30-Year Amortization for Office Refinance Loan Quote Comparison

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1 Jan 2018 Lender #1 Lender #2 Lender #3 Loan Amount: $1,246,200 $1,350,000 $1,350,000 Estimated Value: $2,077,000 $2,077,000 $2,077,000 Loan To Value: 60.0% 65.0% 65.0% Indicated Interest Rate 4.55% 4.55% 4.62% Underwriting Criteria: Loan Quote Comparison Maximum LTV: 60% 70% 65% Minimum DSCR: Fixed/Variable Term: 5 Yrs + 5 Yrs 5 Yrs + 5 Yrs 5 Yrs + 30 Yrs Variable Rate: 3 Mo. LIBOR % 6 Mo. LIBOR % 6 Mo. LIBOR % Variable Ceiling: 10.50% 9.50% 9.62% Loan Term: 10 Years 10 Years 30 Years Amortization Method: 30/360 Interest Only Actual/360 Amortization Period in Years: Interest Only: No 2 Years No Rate Lock: Yes Yes Yes Monthly Loan Constant: % % % Total Loan Fees (Lender/Mtg Broker): 1.00% 1.00% 1.00% Application Deposit $7,500 $6,000 $4,000 Are costs capped? No No No To be used for: 3rd Party Reports 3rd Party Reports 3rd Party Reports Third Party Reports Required Appraisal Yes Yes Yes Environmental Yes Yes Yes Property Condition Report No No No Survey No No No Deposit Relationship Required? No No No Other Costs Processing Fee/Site Visit $2,000 $0 $2,000 Lender's Legal Cost Estimate $0 $0 $0 Escrow Impounds Property Taxes No No No Insurance No No No Replacement Reserves No No No Prepayment Penalty Lock-Out Period None None None Method of Prepayment Open Period Last 5 Years Last 6 Years Last 25 Years Recourse/Non-Recourse Recourse Recourse Recourse Doug Marshall, CCIM Marshall Commercial Funding, Inc Call today for a no obligation loan quote (503) doug@marshallcf.com

2 Estimated Sources & Uses Statement SOURCES Lender #1 Lender #2 Lender #3 Loan Amount 1,246,200 1,350,000 1,350,000 Cash From Borrower Total Sources $1,246,200 $1,350,000 $1,350,000 USES Cash To Borrower 33, , ,129 Pay off existing mortgage 1,185,471 1,185,471 1,185,471 Repair Holdback Financing Charges Financing Fee 12,462 13,500 13,500 Appraisal 7,500 4,000 0 Environmental Report. 1,500 0 Appraisal Review Fee Survey Processing Fee 2,000 1,500 2,000 Miscellaneous Lender Fees Title Policy Insurance 3,200 3,200 3,200 Escrow 1,200 1,200 1,200 Miscellaneous Closing Costs Total Financing Charges 26,951 25,400 20,400 Total Uses $1,246,200 $1,350,000 $1,350,000

3 Monthly Cash Flow After Debt Service No. of sq.ft. 10,207 Lender #1 Lender #2 Lender #3 INCOME 1. Rental Income $222,274 $222,274 $222, CAM Reimbursements $24,983 $24,983 $24, Vacancy & Credit Loss ($2,473) ($2,473) ($2,473) 4. EFFECTIVE GROSS INCOME $244,784 $244,784 $244,784 EXPENSES 5. Property Taxes 23,839 23,839 23, Insurance 2,517 2,517 2, Repairs & Maintenance 26,947 26,947 26, Cleaning 3,986 3,986 3, Utilties 16,524 16,524 16, General & Administrative Management Fee 12,239 12,239 12, Professional Services 2,800 2,800 2, Asset Management 2,448 2,448 2, Dues, Permits, Taxes, Etc. 1,000 1,000 1, Capital Repairs 8,000 8,000 8, TI & LC Reserves TOTAL OPERATING EXPENSES $101,267 $101,267 $101, % Expense/Effective Gross Income 41.4% 41.4% 41.4% 16. Expense Per Unit or Square Feet $9.92 $9.92 $ CASH FLOW BEFORE DEBT SERVICE $143,517 $143,517 $143, Monthly Net Income $11,960 $11,960 $11, Loan Amount $1,246,200 $1,350,000 $1,350, Interest Rate 4.55% 4.55% 4.62% 21. Amortization Method 30/360 Interest Only Actual/ Amortization in Years Less: Mortgage Payment $6,351 $5,119 $6, CASH FLOW AFTER DEBT SERVICE $5,608 $6,841 $5,023

