SAMPLE LOAN FILE #2 - Cogo Capital...Page 1 of 3 COGO Capital 1121 E. Mullan Ave Coeur d’Alene, ID...

SAMPLE LOAN FILE #2 REFINANCE

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Underwriter:

TOTAL

TOTAL

Underwriting Worksheet

ESTIMATED THIRD PARTY CLOSING COSTS

BANK STATEMENTS AND RENTS

TRANSACTION SUMMARY

ESTIMATED LENDER CLOSING COSTS

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of 3

COGO Capital 1121 E. Mullan Ave

Coeur d’Alene, ID 83814 Phone: 800.747.1104 ext ____

Fax: 208.676.9818

RESIDENTIAL PROPERTY All questions below must be filled out completely. Any questions pertaining to information requested, please contact COGO Capital directly.

Borrower Information Date

Name of LLC or Corp Address

Mailing Address City, State, Zip

Type of business Federal EIN

State ID# Business Phone

How Long in Business? Repeat Borrower?

Affiliate/ Referral Name

Guarantor 1/ Name Date of Birth

Physical Address Mailing Address

City, State, Zip How long have you lived

there?

Email Home Phone

Cell Phone

Social Security Number

Name of Employer Employers Phone

Yrs. on the job Gross Monthly Income

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Email

02/18/2014 LLCSESameDetroit, MI 48202Real Estate Investment

4 years

0/69 SESameGrand Rapids, MI 49548

3 years

N/A

15

$3,000

of 3



Fax: 208.676.9818

Guarantor 2/ Name Date of Birth

Physical Address Mailing Address

City, State, Zip How long have you lived

there?

Email

Home Phone Cell Phone

Social Security Number Name of Employer Employers Phone

Yrs. on the job

Gross Monthly Income Schedule of Real Estate Available? YES NO Schedule to Include: Full Address, Property Type, Amount Owed, Current Value, Rental Income

Contract Signed by Both Parties YES NO Loan Request Information

Loan Type SFR Duplex Condo MFH 3-4 Plex Mixed or Multiple Properties

Transaction Type Purchase Refinance Both

Contract Close Date (Purchase)

Purchase Price

Loan Amount Requested

Cash Contribution Amount

Source of Contribution Amount

Free & Clear Property as Asset YES NO Length of Time Anticipated for

Repayment 120 days or Less 6 months 12 months

18 Months 24 Months

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N/A

N/A

N/A$40,500

■

of 3



Fax: 208.676.9818

Property Information

Subject Address(es) With Year Acquired

Original Cost (Refi only)

Est. Market Value

Does Property Currently Generate Income?

YES NO If yes, how much net monthly income? $__________

Current Appraisal within 90 days? YES NO If yes, Value $______________

Loan Summary Overview

*** How will funds be used? Please describe ***

Exit Strategy *** How do you intend to

pay the loan off? ***

I understand that the company will rely on the accuracy and completeness of my responses to the questions above, and my answers are complete and correct to the best of my knowledge and belief.

Signature Date Signature Date

Please return by email to: OR Fax to: 208.676.9818

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Dr. SEKentwood, MI 49548 (2014)$75,000

$81,000

1150

81,000

Purchase and repair of other properties.

Selling property to current tenant within 2 years. Currently workingwith her on credit repair.

Loan Offers Email

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e #1

40

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Accounting Periods and Methods

Entity Classification Election

Entity Classification Election

Election by a Small Business Corporation

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IMPORTANT REMINDERS

This notice is issued only one time and the IRS will not be able to generate a duplicate copy for you.

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0000899199

LAKE MICHIGAN CREDIT UNION P.O. Box 2848 Grand Rapids, MI 49501-2848(616) 242-9790 1-800-242-9790 www.lmcu.org

. .. .

Enter the 2014 LMCU $25,000 HomeMakeover Giveaway! Visit LMCU.org and click on the $25,000 Home Makeover button to enter, or fill out an entry form at any LMCU branch. You can enter once per day until April 30, 2014.Entrant must be 18 years or older and a Michigan resident. For complete contest rules, visit LMCU.org. Someone's going to win... We'd like it to be you!

Your Statement Of Accounts02/01/2014-02/28/2014Your Account Number

xxxxxx 9Page 1

BLAKE MICHIGAN CREDIT UNIONP.O. Box 2848Grand Rapids, MI 49501-2848

RETURN SERVICE REQUESTED

GRAND RAPIDS MI 49548-7385

Summary-Share AccountsBeginning Ending

ID # Type Balance Balance00 MEMBER SAVINGS $5.00 $5.00 01 CHECKING $1,532.52 $26.10

Total $31.10

MEMBER SAVINGS Share Account ID 00

Trans Eff Date Transaction Withdrawal Deposit BalanceFeb 01 Beginning Balance $5.00Feb 28 Ending Balance $5.00

CHECKING Share Account ID 01Total Deposits $3,529.57Total Withdrawals $5,035.99

Trans Eff Date Transaction Withdrawal Deposit BalanceFeb 01 Beginning Balance $1,532.52Feb 03 Feb 03 Withdrawal ($600.00) $932.52Feb 03 Feb 03 Draft 001735 Tracer ($74.17) $858.35

Point of Purchase Check - YOUNKERS 0440Terminal City & State - GRAN MITYPE: ELEC CHECK ID: DATA: CHECK CONVERSION

Feb 03 Feb 03 Draft Tracer ($459.91) $398.44Feb 04 Feb 04 Deposit $300.00 $698.44Feb 04 Feb 04 Withdrawal ACH CAPITAL ONE ($137.00) $561.44

TYPE: ONLINE PMT ID: CO: CAPITAL ONE

Feb 05 Feb 05 Withdrawal ACH CONSUMERS ENERGY ($132.87) $428.57TYPE: ENERGYBILL ID:DATA: DIRECT DEBITINGCO: CONSUMERS ENERGY

Feb 05 Feb 05 Draft 001736 Tracer ($243.00) $185.57Feb 06 Feb 06 Deposit ACH MEIJER GREAT $369.70 $555.27

TYPE: MEIJER PAY ID: CO: MEIJER GREAT

Feb 06 Feb 06 Deposit ACH JPMorgan Chase $392.00 $947.27TYPE: QuickPay ID: CO: JPMorgan Chase

Feb 06 Feb 06 Withdrawal at ATM # ($200.00) $747.27Lake Michigan CU 6206 KALAMAZOO AVE SEKENTWOOD MI

Feb 06 Feb 06 Withdrawal ACH DTE Energy ($161.96) $585.31TYPE: ID:CO: DTE Energy

Feb 06 Feb 06 Draft Tracer ($250.00) $335.31---continued on the following page---

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. .. .

Account Number xxxxxx 9 Page 2

CHECKING Share Account ID 01Trans Eff Date Transaction Withdrawal Deposit BalanceFeb 06 Feb 06 Withdrawal Overdrawn ($30.00) $305.31

In the amount $425.00.Feb 10 Feb 10 Withdrawal ACH AMEX EPayment ($200.00) $105.31

TYPE: ACH PMT ID: DATA: ER AMCO: AMEX EPayment

Feb 12 Feb 12 Deposit $60.00 $165.31Feb 12 Feb 12 Withdrawal ACH CAPITAL ONE ($62.00) $103.31


Feb 13 Feb 13 Deposit ACH MEIJER GREAT $372.26 $475.57TYPE: MEIJER PAY ID: CO: MEIJER GREAT

Feb 13 Feb 13 Draft 001739 Tracer ($122.04) $353.53Feb 14 Feb 14 Withdrawal Debit Card Debit Card ($29.99) $323.54

SOUTHLAND AUTOWASH ONE GRAND RAPIDS MI 02/13/2014Feb 15 Feb 15 Deposit by Check $486.00 $809.54Feb 18 Feb 18 Withdrawal ACH AMEX EPayment ($300.00) $509.54


Feb 18 Feb 18 Draft Tracer ($96.00) $413.54Feb 19 Feb 19 Draft Tracer ($325.00) $88.54Feb 20 Feb 20 Deposit ACH MEIJER GREAT $374.81 $463.35


Feb 20 Feb 20 Withdrawal Debit Card Debit Card ($19.99) $443.36 IIQ*IDENTITYIQ.COM NV 02/19/2014

Feb 24 Feb 24 Withdrawal Debit Card Debit Card ($126.62) $316.74 BIG BOB'S PIZZA E GRAND RAPID MI 02/21/2014

Feb 24 Feb 24 Withdrawal ACH CAPITAL ONE ($150.00) $166.74TYPE: ONLINE PMT ID: CO: CAPITAL ONE

Feb 25 Feb 25 Deposit $200.00 $366.74Feb 25 Feb 25 Draft Tracer ($100.00) $266.74Feb 25 Feb 25 Draft Tracer ($265.44) $1.30Feb 26 Feb 26 Deposit $300.00 $301.30Feb 26 Feb 26 Draft Tracer ($300.00) $1.30Feb 27 Feb 27 Deposit ACH MEIJER GREAT $374.80 $376.10


Feb 27 Feb 27 Draft Tracer ($350.00) $26.10Feb 28 Feb 28 Deposit $300.00 $326.10Feb 28 Feb 28 Draft Tracer ($300.00) $26.10Feb 28 Ending Balance $26.10

AGGREGATE OVERDRAFT AND RETURNED ITEM FEESTotal forThis Period Total Year-to Date

Total Overdraft Fees $0.00 $0.00Total Returned Item Fees $30.00 $120.00

Checking Account SummaryChk# Date Amount Chk# Date Amount Chk# Date Amount

1728 Feb 06 $250.00 1734* Feb 03 $459.91 1735 Feb 03 $74.17 1736 Feb 05 $243.00

1738* Feb 18 $96.00 1739 Feb 13 $122.04 1740 Feb 19 $325.00 1741 Feb 25 $100.00

1742 Feb 25 $265.44 1744* Feb 26 $300.00 1745 Feb 27 $350.00 1746 Feb 28 $300.00

Total Checks Cleared 12 $2,885.56The Asterisk (*) indicates a break in check sequence.

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. .. .


Dividend Summary DividendsAccount Year To Date

MEMBER SAVINGS 00 $0.00 CHECKING 01 $0.00

Total $0.00

Your current account relationship is Value

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0000899199


. .. .

New online tool to ease tax stress!Our new Tax Center enables you to checkkey tax information about dividends, mortgage interest paid, contribution/distribution amounts for HSA and IRA accounts, discounts on TurboTax products for LMCU members and more. Available 24/7/365 through LMCU’s onlinebanking. Find it in the Quick Linksmenu of your online banking home page.

Your Statement Of Accounts01/01/2014-01/31/2014Your Account Number

xxxxxx 9Page 1

BLAKE MICHIGAN CREDIT UNIONP.O. Box 2848Grand Rapids, MI 49501-2848

RETURN SERVICE REQUESTED

GRAND RAPIDS MI 49548-7385

Summary-Share AccountsBeginning Ending

ID # Type Balance Balance00 MEMBER SAVINGS $5.00 $5.00 01 CHECKING $161.04 $1,532.52

Total $1,537.52

MEMBER SAVINGS Share Account ID 00

Trans Eff Date Transaction Withdrawal Deposit BalanceJan 01 Beginning Balance $5.00Jan 31 Ending Balance $5.00

CHECKING Share Account ID 01Total Deposits $8,089.17Total Withdrawals $6,717.69

Trans Eff Date Transaction Withdrawal Deposit BalanceJan 01 Beginning Balance $161.04Jan 02 Jan 02 Deposit ACH MEIJER GREAT $350.46 $511.50


Jan 02 Jan 02 Deposit $700.00 $1,211.50Jan 02 Jan 02 Draft Tracer ($100.00) $1,111.50Jan 02 Jan 02 Draft Tracer ($650.00) $461.50Jan 03 Jan 03 Deposit $600.00 $1,061.50Jan 03 Jan 03 Withdrawal ACH CONSUMERS ENERGY ($174.80) $886.70

TYPE: ENERGYBILL ID: DATA: DIRECT DEBITINGCO: CONSUMERS ENERGY

Jan 03 Jan 03 Withdrawal Overdrawn ($30.00) $856.70In the amount $882.00.

