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Bad Debt Ratio Historical by dtx12714

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Bad Debt Ratio Historical document sample

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									LITE MODEL INSTRUCTIONS:

The Lite model was developed to limit the amount of input by the PAE; therefore, it operates somewhat differently than the Full model. These
brief instructions will address differences that Lite model users should be aware of.

Primary worksheet:
General deal information is entered here. Note, the year entries in cells E6, E7, and E16 are looking for the year of operation, for example, 2004,
not a date.

RentInput worksheet:
Operates just like the Full model’s RentInput weighted average tables.

Tier 1 Inc&Exp worksheet:
This worksheet is the most different from the Full model. It has been designed to minimize the amount of income and expense data entry
required. Data entry will follow the Audited Financial Statement(s) (AFS); therefore, Bad Debt will be entered as an expense, unlike in the Full
model. Additionally, some data elements are entered as totals, for example “Total Administrative Expenses” and the model will automatically
back into generic line items, for example, “Other Admin” and “Other Salaries & Benefits” to capture the remainder of the category that has not
been detailed with a specific entry.

Income detail:
• The primary entry here is seen in row 10, Total Gross Rental Potential. This includes ALL rental potential, i.e. apartment and commercial rent.
In most cases it will be the sum of rows 8 and 9. If there is commercial income the model will solve for this. For example, if the apartment
income in rows 8 and 9 totals $100,000 and the Total Gross Rental Potential is $110,000, the model automatically solves for $ 10,000 in
commercial income.
• Similar to the example above, any Commercial Vacancy will also be solved for automatically. In most cases, Total Vacancy and Apartment
Vacancy will be the same; however, if Total Vacancy is greater than Apartment Vacancy, the model will automatically attribute the difference
to Commercial Vacancy.

Expense detail:
• All categories except Utilities use generic line items to capture the total amount of each category that has not been specifically detailed.
• Total Administrative Expenses will be the total of this entire category, including any Bad Debt, exactly as seen on the AFS. After Bad Debt,
only four major line items require specific entry. The remaining Administrative Expense will be automatically captured in a single, generic line
item, “Other Admin”. Keep this in mind when determining Typical versus Underwritten expenses. For example, if the Typical Total
Administrative Expense has been determined with no or minimal Bad Debt, the User will be in error if they use the Typical Total as the
Underwritten Total and apply a larger 2% Bad Debt expense. Remember, Total Admin INCLUDES Bad Debt; therefore, in this case the Total
Admin Expense should be grossed up in the “PAE Conclusion” column by the underwritten Bad Debt amount.
• Utilities are all detailed.
• Total O&M reflects the entire category as seen in the AFS. The generic “Controllable O&M Expense” line item will automatically capture all
O&M expenses that are not specifically detailed.
• Total Taxes & Insurance reflects the entire category as seen in the AFS. The generic “Other Controllable Salaries & Benefits Expense” line
item will automatically capture all remaining expenses that are not specifically detailed (Workers Comp, FICA, etc.).

Tier 2 Inc&Exp:
This worksheet operates like the Income & Expense worksheets in the Full model. Full detail is required. This differs from the Full model in that
Bad Debt is reported as an expense.

PCA Input:
This worksheet is similar to the 20 Year PCA and Reserves worksheets found in the Full model. Unlike the Full model, PCA and Reserves both
appear on this single worksheet in the Lite model. The primary difference when compared to the Full model is the lack of an IDRR and the fact
that the Reserve analysis (deposits, withdrawals, adequacy, etc.) only runs until the existing mortgage matures. Be careful to complete the top
of the page for OCAF, capital needs inflation rate, and reserve account interest rate.

Remaining worksheets:
The remaining worksheets are simply summaries of the Tier 1 Inc&Exp worksheet, the Tier 2 Inc&Exp worksheet, and an unprotected User
Work worksheet that the PAE can use for their own calculations, summaries, etc
                                                              M2M Lite Review




                                                      Note: Clear All Data Before Beginning Each New Project Entry.
                                                                Use the Clear Data Button at Lower-Right.
                                   Property Name:                                                                             Revision:         1.94
                                Property Location:                                                                            Date:           4/5/2005
                                       Tier 1 or 2:
                                             PAE:
       Most Recent Year of Audited Data (Tier 1):
         First of 3 Years of Audited Data (Tier 2):
                           Total Number of Units:
       YTD Audited Data Thru Month (Optional):                                                                        YTD Not Available or Not Opted for.
       Other/Commercial Income Trending Rate:
                   Real Estate Tax Trending Rate:
               Operating Expense Trending Rate:
                             Begin Trending Date:
      Cease Trending Date (Anticipated Closing):
                    Approximate Months Trended:                                     0
     1st Year of Pro Forma (after Restructuring):
                                Year Constructed:
             Maturity Date of Existing Mortgage:
    Approximate Years Remaining Until Maturity:                                   -111




Primary                                                                                         1/4/20114:46 PM7cb04f96-d838-4db8-a4f7-3d34bc89d52f.xls
                                                                                         M2M Lite Review

            Rental Data for
            Blue fonts and grey cells indicate required entry.

