MULTIFAMILY CASH FLOW UNDERWRITING MULTI-FAMILY CASH FLOW UNDERWRITING
Sampletown Apts. Sampletown Apts.
TOTAL UNITS (copied from rent roll)                      240
MORTGAGE INPUTS: UNDERWRITING INPUTS:
STARTING PRINCIPAL BALANCE $10,000,000  $             41,667  / UNIT
Underwriter's 6.05% Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's
Toolbox 1.85% Toolbox Toolbox Toolbox Toolbox Toolbox
Underwriter's 7.90% Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's
Toolbox                     10.0 Toolbox Toolbox Toolbox Toolbox Toolbox
Underwriter's                     30.0 Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's
Toolbox  $      872,166.49 ANNUAL $72,680.54 MONTHLY Toolbox Toolbox Toolbox Toolbox Toolbox
CONSTANT 8.72%
BALLOON / PRIN. BALANCE AT MATURITY $8,754,294.62 $36,476 BALLOON / UNIT
DEBT SERVICE COVERAGE ON UNDERWRITTEN CASH FLOW: #VALUE!      
  1997   1998   1999 YTD ANNUALIZED ANZ'D APPRAISAL APPR. UNDERWRITING UW UW %    
1997 $UNIT 1998 $UNIT 1999 $UNIT 1/1 - 3/31/00 YTD $UNIT YE 12/31/00 $UNIT 2/28/00 $UNIT GPR   HISTORICAL AND UNDERWRITING CASH FLOW NOTES
                                  3.0            
Apartment Rental Income     1,995,000    8,313            2,005,000      8,354            2,050,000        8,542               540,000            2,160,000      9,000            2,175,000      9,063                 2,150,760        8,962 #VALUE! BASE RENT  
Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's  
Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox  
Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's  
Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox  
TOTAL REVENUE #VALUE! ###### #VALUE! ####### #VALUE! #VALUE! #VALUE! #VALUE! ####### #VALUE! ####### #VALUE! #VALUE! #VALUE! TOTAL REVENUE  
                               
VACANCY        140,000       583               155,000         646               160,000           667                 46,000               184,000         767               168,000         700 #VALUE! #VALUE! #VALUE! VACANCY  
CONCESSIONS          22,000         92                 33,000         138                 36,000           150                 11,000                 44,000         183                 35,000         146                      35,000           146 #VALUE! CONCESSIONS  
BAD DEBT / CREDIT LOSS                  -           -                          -              -                          -                -                          -                          -              -                          -              -   #VALUE! #VALUE! #VALUE! BAD DEBT / CREDIT LOSS  
   SUBTOT VACANCY/CONCESS/CRED LOSS        162,000       675               188,000         783               196,000           817                 57,000               228,000         950               203,000         846 #VALUE! #VALUE! #VALUE!    SUBTOT VACANCY/CONCESS/CRED LOSS  
                               
VACANCY / CREDIT LOSS FACTOR (%GPR) #VALUE!   #VALUE!   #VALUE!   #VALUE! #VALUE!   #VALUE!   #VALUE!     VACANCY / CREDIT LOSS FACTOR (%GPR)  
                               
EFFECTIVE GROSS INCOME #VALUE! ###### #VALUE! ####### #VALUE! #VALUE! #VALUE! #VALUE! ####### #VALUE! ####### #VALUE! #VALUE! #VALUE! EFFECTIVE GROSS INCOME  
                               
OPERATING EXPENSE                                -                     OPERATING EXPENSE  
Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's  
Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox  
Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's  
Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox  
Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's  
Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox  
Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's  
Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox  
Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's  
Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox  
Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's Underwriter's  
Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox Toolbox  
SUBTOTAL OPERATING EXPENSE #VALUE! ###### #VALUE! ####### #VALUE! #VALUE! #VALUE! #VALUE! ####### #VALUE! ####### #VALUE! #VALUE! #VALUE! SUBTOTAL OPER EXP  
                               
NET OPERATING INCOME #VALUE! ###### #VALUE! ####### #VALUE! #VALUE! #VALUE! #VALUE! ####### #VALUE! ####### #VALUE! #VALUE! #VALUE! NET OPER INCOME  
                               
REPLACEMENT RESERVES                  -           -                          -              -                   48,000           200                        -                          -              -                          -              -   #VALUE! #VALUE! #VALUE! REPLACEMENT RESERVES  
                               
NET CASH FLOW BEFORE DEBT SERVICE #VALUE! ###### #VALUE! ####### #VALUE! #VALUE! #VALUE! #VALUE! ####### #VALUE! ####### #VALUE! #VALUE! #VALUE! NET CASH FLOW BEF DEBT SERV  
                               
DEBT SERVICE (PROPOSED)        872,166    3,634               872,166      3,634               872,166        3,634               872,166               872,166      3,634               872,166      3,634                    872,166        3,634 #VALUE! DEBT SERVICE (PROPOSED)  
                               
NET CASH FLOW #VALUE! ###### #VALUE! ####### #VALUE! #VALUE! #VALUE! #VALUE! ####### #VALUE! ####### #VALUE! #VALUE! #VALUE! NET CASH FLOW  
                         
DEBT SERVICE COVERAGE #VALUE!   #VALUE!   #VALUE!   #VALUE! #VALUE!   #VALUE!   #VALUE!     DEBT SERVICE COVERAGE