Jan 06 Jan 05 Withdrawal Debit Card Debit Card ($133.95) $722.75 EBAYS HALF.COM CA 01/03/2014

Jan 06 Jan 06 Withdrawal at ATM ($40.00) $682.75Lake Michigan CU 6206 KALAMAZOO AVE SEKENTWOOD MI

Jan 06 Jan 06 Withdrawal ACH CAPITAL ONE ($130.00) $552.75TYPE: ONLINE PMT ID: CO: CAPITAL ONE

Jan 06 Jan 06 Draft Tracer ($142.46) $410.29Point of Purchase Check - YOUNKERS Terminal City & State - GRAN MITYPE: ELEC CHECK ID: DATA: CHECK CONVERSION

Jan 06 Jan 06 Draft Tracer ($322.91) $87.38Jan 06 Jan 06 Withdrawal Overdrawn ($30.00) $57.38

In the amount $128.33.---continued on the following page---

Page #169


. .. .


CHECKING Share Account ID 01Trans Eff Date Transaction Withdrawal Deposit BalanceJan 07 Jan 07 Withdrawal Adjustment Debit Card Credit Voucher $6.99 $64.37

EBAYS HALF.COM CA 01/06/2014Jan 07 Jan 07 Deposit ACH JPMorgan Chase $90.00 $154.37

TYPE: QuickPay ID:CO: JPMorgan Chase

Jan 07 Jan 07 Deposit ACH JPMorgan Chase $302.00 $456.37TYPE: QuickPay ID: CO: JPMorgan Chase

Jan 07 Jan 07 Deposit $400.00 $856.37Jan 07 Jan 07 Draft Tracer ($510.00) $346.37Jan 07 Jan 07 Draft Tracer ($300.00) $46.37Jan 08 Jan 08 Deposit $300.00 $346.37Jan 08 Jan 08 Draft 001724 Tracer ($250.00) $96.37Jan 09 Jan 09 Deposit ACH MEIJER GREAT $321.08 $417.45


Jan 09 Jan 09 Draft 001719 Tracer ($128.33) $289.12Jan 13 Jan 12 Deposit at ATM # $60.00 $349.12

Lake Michigan CU 8211-Q BYRON CENTER AVEBYRON CENTER MI

Jan 13 Jan 13 Deposit $300.00 $649.12Jan 13 Jan 13 Withdrawal ACH CAPITAL ONE ($57.00) $592.12


Jan 13 Jan 13 Draft Tracer ($363.80) $228.32Jan 13 Jan 13 Withdrawal Overdrawn ($30.00) $198.32

In the amount $300.00.Jan 14 Jan 14 Withdrawal Debit Card Debit Card ($29.99) $168.33

SOUTHLAND AUTOWASH ONE GRAND RAPIDS MI 01/13/2014Jan 14 Jan 14 Deposit by Check $200.00 $368.33Jan 14 Jan 14 Draft 001725 Tracer ($130.00) $238.33Jan 15 Jan 15 Withdrawal ACH GEICO ($130.39) $107.94

TYPE: GEICO PYMT ID: CO: GEICO

Jan 15 Jan 15 Draft Tracer ($100.00) $7.94Jan 16 Jan 16 Deposit ACH MEIJER GREAT $369.70 $377.64


Jan 16 Jan 16 Deposit $760.00 $1,137.64Jan 17 Jan 17 Deposit by Check $486.00 $1,623.64Jan 17 Jan 17 Deposit $400.00 $2,023.64Jan 17 Jan 17 Withdrawal ACH AMEX EPayment ($805.00) $1,218.64


Jan 21 Jan 21 Withdrawal Debit Card Debit Card ($19.99) $1,198.65 IIQ*IDENTITYIQ.COM 877-8754347 NV 01/20/2014

Jan 21 Jan 21 Withdrawal ACH REPUBLICSERVICES ($58.61) $1,140.04TYPE: RSIBILLPAY ID: DATA: BILL PAYMENT CO: REPUBLICSERVICES

Jan 21 Jan 21 Draft Tracer ($882.00) $258.04Jan 22 Jan 22 Deposit $300.00 $558.04Jan 23 Jan 23 Deposit ACH MEIJER GREAT $377.37 $935.41


Jan 23 Jan 23 Withdrawal POS ($48.03) $887.38COSTCO GAS #07 5100 28TH STREET S GRANDRAPIDS MI

Jan 23 Jan 23 Draft Tracer ($265.44) $621.94Jan 28 Jan 28 Draft Tracer ($100.00) $521.94

---continued on the following page---

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. .. .


CHECKING Share Account ID 01Trans Eff Date Transaction Withdrawal Deposit BalanceJan 28 Jan 28 Draft Tracer ($220.00) $301.94Jan 29 Jan 29 Withdrawal Debit Card Debit Card ($14.99) $286.95

SOUTHLAND AUTOWASH ONE GRAND RAPIDS MI 01/28/2014Jan 30 Jan 30 Deposit ACH MEIJER GREAT $515.57 $802.52


Jan 30 Jan 30 Draft Tracer ($520.00) $282.52Jan 31 Jan 31 Deposit Home Banking Transfer - Mobile Banking $1,250.00 $1,532.52

FromJan 31 Ending Balance $1,532.52

AGGREGATE OVERDRAFT AND RETURNED ITEM FEESTotal forThis Period Total Year-to Date

Total Overdraft Fees $0.00 $0.00Total Returned Item Fees $90.00 $90.00

Checking Account SummaryChk# Date Amount Chk# Date Amount Chk# Date Amount

1715 Jan 02 $100.00 1716 Jan 02 $650.00 1717 Jan 06 $322.91 1718 Jan 21 $882.00 1719 Jan 09 $128.33 1720 Jan 06 $142.46

1722* Jan 07 $510.00 1723 Jan 07 $300.00 1724 Jan 08 $250.00 1725 Jan 14 $130.00 1726 Jan 13 $363.80

1727 Jan 15 $100.00 1730* Jan 23 $265.44 1731 Jan 28 $100.00 1732 Jan 28 $220.00 1733 Jan 30 $520.00

Total Checks Cleared 16 $4,984.94The Asterisk (*) indicates a break in check sequence.

Dividend Summary DividendsAccount Year To Date

MEMBER SAVINGS 00 $0.00 CHECKING 01 $0.00

Total $0.00

Your current account relationship is Value

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/ 1Page #184

Real Value Group, LLC.1212 Edith Avenue NE, Ste BGrand Rapids, MI 49505www.RealValueGroup.com

Cogo Capital1121 E Mullan AveCoeur d" Alene, ID 83814

Re: Property:

Borrower:File No.: 111167

In accordance with your request, we have appraised the above referenced property. The report of that appraisal isattached.

The purpose of this appraisal is to estimate the market value of the property described in this appraisal report, asimproved, in unencumbered fee simple title of ownership.

This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood andcity, and an economic analysis of the market for properties such as the subject. The appraisal was developed and thereport was prepared in accordance with the Uniform Standards of Professional Appraisal Practice.

The value conclusions reported are as of the effective date stated in the body of the report and contingent upon thecertification and limiting conditions attached.

It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additionalservice to you.

Sincerely,

Blaine FeyenCertified Residential Appraiser

Real Value Group, LLC.1212 Edith Avenue NE, Ste BGrand Rapids, MI 49505www.RealValueGroup.com

Cogo Capital1121 E Mullan AveCoeur d" Alene, ID 83814

Re: Property:

Borrower:File No.: 111167

In accordance with your request, we have appraised the above referenced property. The report of that appraisal isattached.

The purpose of this appraisal is to estimate the market value of the property described in this appraisal report, asimproved, in unencumbered fee simple title of ownership.

This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood andcity, and an economic analysis of the market for properties such as the subject. The appraisal was developed and thereport was prepared in accordance with the Uniform Standards of Professional Appraisal Practice.

The value conclusions reported are as of the effective date stated in the body of the report and contingent upon thecertification and limiting conditions attached.

It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additionalservice to you.

Sincerely,


Page #1

Page #185

File No.Market Conditions Addendum to the Appraisal Report

MAR

KET

RESE

ARCH

& A

NALY

SIS

COND

O/C

O-O

P PR

OJE

CTS

APPR

AISE

R

The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject

neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009.

Property Address City State ZIP Code

Borrower

Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding

housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent

it is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an

explanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the data

in the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as an

average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of the

subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.

Inventory Analysis Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend

Median Sale & List Price, DOM, Sale/List % Prior 7–12 Months Prior 4–6 Months Current – 3 Months

Total # of Comparable Sales (Settled)

Absorption Rate (Total Sales/Months)

Total # of Comparable Active Listings

Months of Housing Supply (Total Listings/Ab.Rate)

Median Comparable Sale Price

Median Comparable Sales Days on Market

Median Comparable List Price

Median Comparable Listings Days on Market

Median Sale Price as % of List Price

Increasing Stable Declining


Declining Stable Increasing


Overall Trend






Seller-(developer, builder, etc.)paid financial assistance prevalent? Yes No Declining Stable Increasing

Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo

fees, options, etc.).

Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties).

Cite data sources for above information.

Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as

an analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.

If the subject is a unit in a condominium or cooperative project , complete the following: Project Name:Subject Project Data Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend



Months of Unit Supply (Total Listings/Ab.Rate)

Total # of Active Comparable Listings





Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales of

foreclosed properties.

Summarize the above trends and address the impact on the subject unit and project.

Signature

Appraiser Name

Company Name

Company Address

State License/Certification # State

Email Address

Signature

Supervisory Appraiser Name

Company Name

Company Address


Email Address

Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009

111167

Kentwood MI 49548

20.33

13.0

67,45011000

0

3

00

84,900910

10.33

26.1

75,00062

82,4007791

In the subject's market it is typical to have some prepaid items and closing costs paid by sellers with 3% to 7% being fairlystandard and common.

There is a small but continual presence of bank foreclosures in the subject's market and surrounding area. Although this is a factor in thecurrent market there are still well maintained, owner occupied homes, in the subject's market that have helped to stabilize the area.

Local MLS and Assessing data.

Due to computational and data searching limitations of Current Listings by the GRAR MLS the above table reflects only properties that enteredthe market during each time period and does not include properties that were previously listed and may or may not currently be on the marketduring the other time periods. The subject's neighborhood area and greater sub-market has been analyzed by researching the local MLS dataand shows an overall stabilizing trend. Although the most recent sale data appears to indicate an increase, this is due primarily to skewed datafrom the local MLS and anomalies in the data for that period of time. Overall the market in the subject's area is stable.

N/A N/A

N/AN/AN/AN/A

N/AN/AN/AN/A

N/AN/AN/AN/A

N/A

N/A

Blaine FeyenReal Value Group, LLC.

1212 Edith Avenue NE, Grand Rapids, MI 495051201069961 MI

[email protected]

Form 1004MC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

111167

Kentwood MI 49548

20.33

13.0

67,45011000

0

3

00

84,900910

10.33

26.1

75,00062

82,4007791

In the subject's market it is typical to have some prepaid items and closing costs paid by sellers with 3% to 7% being fairlystandard and common.

