Docstoc

Excel Spreadsheets

Document Sample
Excel Spreadsheets Powered By Docstoc
					Main Menu Real Estate Main Menu These spreadsheets will assist you in computing several types of Real Estate Spreadsheets Scroll Down until you find the spreadsheet you wish to use. Select your spreadsheet by pressing the button with its name.

QUIT

ADC loans are short-term loans. The loan amount is determined prior to construction and is dispersed as construction proceeds. Interest is accumulated and is, thus, part of the loan disbursements as there is no repayment of the ADC loan until the project is completed and a permanent loan is taken out to repay the accumulated ADC loan plus accrued interest.

ARM - Adjustable Rate Mortgages.

A CMO is a mortgage ralated security that divides the cash flows of a pool of mortgages into several classes or tranches including a residual class. All tranches except the residual class are bond-like instruments. The cash flows to the tranches and the residual class depend on the contract rate of interest on the pool, on the bonds, and critically, on the prepayment assumptions on the mortgage pool. The cash flows to the various tranches can be very complicated. Equity participation loans are those that provide the borrower with a lower rate of interest in exchange for a portion of the profits from or appreciation in the property. Assuming that the lender is not determined to be an equity owner by the IRS rules and that payments to the lender are tax deductible for the borrower and taxable income for the lender. The agreement lowers the risk for the borrower and increases ir for the lender. Leasing is a type of capital budgeting analysis. Researchers regard leasing as a substitute for debt and reccomend the use of the after-tax cost of debt as the discount rate for the user comparing leasing versus purchase alternatives. This model allows an analysis of the consequences of a wide range of alternative assumptions about the relative characteristics of a lessor

Page 1

Main Menu versus user/lessee. This example shows the financial statements and measures of returns for a commercial real estate project according to the tax rules introduced by the tax reform act of 1986. It shows how a project should have an economic value to produce cash flows that justify investment. Mortgage backed bonds are mortgare related securities that act more like bonds in terms of interest rates and maturity. The interesting cash flows are those that accrue to the residual interest. Those cash flows depend on the prepayment and default rate assumptions. This example shows the financial statements and measures of return for a commercial real estate investment prior to the tax reform act of 1986. It is useful to show how an uneconomic property can have value because of the tax laws.

Refinancing property

Servicing rights are fees that lenders charge for servicing loans that they have sold. The servicer had the right to approximately 3/8 of one percent of the outstanding balance on the loans but also have some expenses to bear. The crucial variables include the assumed prepayment rate and the expense structure.

Page 2

Main Menu

preadsheets

Page 3

Main Menu

Page 4

CONSTRUCTION LOAN DISBURSEMENT MONTHS LOAN CONTRACT RATE 6.00% REMAINING MONTH AMOUNT TOTAL PAID PERCENT 1 $105,000 $105,000 4.79% 18 2 $95,000 $200,000 4.34% 17 3 $45,000 $245,000 2.05% 16 4 $20,000 $265,000 0.91% 15 5 $50,000 $315,000 2.28% 14 6 $100,000 $415,000 4.57% 13 7 $100,000 $515,000 4.57% 12 8 $125,000 $640,000 5.71% 11 9 $125,000 $765,000 5.71% 10 10 $300,000 $1,065,000 13.70% 9 11 $175,000 $1,240,000 7.99% 8 12 $260,000 $1,500,000 11.87% 7 13 $165,000 $1,665,000 7.53% 6 14 $135,000 $1,800,000 6.16% 5 15 $105,000 $1,905,000 4.79% 4 16 $100,000 $2,005,000 4.57% 3 17 $100,000 $2,105,000 4.57% 2 18 $85,000 $2,190,000 3.88% 1 LOAN FEE % 2.00% TOTAL $2,190,000 ANNUAL YIELD 8.76% (CELL C50 TIMES 12) INPUT IN CELL C50 UNTIL DIFFERENCE EQUALS NEAR ZERO YIELD 0.73% P.V. STREAM P.V. REPAYMENT DIFFERENCE $2,047,061 $2,046,561 ($499.60) BALANCE FUTURE DUE VALUE $105,525 $114,863 $201,528 $103,406 $247,760 $48,738 $269,099 $21,554 $320,695 $53,616 $422,798 $106,699 $525,412 $106,168 $653,664 $132,049 $782,557 $131,393 $1,087,970 $313,773 $1,269,285 $182,124 $1,536,931 $269,238 $1,710,441 $170,012 $1,854,668 $138,409 $1,969,467 $107,116 $2,079,814 $101,508 $2,190,713 $101,003 $2,287,092 $85,425 $45,742 $2,332,833

