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					                                                          9339 Carroll Park Dr, Suite 100 San Diego, CA 92121 t 858.909.4300 f 858.909.2900 www.hanqual.com




Order ID       38402883                                           Loan Number           157
                                                                  Client Project ID     OCT201002
Client Provided Data
Client    VERTICAL FINANCIAL GROUP                                     Loan #          157
Branch    IRVINE,CA                                                    Attention       GAITA, TERI
Fax/Email Judy@verticalmtg.com                                         Borrower        VALVERDE, EDUARDO J
Address 3325 AIRPORT PULLING RD N                                      Property type   Condominium
City      NAPLES                                                       State/Zip       FL     34105
Completed by: Sedgwick, Jeremy                                         Company:        Realty Direct                       Phone #: (239)645-5626

Neighborhood Information
Neighborhood Type                    Suburban                          Property Values                     Depreciating
Price Range                          $28,900-$42,000                   Vandalism/vacant properties         N
Marketing time (days)                120                               Market trend (Appr/Depr %)          -3
Predominant Occupancy                Owner
Similar Homes Sold Prior Month       3                                 # of Listings in Direct Competition 17
Zoning                               N/A

Subject Property Information
Curb Appeal                Average                                     Estimate cost to cure deferred maintenance        $0
Conformity to neighborhood Appropriate Improvement                     Any adverse influences noted (busy street, etc)   No
Condition                  Average                                     Market Rent                                       $700
Currently Occupied? Yes/No Yes                                         If not occupied, is subject secured?
Is there a guest house?    No                                          Guest House Sq Ft                                 N/A
Subdivision Name           N/A
Current Listing and Five Year Sale History
Subject currently listed? N           Listed in last 12 mos.?           N              Listing date                        Listing price
MLS # N/A                             Listing Agency N/A                                                                   Agency Phone # N/A

      Previous Sale Price            Previous Sale Date        Buyer                                            Seller




Neighborhood and Subject Property Comments:
I weighted the closed sales. I used all closed sales in the same neighborhood as the subject. No adjustment was needed for square footage as all of the condos
have the same functional utility. I used the comparison method to derive at my values. If priced right it will sell quickly Will detour some buyers




Comparable Listings
                      Subject            Listing 1                                       Listing 2                          Listing 3
Street Address                          3325
                     3325 AIRPORT PULLING RD N Airport Rd #U1                           3325 N Airport Rd #U6              3325 N Airport Rd #N7
City                 NAPLES             Naples                                          Naples                             Naples
State/Zip            FL       34105     FL         34105                                FL         34105                   FL         34105
Data Source                             MLS 210032569                                   MLS 209043513                      MLS 209034371
# Units              1                  1                                               1                                  1
Listing Type                            Unspecified                                     Unspecified                        Unspecified
List Price                              $49,900                                   -2500 $40,500                      -2000 $53,500                          -2700
Original List Price  $0                 $49,900                                         $65,000                            $58,500
Days on Market       N/A                27                                              315                                392
Distance (mi)        N/A                0                                             0 0                                0 0                                   0
Neigh. Type          Suburban           Suburban                                      0 Suburban                         0 Suburban                            0
Site Size (Ac)                                                                        0                                  0                                     0
View                 No                 No                                            0 No                               0 No                                  0
Design               Condo              Condo                                         0 Condo                            0 Condo                               0
Condition            Average            Average                                       0 Average                          0 Average                             0
Age (Years)          37                 37                                            0 37                               0 38                                  0
Bedrooms             2                  2                                             0 2                                0 2                                   0
Baths                1                  1                                             0 1                                0 1                                   0
Living Area (s.f.)   595                778                                       -1800 600                              0 600                                 0
Basement/ % Finished None           N/A  None          N/A                            0 None           N/A               0 None           N/A                  0
Pool                 No                 No                                            0 No                               0 No                                  0
Garage               0                  0                                             0 0                                0 0                                   0
Adjusted Values       Net Adj (%)               -8.6%                             45600          -4.9%               38500          -5%                    50800
                      Gross Adj (%)              8.6%                                             4.9%                               5%


Comments regarding the comparability of listings to the subject specifically addressing their overall similarity (equal/superior/inferior)

Listing #1: equal to the subject
Listing #2: similar to the subject
Listing #3: almost the same
                                                       9339 Carroll Park Dr, Suite 100 San Diego, CA 92121 t 858.909.4300 f 858.909.2900 www.hanqual.com




 Order ID         38402883                                       Loan Number            157
                                                                 Client Project ID      OCT201002