There is a small but continual presence of bank foreclosures in the subject's market and surrounding area. Although this is a factor in thecurrent market there are still well maintained, owner occupied homes, in the subject's market that have helped to stabilize the area.

Local MLS and Assessing data.

Due to computational and data searching limitations of Current Listings by the GRAR MLS the above table reflects only properties that enteredthe market during each time period and does not include properties that were previously listed and may or may not currently be on the marketduring the other time periods. The subject's neighborhood area and greater sub-market has been analyzed by researching the local MLS dataand shows an overall stabilizing trend. Although the most recent sale data appears to indicate an increase, this is due primarily to skewed datafrom the local MLS and anomalies in the data for that period of time. Overall the market in the subject's area is stable.

N/A N/A

N/AN/AN/AN/A

N/AN/AN/AN/A

N/AN/AN/AN/A

N/A

N/A


1212 Edith Avenue NE, Grand Rapids, MI 495051201069961 MI

[email protected]

Form 1004MC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

File No.Market Conditions Addendum to the Appraisal Report

MAR

KET

RESE

ARCH

& A

NALY

SIS

COND

O/C

O-O

P PR

OJE

CTS

APPR

AISE

R

The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject

neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009.

Property Address City State ZIP Code

Borrower

Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding

housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent

it is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an

explanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the data

in the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as an

average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of the

subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.

Inventory Analysis Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend

Median Sale & List Price, DOM, Sale/List % Prior 7–12 Months Prior 4–6 Months Current – 3 Months



Total # of Comparable Active Listings

Months of Housing Supply (Total Listings/Ab.Rate)

Median Comparable Sale Price

Median Comparable Sales Days on Market

Median Comparable List Price

Median Comparable Listings Days on Market

Median Sale Price as % of List Price





Overall Trend






Seller-(developer, builder, etc.)paid financial assistance prevalent? Yes No Declining Stable Increasing

Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo

fees, options, etc.).

Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties).

Cite data sources for above information.

Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as

an analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.

If the subject is a unit in a condominium or cooperative project , complete the following: Project Name:Subject Project Data Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend



Months of Unit Supply (Total Listings/Ab.Rate)

Total # of Active Comparable Listings





Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales of

foreclosed properties.

Summarize the above trends and address the impact on the subject unit and project.

Signature

Appraiser Name

Company Name

Company Address


Email Address

Signature

Supervisory Appraiser Name

Company Name

Company Address


Email Address

Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009

Page #2

Page #186

LOCATED AT:

FOR:

AS OF:

BY:

Form GA1 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

***SEE EXTENDED COMMENTS***Kentwood, MI 49548

Cogo Capital1121 E Mullan Ave

Coeur d" Alene, ID 83814

02/25/2014


APPRAISAL OF REAL PROPERTY

Form GA1 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

***SEE EXTENDED COMMENTS***Kentwood, MI 49548

Cogo Capital1121 E Mullan Ave

Coeur d" Alene, ID 83814

02/25/2014


APPRAISAL OF REAL PROPERTY

LOCATED AT:

FOR:

AS OF:

BY:

Page #3

Page #187

UUniform Residential Appraisal Report File #

SUBJ

ECT

CONT

RACT

NEIG

HBO

RHO

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SITE

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The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.

Property Address City State Zip Code

Borrower Owner of Public Record County

Legal Description

Assessor's Parcel # Tax Year R.E. Taxes $

Neighborhood Name Map Reference Census Tract

Occupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per month

Property Rights Appraised Fee Simple Leasehold Other (describe)

Assignment Type Purchase Transaction Refinance Transaction Other (describe)

Lender/Client Address

Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes No

Report data source(s) used, offering price(s), and date(s).

I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was notperformed.

Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)

Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes No

If Yes, report the total dollar amount and describe the items to be paid.

Note: Race and the racial composition of the neighborhood are not appraisal factors.Neighborhood Characteristics

Location Urban Suburban Rural

Built-Up Over 75% 25-75% Under 25%

Growth Rapid Stable Slow

One-Unit Housing TrendsProperty Values Increasing Stable Declining

Demand/Supply Shortage In Balance Over Supply

Marketing Time Under 3 mths 3-6 mths Over 6 mths

One-Unit HousingPRICE

$ (000)

AGE

(yrs)

Low

High

Pred.

Present Land Use %One-Unit %

2-4 Unit %

Multi-Family %

Commercial %

Other %

Neighborhood Boundaries

Neighborhood Description

Market Conditions (including support for the above conclusions)

Dimensions Area Shape View

Specific Zoning Classification Zoning Description

Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe)

Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe

Utilities Public Other (describe) Public Other (describe)Electricity

Gas

Water

Sanitary Sewer

Off-site Improvements - Type Public PrivateStreet

Alley

FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map Date

Are the utilities and off-site improvements typical for the market area? Yes No If No, describe

Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe

General DescriptionUnits One One with Accessory Unit

# of Stories

Type Det. Att. S-Det./End Unit

Existing Proposed Under Const.

Design (Style)

Year Built

Effective Age (Yrs)

FoundationConcrete Slab Crawl Space

Full Basement Partial Basement

Basement Area sq.ft.

Basement Finish %

Outside Entry/Exit Sump Pump

Evidence of Infestation

Dampness Settlement

Exterior Description materials/conditionFoundation Walls

Exterior Walls

Roof Surface

Gutters & Downspouts

Window Type

Storm Sash/Insulated

Screens

Interior materials/conditionFloors

Walls

Trim/Finish

Bath Floor

Bath Wainscot

Attic None

Drop Stair Stairs

Floor Scuttle

Finished Heated

Heating FWA HWBB Radiant

Other Fuel

Cooling Central Air Conditioning

Individual Other

Amenities

Fireplace(s) #

Patio/Deck

Pool

Woodstove(s) #

Fence

Porch

Other

Car Storage None

Driveway # of Cars

Driveway Surface

Garage # of Cars

Carport # of Cars

Att. Det. Built-in

Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)

Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade

Additional features (special energy efficient items, etc.).

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).

Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe

Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe

Page 1 of 6Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005

Kentwood MI 49548Kent

***SEE EXTENDED COMMENTS***2013 1,660

Glenwood Pines/Kentwood 24340 26081-0129.02None Known N/A

Cogo Capital 1121 E Mullan Ave, Coeur d" Alene, ID 83814

MLS/Assessor,

40195110

09535

6055

1020

***SEE EXTENDED COMMENTS***



129.53x43.31x129.54x43.33 5,601 sf Rectangular ResidentialR-2 Residential

Paved AsphaltNone

C 2601070005B 11/18/1981


1

Ranch/ZeroLtLn198210

98895

Poured Conc/Avg.Brick/Alum/AverageAsphalt Shingle/Avg.Yes/AverageDH/Slider/AverageYes/AverageYes/Average

Lmt/Cpt/CT/GoodDrywall/GoodWood/GoodCeramicTile/GoodFIberglass/Good

Natural GasWood

1Poured Conc.

1

Fan Hood4 2 1.0 988

Zero Lot Line attached single family residence (townhome style). No additional features were notedat the time of the site visit.

The subject has been remodeled nicely and was inoverall good condition at the time of the site visit. It appears that the subject has been completely updated throughout with a remodeled kitchen,baths, flooring, wall coverings and fixtures. Physical depreciation appears consistent with the effective age and style of the of the home and nodeferred maintenance or neglect was observed. No functional or external depreciation was observed that would negatively adjust value.

There were no adverse conditions noted by the Appraiser at the time of the site visit that would affect the livability, soundness, or structural integrityof the property. The Appraiser is not a licensed mechanical or building inspector and the site visit is not to be construed as an inspection to revealdefects in those areas.

The subject property generally conforms to the neighborhood.

Real Value Group, LLC.

Form 1004 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Kentwood MI 49548Kent

***SEE EXTENDED COMMENTS***2013 1,660

Glenwood Pines/Kentwood 24340 26081-0129.02None Known N/A

Cogo Capital 1121 E Mullan Ave, Coeur d" Alene, ID 83814

MLS/Assessor,

40195110

09535

6055

1020




129.53x43.31x129.54x43.33 5,601 sf Rectangular ResidentialR-2 Residential

Paved AsphaltNone

C 2601070005B 11/18/1981


1

Ranch/ZeroLtLn198210

98895

Poured Conc/Avg.Brick/Alum/AverageAsphalt Shingle/Avg.Yes/AverageDH/Slider/AverageYes/AverageYes/Average

Lmt/Cpt/CT/GoodDrywall/GoodWood/GoodCeramicTile/GoodFIberglass/Good

Natural GasWood

1Poured Conc.

1

Fan Hood4 2 1.0 988

Zero Lot Line attached single family residence (townhome style). No additional features were notedat the time of the site visit.

The subject has been remodeled nicely and was inoverall good condition at the time of the site visit. It appears that the subject has been completely updated throughout with a remodeled kitchen,baths, flooring, wall coverings and fixtures. Physical depreciation appears consistent with the effective age and style of the of the home and nodeferred maintenance or neglect was observed. No functional or external depreciation was observed that would negatively adjust value.

There were no adverse conditions noted by the Appraiser at the time of the site visit that would affect the livability, soundness, or structural integrityof the property. The Appraiser is not a licensed mechanical or building inspector and the site visit is not to be construed as an inspection to revealdefects in those areas.

The subject property generally conforms to the neighborhood.

Real Value Group, LLC.


Uniform Residential Appraisal Report File #

SUBJ

ECT

CONT

RACT

NEIG

HBO

RHO

OD

SITE

IMPR

OVE

MEN

TS

The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.

Property Address City State Zip Code

Borrower Owner of Public Record County

Legal Description

Assessor's Parcel # Tax Year R.E. Taxes $

Neighborhood Name Map Reference Census Tract

Occupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per month

Property Rights Appraised Fee Simple Leasehold Other (describe)

Assignment Type Purchase Transaction Refinance Transaction Other (describe)

Lender/Client Address

Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes No

Report data source(s) used, offering price(s), and date(s).

I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was notperformed.

Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)

Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes No

If Yes, report the total dollar amount and describe the items to be paid.

Note: Race and the racial composition of the neighborhood are not appraisal factors.Neighborhood Characteristics

Location Urban Suburban Rural

Built-Up Over 75% 25-75% Under 25%

Growth Rapid Stable Slow

One-Unit Housing TrendsProperty Values Increasing Stable Declining

Demand/Supply Shortage In Balance Over Supply

Marketing Time Under 3 mths 3-6 mths Over 6 mths

One-Unit HousingPRICE

$ (000)

AGE

(yrs)

Low

High

Pred.

Present Land Use %One-Unit %

2-4 Unit %

Multi-Family %

Commercial %

Other %

Neighborhood Boundaries

Neighborhood Description

Market Conditions (including support for the above conclusions)

Dimensions Area Shape View

Specific Zoning Classification Zoning Description

Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe)

Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe

Utilities Public Other (describe) Public Other (describe)Electricity

Gas

Water

Sanitary Sewer

Off-site Improvements - Type Public PrivateStreet

Alley

FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map Date

Are the utilities and off-site improvements typical for the market area? Yes No If No, describe

Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe

General DescriptionUnits One One with Accessory Unit

# of Stories

Type Det. Att. S-Det./End Unit

Existing Proposed Under Const.

Design (Style)

Year Built

Effective Age (Yrs)

FoundationConcrete Slab Crawl Space

Full Basement Partial Basement

Basement Area sq.ft.