4 Before & After Tax Return on Equity PROJECTED TAXABLE INCOME Lender #1 Lender #2 Lender #3 NET CASH FLOW BEFORE DEBT SERVICE $143,517 $143,517 $143,517 Annual Interest Expense 56,290 61,425 62,812 Cost Recovery (Depreciation) 66,464 66,464 66,464 TAXABLE INCOME $20,763 $15,628 $14,241 CASH FLOW BEFORE & AFTER TAXES Net Operating Income $143,517 $143,517 $143,517 Annual Debt Debt Service 76,217 61,425 83,242 CASH FLOW BEFORE TAXES $67,301 $82,092 $60,275 Tax 30% 6,229 4,689 4,272 CASH FLOW AFTER TAXES $61,072 $77,404 $56,003 $56,130 RETURN ON EQUITY BEFORE TAX 8.1% 11.3% 8.3% AFTER TAX 7.4% 10.6% 7.7% DEPRECIATION AND TAX ASSUMPTIONS Estimated Value $2,077,000 Building Value as % of Total Value 80% Depreciation Schedule 4.00% Ordinary Income Tax Rate: 30%

5 Lender #1 Amortization Methods - 3 Approaches Loan Amount: $1,246, /360 - interest calculated based on 30 day months Annual Interest Rate: 4.550% 2. Actual/360 - interest based on actual no. of days in the month Effective Interest Rate: 4.550% 3. Interest Only - no amortization of the loan Amortization Method: 30/360 Amort Period (in Yrs): 30 Closing Date: 03/01/18 Pmt Due Beginning No. of Mortgage Ending No. Date Balance Days Payment Interest Principal Balance 1 04/01/18 $1,246, $6, $4, $1, $1,244, /01/18 $1,244, $6, $4, $1, $1,242, /01/18 $1,242, $6, $4, $1, $1,241, /01/18 $1,241, $6, $4, $1, $1,239, /01/18 $1,239, $6, $4, $1, $1,238, /01/18 $1,238, $6, $4, $1, $1,236, /01/18 $1,236, $6, $4, $1, $1,234, /01/18 $1,234, $6, $4, $1, $1,233, /01/18 $1,233, $6, $4, $1, $1,231, /01/19 $1,231, $6, $4, $1, $1,229, /01/19 $1,229, $6, $4, $1, $1,227, /01/19 $1,227, $6, $4, $1, $1,226, $76, $56, $19, Lender #2 Loan Amount $1,350,000 Annual Interest Rate: 4.550% Effective Interest Rate: Amortization Method: 4.550% Interest Only Amort Period (in Yrs) 30 Closing Date: 03/01/18 Pmt Due Beginning No. of Mortgage Ending No. Date Balance Days Payment Interest Principal Balance 1 04/01/18 $1,350, $5, $5, $0.00 $1,350, /01/18 $1,350, $5, $5, $0.00 $1,350, /01/18 $1,350, $5, $5, $0.00 $1,350, /01/18 $1,350, $5, $5, $0.00 $1,350, /01/18 $1,350, $5, $5, $0.00 $1,350, /01/18 $1,350, $5, $5, $0.00 $1,350, /01/18 $1,350, $5, $5, $0.00 $1,350, /01/18 $1,350, $5, $5, $0.00 $1,350, /01/18 $1,350, $5, $5, $0.00 $1,350, /01/19 $1,350, $5, $5, $0.00 $1,350, /01/19 $1,350, $5, $5, $0.00 $1,350, /01/19 $1,350, $5, $5, $0.00 $1,350, $61, $61, $0.00

6 Lender #3 Loan Amount $1,350,000 Annual Interest Rate: 4.620% Effective Interest Rate: Amortization Method: 4.684% Actual/360 Amort Period (in Yrs) 30 Closing Date: 03/01/18 Pmt Due Beginning No. of Mortgage Ending No. Date Balance Days Payment Interest Principal Balance 1 04/01/18 $1,350, $6, $5, $1, $1,348, /01/18 $1,348, $6, $5, $1, $1,346, /01/18 $1,346, $6, $5, $1, $1,345, /01/18 $1,345, $6, $5, $1, $1,343, /01/18 $1,343, $6, $5, $1, $1,341, /01/18 $1,341, $6, $5, $1, $1,340, /01/18 $1,340, $6, $5, $1, $1,338, /01/18 $1,338, $6, $5, $1, $1,336, /01/18 $1,336, $6, $5, $1, $1,334, /01/19 $1,334, $6, $5, $1, $1,333, /01/19 $1,333, $6, $5, $1, $1,331, /01/19 $1,331, $6, $4, $2, $1,329, $83, $62, $20,429.85