 Comparable Sales

                       Subject             Sale 1                                          Sale 2                              Sale 3
 Street Address                          3325 N
                      3325 AIRPORT PULLING RD Airport Rd #J8                              3325 N Airport Rd #T7               3325 N Airport Rd #T5
 City                 NAPLES             Naples                                           Naples                              Naples
 State/Zip            FL       34105     FL         34105                                 FL      34105                       FL      34105
 Data Source                             MLS 210031761                                    MLS 210024635                       MLS 209015140
 # Units              1                  1                                                1                                   1
 Sale Type                               REO                                              REO                                 ArmsLength
 Financing Type                          Cash                                             Cash                                Cash
 List Price                               $33,100                                         $34,000                             $39,900
 Sale Price                               $33,500                                     0   $32,500                         0   $32,500                            0
 Sale Date                                10/25/2010                                  0   09/24/2010                      0   09/13/2010                         0
 Days on Market       N/A                 33                                              66                                  517
 Distance (mi)        N/A                 0                                          0    0                              0    0                                  0
 Neigh. Type          Suburban            Suburban                                   0    Suburban                       0    Suburban                           0
 Site Size (acres)                                                                   0                                   0                                       0
 View                 No                  No                                         0    No                             0    No                                 0
 Design               Condo               Condo                                      0    Condo                          0    Condo                              0
 Condition            Average             Average                                    0    Average                        0    Average                            0
 Age (Years)          37                  37                                         0    37                             0    37                                 0
 Bedrooms             2                   2                                          0    2                              0    2                                  0
 Baths                1                   1                                          0    1                              0    1                                  0
 Living Area (s.f.)   595                 778                                    -1800    595                            0    778                            -1800
 Basement/ % Finished None           N/A  None          N/A                          0    None           N/A             0    None        N/A                    0
 Pool                 No                  No                                         0    No                             0    No                                 0
 Garage               0                   0                                          0    0                              0    0                                  0
 Adjusted Values       Net Adj (%)                -5.4%                          31700              0%               32500          -5.5%                    30700
                       Gross Adj (%)               5.4%                                             0%                               5.5%

 Comments regarding the comparability of sales to the subject specifically addressing their overall similarity (equal/superior/inferior)
 Sales #1: nearly the same as the subject
 Sales #2: almost identical
 Sales #3: comparable to the subject

 RECONCILIATION
 Based upon the description of the subject and the market data presented within the report, LPS Valuation Solutions has derived values based on the following
 market conditions as of: 03/23/2009
                          10/28/2010

A wide range of pricing for the comparables was unavoidable in order to present a full illustration of the subject's marketplace. The most applicable of these
comparables are represented by the core majority, which are attributed most weight in the reconciliation. **This report is from an REO Perspective




                                   Reconciled Market Sale Value               Reconciled Quick Sale Value                 Broker’s Value

 “As Is” Value:
                                  $32,000                                      $26,000                                    $32,750

 “As Repaired” Value:
                                  $32,000                                     $26,000                                     $32,750

 Exterior Repair Addendum

 Item Category                    Cost to Cure       Comments
 Roof                             $0
 Exterior/Siding                  $0
 Foundation                       $0
 Construction in Progress         $0
 Outbuildings                     $0
 Yard Maintenance                 $0
 Other                            $0
 Total                            $0


Field Expert offers an opinion of value by combining a local broker’s price opinion (BPO), as filtered through LPS’ Field Expert rules-based
valuation model, and scrutinized by an LPS quality-control analyst, along with LPS’ own extensive data, and external research resources.
Information on the subject property is obtained via MLS, county records, personal files, or it may be provided to LPS by the client. In some cases,
information on the subject property may be limited or unavailable. In these instances, the information is provided by the Real Estate Professional's
exterior physical inspection of the subject. The report is based upon data that LPS deems reliable, however, no guarantee or warranty is provided.
LPS does not provide opinions on, nor assume responsibility for the existence of any environmental, structural, or title related defects associated
with the subject property. This analysis and evaluation of an interest in real property for ownership or collateral purposes is
prepared for the above named financial institution to be used for internal purposes only. This document is not an appraisal and
is intended for use only for loan transactions valued at $250,000 or less, as required by Title XI of FIRREA. The agent submitting
this report represents that he/she drove by the subject property and that he/she has no interest in the property.
           
Notwithstanding any preprinted language to the contrary, this opinion is not an
appraisal of the market value of the property. If an appraisal is desired, the
services of a licensed or certified appraiser must be obtained.
                           9339 Carroll Park Dr, Suite 100 San Diego, CA 92121 t 858.909.4300 f 858.909.2900 www.hanqual.com




Order ID    38402883               Loan Number         157
                                   Client Project ID   OCT201002


Location Map




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Satellite Image
                             9339 Carroll Park Dr, Suite 100 San Diego, CA 92121 t 858.909.4300 f 858.909.2900 www.hanqual.com




Order ID    38402883                 Loan Number         157
                                     Client Project ID   OCT201002

Subject Photo




Street Scene Photo




Address Verification Photo
                                               9339 Carroll Park Dr, Suite 100 San Diego, CA 92121 t 858.909.4300 f 858.909.2900 www.hanqual.com




Order ID    38402883                                   Loan Number         157
                                                       Client Project ID   OCT201002

Comparable Listing 1 3325 N Airport Rd #U1, Naples, FL 34105




Comparable Listing 2 3325 N Airport Rd #U6, Naples, FL 34105




Comparable Listing 3 3325 N Airport Rd #N7, Naples, FL 34105
                                                9339 Carroll Park Dr, Suite 100 San Diego, CA 92121 t 858.909.4300 f 858.909.2900 www.hanqual.com




Order ID   38402883                                      Loan Number         157
                                                         Client Project ID   OCT201002

Comparable Sale 1     3325 Airport Rd #J8, Naples, FL 34105




Comparable Sale 2     3325 N Airport Rd #T7, Naples, FL 34105




Comparable Sale 3     3325 N Airport Rd #T5, Naples, FL 34105

				
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