ADC Chart

ADC EXAMPLE Accumulated Amounts Due $2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000

$0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Acc. Balance Due

Page 6

ADC Chart

17

18

Page 7

ARM Example

ONE-YEAR ADJUSTABLE RATE MORTGAGE EXAMPLE INPUT DATA LOAN AMOUNT $100,000 INITIAL INTEREST RATE 7.00% RATE CAP 3.00% MARGIN IN BASIS POINTS 200 LIFETIME CAP 6.00% MATURITY IN MONTHS 360 INDEX AT PRESENT 7.00% EXPECTED INDEX AT END OF YEAR 1 10.00% 2 8.00% 3 11.00% 4 9.00% 5 9.00% 6 8.00% 7 7.00% 8 10.00% 9 12.00% 10 14.00% 11 12.00% 12 8.00% 13 12.00% 14 8.00% 15 8.00% 16 8.00% 17 8.00% 18 8.00% 19 8.00% 20 8.00% 21 8.00% 22 8.00% 23 8.00% 24 8.00% 25 8.00% 26 8.00% 27 8.00% 28 8.00% 29 5.00% 30 8.00%

TOTAL PAYMENTS=

$332,087

PAYMENT $665.30 $873.51 $873.51 $1,091.65 $946.60 $946.60 $878.92 $814.54 $1,007.87 $1,073.98 $1,073.98 $1,073.98 $894.52 $1,067.44 $900.36 $900.36 $900.36 $900.36 $900.36 $900.36 $900.36 $900.36 $900.36 $900.36 $900.36 $900.36 $900.36 $900.36 $900.36 $886.13

INTEREST ENDING RATE FOR BALANCE YEAR $98,984 7.00% $98,373 10.00% $97,698 10.00% $97,274 13.00% $96,581 11.00% $95,807 11.00% $94,795 10.00% $93,500 9.00% $92,575 12.00% $91,670 13.00% $90,639 13.00% $89,466 13.00% $87,594 10.00% $86,084 13.00% $83,785 10.00% $81,245 10.00% $78,439 10.00% $75,339 10.00% $71,914 10.00% $68,131 10.00% $63,952 10.00% $59,335 10.00% $54,235 10.00% $48,600 10.00% $42,376 10.00% $35,499 10.00% $27,903 10.00% $19,512 10.00% $10,241 10.00% $0 7.00%

Page 8

ARM Chart

350000

300000

250000

200000

150000

100000

50000

0 0

Page 9

ARM Chart

Series1 Series2 Series3 Series4 Series5 Series6

Page 10

CMO

DISCOUNT RATE FOR RESIDUAL = RETURN MEASURES FOR RESIDUAL IRR= NET PRESENT VALUE=

13.00%

15.42% $891,234

YEAR 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

PAYMENTS TO REINVESTMENT ACCUMULATED EQUITY RATE WEALTH ($6,000,000) $1,217,500 0.12 $1,217,500 $1,182,186 0.12 $2,545,786 $1,120,131 0.12 $3,971,412 $1,037,232 0.12 $5,485,213 $953,397 0.12 $7,096,836 $882,496 0.12 $8,830,952 $821,178 0.12 $10,711,844 $760,119 0.12 $12,757,384 $698,960 0.12 $14,987,230 $674,108 0.12 $17,459,805 $653,273 0.12 $20,208,255 $632,012 0.12 $23,265,258 $630,000 0.12 $26,687,089 $630,000 0.12 $30,519,540 $630,000 0.12 $34,811,885 $630,000 0.12 $39,619,311 $630,000 0.12 $45,003,628 $630,000 0.12 $51,034,064 $630,000 0.12 $57,788,151 $630,000 0.12 $65,352,730 $630,000 0.12 $73,825,057 $630,000 0.12 $83,314,064 $630,000 0.12 $93,941,752 $630,000 0.12 $105,844,762 $630,000 0.12 $119,176,133 $630,000 0.12 $134,107,269 $769,806 0.12 $150,969,948 $2,623,138 0.12 $171,709,479 $2,355,943 0.12 $194,670,560 $2,100,531 $199,127,034