            Assisted Units                                                                                 Unassisted Units
                  Unit              Describe                     Unit    Current HAP     PAE Conclusion        Unit               Describe                 Unit          PAE Conclusion
                  Type          (1Bath, Den, etc.)               Count   Contract Rent    of Market Rent       Type          (1Bath, Den, etc.)            Count          of Market Rent
                  0BR                                                                                          0BR
                  0BR                                                                                          0BR
                  0BR                                                                                          0BR
                  0BR                                                                                          0BR
                  0BR                                                                                          0BR
                    Weighted Averages (if appl.)                   0          $0               $0                 Weighted Averages (if appl.)                0                 $0
                  1BR                                                                                          1BR
                  1BR                                                                                          1BR
                  1BR                                                                                          1BR
                  1BR                                                                                          1BR
                  1BR                                                                                          1BR
                    Weighted Averages (if appl.)                   0          $0               $0                 Weighted Averages (if appl.)                0                 $0
                  2BR                                                                                          2BR
                  2BR                                                                                          2BR
                  2BR                                                                                          2BR
                  2BR                                                                                          2BR
                  2BR                                                                                          2BR
                    Weighted Averages (if appl.)                   0          $0               $0                 Weighted Averages (if appl.)                0                 $0
                  3BR                                                                                          3BR
                  3BR                                                                                          3BR
                  3BR                                                                                          3BR
                  3BR                                                                                          3BR
                  3BR                                                                                          3BR
                    Weighted Averages (if appl.)                   0          $0               $0                 Weighted Averages (if appl.)                0                 $0
                  4BR                                                                                          4BR
                  4BR                                                                                          4BR
                  4BR                                                                                          4BR
                  4BR                                                                                          4BR
                  4BR                                                                                          4BR
                    Weighted Averages (if appl.)                   0          $0               $0                 Weighted Averages (if appl.)                0                 $0
                  5BR                                                                                          5BR
                  5BR                                                                                          5BR
                  5BR                                                                                          5BR
                  5BR                                                                                          5BR
                  5BR                                                                                          5BR
                    Weighted Averages (if appl.)                   0          $0               $0                 Weighted Averages (if appl.)                0                 $0
                  6BR                                                                                          6BR
                  6BR                                                                                          6BR
                  6BR                                                                                          6BR
                  6BR                                                                                          6BR
                  6BR                                                                                          6BR
                    Weighted Averages (if appl.)                   0          $0               $0                 Weighted Averages (if appl.)                0                 $0
                  7BR                                                                                          7BR
                  7BR                                                                                          7BR
                  7BR                                                                                          7BR
                  7BR                                                                                          7BR
                  7BR                                                                                          7BR
                    Weighted Averages (if appl.)                   0          $0               $0                 Weighted Averages (if appl.)                0                 $0

                                                                             HAP           MARKET
                       Total Assisted Rent per Annum                          $0               $0
                   Total Unassisted Rent per Annum (Mkt)                      $0               $0
                     Total Apartment Rent per Annum                           $0               $0


RentInput                                                                                                                                         1/4/2011 4:46 PM 7cb04f96-d838-4db8-a4f7-3d34bc89d52f.xls
                                                                                                                                 M2M Lite Review




                Tier 1 Financial Data for:                                     PAE:                                       0
                ,                                                                                                                           Typical Historical & Typ. Hist. Trended Apt. Rent Default Calc is Market Rent (from RentInput Worksheet)
                Blue fonts and/or grey cells require entry.                                                                                 Apartment Rents & Debt Service are not trended
                                                                                                                                            Typical Historical & T.H. Trended Reserve Default Calc is PAE Reserve Conclusion (from PCA Input Worksheet)


                                                                                                                                               Typical
                                                                                            YTD Data Not     YTD               Typical                         PAE
                           Most Recent Year of Audited Data is Required     Audit Year                                                        Historical                                                  PAE Comments by Line Item
                                                                                              Available    Annualized         Historical                     Conclusion
                                                                                                                                              Trended

