded Expense Item 7
R5 Discounts  $        (22,000) 9 Other Income  $  Underwriter's    Vacancy Expense 8
R6 Allowances  $        (14,000) 9 TOTAL REVENUE  $   Toolbox   Concessions Exp. 9
R7 Miscellaneous  $          16,000 5       BadDebt/CreditLoss Exp 10
R8 Parking  $          22,000 3 Vacancy  $  Underwriter's    Real Estate Tax 11
R9 Laundry  $          26,000 4 Concessions  $   Toolbox   Insurance 12
R10 Sec Deposits Forfeited  $          24,000 5 Bad Debt / Credit Loss  $  Underwriter's    Management Fee 13
R11 Application Fees  $          16,000 5    SUBTOT VACANCY/CONCESS/CRED LOSS  $               -     Utilities 14
R12 Guest Suites  $          21,000 5       Repairs & Maintenance 15
R13 Vending Machines  $           6,000 5 VACANCY / CREDIT LOSS FACTOR (%GPR)  $   Toolbox   Payroll/Benefits 16
R14 Interest Income  $          22,000 6       Marketing 17
R15  $                -   1 EFFECTIVE GROSS INCOME  $  Underwriter's    Employee / Admin Units 18
  TOTAL REVENUE  $     2,034,000         Admin / Legal / Acctg 19
  EXPENSE CATEGORIES   OPERATING EXPENSE     Ground Lease 20
E1 Management Fee  $        130,000
13 Real Estate Tax  $   Toolbox   Miscellaneous Exp. 21
E2 Advertising  $          36,000
17 Insurance  $  Underwriter's    Replace Res / Cap Expend 22
E3 Extraordinary Marketing  $           4,000
7 Management Fee  $   Toolbox   Debt Service - Actual 23
E4 Electricity  $          45,000
14 Note:   Management Fee % EGI  $  Underwriter's   
E5 Water & Sewer  $          29,000
14 Utilities  $   Toolbox  
E6 On-Site Management  $          95,000
16 Repairs & Maintenance  $  Underwriter's     
E7 Make-Ready Costs  $          80,000
15 Payroll/Benefits  $   Toolbox  
E8 Exterminating  $          14,400
15 Marketing  $  Underwriter's     
E9 Refuse Disposal  $          60,000
15 Employee Units / Admin Units  $   Toolbox  
E10 Landscaping  $          60,000
15 Administrative / Legal / Accounting  $  Underwriter's   
E11 HVAC Repairs  $          27,000
15 Ground Lease  $   Toolbox  
E12 Snow Removal  $           6,000
15 Miscellaneous  $  Underwriter's   
E13 Pool Service  $           6,000
15 SUBTOTAL OPERATING EXPENSE  $   Toolbox  
E14 Cable TV  $          22,000
14      
E15 Labor / Material  $          48,000
15 NET OPERATING INCOME  $  Underwriter's   
E16 Maintenance Supplies  $          20,000
15      
E17 Pool Re-Surfacing  $           8,000
22 Replacement Reserves  $   Toolbox  
E18 Bldg. Re-Roof  #7, #11  $          32,000
22      
E19 Bldg. Signage Replacement  $           8,000
22 NET CASH FLOW BEFORE DEBT SERVICE  $  Underwriter's   
E20 Property Tax  $        160,000
11      
E21 Front Foot Assessment  $          12,000
11 Debt Service (Actual)  $   Toolbox  
E22 Property Insurance  $          22,000
12      
E23 Health Insurance  $          24,000
16 NET CASH FLOW  $  Underwriter's   
E24 Income Tax  $          45,000
7      
E25 Mortgage Principal  $          70,000
23 NOTES:    
E26 Mortgage Interest  $        725,000
23 Total Excluded Revenue Items  $   Toolbox  
E27 Lender Points  $                -  
1 Total Excluded Expense Items  $  Underwriter's   
E28 Depreciation  $        425,000
7  
E29 Amortization  $          90,000
7 Reconciliation:    
E30 Manager Units  $          22,000
18 Borrower Net Income/Cash Flow  $(291,400)  
  TOTAL EXPENSE  $     2,325,400   Less: Re-Classified Net Cash Flow  $  Underwriter's   
    Difference #VALUE!  
  NET INCOME / CASH FLOW  $      (291,400)   Add back: Excluded Borrower Revenue Items  $   Toolbox  
    Delete: Excluded Borrower Expense Items  $  Underwriter's   
            Variance #VALUE!