Page 11

Equity Particip

AMORTIZATION OF LOAN

BEGINNING BALANCE PLUS INTEREST LESS PAYMENT ENDING BALANCE DISCOUNT RATE FOR BORROWER= SALE IN YEAR: 1 CASH FLOW 2 3 4 5 DISCOUNT RATE FOR LENDER= CASH FLOW TO LENDER SALE IN YEAR 1 CASH FLOW 2 3 4 5 14.75% ($800,000) ($800,000) ($800,000) ($800,000) ($800,000) 12.00%

$2,000,000 $180,000 $194,673 $1,985,327

$1,985,327 $178,679 $194,673 $1,969,334

$1,969,334 $177,240 $194,673 $1,951,901

$1,951,901 $175,671 $194,673 $1,932,900

$1,932,900 $173,961 $194,673 $1,912,188

$1,912,188 $172,097 $194,673 $1,889,612

$1,889,612 $170,065 $194,673 $1,865,005

$1,865,005 $167,850 $194,673 $1,838,182 NET PRESENT VALUE ($32,333) $98,558 $299,053 $422,509 $536,277

$880,898 $152,486 $152,486 $152,486 $152,486

$1,008,204 $172,555 $172,555 $172,555

$1,261,852 $193,113 $193,113

$1,440,432 $215,346

PRES. VAL. $767,667 $898,558 $1,099,053 $1,222,509 $1,632,139 $1,336,277

IRR 10.112% 22.195% 29.605% 30.587% 30.958%

($2,000,000) ($2,000,000) ($2,000,000) ($2,000,000) ($2,000,000)

$2,237,692 $227,165 $227,165 $227,165 $227,165

$2,255,177 $233,931 $233,931 $233,931

$2,273,378 $241,250 $241,250

$2,292,308 $249,168

$2,311,975

$1,997,939 $2,000,639 $2,007,460 $2,017,834 $2,031,258

11.885% 12.019% 12.154% 12.290% 12.427%

NET PRESENT VALUE ($2,061) $639 $7,460 $17,834 $31,258

Page 12

Equity Chart

Cash Flows $2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000

$0 1 2 3 4 5

Page 13

Equity Chart

Series5 Series4 Series3 Series2 Series1

Page 14

FINSALE

SALE-LEASEBACK property sold for= property repurchased for= noi lease expense taxable income tax cash flow NET PRESENT VALUE CHANGE IN NET PRESENT VALUE = LESSOR lease income depreciation tax after tax $1,800,000 $1,800,000 $338,900 $275,000 $63,900 $17,892 $46,008 $1,485,971 $337,659 $338,900 $275,000 $63,900 $17,892 $46,008 $338,900 $275,000 $63,900 $17,892 $46,008 $338,900 $275,000 $63,900 $17,892 $46,008 $338,900 $275,000 $63,900 $17,892 $46,008 $338,900 $275,000 $63,900 $17,892 $46,008 $338,900 $275,000 $63,900 $17,892 $46,008 $338,900 $275,000 $63,900 $17,892 $46,008 $338,900 $275,000 $63,900 $17,892 $46,008 $338,900 $275,000 $63,900 $17,892 ($1,753,992)

$275,000 $150,000 $35,000 $240,000

$275,000 $150,000 $35,000 $240,000

$275,000 $150,000 $35,000 $240,000

$275,000 $150,000 $35,000 $240,000

$275,000 $150,000 $35,000 $240,000

$275,000 $150,000 $35,000 $240,000

$275,000 $150,000 $35,000 $240,000

$275,000 $150,000 $35,000 $240,000

$275,000 $150,000 $35,000 $240,000

$275,000 $150,000 $35,000 $2,240,000

NET PRESENT VALUE $200,000 Amortization Schedule for Continued Ownership bb $100,000 interest $12,000 payment $17,698 eb $94,302