                Apartment Tenant Rent Portion                                                                        $0                                $0
                Apartment Subsidy/Unassisted Rent Portion                                                            $0                $0              $0              $0
                Total Gross Rental Potential                                                                         $0                                $0
                Total Apartment Rental Potential                                      $0             $0              $0                $0              $0              $0
                Total Commercial Rental Potential                                     $0             $0              $0                $0              $0              $0
                Apartment Vacancy (Enter as Negative)                                                                $0                                $0
                Total Vacancy (Enter as Negative)                                                                    $0                                $0
                Commercial Vacancy                                                    $0             $0              $0                $0              $0              $0
                Other Non-Financial Income                                                                           $0                                $0
                EFFECTIVE GROSS INCOME                                                $0             $0              $0                $0              $0              $0

                Administrative Expenses
                     Total Administrative Expenses                                                                   $0                                $0
                     Apartment Bad Debt Expense (Enter as Negative)                                                  $0                                $0
                     Commercial Bad Debt Expense (Enter as Negative)                                                 $0                                $0
                     Office Salaries                                                                                 $0                                $0
                     Management or Superintendent Salary                                                             $0                                $0
                     Management Fee                                                                                  $0                                $0
                     Section 8 Administrative Expenses                                                               $0                                $0
                     Other Admin                                                      $0             $0              $0                $0              $0              $0
                Utilities Expenses
                     Fuel Oil/Coal                                                                                   $0                                $0
                     Fuel for Domestic Hot Water                                                                     $0                                $0
                     Electricity (Lights & Miscellaneous Power)                                                      $0                                $0
                     Water                                                                                           $0                                $0
                     Gas                                                                                             $0                                $0
                     Sewer                                                                                           $0                                $0
                     Other Utilities                                                                                 $0                                $0
                Total Utilities Expenses                                              $0             $0              $0                $0              $0              $0
                O & M Expenses
                     Total O&M Expenses                                                                              $0                                $0
                     Janitor & Cleaning Payroll                                                                      $0                                $0
                     Garbage & Trash Removal                                                                         $0                                $0
                     Security Payroll/Contract                                                                       $0                                $0
                     Grounds Payroll                                                                                 $0                                $0
                     Repairs Payroll                                                                                 $0                                $0
                     Controllable O&M Expense                                         $0             $0              $0                $0              $0              $0
                     Neighborhood Network                                                                            $0                                $0
                Taxes & Insurance
                     Total Taxes & Insurance                                                                         $0                                $0
                     Real Estate Taxes                                                                               $0                                $0
                     Property & Liability Insurance                                                                  $0                                $0
                     Other Insurance                                                                                 $0                                $0
                     Other Controllable Salaries & Benefits                           $0             $0              $0                $0              $0              $0

                Elderly & Congregate Service Expenses
                     Total Service Expenses                                                                          $0                                $0
                Total Elderly & Congregate Service Expenses                           $0             $0              $0                $0              $0              $0

                TOTAL OPERATING EXPENSES                                              $0             $0              $0                $0              $0              $0
                NET OPERATING INCOME                                                  $0             $0              $0                $0              $0              $0

                Replacement Reserves                                                                                 $0                $0              $0              $0

                ADJUSTED NET OPERATING INCOME                                         $0             $0              $0                $0              $0              $0

                DEBT SERVICE
                FIRST MORTGAGE P&I (See Note 1)                                                                      $0                                $0
                MORTGAGE INSURANCE PAYMENT (MIP)                                                                     $0                                $0
                SECOND MORT. DEBT SERVICE (See Note 2)                                                               $0                                $0
                THIRD MORTGAGE DEBT SERVICE (See Note 2)                                                             $0                                $0
                TOTAL MORTGAGE DEBT SERVICE                                           $0             $0              $0                $0              $0              $0

                Debt Service Coverage Ratio                                           NAP           NAP            NAP               NAP              NAP            NAP


                Note 1: For Section 236 Properties, show the P&I payment net of IRP and show zero MIP expenses.
                Note 2: Show as zero unless the mortgage is FHA insured or HUD held, and has required monthly debt service payments.