Basement Finish %

Outside Entry/Exit Sump Pump

Evidence of Infestation

Dampness Settlement

Exterior Description materials/conditionFoundation Walls

Exterior Walls

Roof Surface

Gutters & Downspouts

Window Type

Storm Sash/Insulated

Screens

Interior materials/conditionFloors

Walls

Trim/Finish

Bath Floor

Bath Wainscot

Attic None

Drop Stair Stairs

Floor Scuttle

Finished Heated

Heating FWA HWBB Radiant

Other Fuel

Cooling Central Air Conditioning

Individual Other

Amenities

Fireplace(s) #

Patio/Deck

Pool

Woodstove(s) #

Fence

Porch

Other

Car Storage None

Driveway # of Cars

Driveway Surface

Garage # of Cars

Carport # of Cars

Att. Det. Built-in

Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)

Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade

Additional features (special energy efficient items, etc.).

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).

Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe

Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe


Page #4

Page #188

Zero Lot Line attached single family residence (townhome style). Zero Lot Line attached single family residence (townhome style).

TenantTenant

Specific Zoning ClassificationSpecific Zoning Classification R-2R-2nn Zoning DescriptionZoning Description ResidentialResidential

FEMA Special Flood Hazard AreaFEMA Special Flood Hazard Area FEMA Flood ZoneFEMA Flood Zone CCNoNo

No additional features were notedNo additional features were notedat the time of the site visit.at the time of the site visit.

The subject has been remodeled nicely and was inThe subject has been remodeled nicely and was inoverall good condition at the time of the site visit. It appears that the subject has been completely updated throughout with a remodeled kitchen,overall good condition at the time of the site visit. It appears that the subject has been completely updated throughout with a remodeled kitchen,baths, flooring, wall coverings and fixtures. Physical depreciation appears consistent with the effective age and style of the of the home and nobaths, flooring, wall coverings and fixtures. Physical depreciation appears consistent with the effective age and style of the of the home and nodeferred maintenance or neglect was observed. No functional or external depreciation was observed that would negatively adjust value.deferred maintenance or neglect was observed. No functional or external depreciation was observed that would negatively adjust value.


SALE

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There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ .

There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ .

FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address

Proximity to Subject

Sale Price $ $ $ $

Sale Price/Gross Liv. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft.

Data Source(s)

Verification Source(s)

VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment

Sales or Financing

Concessions

Date of Sale/Time

Location

Leasehold/Fee Simple

Site

View

Design (Style)

Quality of Construction

Actual Age

Condition

Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths

Room Count

Gross Living Area sq.ft. sq.ft. sq.ft. sq.ft.

Basement & Finished

Rooms Below Grade

Functional Utility

Heating/Cooling

Energy Efficient Items

Garage/Carport

Porch/Patio/Deck

Net Adjustment (Total) + - + - + -$ $ $

Adjusted Sale Price

of Comparables $ $ $

Net Adj. %

Gross Adj. %

Net Adj. %

Gross Adj. %

Net Adj. %

Gross Adj. %

I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain

My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.

Data Source(s)

My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.

Data Source(s)

Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).

ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3

Date of Prior Sale/Transfer

Price of Prior Sale/Transfer

Data Source(s)

Effective Date of Data Source(s)

Analysis of prior sale or transfer history of the subject property and comparable sales

Summary of Sales Comparison Approach

Indicated Value by Sales Comparison Approach $

Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $

This appraisal is made "as is", subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have beencompleted, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to thefollowing required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:

Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limitingconditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is$ , as of , which is the date of inspection and the effective date of this appraisal.


111167

2 79,900 84,9003 59,900 75,000

Kentwood, MI 49548

Suburban/Avg.Fee Simple5,601 sfResidentialRanch/ZeroLtLnUpdated/Good32Updated/Good

4 2 1.0988

988 Sq.Ft.1fr2br1baAverageF.Air/CentralAirNone1Stall AttachedDeck

Other NoneOther None

No Prior SalesPast Three YearsMLS/Assessor02/25/2014

5898 Madison Ave SEGrand Rapids, MI 495480.06 miles SW

75,00084.27

GRAR/MLS# 13063675Assessor

Conventional2000 -2,00002/14 0Suburban/Avg.Fee Simple6,072 sf 0ResidentialBi-Lvl/ZeroLtLn 0Average +5,00033 0Above Average +2,500

4 2 1.0890 0

890sf 610finwu 01fr2br1baAverageF.Air/CentralAirNone1Stall AttachedDeckNoneNone

5,5007.3

12.7 80,500

No Prior SalesPast Twelve MonthsMLS/Assessor02/25/2014

5929 Pine Vista St SEKentwood, MI 495480.07 miles SW

75,00075.38


Conventional2250 -2,25003/13 0Suburban/Avg.Fee Simple6,072 sf 0ResidentialRanch/ZeroLtLnAverage +5,00032Average +5,000

4 2 1.0995 0

995sf 741finwu 01fr1br1ba +2,500AverageF.Air/CentralAirNone2StallAttached -2,000Deck1Fireplace -1,500Wetbar -1,000

5,7507.7

25.7 80,750


5657 Madison Ave SEKentwood, MI 495480.29 miles NW

114,900116.30


FHA2000 -2,00006/13 0Suburban/AvgFee Simple5,995 sf 0ResidentialRanch/Average -20,000Above Average +2,50049 +1,700Updated/Good

-2,5005 3 1.0 0

988 0980sf 800finfull +2,0001rr1ba1lr +2,500AverageF.Air/CentralAirNone2Stall Detached -1,500None +1,000NoneJettub/UGS -3,500

-19,80017.2

34.1 95,100


MLS/ASSESSOR

MLS/ASSESSOR

Other than those reported, there have been no other sales of the subjectin the past 36 months or the comparable sales in the 12 months prior to the dates utilized in this report per the GRAR MLS.


81,00081,000 95,901 0

The Income Approach Method is not generally applied to single family residences due to it's lack of appropriateness and insufficient data.The CostApproach has not been utilized due to it's lack of relevance.The Opinion of Value is based solely on the Sales Comparison Approach and is aweighted average with the most weight being given to sales one and two for their closer similarity in size, condition and design.

81,000 02/25/2014


111167

2 79,900 84,9003 59,900 75,000

Kentwood, MI 49548


4 2 1.0988




5898 Madison Ave SEGrand Rapids, MI 495480.06 miles SW

75,00084.27


Conventional2000 -2,00002/14 0Suburban/Avg.Fee Simple6,072 sf 0ResidentialBi-Lvl/ZeroLtLn 0Average +5,00033 0Above Average +2,500

4 2 1.0890 0

890sf 610finwu 01fr2br1baAverageF.Air/CentralAirNone1Stall AttachedDeckNoneNone

5,5007.3

12.7 80,500


5929 Pine Vista St SEKentwood, MI 495480.07 miles SW

75,00075.38


Conventional2250 -2,25003/13 0Suburban/Avg.Fee Simple6,072 sf 0ResidentialRanch/ZeroLtLnAverage +5,00032Average +5,000

4 2 1.0995 0

995sf 741finwu 01fr1br1ba +2,500AverageF.Air/CentralAirNone2StallAttached -2,000Deck1Fireplace -1,500Wetbar -1,000

5,7507.7

25.7 80,750


5657 Madison Ave SEKentwood, MI 495480.29 miles NW

114,900116.30


FHA2000 -2,00006/13 0Suburban/AvgFee Simple5,995 sf 0ResidentialRanch/Average -20,000Above Average +2,50049 +1,700Updated/Good

-2,5005 3 1.0 0

988 0980sf 800finfull +2,0001rr1ba1lr +2,500AverageF.Air/CentralAirNone2Stall Detached -1,500None +1,000NoneJettub/UGS -3,500

-19,80017.2

34.1 95,100


MLS/ASSESSOR

MLS/ASSESSOR



81,00081,000 95,901 0

The Income Approach Method is not generally applied to single family residences due to it's lack of appropriateness and insufficient data.The CostApproach has not been utilized due to it's lack of relevance.The Opinion of Value is based solely on the Sales Comparison Approach and is aweighted average with the most weight being given to sales one and two for their closer similarity in size, condition and design.

81,000 02/25/2014



SALE

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RISO

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There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ .

There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ .

FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address


Sale Price $ $ $ $


Data Source(s)



Sales or Financing

Concessions

Date of Sale/Time

Location


Site

View

Design (Style)


Actual Age

Condition


Room Count


Basement & Finished

Rooms Below Grade

Functional Utility

Heating/Cooling


Garage/Carport

Porch/Patio/Deck


Adjusted Sale Price


Net Adj. %

Gross Adj. %

Net Adj. %

Gross Adj. %

Net Adj. %

Gross Adj. %

I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain

My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.

Data Source(s)

My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.

Data Source(s)


ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3



Data Source(s)



Summary of Sales Comparison Approach

Indicated Value by Sales Comparison Approach $

Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $

This appraisal is made "as is", subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have beencompleted, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to thefollowing required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:

Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limitingconditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is$ , as of , which is the date of inspection and the effective date of this appraisal.


Page #5

Page #189

0.06 miles SW0.06 miles SW 0.07 miles SW0.07 miles SW 0.29 miles NW0.29 miles NW

02/1402/14 03/1303/13 06/1306/13

***SEE EXTENDED COMMENTS******SEE EXTENDED COMMENTS***

81,00081,000,,

02/25/201402/25/2014, y (, y (

"as is","as is",


ADDI

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PUD

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COST APPROACH TO VALUE (not required by Fannie Mae)Provide adequate information for the lender/client to replicate the below cost figures and calculations.

Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)

ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW

Source of cost data

Quality rating from cost service Effective date of cost data

Comments on Cost Approach (gross living area calculations, depreciation, etc.)

OPINION OF SITE VALUE =$

DWELLING Sq.Ft. @ $ =$

Sq.Ft. @ $ =$

=$

Garage/Carport Sq.Ft. @ $ =$

Total Estimate of Cost-New =$

Less Physical Functional External

Depreciation =$( )

Depreciated Cost of Improvements =$

"As-is" Value of Site Improvements =$

INDICATED VALUE BY COST APPROACH =$Estimated Remaining Economic Life (HUD and VA only) Years

INCOME APPROACH TO VALUE (not required by Fannie Mae)Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach

Summary of Income Approach (including support for market rent and GRM)

PROJECT INFORMATION FOR PUDs (if applicable)Is the developer/builder in control of the Homeowners’ Association (HOA)? Yes No Unit type(s) Detached Attached

Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.

Legal Name of Project

Total number of phases Total number of units Total number of units sold

Total number of units rented Total number of units for sale Data source(s)

Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion.

Does the project contain any multi-dwelling units? Yes No Data Source

Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.

Are the common elements leased to or by the Homeowners’ Association? Yes No If Yes, describe the rental terms and options.

Describe common elements and recreational facilities.



Based on vacant land sales around the area, anestimated site value was arrived at for the subject. The information was provided by the GRAR MLS.

Marshall and Swift Cost ServiceAverage Sept/2013

12,000988 62.37 61,622

Basement 988 23.14 22,862Deck 3,900

308 18.51 5,70194,085

15,684 15,68478,4015,500

95,901

As homes and neighborhoods become older, the Cost Approachbecomes less relevant since the typical buyer in the subject's marketwould, most likely, not consider new construction as a viable alternative.The subject is not a newer home and the competing marketplace is notnewer homes, therefore, the Cost Approach has not been utilized due tothe lack of support and relevance.

50

N/A N/AN/A

N/AN/A N/A N/AN/A N/A N/A

N/AN/A

N/A

N/A

N/A



Based on vacant land sales around the area, anestimated site value was arrived at for the subject. The information was provided by the GRAR MLS.

