RETAIL CASH FLOW UNDERWRITING RETAIL CASH FLOW UNDERWRITING
Sample Plaza Shopping Ctr 0
RENTABLE S.F. (copied from rent roll)                 83,400
MORTGAGE INPUTS: UNDERWRITING INPUTS:
STARTING PRINCIPAL BALANCE $9,250,000  $             110.91  / SF
ASSUMED BASE RATE 6.10% Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox
Underwriter's Toolbox 2.20%
Underwriter's Toolbox 8.30% Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox
Underwriter's Toolbox                     10.0
Underwriter's Toolbox                     30.0 Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox
Underwriter's Toolbox  $      837,810.85 ANNUAL $69,817.57 MONTHLY
CONSTANT 9.06% Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox
BALLOON / PRIN. BALANCE AT MATURITY $8,163,824.32 $97.89 BALLOON / SF
Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox
DEBT SERVICE COVERAGE ON UNDERWRITTEN CASH FLOW: #VALUE!    
  1997   1998   1999 YTD ANNUALIZED ANZ'D APPRAISAL APPR. UNDERWRITING UW UW %    
1997 PSF 1998 PSF 1999 $PSF YTD end 3/31/00 YTD $PSF YE 4/30/01 $PSF YE 4/31/01 $PSF GPR   HISTORICAL AND UNDERWRITING CASH FLOW NOTES
                                  3.0            
BASE RENT     1,237,781    14.84            1,282,550     15.38            1,274,400        15.28               332,156            1,328,624        15.93            1,336,550     16.03                 1,336,550        16.03 #VALUE! BASE RENT  
Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Percentage Rent  
Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Expense Recoveries  
Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox GROSS POTENTIAL RENT  
Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Other Income  
TOTAL REVENUE #VALUE! ###### #VALUE! ####### #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ####### #VALUE! #VALUE! #VALUE! TOTAL REVENUE  
                               
VACANCY / CREDIT LOSS                  -           -                          -             -                          -                -                          -                          -               -   #VALUE! ####### #VALUE! #VALUE! #VALUE! VACANCY / CREDIT LOSS  
                               
VACANCY / CREDIT LOSS FACTOR #VALUE!   #VALUE!   #VALUE!   #VALUE! #VALUE!   #VALUE!   #VALUE!     VAC / CREDIT LOSS FACTOR CHECK UNDERWRITER'S TOOLBOX MARKET STATISTICS
                               
EFFECTIVE GROSS INCOME #VALUE! ###### #VALUE! ####### #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ####### #VALUE! #VALUE! #VALUE! EFFECTIVE GROSS INCOME
                                  
Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox    Underwriter's Toolbox  
Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox    Underwriter's Toolbox  
Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox    Underwriter's Toolbox  
Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox    Underwriter's Toolbox  
Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox    Underwriter's Toolbox  
Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox    Underwriter's Toolbox  
Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox    Underwriter's Toolbox  
Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox    Underwriter's Toolbox  
Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox    Underwriter's Toolbox  
Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox    Underwriter's Toolbox  
Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox    Underwriter's Toolbox  
Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox    Underwriter's Toolbox  
NET OPERATING INCOME #VALUE! ###### #VALUE! ####### #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ####### #VALUE! #VALUE! #VALUE!    NET OPER INCOME  
                             
Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox    TENANT IMPROVEMENTS
Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox    LEASING COMMISSIONS  
Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox    CAP EX / REPLACE. RES  
Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox Underwriter's Toolbox    TOTAL RESERVES  
                              
NET CASH FLOW BEFORE DEBT SERVICE #VALUE! ###### #VALUE! ####### #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ####### #VALUE! #VALUE! #VALUE! NET CASH FLOW BEF DEBT SERV
                               
DEBT SERVICE (PROPOSED)        837,811    10.05               837,811     10.05               837,811        10.05               837,811               837,811        10.05               837,811     10.05                    837,811        10.05 #VALUE! DEBT SERVICE (PROPOSED)
                               
NET CASH FLOW #VALUE! ###### #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