Tier1 Inc&Exp                                                                                                                                                                                                                               1/4/2011 4:46 PM 7cb04f96-d838-4db8-a4f7-3d34bc89d52f.xls
                                                                                                                                        M2M Lite Review




                Tier 2 Financial Data for:                                  PAE:                                      0
                ,                                                                                                                                 Typical Historical & Typ. Hist. Trended Apt. Rent Default Calc is Market Rent (from RentInput Worksheet)
                Blue fonts and/or grey cells require entry.                                                                                       Apartment Rents & Debt Service are not trended
                                                                                                                                                  Typical Historical & T.H. Trended Reserve Default Calc is PAE Reserve Conclusion (from PCA Input Worksheet)


                                                                                                                                                                    Typical
                                                                                                                      YTD Data Not     YTD           Typical                        PAE
                       3 Most Recent Years of Audited Data are Required   Audit Year    Audit Year 1   Audit Year 2                                                Historical                                                 PAE Comments by Line Item
                                                                                                                        Available    Annualized     Historical                    Conclusion
                                                                                                                                                                   Trended

                Apartment Tenant Rent Portion                                                                                                $0                             $0
                Apartment Subsidy/Unassisted Rent Portion                                                                                    $0              $0             $0             $0
                Total Gross Rental Potential                                                                                                 $0                             $0
                Total Apartment Rental Potential                                   $0            $0             $0             $0            $0              $0             $0             $0
                Total Commercial Rental Potential                                  $0            $0             $0             $0            $0              $0             $0             $0
                Apartment Vacancy (Enter as Negative)                                                                                        $0                             $0
                Total Vacancy (Enter as Negative)                                                                                            $0                             $0
                Commercial Vacancy                                                 $0            $0             $0             $0            $0              $0             $0             $0
                Other Non-Financial Income                                                                                                   $0                             $0
                EFFECTIVE GROSS INCOME                                             $0            $0             $0             $0            $0              $0             $0             $0

                Administrative Expenses
                     Apartment Bad Debt Expense (Enter as Negative)                                                                          $0                             $0
                     Commercial Bad Debt Expense (Enter as Negative)                                                                         $0                             $0
                     Advertising                                                                                                             $0                             $0
                     Section 8 Administrative Expenses                                                                                       $0                             $0
                     Other Administrative Expenses                                                                                           $0                             $0
                     Office Salaries                                                                                                         $0                             $0
                     Office Supplies                                                                                                         $0                             $0
                     Office or Model Apartment Rent                                                                                          $0                             $0
                     Management Fee                                                                                                          $0                             $0
                     Management or Superintendent Salary                                                                                     $0                             $0
                     Management or Superintendent Free Rent Unit                                                                             $0                             $0
                     Legal Expenses (Project)                                                                                                $0                             $0
                     Auditing Expenses (Project)                                                                                             $0                             $0
                     Bookkeeping Fees/Accounting Services                                                                                    $0                             $0
                     Telephone & Answering Service                                                                                           $0                             $0
                     Employee Training                                                                                                       $0                             $0
                     Miscellaneous Administrative Expenses                                                                                   $0                             $0
                Total Administrative Less Management Fee                           $0            $0             $0             $0            $0              $0             $0             $0
                Total Administrative Expenses                                      $0            $0             $0             $0            $0              $0             $0             $0
                Utilities Expenses
                     Fuel Oil/Coal                                                                                                           $0                             $0
                     Fuel for Domestic Hot Water                                                                                             $0                             $0
                     Electricity (Lights & Miscellaneous Power)                                                                              $0                             $0
                     Water                                                                                                                   $0                             $0
                     Gas                                                                                                                     $0                             $0
                     Sewer                                                                                                                   $0                             $0
                     Other Utilities                                                                                                         $0                             $0
                Total Utilities Exps.:                                             $0            $0             $0             $0            $0              $0             $0             $0




Tier2 Inc&Exp                                                                                                                                                                                                                                     1/4/2011 4:46 PM 7cb04f96-d838-4db8-a4f7-3d34bc89d52f.xls
                                                                                                                                                 M2M Lite Review




                                                                                                                                                                          Typical
                                                                                                                               YTD Data Not     YTD         Typical                      PAE
                      3 Most Recent Years of Audited Data are Required              Audit Year   Audit Year 1   Audit Year 2                                             Historical                 PAE Comments by Line Item
                                                                                                                                 Available    Annualized   Historical                  Conclusion
                                                                                                                                                                         Trended