Marshall and Swift Cost ServiceAverage Sept/2013

12,000988 62.37 61,622

Basement 988 23.14 22,862Deck 3,900

308 18.51 5,70194,085

15,684 15,68478,4015,500

95,901

As homes and neighborhoods become older, the Cost Approachbecomes less relevant since the typical buyer in the subject's marketwould, most likely, not consider new construction as a viable alternative.The subject is not a newer home and the competing marketplace is notnewer homes, therefore, the Cost Approach has not been utilized due tothe lack of support and relevance.

50

N/A N/AN/A

N/AN/A N/A N/AN/A N/A N/A

N/AN/A

N/A

N/A

N/A



ADDI

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COST APPROACH TO VALUE (not required by Fannie Mae)Provide adequate information for the lender/client to replicate the below cost figures and calculations.

Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)

ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW

Source of cost data

Quality rating from cost service Effective date of cost data

Comments on Cost Approach (gross living area calculations, depreciation, etc.)

OPINION OF SITE VALUE =$

DWELLING Sq.Ft. @ $ =$

Sq.Ft. @ $ =$

=$

Garage/Carport Sq.Ft. @ $ =$

Total Estimate of Cost-New =$

Less Physical Functional External

Depreciation =$( )

Depreciated Cost of Improvements =$

"As-is" Value of Site Improvements =$

INDICATED VALUE BY COST APPROACH =$Estimated Remaining Economic Life (HUD and VA only) Years

INCOME APPROACH TO VALUE (not required by Fannie Mae)Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach

Summary of Income Approach (including support for market rent and GRM)

PROJECT INFORMATION FOR PUDs (if applicable)Is the developer/builder in control of the Homeowners’ Association (HOA)? Yes No Unit type(s) Detached Attached

Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.

Legal Name of Project

Total number of phases Total number of units Total number of units sold

Total number of units rented Total number of units for sale Data source(s)

Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion.

Does the project contain any multi-dwelling units? Yes No Data Source

Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.

Are the common elements leased to or by the Homeowners’ Association? Yes No If Yes, describe the rental terms and options.

Describe common elements and recreational facilities.


Page #6

Page #190


This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit;including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of amanufactured home or a unit in a condominium or cooperative project.

This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intendeduse, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser mayexpand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisalassignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that donot constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser’scontinuing education or membership in an appraisal organization, are permitted.

SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and thereporting requirements of this appraisal report form, including the following definition of market value, statement ofassumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visualinspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of thecomparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,and (5) report his or her analysis, opinions, and conclusions in this appraisal report.

INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is thesubject of this appraisal for a mortgage finance transaction.

INTENDED USER: The intended user of this appraisal report is the lender/client.

DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and openmarket under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assumingthe price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date andthe passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) bothparties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) areasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in termsof financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property soldunaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.

*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments arenecessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs arereadily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financingadjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutionallender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanicaldollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market’sreaction to the financing or concessions based on the appraiser’s judgment.

STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report issubject to the following assumptions and limiting conditions:

1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the titleto it, except for information that he or she became aware of during the research involved in performing this appraisal. Theappraiser assumes that the title is good and marketable and will not render any opinions about the title.

2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements.The sketch is included only to assist the reader in visualizing the property and understanding the appraiser’s determinationof its size.

3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in anidentified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express orimplied, regarding this determination.

4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,unless specific arrangements to do so have been made beforehand, or as otherwise required by law.

5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he orshe became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisalreport, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of theproperty (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no suchconditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any suchconditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered asan environmental assessment of the property.

6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactorycompletion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property willbe performed in a professional manner.


111167


111167



This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit;including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of amanufactured home or a unit in a condominium or cooperative project.

This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intendeduse, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser mayexpand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisalassignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that donot constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser’scontinuing education or membership in an appraisal organization, are permitted.

SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and thereporting requirements of this appraisal report form, including the following definition of market value, statement ofassumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visualinspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of thecomparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,and (5) report his or her analysis, opinions, and conclusions in this appraisal report.

INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is thesubject of this appraisal for a mortgage finance transaction.

INTENDED USER: The intended user of this appraisal report is the lender/client.

DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and openmarket under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assumingthe price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date andthe passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) bothparties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) areasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in termsof financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property soldunaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.

*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments arenecessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs arereadily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financingadjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutionallender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanicaldollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market’sreaction to the financing or concessions based on the appraiser’s judgment.

STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report issubject to the following assumptions and limiting conditions:

1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the titleto it, except for information that he or she became aware of during the research involved in performing this appraisal. Theappraiser assumes that the title is good and marketable and will not render any opinions about the title.

2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements.The sketch is included only to assist the reader in visualizing the property and understanding the appraiser’s determinationof its size.

3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in anidentified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express orimplied, regarding this determination.

4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,unless specific arrangements to do so have been made beforehand, or as otherwise required by law.

5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he orshe became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisalreport, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of theproperty (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no suchconditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any suchconditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered asan environmental assessment of the property.

6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactorycompletion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property willbe performed in a professional manner.


Page #7

Page #191


APPRAISER’S CERTIFICATION: The Appraiser certifies and agrees that:

1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated inthis appraisal report.

2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the conditionof the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect thelivability, soundness, or structural integrity of the property.

3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional AppraisalPractice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were inplace at the time this appraisal report was prepared.

4. I developed my opinion of the market value of the real property that is the subject of this report based on the salescomparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approachfor this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not developthem, unless otherwise indicated in this report.

5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering forsale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subjectproperty for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.

6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year priorto the date of sale of the comparable sale, unless otherwise indicated in this report.

7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.

8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home thathas been built or will be built on the land.

9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subjectproperty and the comparable sales.

10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest inthe sale or financing of the subject property.

11. I have knowledge and experience in appraising this type of property in this market area.

12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listingservices, tax assessment records, public land records and other such data sources for the area in which the property is located.

13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report fromreliable sources that I believe to be true and correct.

14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subjectproperty, and the proximity of the subject property to adverse influences in the development of my opinion of market value. Ihave noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of thesubject property or that I became aware of during the research involved in performing this appraisal. I have considered theseadverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value andmarketability of the subject property.

15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, allstatements and information in this appraisal report are true and correct.

16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, whichare subject only to the assumptions and limiting conditions in this appraisal report.

17. I have no present or prospective interest in the property that is the subject of this report, and I have no present orprospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially orcompletely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, maritalstatus, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of thepresent owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.

18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was notconditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) apredetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause ofany party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pendingmortgage loan application).

19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If Irelied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisalor the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in thisappraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to makea change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take noresponsibility for it.

20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization thatordered and will receive this appraisal report.


111167


111167



APPRAISER’S CERTIFICATION: The Appraiser certifies and agrees that:

1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated inthis appraisal report.

2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the conditionof the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect thelivability, soundness, or structural integrity of the property.

3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional AppraisalPractice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were inplace at the time this appraisal report was prepared.

4. I developed my opinion of the market value of the real property that is the subject of this report based on the salescomparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approachfor this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not developthem, unless otherwise indicated in this report.

5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering forsale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subjectproperty for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.

6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year priorto the date of sale of the comparable sale, unless otherwise indicated in this report.

7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.

8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home thathas been built or will be built on the land.

9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subjectproperty and the comparable sales.

10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest inthe sale or financing of the subject property.

11. I have knowledge and experience in appraising this type of property in this market area.

12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listingservices, tax assessment records, public land records and other such data sources for the area in which the property is located.

13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report fromreliable sources that I believe to be true and correct.

14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subjectproperty, and the proximity of the subject property to adverse influences in the development of my opinion of market value. Ihave noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of thesubject property or that I became aware of during the research involved in performing this appraisal. I have considered theseadverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value andmarketability of the subject property.

15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, allstatements and information in this appraisal report are true and correct.

16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, whichare subject only to the assumptions and limiting conditions in this appraisal report.

17. I have no present or prospective interest in the property that is the subject of this report, and I have no present orprospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially orcompletely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, maritalstatus, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of thepresent owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.

18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was notconditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) apredetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause ofany party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pendingmortgage loan application).

19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If Irelied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisalor the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in thisappraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to makea change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take noresponsibility for it.

20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization thatordered and will receive this appraisal report.


Page #8

Page #192


21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of theborrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; othersecondary market participants; data collection or reporting services; professional appraisal organizations; any department,agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having toobtain the appraiser’s or supervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisalreport may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, publicrelations, news, sales, or other media).

22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certainlaws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practicethat pertain to disclosure or distribution by me.

23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgageinsurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as partof any mortgage finance transaction that involves any one or more of these parties.

24. If this appraisal report was transmitted as an “electronic record” containing my "electronic signature," as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid as if a paper version of this appraisal report were delivered containing my original hand written signature.

25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/orcriminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United StatesCode, Section 1001, et seq., or similar state laws.

SUPERVISORY APPRAISER’S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:

1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser’sanalysis, opinions, statements, conclusions, and the appraiser’s certification.

2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser’s analysis, opinions,statements, conclusions, and the appraiser’s certification.

3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or theappraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.

4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted andpromulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisalreport was prepared.

5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid as if a paper version of this appraisal report were delivered containing my original hand written signature.

APPRAISER

Signature

Name

Company Name

Company Address

Telephone Number

Email Address

Date of Signature and Report

Effective Date of Appraisal

State Certification #

or State License #

or Other (describe) State #

State

Expiration Date of Certification or License

ADDRESS OF PROPERTY APPRAISED

APPRAISED VALUE OF SUBJECT PROPERTY $

LENDER/CLIENT

Name

Company Name

Company Address

Email Address

SUPERVISORY APPRAISER (ONLY IF REQUIRED)

Signature

Name

Company Name

Company Address

Telephone Number

Email Address

Date of Signature


or State License #

State


SUBJECT PROPERTY

Did not inspect subject property

Did inspect exterior of subject property from street

Date of Inspection

Did inspect interior and exterior of subject property

Date of Inspection

COMPARABLE SALES

Did not inspect exterior of comparable sales from street

Did inspect exterior of comparable sales from street

Date of Inspection


111167

Blaine A. Feyen


1212 Edith Avenue NE, Grand Rapids, MI49505

(616) [email protected]

February 27, 201402/25/2014

1201069961

MI07/31/2014

81,000

AMSACogo Capital

1121 E Mullan Ave, Coeur d" Alene, ID 83814


111167

Blaine A. Feyen


1212 Edith Avenue NE, Grand Rapids, MI49505

(616) [email protected]

February 27, 201402/25/2014

1201069961

MI07/31/2014

81,000

AMSACogo Capital

1121 E Mullan Ave, Coeur d" Alene, ID 83814



21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of theborrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; othersecondary market participants; data collection or reporting services; professional appraisal organizations; any department,agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having toobtain the appraiser’s or supervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisalreport may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, publicrelations, news, sales, or other media).

22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certainlaws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practicethat pertain to disclosure or distribution by me.

23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgageinsurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as partof any mortgage finance transaction that involves any one or more of these parties.

24. If this appraisal report was transmitted as an “electronic record” containing my "electronic signature," as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid as if a paper version of this appraisal report were delivered containing my original hand written signature.

25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/orcriminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United StatesCode, Section 1001, et seq., or similar state laws.

SUPERVISORY APPRAISER’S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:

1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser’sanalysis, opinions, statements, conclusions, and the appraiser’s certification.

2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser’s analysis, opinions,statements, conclusions, and the appraiser’s certification.

3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or theappraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.

4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted andpromulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisalreport was prepared.

5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid as if a paper version of this appraisal report were delivered containing my original hand written signature.

