SYNDICATION MATH

Section 412(a)(2) of the Securities Act exempts from registration transactions by an issuer not involving any public offering. The transactions included herein are generally exempt offerings pursuant to Section 412(a)(2) of the Securities Act under one of the following specific exemptions:

Rule 506(b) allows issuers (companies, sponsors, syndicators, lead investors, et al) to raise an unlimited amount of money by selling securities to an unlimited number of "accredited" investors + up to 35 "non-accredited" investors (also referred to as "sophisticated" investors) to purchase “restricted securities." NO general solicitation or advertising is allowed to market the securities. Purchasers in Rule 506(b) offerings receive "restricted securities".

Rule 506(c) permits issuers to broadly solicit and generally advertise an offering, provided that, in addition to meeting assorted other requirements, all purchasers in the offering are "accredited" investors. Purchasers in Rule 506(c) offerings also receive "restricted securities".

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Indicates whether the Sponsor accepts 401 Trust and IRA funds for investment. It is important to understand that this is a broad confirmation and does not connote any sort of "optimization" status.

Note: that an IRA account will be subject to the UDFI (Unrelated Debt-Financed Income-tax) component of the UBIT (Unrelated Business Income Tax) as described by Internal Revenue Code ("IRC") Section(s) 512 (UBIT) and 514 (UDFI) for any transaction that utilizes debt to acquire, or otherwise operate the property. This tax is remitted directly by the IRA for each year wherein "Taxable income" is generated by the asset, and this round of tax is in addition to the tax payable by the account holder when taking distributions from the account.

Further Note: Self-directed 401 Trusts (Solo-K) trusts are provided an exemption from the UDFI tax pursuant to IRC Section 514(c)(9).

Equity Multiple is calculated by dividing the sum of the distributions you receive from an investment (operational cashflow + refinance proceeds + exit/disposition proceeds) by the amount invested. A very simple example: if you received $200,000. in total distributions from an investment that you invested $100,000., the EMx is 2.0.

Note: The example above is an oversimplification in that the time dimension is ignored. To determine an acceptable EMx target, one must consider how long it takes to receive such distributions.

DISTRIBUTIONS (represent "a return ON investor Capital" vs "a return OF investor Capital" for distributions resulting from OPerations or REFInances, or may even be a hybrid of both concepts.)

Is a membership required to access this transaction? If so, how much?

Internal Rate of Return over 5 years.

Asset Type:  Apartment, Industrial, Medical, Hospitality, Retail, Specialty

The project type is a Value Play, Yield Play, Hybrid or a derivative of the above types.

Asset qualification is Class A, Class B, etc.

The EQUALIZER™ is a current yield, high-level a sanity check of sorts that reflects the relative likelihood that everyone gets their money back (lender + equity holders).

Cash-on-Cash Return Year 1

Cash-on-cash return Year 2

Cash-on-cash return Year 3

Cash-on-Cash Return Year 4

Cash-on-Cash Return Year 5

Cash-on-Cash Return Year 6

Sponsor sharing %, override etc.