                O & M Expenses
                     Janitor & Cleaning Payroll                                                                                                       $0                          $0
                     Janitor & Cleaning Supplies                                                                                                      $0                          $0
                     Janitor & Cleaning Contract                                                                                                      $0                          $0
                     Exterminating Payroll/Contract                                                                                                   $0                          $0
                     Exterminating Supplies                                                                                                           $0                          $0
                     Garbage & Trash Removal                                                                                                          $0                          $0
                     Security Payroll/Contract                                                                                                        $0                          $0
                     Grounds Payroll                                                                                                                  $0                          $0
                     Grounds Supplies                                                                                                                 $0                          $0
                     Grounds Contract                                                                                                                 $0                          $0
                     Repairs Payroll                                                                                                                  $0                          $0
                     Repairs Material                                                                                                                 $0                          $0
                     Repairs Contract                                                                                                                 $0                          $0
                     Elevator Maintenance/Contract                                                                                                    $0                          $0
                     HVAC Repairs & Maintenance                                                                                                       $0                          $0
                     Pool Maintenance/Contract                                                                                                        $0                          $0
                     Snow Removal                                                                                                                     $0                          $0
                     Decorating Payroll/Contract                                                                                                      $0                          $0
                     Decorating Supplies                                                                                                              $0                          $0
                     Other Expenses                                                                                                                   $0                          $0
                     Miscellaneous O & M Expenses                                                                                                     $0                          $0
                     Neighborhood Network                                                                                                             $0                          $0
                Total O & M Expenses                                                        $0            $0             $0             $0            $0            $0            $0           $0
                Taxes & Insurance
                     Real Estate Taxes                                                                                                                $0                          $0
                     Payroll Taxes (FICA)                                                                                                             $0                          $0
                     Miscellaneous Taxes, Licenses, & Permits                                                                                         $0                          $0
                     Property & Liability Insurance                                                                                                   $0                          $0
                     Fidelity Bond Insurance                                                                                                          $0                          $0
                     Worker's Compensation                                                                                                            $0                          $0
                     Health Insurance & Other Employee Benefits                                                                                       $0                          $0
                     Fire/Hazard Insurance (if not already included in Prop&Liab)                                                                     $0                          $0
                     Flood (if not already included in Prop&Liab)                                                                                     $0                          $0
                     Boiler (if not already included in Prop&Liab)                                                                                    $0                          $0
                     Other Insurance                                                                                                                  $0                          $0
                Total Taxes & Insurance                                                     $0            $0             $0             $0            $0            $0            $0           $0

                Elderly & Congregate Service Expenses
                     Total Service Expenses                                                                                                           $0                          $0
                Total Elderly & Congregate Service Expenses                                 $0            $0             $0             $0            $0            $0            $0           $0

                TOTAL OPERATING EXPENSES                                                    $0            $0             $0             $0            $0            $0            $0           $0
                NET OPERATING INCOME                                                        $0            $0             $0             $0            $0            $0            $0           $0

                Replacement Reserves                                                                                                                  $0            $0            $0           $0

                ADJUSTED NET OPERATING INCOME                                               $0            $0             $0             $0            $0            $0            $0           $0

                DEBT SERVICE
                FIRST MORTGAGE P&I (See Note 1)                                                                                                       $0                          $0
                MORTGAGE INSURANCE PAYMENT (MIP)                                                                                                      $0                          $0
                SECOND MORTGAGE DEBT SERVICE (See Note 2)                                                                                             $0                          $0
                THIRD MORTGAGE DEBT SERVICE (See Note 2)                                                                                              $0                          $0
                TOTAL MORTGAGE DEBT SERVICE                                                 $0            $0             $0             $0            $0            $0            $0           $0

                Debt Service Coverage Ratio                                                NAP           NAP            NAP            NAP           NAP          NAP           NAP           NAP


                Note 1: For Section 236 Properties, show the P&I payment net of IRP and show zero MIP expenses.
                Note 2: Show as zero unless the mortgage is FHA insured or HUD held, and has required monthly debt service payments.




Tier2 Inc&Exp                                                                                                                                                                                                        1/4/2011 4:46 PM 7cb04f96-d838-4db8-a4f7-3d34bc89d52f.xls
                                                                                                                   M2M Lite Review




            20 Year Physical Condition Assessment for:                  Please review the PCA checklist and critically review the PCA report prior to data entry
            ,
                                                                                                                        OCAF:                                        PAE:                          0
                                                                                                  Capital Needs Inflation Rate:
                                                                                                 Reserve Account Interest Rate:

            Blue fonts/grey cells indicate required input.                    Year 1             Year 2              Year 3             Year 4             Year 5    Year 6    Year 7    Year 8           Year 9           Year 10

                                 Approximate Age of Property (Years):           0                  1                   2                  3                  4         5         6         7                8                9
                                         Year of Requirement:                   0                  1                   2                  3                  4         5         6         7                8                9
                                  Physical Needs Description (below):




                                                  Totals                        $0                 $0                 $0                  $0                 $0        $0        $0        $0              $0                $0
                                         Inflation Factor at 0%               1.0000             1.0000             1.0000              1.0000             1.0000    1.0000    1.0000    1.0000          1.0000            1.0000
                                             Inflated Totals                    $0                 $0                 $0                  $0                 $0        $0        $0        $0              $0                $0
                                   Inflated Cost per Unit per Annum          #DIV/0!            #DIV/0!            #DIV/0!             #DIV/0!            #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!         #DIV/0!           #DIV/0!