APPRAISER

Signature

Name

Company Name

Company Address

Telephone Number

Email Address

Date of Signature and Report

Effective Date of Appraisal


or State License #

or Other (describe) State #

State


ADDRESS OF PROPERTY APPRAISED

APPRAISED VALUE OF SUBJECT PROPERTY $

LENDER/CLIENT

Name

Company Name

Company Address

Email Address

SUPERVISORY APPRAISER (ONLY IF REQUIRED)

Signature

Name

Company Name

Company Address

Telephone Number

Email Address

Date of Signature


or State License #

State


SUBJECT PROPERTY

Did not inspect subject property

Did inspect exterior of subject property from street

Date of Inspection

Did inspect interior and exterior of subject property

Date of Inspection

COMPARABLE SALES

Did not inspect exterior of comparable sales from street

Did inspect exterior of comparable sales from street

Date of Inspection


Page #9

Page #193

07/31/201407/31/2014

02/25/201402/25/2014

APPRAISED VALUE OF SUBJECT PROPERTY $APPRAISED VALUE OF SUBJECT PROPERTY $ 81,00081,000


SALE

S CO

MPA

RISO

N AP

PRO

ACH

SALE

HIS

TORY

ANAL

YSIS

/ CO

MM

ENTS

FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #

Address


Sale Price $ $ $ $


Data Source(s)



Sales or Financing

Concessions

Date of Sale/Time

Location


Site

View

Design (Style)


Actual Age

Condition


Room Count


Basement & Finished

Rooms Below Grade

Functional Utility

Heating/Cooling


Garage/Carport

Porch/Patio/Deck


Adjusted Sale Price


Net Adj. %

Gross Adj. %

Net Adj. %

Gross Adj. %

Net Adj. %

Gross Adj. %


ITEM SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #



Data Source(s)



Analysis/Comments

Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005

111167

Kentwood, MI 49548


4 2 1.0988




5882 Madison Ave SEGrand Rapids, MI 495480.06 miles W

84,90097.59


LISTINGActive;0 -2,547ListingSuburban/Avg.Fee Simple6,517 sf 0ResidentialBi-Lvl/ZeroLtLn 0SomeUpdts/Avg +3,50034 0Updated/Good

+5,0003 1 1.0 0

870 +1,416870sf 750finwu 01fr2br1baAverageF.Air/CentralAirNone1Stall AttachedDeck1Fireplace -1,500SecSyst/Jettub -3,000

2,8693.4

20.0 87,769


4 5 6

4 5 6



Form 1004.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

111167

Kentwood, MI 49548


4 2 1.0988




5882 Madison Ave SEGrand Rapids, MI 495480.06 miles W

84,90097.59


LISTINGActive;0 -2,547ListingSuburban/Avg.Fee Simple6,517 sf 0ResidentialBi-Lvl/ZeroLtLn 0SomeUpdts/Avg +3,50034 0Updated/Good

+5,0003 1 1.0 0

870 +1,416870sf 750finwu 01fr2br1baAverageF.Air/CentralAirNone1Stall AttachedDeck1Fireplace -1,500SecSyst/Jettub -3,000

2,8693.4

20.0 87,769


4 5 6

4 5 6



Form 1004.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


SALE

S CO

MPA

RISO

N AP

PRO

ACH

SALE

HIS

TORY

ANAL

YSIS

/ CO

MM

ENTS

FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #

Address


Sale Price $ $ $ $


Data Source(s)



Sales or Financing

Concessions

Date of Sale/Time

Location


Site

View

Design (Style)


Actual Age

Condition


Room Count


Basement & Finished

Rooms Below Grade

Functional Utility

Heating/Cooling


Garage/Carport

Porch/Patio/Deck


Adjusted Sale Price


Net Adj. %

Gross Adj. %

Net Adj. %

Gross Adj. %

Net Adj. %

Gross Adj. %


ITEM SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #



Data Source(s)



Analysis/Comments

Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005

Page #10

Page #194

0.06 miles W0.06 miles W

LISTINGLISTING

Property Address

City County State Zip Code

File No.Supplemental Addendum

Form TADD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Kentwood Kent MI 49548Cogo Capital

Borrower

Lender

Page #11

• Scope of the AppraisalThis is a Summary appraisal report which is intended to comply with the requirements set forth under Standards Rule 2-2 for theUniform Standards of Professional Appraisal Practice for a Summary Appraisal Report. For the purpose of this appraisalassignment, the appraiser has considered all three approaches to value which include the following: Income Approach, SalesComparison Approach and the Cost Approach. This report has been prepared to determine market value for a Federally relatedmortgage loan purpose and is in conformance with the requirements of Title XI of the Federal Financial Institutions, reform,Recovery & Enforcement Act of 8/90 (FIRREA) The Uniform Standards of Professional Practices.

If one of the Approaches to Value has not been completed it is due to a lack of relevance in determining a reliable Opinion ofValue and is commented on further in this report.

The data sources the appraiser has relied upon include a site visit, the local multiple listing service, assessor records, localbuilding trends, the Marshall & Swift Residential Cost Handbook, and information provided by the homeowner. The appraiserhas analyzed and adjusted for, when necessary, the comparable properties for differences with the subject property to arrive atan indication of market value of the subject property.

The Income Approach is not considered to be relevant due to most single family homes in the area are occupied by thehomeowners and are not typically purchased for their income ability. Due to this reason, the appraiser has not completed theIncome Approach section of this appraisal.

The opinion of value stated in this report is strictly bound to the effective date of the appraisal assignment and is only for thepurpose as defined by the Intended User of this report.

• Intended User/UseThis report is intended for use only by the client document in this report, who has a contractual agreement with the appraiser.This report has been prepared to assist in the decision making regarding a loan made by the client for collateral purposes. Theuse of this report by anyone other than the client and/or for any other purposes may be misleading and is prohibited.

• Licensing RequirementsAppraisers are required to be licensed and are regulated by the Michigan Department of Labor and Economic Growth. TheDepartment's address is:

Department of Licensing and Regulatory AffairsP.O. Box 30018

Lansing, MI 48909

• Legal ConsiderationsIn the event the appraiser is subpoenaed to testify for any legal action regarding this appraisal, the appraiser's fee is as follows:$350.00 minimum, up to and including the first two hours of testimony/scheduled appearance time, including drive time. Thehourly fee from thereafter will be $200.00 per hour. The client agrees that the acceptance of this appraisal report and use forany legal consideration and/or action, regardless of who subpoenas the appraiser, is responsible for the fee stated in this report,as well as the conditions set forth in the "Statement of Assumptions and Limiting Conditions" Item #4.

Further, the client agrees that acceptance of this report, regardless of whether or not the mortgage transaction this report isbeing utilized for closes, is acceptance of full responsibility to pay the appraisal fee set forth in this report and the client agreesto pay any legal fees associated with attempts to collected said appraisal fee.

• Additional CommentsOnly the real property and improvements to any part of said real property were included in the appraisal. No personal propertyhas been given any consideration in determining the final opinion of value of the subject.

All mechanical systems are assumed to be operable and in average condition. The appraiser is not an expert in mechanicalsystems. Furthermore, the appraiser's site visit is not to be misconstrued as an "inspection." The site visit is merely anobservation of the subject, its surroundings and its site. This report is not to be regarded as a full property inspection with thepurpose to reveal defects of mechanical systems, structural integrity, roofing, siding, or hazardous materials and environmentalconcerns. The appraiser claims to have no expertise in these fields and recommends a qualified professional be obtained toinspect the subject property for any possible defects or environmental concerns.

The Appraiser has visually inspected all comparable sales but has utilized some file and/or MLS photos due primarily to theimpracticality of getting updated photos based on hazardous weather conditions and people present (shoveling) at the time ofdrive by.

• URAR : Legal DescriptionLOT 35 EX COM 48.69 FT S ALONG W LINE OF SD LOT FROM NW COR THEREOF TH N 48.69 FT TO SD NW COR TH E129.53 FT TO NE COR OF SD LOT TH S 48.67 FT ALONG E LINE OF SD LOT TH W 129.53 FT TO BEG * GLENWOODPINES NO.2

• URAR : Neighborhood - BoundariesThe subject is bounded north by 52nd Street SE, east by Eastern Avenue SE, south by 60th Street SE, and west by DivisionAvenue S. The subject and area are served primarily by Kentwood Public Schools.

• URAR : Neighborhood - Market ConditionsThe subject's financing market is typically conventional fixed rate, V.A., FHA, and Land Contracts. Property values haveexperienced some decline as the economy slowed over the previous several years. The market in general has seen higher thanaverage rates of foreclosure as the market corrected from previous highs but appears to be stabilizing at this time. Interest rateshave declined sharply in the past 3 years which has encouraged an increase in refinance and purchases.

Page #195

Property Address


File No.Supplemental Addendum

Form TADD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


Borrower

Lender

Page #12

• URAR : Neighborhood - DescriptionHomes in the neighborhood vary in age and appear well maintained. The subject is located in a neighborhood of mediumdensity, single family homes with average appeal to the market. The area has some commercial land use. This is common forthe subject neighborhood and other similar neighborhoods and is not considered to be adverse. The subject's street andsurrounding area have several 'zero lot line' homes.

When one boundary wall of a structure is built right on the property line, it is said to have a zero lot line. This technique is usedin both residential and commercial construction for a variety of reasons, with homes which are laid out in this way being referredto as “zero lot line homes.” Quite often there is a common shared dividing wall between one home and the neighboring home.While there does not appear to be 'market resistance' to this style of home and form of ownership, there does appear to be aneffect on marketability in the form of lower prices compared with detached single family homes with similar size, quality,condition and amenities.

• URAR : Additional CommentsThe cost approach, if completed for the purpose of this report, has only been developed by the appraiser as an analysis tosupport their opinion of the property's market value . Use of this data, in whole or part, for other purposes is not intended by theappraiser. Nothing set fourth in the appraisal should be relied upon for purposes of determining the amount or type of insurancecoverage to be placed on the subject property. The appraiser assumes no liability for and does not guarantee that any insurablevalue estimate inferred from this report will result in the subject property being fully insured for any loss that may be sustained.Further the cost approach may not be reliable due to changing costs of labor and materials and due to changing building codesand governmental regulations and requirements.

All utilities were available and appeared to be working properly at the time of site visit. The Appraiser tested a reasonablenumber of the subject's windows, doors, faucets, and fans and all appeared to be in good working condition. A head andshoulders inspection of the subject's attic scuttle was conducted and all appeared to be typical and average.

In the normal course of business, the appraiser attempted to obtain an adequate amount of information regarding the subjectand comparable properties. Some of the required UAD standardized responses, especially those in which the appraiser has nothad the opportunity to verify personally or measure, could mistakenly imply greater precision and reliability in the data than isfactually correct or typical in the normal course of business. Examples include condition and quality ratings as well ascomparable sales and listing data. Not every element of the subject property was viewable and comparable property data wasgenerally obtained from third-party sources like MLS, Township records, County records, or private individuals. Consequently,this information should be considered an "estimate" unless otherwise noted by the appraiser. Reference: TheAppraisal Foundation, USPAP & Advisory Opinions, Edition 2010-2011: Scope of work rule, Advisory Opinion 24: Normalcourse of business.

The interior and exterior photos contained within this report are intended to represent the subject property but cannot solely berelied upon by the reader of this report as a complete indicator of what the appraiser was able to experience during theinspection. The appraiser's judgement with respect to quality, condition, design elements, features, wear & tear, odors etc.cannot be fully understood by the reader considering a photograph alone.

I have no present or future interest in the subject property reported in this valuation and no personal interest with respect to theparticipants party to this transaction. I have no bias with respect to the property or participants. I have not accepted thisassignment contingent upon developing or reporting a predetermined result. The compensation was not linked to any of thefollowing: developing or reporting a predetermined value conclusion, direction in value estimate that favors the client, the valueestimate, the result, or occurrence of a subsequent event directly related to the intended use of this valuation report.