$94,302 $11,316 $17,698 $87,919

$87,919 $10,550 $17,698 $80,771

$80,771 $9,693 $17,698 $72,765

$72,765 $8,732 $17,698 $63,799

$63,799 $7,656 $17,698 $53,756

$53,756 $6,451 $17,698 $42,509

$42,509 $5,101 $17,698 $29,911

$29,911 $3,589 $17,698 $15,802

$15,802 $1,896 $17,698 $0

Page 15

Income Property

AMORTIZATION OF LOAN BEGINNING BALANCE PLUS INTEREST LESS PAYMENT ENDING BALANCE DISCOUNT RATE= SALE IN YEAR: 15.00% CASHFLOWS 1 ($400,000) 2 3 4 5 ($400,000) ($400,000) ($400,000) ($400,000) $420,134 ($30,034) ($30,034) ($30,034) ($30,034) $613,648 ($1,684) ($1,684) ($1,684) PRES. VAL. $365,334 $437,889 $506,693 $572,589 $636,191 IRR $2,400,000 $432,000 $435,034 $2,396,966 $2,396,966 $431,454 $435,034 $2,393,385 $2,393,385 $430,809 $435,034 $2,389,160 $2,389,160 $430,049 $435,034 $2,384,175 $2,384,175 $429,151 $435,034 $2,378,292 NET PRESENT VALUE 5.033% ($34,666) 20.162% 24.070% 25.441% 25.993% $37,889 $106,693 $172,589 $236,191

$812,274 $28,650 $28,650

$1,016,421 $61,108

$1,226,535

Page 16

I. P. Chart

Post 1986 taxes Commercial Real Estate $250,000 $200,000 $150,000 $100,000 $50,000 $0 ($50,000) 1 2 3
Net Present Value

4

Page 17

I. P. Chart

5

Page 18

MBB

YEAR

BEG PMT SCEDULED INTEREST PREPAYMNT DEFAULT CASH PMT TO RESIDUAL FUND CASH FLOW NET P.V. 0 BAL AMORT INFLOW BONDHLDR TO EQUITY 1 $120,000,000 $13,802,952 $602,952 $13,200,000 $0 $596,985 $13,802,952 $11,000,000 $2,802,952 $2,802,952 0 ($872,256) 2 $118,800,063 $13,733,937 $665,930 $13,068,007 $0 $590,671 $13,733,937 $11,000,000 $2,733,937 $5,733,096 0 3 $117,543,462 $13,665,267 $735,487 $12,929,781 $0 $584,040 $13,665,267 $11,000,000 $2,665,267 $8,799,680 0 4 $116,223,936 $13,596,941 $812,308 $12,784,633 $0 $577,058 $13,596,941 $11,000,000 $2,596,941 $12,012,598 0 5 $114,834,569 $13,528,956 $897,154 $12,631,803 $0 $569,687 $13,528,956 $11,000,000 $2,528,956 $15,382,436 0 6 $113,367,729 $13,461,312 $990,861 $12,470,450 $0 $561,884 $13,461,312 $11,000,000 $2,461,312 $18,920,518 0 7 $111,814,983 $13,394,005 $1,094,357 $12,299,648 $0 $553,603 $13,394,005 $11,000,000 $2,394,005 $22,638,960 0 8 $110,167,023 $13,327,035 $1,208,662 $12,118,373 $0 $544,792 $13,327,035 $11,000,000 $2,327,035 $26,550,722 0 9 $108,413,569 $13,260,400 $1,334,907 $11,925,493 $0 $535,393 $13,260,400 $11,000,000 $2,260,400 $30,669,672 0 10 $106,543,268 $13,194,098 $1,474,338 $11,719,760 $0 $525,345 $13,194,098 $11,000,000 $2,194,098 $35,010,647 0 11 $104,543,585 $13,128,127 $1,628,333 $11,499,794 $0 $0 $13,128,127 $11,000,000 $2,128,127 $39,589,520 0 12 $102,915,252 $13,128,127 $1,807,450 $11,320,678 $0 $0 $13,128,127 $11,000,000 $2,128,127 $44,488,913 0 13 $101,107,803 $13,128,127 $2,006,269 $11,121,858 $0 $0 $13,128,127 $11,000,000 $2,128,127 $49,731,265 0 14 $99,101,534 $13,128,127 $2,226,959 $10,901,169 $0 $0 $13,128,127 $11,000,000 $2,128,127 $55,340,580 0 15 $96,874,575 $13,128,127 $2,471,924 $10,656,203 $0 $0 $13,128,127 $11,000,000 $2,128,127 $61,342,548 0 16 $94,402,651 $13,128,127 $2,743,836 $10,384,292 $0 $0 $13,128,127 $11,000,000 $2,128,127 $67,764,654 0 17 $91,658,816 $13,128,127 $3,045,658 $10,082,470 $0 $0 $13,128,127 $11,000,000 $2,128,127 $74,636,307 0 18 $88,613,158 $13,128,127 $3,380,680 $9,747,447 $0 $0 $13,128,127 $11,000,000 $2,128,127 $81,988,976 0 19 $85,232,478 $13,128,127 $3,752,555 $9,375,573 $0 $0 $13,128,127 $11,000,000 $2,128,127 $89,856,332 $0 20 $81,479,923 $13,128,127 $4,165,336 $8,962,792 $0 $0 $13,128,127 $121,000,000 ($107,871,873) ($11,725,598) ($11,725,598) 21 $77,314,588 $13,128,127 $4,623,523 $8,504,605 $0 $0 $13,128,127 $0 $13,128,127 $0 $13,128,127 22 $72,691,065 $13,128,127 $5,132,110 $7,996,017 $0 $0 $13,128,127 $0 $13,128,127 $0 $13,128,127 23 $67,558,955 $13,128,127 $5,696,642 $7,431,485 $0 $0 $13,128,127 $0 $13,128,127 $0 $13,128,127 24 $61,862,312 $13,128,127 $6,323,273 $6,804,854 $0 $0 $13,128,127 $0 $13,128,127 $0 $13,128,127 25 $55,539,040 $13,128,127 $7,018,833 $6,109,294 $0 $0 $13,128,127 $0 $13,128,127 $0 $13,128,127 26 $48,520,207 $13,128,127 $7,790,905 $5,337,223 $0 $0 $13,128,127 $0 $13,128,127 $0 $13,128,127 27 $40,729,302 $13,128,127 $8,647,904 $4,480,223 $0 $0 $13,128,127 $0 $13,128,127 $0 $13,128,127 28 $32,081,398 $13,128,127 $9,599,174 $3,528,954 $0 $0 $13,128,127 $0 $13,128,127 $0 $13,128,127 29 $22,482,224 $13,128,127 $10,655,083 $2,473,045 $0 $0 $13,128,127 $0 $13,128,127 $0 $13,128,127 30 $11,827,142 $13,128,127 $11,827,142 $1,300,986 $0 $0 $13,128,127 $0 $13,128,127 $0 $13,128,127