PCA Input                                                                                                                                                                                         1/4/2011 4:46 PM 7cb04f96-d838-4db8-a4f7-3d34bc89d52f.xls
                                                                                                     M2M Lite Review




 20 Year Physical Condition Assessment for:
 ,




 Blue fonts/grey cells indicate required input.              Year 11   Year 12   Year 13   Year 14        Year 15      Year 16   Year 17   Year 18   Year 19   Year 20

                      Approximate Age of Property (Years):     10        11        12        13             14           15        16        17        18        19                               Totals
                              Year of Requirement:             10        11        12        13             14           15        16        17        18        19             Totals             per
                       Physical Needs Description (below):                                                                                                                                         Unit
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                                                                                                                                                                  $0             #DIV/0!
                                       Totals                   $0        $0        $0        $0             $0           $0        $0        $0        $0        $0              $0             #DIV/0!
                              Inflation Factor at 0%          1.0000    1.0000    1.0000    1.0000         1.0000       1.0000    1.0000    1.0000    1.0000    1.0000
                                  Inflated Totals               $0        $0        $0        $0             $0           $0        $0        $0        $0        $0             $0              #DIV/0!
                        Inflated Cost per Unit per Annum     #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!        #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!         #DIV/0!




PCA Input                                                                                                                                                          1/4/2011 4:46 PM 7cb04f96-d838-4db8-a4f7-3d34bc89d52f.xls
                                                                                                                   M2M Lite Review




            ,
            PCA and Reserves for Replacement Schedule                     The model will indicate years of reserve adequacy problems


                  Anticipated Replacement Reserve Balance at Closing:            $0              #DIV/0!        per unit          Maximum Repl Resv Balance:                 $0            Maximum Withdrawal:                  $0
               Explain how the Anticipated Reserve was arrived at:                                                                  Per Unit:                              #DIV/0!           Per Unit:                        #DIV/0!
                                                                                                                                    vs. Current Deposit:                    0.00             vs. Average Withdrawal:          #DIV/0!
                                                                                                                                   Occurs in:                              Year 20          Occurs in:                        Year 20

                               First Year Reserve Deposit                        $0              #DIV/0!        per unit
               Reserve Balance Floor (1x Deposit @ PAE Assignment Date)          $0              #DIV/0!        per unit          Minimum Repl Resv Balance:                 $0            Minimum Withdrawal:                  $0
                          Reserves Are Adequate In Each Year                                                                        Per Unit:                              #DIV/0!           Per Unit:                        #DIV/0!
                                                                             uninflated       with inflation                        vs. Current Deposit:                    0.00             vs. Average Withdrawal:          #DIV/0!
                            Average annual needs years 1-20:                     $0                 $0                             Occurs in:                              Year 20           Occurs in:                       Year 20
                                 Average for years 1-5:                          $0                 $0
                                Average for years 6-10:                          $0                 $0
                                Average for years 11-15:                         $0                 $0                            Reserve Deposits and Withdrawals are $0 After Loan Maturity in Year -111
                                Average for years 16-20:                         $0                 $0

                                                                                Year 1            Year 2             Year 3             Year 4            Year 5            Year 6            Year 7           Year 8           Year 9           Year 10

                          Approximate Age of Property (Years):                    0                 1                  2                  3                 4                 5                 6                7                8                9
                                 Year of Requirement:                             0                 1                  2                  3                 4                 5                 6                7                8                9
                                Inflated Annual Needs                            $0                $0                 $0                 $0                $0                $0                $0               $0              $0                $0
                          Inflated Cost per Unit per Annum                     #DIV/0!           #DIV/0!            #DIV/0!            #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!          #DIV/0!         #DIV/0!           #DIV/0!
                                  Beginning Balance                              $0                $0                 $0                 $0                $0                $0                $0               $0              $0                $0
                 Annual Reserve Deposit (Standard Inflating at OCAF)             $0                $0                 $0                 $0                $0                $0                $0               $0              $0                $0
                   Total Balance (Beginning Bal. plus Reserve Dep.)              $0                $0                 $0                 $0                $0                $0                $0               $0              $0                $0
                         Withdrawals (Inflated Annual Needs)                     $0                $0                 $0                 $0                $0                $0                $0               $0              $0                $0
                                    Interest Income                              $0                $0                 $0                 $0                $0                $0                $0               $0              $0                $0
                                    Ending Balance                               $0                $0                 $0                 $0                $0                $0                $0               $0              $0                $0
                     Actual Reserve Deposit per Unit per Annum                 #DIV/0!           #DIV/0!            #DIV/0!            #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!          #DIV/0!         #DIV/0!           #DIV/0!
                          Indicators of Reserve Inadequacy
                            Reserve Inadequacy Summary                      0 of 20 Years