GEOGRAPHIC COMPETENCY:The subject property is located +/- 12 miles from my office.This assignment requires geographic competency as the scope ofwork. I have spent sufficient time in the subject's market and understand the nuances of the local market and the supply anddemand factors relating to the specific property type and the location involved. Such understanding will not be imparted solelyfrom a consideration of specific data such as demographics, costs, sales and rentals. The necessary understanding of localmarket conditions provides the bridge between a sale and a comparable sale or a rental and a comparable rental.

• URAR : Sales Comparison Analysis - Summary of Sales Comparison ApproachSales two and three are over six months and are being utilized for their good comparability and excellent proximity. All saleshave been adjusted for quality, and sales one and two for condition, based primarily on MLS comments and media. Comparablefour is a current listing and is being utilized to support the Opinion of Value by demonstrating neighborhood marketability andsalability of similar style homes in the current market. Listing four has been given a 3% adjustment assuming a lower offer andsale price. This is a typical adjustment between list price and sale price when homes are priced correctly in the market. Salethree is a single family detached (non-zero lot line) home and has been utilized to bracket the subject's style and represent whatsimilarly sized detached homes have sold for compared to a similarly sized zero-lot line home. Sale three has been given asingle line adjustment exceeding 10% of its sale price which is the adjustment for style/design. Any differences due to design,size, condition, location, site, or quality of construction has been carefully considered and, if appropriate, adjusted accordingly.The subject and all sales are served by schools of the same or similar desirability and are considered to be the most relevantand appropriate available at the time of this report.

• URAR : Site - External FactorsThe subject is located on a suburban neighborhood street with all of the normal elements of suburban living available andvisible, such as power lines, telephone lines, water and sewer, and cable TV. This is common for the subject's area and othersimilar neighborhoods and is not considered to be adverse. The subject is a 'Zero Lot Line' home with a shared commondividing wall between the subject and neighboring home. This is typical for the area and is not considered to be adverse.

Page #196

The subject's street andj g gsurrounding area have several 'zero lot line' homes.

When one boundary wall of a structure is built right on the property line, it is said to have a zero lot line. This technique is usedy g p p y , qin both residential and commercial construction for a variety of reasons, with homes which are laid out in this way being referredy , y gto as “zero lot line homes.” Quite often there is a common shared dividing wall between one home and the neighboring home.g g gWhile there does not appear to be 'market resistance' to this style of home and form of ownership, there does appear to be anpp y p, ppeffect on marketability in the form of lower prices compared with detached single family homes with similar size, quality,ycondition and amenities.

All utilities were available and appeared to be working properly at the time of site visit. A head andj , , , pp g g

shoulders inspection of the subject's attic scuttle was conducted and all appeared to be typical and average.

je subject is a 'Zero Lot Line' home with a shared commong j

dividing wall between the subject and neighboring home. This is typical for the area and is not considered to be adverse.

38'

8'

22'

1 Sta

ll At

tach

ed

Gar

age

Bed

room

Din

ing

Bed

room

Property Address


Form SKT.BldSkI — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Building Sketch

St SEKentwood Kent MI 49548Cogo Capital

Borrower

Lender

38'

8'

22'

1 Sta

ll At

tach

ed

Gar

age

Bed

room

Din

ing

Bed

room

Form SKT.BldSkI — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Building Sketch


Borrower

Lender

Property Address


Page #13

Page #197

Property Address


Form PIC3x5.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Subject Photo Page


Subject Front

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

988421.0Suburban/Avg.Residential5,601 sfUpdated/Good32

Subject Rear

Subject Street

Borrower

Lender

Form PIC3x5.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Subject Photo Page


Subject Front

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

988421.0Suburban/Avg.Residential5,601 sfUpdated/Good32

Subject Rear

Subject Street

Borrower

Lender

Property Address


Page #14

Page #198

Property Address


Form PICSIX2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Photograph Addendum


Other Street View View From Driveway

Side/Garage Rear Yard

Kitchen View 1 Kitchen View 2

Borrower

Lender


Photograph Addendum


Other Street View View From Driveway

Side/Garage Rear Yard

Kitchen View 1 Kitchen View 2

Borrower

Lender

Property Address


Page #15

Page #199

Property Address



Photograph Addendum


Dining Area Family Room

Bedroom 1 Bedroom 2

Shower in Bathroom Sink/Toilet in Bathroom

Borrower

Lender


Photograph Addendum


Dining Area Family Room

Bedroom 1 Bedroom 2

Shower in Bathroom Sink/Toilet in Bathroom

Borrower

Lender

Property Address


Page #16

Page #200

Property Address



Photograph Addendum


Shower/Toilet in Basement Bathroom Sink/Toilet in Basement Bathroom

Basement Bedroom 1 Basement Bedroom 2

Family Room in Basement

Borrower

Lender


Photograph Addendum


Shower/Toilet in Basement Bathroom Sink/Toilet in Basement Bathroom

Basement Bedroom 1 Basement Bedroom 2

Family Room in Basement

Borrower

Lender

Property Address


Page #17

Page #201

Property Address


Form PIC3x5.CR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Comparable Photo Page


Comparable 1

Prox. to Subject

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

5898 Madison Ave SE0.06 miles SW75,000890421.0Suburban/Avg.Residential6,072 sfAverage33

Comparable 2

Prox. to Subject

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

5929 Pine Vista St SE0.07 miles SW75,000995421.0Suburban/Avg.Residential6,072 sfAverage32

Comparable 3

Prox. to Subject

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

5657 Madison Ave SE0.29 miles NW114,900988531.0Suburban/AvgResidential5,995 sfAbove Average49

Owners shovelingunable to get original

Borrower

Lender




Comparable 1

Prox. to Subject

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

5898 Madison Ave SE0.06 miles SW75,000890421.0Suburban/Avg.Residential6,072 sfAverage33

Comparable 2

Prox. to Subject

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

5929 Pine Vista St SE0.07 miles SW75,000995421.0Suburban/Avg.Residential6,072 sfAverage32

Comparable 3

Prox. to Subject

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

5657 Madison Ave SE0.29 miles NW114,900988531.0Suburban/AvgResidential5,995 sfAbove Average49

Owners shovelingunable to get original

Borrower

Lender

Property Address


Page #18

Page #202

Property Address





Comparable 4

Prox. to Subject

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

5882 Madison Ave SE0.06 miles W84,900870311.0Suburban/Avg.Residential6,517 sfSomeUpdts/Avg34

Comparable 5

Prox. to Subject

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

Comparable 6

Prox. to Subject

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

Borrower

Lender




Comparable 4

Prox. to Subject

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

5882 Madison Ave SE0.06 miles W84,900870311.0Suburban/Avg.Residential6,517 sfSomeUpdts/Avg34

Comparable 5

Prox. to Subject

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

Comparable 6

Prox. to Subject

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

Borrower

Lender

Property Address


Page #19

Page #203

Property Address


Form MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Location Map


Borrower

Lender


Location Map


Borrower

Lender

Property Address


Page #20

Page #204

Property Address



Aerial Map


Borrower

Lender


Aerial Map


Borrower

Lender

Property Address


Page #21

Page #205

E&O

Form SCNLGL — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

E&O


Page #22

Page #206

License


License


Page #23

Page #207

LEGAL

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KENTWOOD MI

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KENTWOOD MI 49548-8609

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1 of 1 3/19/2014 2:36 PM

Page #208

Property Profile Grand Rapids, MI 49548Property InformationOwner(s): Mailing Address: Grand Rapids, MI 49548

OwnerPhone:

Unknown Property Address:, Grand Rapids, MI

49548

County: Kent APN:

Map Coord: Census Tract: 0129.02

Lot#: 35 Block:

Subdivision: Glenwood Pines #2 Tract:

Legal:Lot 35 Ex Com 48.69 Ft S Along W Line Of Sd Lot From Nw Cor Thereof Th N 48.69 Ft To Sd Nw Cor Th E 129.53 Ft To Ne CorOf Sd Lot Th S 48.67 Ft Along E Line Of Sd Lot Th W 129.53 Ft To Beg * Glenwood Pines No.2

Property CharacteristicsUse: Sfr Year Built / Eff. : / Sq. Ft. :

Zoning: Lot Size Ac / Sq Ft: .0116 / 504 # of Units:

Bedrooms: Bathrooms: Fireplace:

# Rooms: Quality: Heating:

Pool: N Air: Style:

Stories: Improvements: Parking / #: /

Flood: X Gross Area: N/A Garage Area : N/A

Basement Area: N/A

Sale and Loan InformationSale Date: 9/27/2006 *$/Sq. Ft.: 2nd Mtg.:

Sale Price: $120,000 1st Loan: Prior Sale Amt: $80,000

Doc No.: 112837 Loan Type: Prior Sale Date: 6/17/2005

Doc Type: Warranty Deed Transfer Date: 10/13/2006 Prior Doc No.: 88446

Seller: Brouwer Bruce H & Shari Lender: Prior Doc Type: Deed (Reg)

*$/Sq. Ft. is a calculation of Sale Price divided by Sq. Feet.

Tax InformationImp Value: Exemption Type:

Land Value: Tax Year / Area: 2012 /

Total Value: $37,900 Tax Value: $37,900

Tax Amount: $2,073.41 Improved:

Property Profile Grand Rapids, MI 49548 3/19/2014Information compiled from various sources and is deemed reliable, but not guaranteed. ©2005-2014 First American Financial Corporation and/or itsaffiliates. All rights reserved.

HtmlCombinedorBundlePrintReport https://myfirstam.com/Property/Search

1 of 5 3/19/2014 2:37 PM

Page #209

Transaction History Grand Rapids, MI 49548

Transaction History provides records for the past ten years. To request additional information, please contact your local Sales Representative,Customer Service Department, or for an additional fee you may click here .

History Record # 1 : SALE

Buyer: Seller:

Sale Date: 02/19/2014 Sale Price:

Sale Recording Date: 02/24/2014 Sale Price Type:

Recorded Doc #: 12990 Title Company:

Document Type: Warranty Deed


Buyer: Seller:

Sale Date: 09/27/2006 Sale Price: $120,000


Recorded Doc #: 112837 Title Company: Chicago Title Co.

Document Type: Warranty Deed


Buyer: Seller:2000-1

Sale Date: 06/17/2005 Sale Price: $80,000


Recorded Doc #: 88446 Title Company: Attorney Only

Document Type: Deed (Reg)

Transaction History 3/19/2014Information compiled from various sources and is deemed reliable, but not guaranteed. ©2005-2014 First American Financial Corporation and/or itsaffiliates. All rights reserved.

Transaction History


2 of 5 3/19/2014 2:37 PM

Page #210

Comparable Sales , Grand Rapids, MI 49548

Subject Property

APN PropertyAddress

SalePrice

YearBuilt Beds Baths Sq. Ft. Rec. Date

Dist.fromSubj.