Page 19

MBB Chart

Mortgage Backed Bonds $20,000,000 $0 ($20,000,000) ($40,000,000) ($60,000,000) ($80,000,000) ($100,000,000) ($120,000,000) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27
Residual Cash Flows Cash Flow to Equity

Page 20

MBB Chart

27 28 29 30

Page 21

Pre 1986

BEGINNING BALANCE PLUS INTEREST LESS PAYMENT ENDING BALANCE DISCOUNT RATE= SALE IN YEAR: 1 2 3 4 5 ($1,800,000) ($1,800,000) ($1,800,000) ($1,800,000) ($1,800,000) 8.00% CASHFLOWS

AMORTIZATION OF LOAN YEAR 1 YEAR 2 $1,000,000 $994,202 $102,500 $101,906 $108,298 $108,298 $994,202 $987,810

YEAR 3 $987,810 $101,251 $108,298 $980,763

YEAR 4 $980,763 $100,528 $108,298 $972,993

YEAR 5 $972,993 $99,732 $108,298 $964,427

$1,922,404 $186,452 $186,452 $186,452 $186,452

$0 $1,988,033 $195,875 $195,875 $195,875

$0 $0 $2,063,202 $206,062 $206,062

$0 $0 $0 $2,148,527 $217,074

$0 $0 $0 $0 $2,244,664

PRES VAL $1,780,003 $1,877,059 $1,978,409 $2,083,382 $2,191,387

NPV ($19,997) $77,059 $178,409 $283,382 $391,387

IRR 6.80% 10.40% 11.80% 12.62% 13.19%

Page 22

Pre 1986 Chart

Pre 1986 Tax Rules for Commercial Real Estate $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 ($50,000) 1 2 3
Net Present Value