PCA Input                                                                                                                                                                                                               1/4/2011 4:46 PM 7cb04f96-d838-4db8-a4f7-3d34bc89d52f.xls
                                                                                                        M2M Lite Review




 ,
 PCA and Reserves for Replacement Schedule

         Anticipated Replacement Reserve Balance at Closing:
      Explain how the Anticipated Reserve was arrived at:




                     First Year Reserve Deposit
     Reserve Balance Floor (1x Deposit @ PAE Assignment Date)
                Reserves Are Adequate In Each Year

                   Average annual needs years 1-20:
                        Average for years 1-5:
                       Average for years 6-10:
                       Average for years 11-15:
                       Average for years 16-20:

                                                                Year 11   Year 12   Year 13   Year 14        Year 15      Year 16   Year 17   Year 18   Year 19   Year 20

                 Approximate Age of Property (Years):             10        11        12        13             14           15        16        17        18        19
                        Year of Requirement:                      10        11        12        13             14           15        16        17        18        19             Totals          Averages
                       Inflated Annual Needs                      $0        $0        $0        $0             $0           $0        $0        $0        $0        $0              $0                $0
                 Inflated Cost per Unit per Annum               #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!        #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!         #DIV/0!           #DIV/0!
                         Beginning Balance                        $0        $0        $0        $0             $0           $0        $0        $0        $0        $0              N/A               $0
        Annual Reserve Deposit (Standard Inflating at OCAF)       $0        $0        $0        $0             $0           $0        $0        $0        $0        $0              $0                $0
          Total Balance (Beginning Bal. plus Reserve Dep.)        $0        $0        $0        $0             $0           $0        $0        $0        $0        $0              N/A               N/A
                Withdrawals (Inflated Annual Needs)               $0        $0        $0        $0             $0           $0        $0        $0        $0        $0              $0                $0
                           Interest Income                        $0        $0        $0        $0             $0           $0        $0        $0        $0        $0              $0                $0
                           Ending Balance                         $0        $0        $0        $0             $0           $0        $0        $0        $0        $0              N/A               $0
            Actual Reserve Deposit per Unit per Annum           #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!        #DIV/0!      #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!   #DIV/0!         #DIV/0!           #DIV/0!
                 Indicators of Reserve Inadequacy
                   Reserve Inadequacy Summary




PCA Input                                                                                                                                                             1/4/2011 4:46 PM 7cb04f96-d838-4db8-a4f7-3d34bc89d52f.xls
                                                M2M Lite Review




Tier 1 Financial Summary for:                 PAE:                               0
,
Typ. Hist. & Typ. Hist. Trended Apartment                                                     Typical
                                                           YTD Data Not
 Rents are Market Rents (from RentInput     Audit Year                  YTD Annualized       Historical        PAE Conclusion
                                                             Available
               Worksheet)                                                                    Trended
Revenues
  Apartment Gross Potential Rents                     $0             $0               $0                  $0               $0
  Commercial Gross Potential Rents                    $0             $0               $0                  $0               $0
  Apartment Vacancy Loss                              $0             $0               $0                  $0               $0
  Commercial Vacancy Loss                             $0             $0               $0                  $0               $0
  Apartment Bad Debt Loss                             $0             $0               $0                  $0               $0
  Commercial Bad Debt Loss                            $0             $0               $0                  $0               $0
  Other Non-Financial Income                          $0             $0               $0                  $0               $0
Effective Gross Income                                $0             $0               $0                  $0               $0