4 St Se,

Grand Rapids, MI49548

$120,000

Comparable Sales

1 41-18-31-458-0155853 Clear Stream DRSE , Grand Rapids, MI49548

$137,000 10/1/2013 0.05 mi

2 41-18-31-458-0075885 Clear Stream DRSE , Kentwood, MI49548

$130,000 10/28/2013 0.05 mi

3 41-18-31-452-0025880 Madison AVE SE ,Grand Rapids, MI49548

$63,000 11/8/2013 0.06 mi

4 41-18-31-459-0055898 Clear Stream DRSE , Kentwood, MI49548

$140,000 2/13/2014 0.08 mi

5 41-18-31-458-0115935 Clear Stream DRSE , Grand Rapids, MI49548

$123,000 11/14/2013 0.08 mi

6 41-18-31-457-003523 Clear Wood DR SE, Grand Rapids, MI49548

$148,000 11/18/2013 0.11 mi

7 41-18-31-451-057444 Pine Vista ST SE ,Kentwood, MI 49548

$69,000 1/9/2014 0.11 mi

8 41-18-31-451-032426 Pine Vista ST SE ,Grand Rapids, MI49548

$92,000 12/16/2013 0.12 mi

9 41-18-31-376-036331 Majestic ST SE ,Grand Rapids, MI49548

$85,000 9/24/2013 0.19 mi

10 41-18-31-327-038317 Nora ST SE ,Grand Rapids, MI49548

$74,900 11/1/2013 0.32 mi

11 41-18-31-328-037226 Nora ST SE ,Grand Rapids, MI $77,950 2/11/2014 0.37 mi


3 of 5 3/19/2014 2:37 PM

Page #211

49548

12 41-18-31-315-003115 Regent ST SE ,Grand Rapids, MI49548

$132,000 11/6/2013 0.42 mi

13 41-18-31-326-004205 Nancy ST SE ,Grand Rapids, MI49548

$32,500 10/10/2013 0.44 mi

14 41-18-32-351-080813 Tierra ST SE ,Grand Rapids, MI49508

$110,000 1/16/2014 0.44 mi

15 41-18-32-306-0025784 Eastern AVE SE ,Grand Rapids, MI49508

$80,000 12/5/2013 0.45 mi

16 41-18-31-254-0125540 Kelekent AVE SE ,Grand Rapids, MI49548

$102,500 1/9/2014 0.46 mi

17 41-18-31-176-0165543 Mick AVE SE ,Grand Rapids, MI49548

$105,000 10/10/2013 0.46 mi

18 41-18-32-351-045842 59th ST SE , GrandRapids, MI 49508

$138,900 11/12/2013 0.48 mi

19 41-18-32-351-051873 Tierra ST SE ,Grand Rapids, MI49508

$110,000 10/2/2013 0.49 mi

20 41-18-31-301-023143 Nancy ST SE ,Grand Rapids, MI49548

$33,666 12/16/2013 0.49 mi

21 41-18-31-276-0865533 Osborne AVE SE ,Grand Rapids, MI49548

$133,000 1/30/2014 0.49 mi

22 41-18-31-351-02339 Majestic ST SE ,Grand Rapids, MI49548

$96,000 11/5/2013 0.50 mi

23 41-22-06-200-0416123 Eastern AVE SE ,Grand Rapids, MI49508

$90,000 2/14/2014 0.51 mi

24 41-18-31-277-017682 Sandhurst DR SE ,Grand Rapids, MI49548

$138,000 12/4/2013 0.52 mi

25 41-18-32-303-019861 Diane ST SE ,Kentwood, MI 49508

$126,000 1/28/2014 0.57 mi

Comparable StatisticsAverage Low High

Sale Price: $102,697 $32,500 $148,000

Loan Amount: $101,314 $40,000 $136,383


4 of 5 3/19/2014 2:37 PM

Page #212

Bedrooms: 0 0 0

Bathrooms: 0 0 0

Sq. Ft.: 0 0 0

Sale $ / Sq. Ft.*: $0 $0 $0

*$/Sq.Ft. is a calculation of Sale Price divided by Sq.Ft.

Comparable Sales , Grand Rapids, MI 49548 3/19/2014Information compiled from various sources and is deemed reliable, but not guaranteed. ©2005-2014 First American Financial Corporation and/or itsaffiliates. All rights reserved.


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Property AnalyzerMap Street View Aerial View

Show Sold Comparables

Show Rent Comparables

Value Estimate Over Time Detailed Report

Estimated Value:$84,062

Value Range:$76,496 - $90,787

30 Day Change:$56

Last Updated:03/18/2014

PUBLIC INFO

SoutheastKentwood, Michigan 49548

Last Sold Date: 10/13/2006

Last Sold Price: $120,000

Tax Assessment: $75,800

Tax Assessment Year: 2012

VALUE

Tax Assessment: $75,800$85,316

Zestimate: $84,062Estimate Avg. $81,726

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Show Sold Comparables

Subject Property Address Sale Date Sale Price Built In Beds Baths Building Price Per Lot

10/13/2006 $120,000 N/A

Property Address Proximity Sale Date SalePrice

BuiltIn Beds Baths Building Price

Per Lot Avg

5894 Pine Vista St SE 0.01 mi 03/22/2013 $59,900 1983 3 2.0 1,376 $44 5,532

5853 Clear Stream Dr SE 0.03 mi 10/01/2013 $137,000 2007 4 2.0 1,910 $72 10,454

5885 Clear Stream Dr SE 0.04 mi 10/28/2013 $130,000 2009 2 1.0 922 $141 12,196


5880 Madison Ave SE 0.08 mi 11/08/2013 $63,000 1983 3 2.0 870 $72 6,969

5935 Clear Stream Dr SE 0.08 mi 11/14/2013 $123,000 -- -- -- -- $0 9,583

5898 Madison Ave SE 0.08 mi 02/13/2014 $75,000 1981 4 2.0 890 $84 6,751




526 Clear Wood Dr SE 0.10 mi 06/10/2013 $142,000 2006 4 2.0 1,932 $73 9,583

523 Clear Wood Dr SE 0.11 mi 11/07/2013 $148,000 2006 4 3.0 1,802 $82 9,147

444 Pine Vista St SE 0.13 mi 01/09/2014 $69,000 1982 3 2.0 1,628 $42 --


5720 Madison Ave SE 0.18 mi 08/19/2013 $118,000 1955 3 2.0 1,536 $77 33,541

331 Majestic St SE 0.20 mi 09/24/2013 $85,000 1980 3 2.0 1,692 $50 5,096

5843 Leisure South Dr SE 0.26 mi 12/09/2013 $76,500 1984 2 2.0 960 $80 --

5875 Leisure South Dr SE 0.26 mi 05/02/2013 $67,900 1983 2 2.0 1,360 $50 --

5743 Leisure South Dr SE # 118 0.27 mi 04/17/2013 $56,000 1981 2 1.0 960 $58 --

5657 Madison Ave SE 0.28 mi 06/18/2013 $114,900 1965 3 2.0 1,788 $64 6,098

5862 Leisure South Dr SE 0.30 mi 01/30/2014 $71,000 1985 2 2.0 1,377 $52 --

317 Nora St SE 0.32 mi 11/01/2013 $74,900 1980 3 1.0 1,696 $44 5,009

341 Nancy St SE 0.32 mi 08/16/2013 $69,900 1946 3 1.0 1,107 $63 10,890

227 Majestic St SE 0.32 mi 07/24/2013 $58,000 -- -- -- -- $0 6,970

237 Nora St SE 0.37 mi 06/17/2013 $54,000 1987 4 2.0 1,790 $30 5,662

5530 Claudia Ave SE 0.38 mi 08/06/2013 $87,000 1960 3 1.0 1,026 $85 11,700

5561 Kelekent Ave SE 0.38 mi 07/18/2013 $93,500 1945 3 1.5 960 $97 9,748

5543 Mick Ave SE 0.41 mi 10/10/2013 $105,000 -- -- -- -- $0 12,197

5540 Kelekent Ave SE 0.42 mi 01/09/2014 $102,500 1968 3 2.0 1,040 $99 9,583

5547 Osborne Ave SE 0.43 mi 07/17/2013 $122,000 1999 4 2.0 1,728 $71 7,405

152 Majestic St SE 0.44 mi 08/16/2013 $84,900 1987 3 1.0 1,530 $55 5,227

5533 Osborne Ave SE 0.44 mi 01/30/2014 $133,000 1991 3 2.0 1,950 $68 6,882

5443 Claudia Ave SE 0.47 mi 02/04/2014 $104,900 1960 3 2.0 975 $108 11,543

5522 Osborne Ave SE 0.48 mi 07/03/2013 $113,000 1991 3 2.0 1,224 $92 9,147

703 56th St SE 0.49 mi 05/15/2013 $123,500 1984 3 2.0 1,700 $73 14,374

126 58th St SE 0.49 mi 07/11/2013 $63,500 1947 2 1.0 772 $82 6,751

5487 Osborne Ave SE 0.50 mi 04/15/2013 $124,000 1991 3 2.0 1,642 $76 12,196


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703 56th St SE 0.49 mi 05/15/2013 $123,500 1984 3 2.0 1,700 $73 14,374

126 58th St SE 0.49 mi 07/11/2013 $63,500 1947 2 1.0 772 $82 6,751

5487 Osborne Ave SE 0.50 mi 04/15/2013 $124,000 1991 3 2.0 1,642 $76 12,196

663 Sandhurst Dr SE 0.50 mi 04/26/2013 $128,000 1991 3 3.0 2,250 $57 8,276

114 58th St SE 0.51 mi 02/06/2014 $95,000 1935 4 1.0 1,382 $69 13,939

671 Sandhurst Dr SE 0.51 mi 08/12/2013 $118,500 1991 3 2.0 1,392 $85 9,147

5414 Pinebrook Ave SE 0.52 mi 10/21/2013 $95,000 1967 3 2.0 1,750 $54 9,888

5531 Brittany Dr SE 0.52 mi 09/26/2013 $96,000 1991 2 2.0 1,392 $69 8,232

115 Regent St SE 0.53 mi 11/06/2013 $132,000 2005 4 2.0 1,720 $77 9,278

5481 Brittany Dr SE 0.53 mi 10/07/2013 $114,900 1990 3 2.0 1,700 $68 8,712

813 Tierra St SE 0.53 mi 01/16/2014 $110,000 1982 3 2.0 1,650 $67 11,761

5358 Mick Ave SE 0.58 mi 10/10/2013 $73,500 1960 3 1.0 1,033 $71 12,719

60 Nora St SE 0.59 mi 08/16/2013 $69,000 1957 3 1.0 928 $74 5,488

5337 Claudia Ave SE 0.59 mi 12/30/2013 $77,900 1959 3 1.0 1,215 $64 12,371

5338 Claudia Ave SE 0.59 mi 10/30/2013 $75,500 1959 3 1.0 975 $77 11,456

39 Majestic St SE 0.60 mi 11/05/2013 $96,000 1960 3 1.0 1,300 $74 10,454

Show Rent Comparables

Subject Property Address Sale Date Sale Price Built In Beds Baths Building Price Per Lot

10/13/2006 $120,000 N/A

Address/Zip Proximity Rent Beds Baths SqFt Link Avg

60 St SE / 49548 0.16 mi $695 2 1 N/A view

6111 Woodfield Dr SE / 49548 0.43 mi $605 1 1 822 view

6111 Woodfield Dr SE / 49548 0.43 mi $605 2 1.5 835 view




6111 Woodfield Dr SE / 49548 0.43 mi $675 2 1.5 934 view


54 St SE / 49548 0.60 mi $675 2 1 N/A view

5310 Kellogg Woods Dr / 49548 0.85 mi $580 1 1 650 view





5071-5079 Heyboer SE / 49548 1.00 mi $600 2 1 N/A view

4415 Byron Center SW East / 49548 1.18 mi $535 N/A N/A 3391 view

4415 Byron Center SW Southeast / 49548 1.18 mi $660 N/A N/A 3391 view

1414 Eastport Dr SE / 49508 1.25 mi $605 1 1 712 view





6569 Clay Avenue SW / 49548 1.45 mi $90 N/A N/A N/A view

50 St SW / 49548 1.48 mi $495 1 1 N/A view

3980 Madison Ave / 49548 2.40 mi $550 2 1 900 view

3980 Madison Ave / 49548 2.40 mi $470 1 1 700 view


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