4

5

Page 23

Pre 1986 Chart

5

Page 24

Refinance INPUT DATA ORIGINAL AMOUNT OF EXISTING LOAN CONTRACT RATE ON EXISTING LOAN ORIGINAL MATURITY IN MONTHS NUMBER OF MONTHS SINCE ORIGINATION PREPAYMENT FEES AS % OF BALANCE NEW LOAN FEES AS % OF BALANCE OTHER NEW LOAN COSTS IN DOLLARS CONTRACT RATE ON NEW LOAN OPPORTUNITY COST (IN PERCENT)

$100,000 10.00% 360 60 3.00% 4.00% $0.00 7.50% 8.00%

OUTPUT DATA PAYMENT ON EXISTING LOAN AGE OF EXISTING LOAN TOTAL REFINANCING COSTS CURRENT BALANCE PAYMENT ON NEW LOAN PAYMENT SAVINGS PRESENT VALUE OF SAVINGS NET PRESENT VALUE

$877.57 300 $6,760 $96,574 $713.68 $163.90 $21,235 $14,475

Page 25

Servicing Right

BEG.BAL. INTEREST PAYMENT END.BAL. PREPYMT SERVICING COSTS 1 $100,000 $10,000 $10,608 $99,392 $1,292 $375.00 $20.81 2 $98,100 $9,810 $10,470 $97,440 $3,605 $367.87 $21.24 3 $93,835 $9,383 $10,083 $93,136 $5,355 $351.88 $21.12 4 $87,780 $8,778 $9,503 $87,055 $5,223 $329.18 $20.55 5 $81,832 $8,183 $8,933 $81,083 $4,865 $306.87 $19.93 6 $76,218 $7,622 $8,397 $75,443 $4,527 $285.82 $19.30 7 $70,916 $7,092 $7,893 $70,115 $4,207 $265.94 $18.68 8 $65,908 $6,591 $7,419 $65,079 $3,905 $247.15 $18.06 9 $61,174 $6,117 $6,974 $60,318 $3,619 $229.40 $17.43 10 $56,699 $5,670 $6,556 $55,813 $3,349 $212.62 $16.80 11 $52,464 $5,246 $6,162 $51,548 $3,093 $196.74 $16.17 12 $48,455 $4,846 $5,793 $47,508 $2,850 $181.71 $15.54 13 $44,658 $4,466 $5,445 $43,678 $2,621 $167.47 $14.89 14 $41,057 $4,106 $5,118 $40,045 $2,403 $153.97 $14.24 15 $37,642 $3,764 $4,811 $36,595 $2,196 $141.16 $13.58 16 $34,399 $3,440 $4,523 $33,317 $1,999 $129.00 $12.91 17 $31,318 $3,132 $4,251 $30,198 $1,812 $117.44 $12.23 18 $28,386 $2,839 $3,996 $27,229 $1,634 $106.45 $11.53 19 $25,595 $2,560 $3,756 $24,398 $1,464 $95.98 $10.81 20 $22,934 $2,293 $3,531 $21,697 $1,302 $86.00 $10.08 21 $20,395 $2,039 $3,319 $19,115 $1,147 $76.48 $9.32 22 $17,968 $1,797 $3,120 $16,645 $999 $67.38 $8.55 23 $15,646 $1,565 $2,933 $14,278 $857 $58.67 $7.74 24 $13,421 $1,342 $2,757 $12,007 $720 $50.33 $6.91 25 $11,286 $1,129 $2,591 $9,824 $589 $42.32 $6.05 26 $9,234 $923 $2,436 $7,722 $463 $34.63 $5.16 27 $7,258 $726 $2,290 $5,694 $342 $27.22 $4.22 28 $5,353 $535 $2,152 $3,736 $224 $20.07 $3.25 29 $3,511 $351 $2,023 $1,839 $110 $13.17 $2.23 30 $1,729 $173 $1,902 $0 $0 $6.48 $1.16

NET $354.19 $346.64 $330.76 $308.62 $286.94 $266.51 $247.25 $229.10 $211.97 $195.82 $180.57 $166.17 $152.57 $139.72 $127.58 $116.09 $105.22 $94.92 $85.17 $75.92 $67.16 $58.83 $50.93 $43.42 $36.27 $29.47 $23.00 $16.82 $10.94 $5.32

Page 26

S.R. Chart

Servicing Rights $400.00 $350.00 $300.00 $250.00 $200.00 $150.00 $100.00 $50.00 $0.00 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Servicing Fees Costs Net

Page 27

S.R. Chart

28 29 30

Page 28


				
DOCUMENT INFO