Operating Expenses
  Real Estate Taxes                                   $0             $0               $0                  $0               $0
  Insurance                                           $0             $0               $0                  $0               $0
  Utilities and Garbage Removal                       $0             $0               $0                  $0               $0
  Management Fees                                     $0             $0               $0                  $0               $0
  Salaries & Benefits                                 $0             $0               $0                  $0               $0
  Other Administrative                                $0             $0               $0                  $0               $0
  Section 8 Administrative                            $0             $0               $0                  $0               $0
  Oper./Repairs & Maintenance                         $0             $0               $0                  $0               $0
  Security                                            $0             $0               $0                  $0               $0
  Elderly/Disabled Services                           $0             $0               $0                  $0               $0
  Neighborhood Network                                $0             $0               $0                  $0               $0
Total Operating Expenses                              $0             $0               $0                  $0               $0
Net Operating Income                                  $0             $0               $0                  $0               $0
Reserve Deposit                                       $0             $0               $0                  $0               $0
Adjusted Net Operating Income                         $0             $0               $0                  $0               $0
Debt Service
  1st Mort P&I (See Note 1)                           $0             $0               $0                  $0               $0
  Mortgage Insurance Premium                          $0             $0               $0                  $0               $0
  2nd Mort Debt Service (See Note 2)                  $0             $0               $0                  $0               $0
  3rd Mort Debt Service (See Note 2)                  $0             $0               $0                  $0               $0
Total Debt Service                                    $0             $0               $0                  $0               $0

Operating Cash Flow                                   $0             $0               $0                  $0               $0

Debt Service Coverage Ratio                          NAP            NAP              NAP              NAP                 NAP




 Tier1FinancialSummary                                        1/4/2011 4:46 PM 7cb04f96-d838-4db8-a4f7-3d34bc89d52f.xls
                                                                   M2M Lite Review
  Tier 2 Financial Summary for:                                   PAE:                              0
  ,
   Typ. Hist/T.H. Trended & PAE Conclusion of                                                                                         Typical
                                                                                                                    Typical
   Apt. Rents are Market Rents (from RentInput   Audit Year    Audit Year 1    Audit Year 2   YTD Annualized                         Historical        PAE Conclusion
                                                                                                                   Historical
                    Worksheet)                                                                                                       Trended
  Revenues
     Apartment Gross Potential Rents                      $0              $0             $0                 $0                  $0                $0              $0
     Commercial Gross Potential Rents                     $0              $0             $0                 $0                  $0                $0              $0
     Apartment Vacancy Loss                               $0              $0             $0                 $0                  $0                $0              $0
     Commercial Vacancy Loss                              $0              $0             $0                 $0                  $0                $0              $0
     Apartment Bad Debt Loss                              $0              $0             $0                 $0                  $0                $0              $0
     Commercial Bad Debt Loss                             $0              $0             $0                 $0                  $0                $0              $0
     Other Non-Financial Income                           $0              $0             $0                 $0                  $0                $0              $0
  Effective Gross Income                                  $0              $0             $0                 $0                  $0                $0              $0

  Operating Expenses
     Real Estate Taxes                                    $0              $0             $0                 $0                  $0                $0              $0
     Insurance                                            $0              $0             $0                 $0                  $0                $0              $0
     Utilities and Garbage Removal                        $0              $0             $0                 $0                  $0                $0              $0
     Management Fees                                      $0              $0             $0                 $0                  $0                $0              $0
     Salaries & Benefits                                  $0              $0             $0                 $0                  $0                $0              $0
     Other Administrative                                 $0              $0             $0                 $0                  $0                $0              $0
     Section 8 Administrative                             $0              $0             $0                 $0                  $0                $0              $0
     Oper./Repairs & Maintenance                          $0              $0             $0                 $0                  $0                $0              $0
     Security                                             $0              $0             $0                 $0                  $0                $0              $0
     Elderly/Disabled Services                            $0              $0             $0                 $0                  $0                $0              $0
     Neighborhood Network                                 $0              $0             $0                 $0                  $0                $0              $0
  Total Operating Expenses                                $0              $0             $0                 $0                  $0                $0              $0
  Net Operating Income                                    $0              $0             $0                 $0                  $0                $0              $0
  Reserve Deposit                                         $0              $0             $0                 $0                  $0                $0              $0
  Adjusted Net Operating Income                           $0              $0             $0                 $0                  $0                $0              $0
  Debt Service
    1st Mortgage Principal & Interest                     $0              $0             $0                 $0                  $0                $0              $0
    Mortgage Insurance Premium                            $0              $0             $0                 $0                  $0                $0              $0
    2nd Mortgage Debt Service                             $0              $0             $0                 $0                  $0                $0              $0
    3rd Mortgage Debt Service                             $0              $0             $0                 $0                  $0                $0              $0
  Total Debt Service                                      $0              $0             $0                 $0                  $0                $0              $0

  Operating Cash Flow                                     $0              $0             $0                 $0                  $0                $0              $0

  Debt Service Coverage Ratio                            NAP             NAP            NAP               NAP              NAP               NAP                 NAP

Tier2FinancialSummary                                                                                   1/4/2011 4:46 PM 7cb04f96-d838-4db8-a4f7-3d34bc89d52f.xls
Unprotected Worksheet for User Calculations, etc.

								
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