高盛关于房地产项目的概况说明

1、ASSET SUMMARY TEMPLATE资资产产概概要要模模板板Asset Summary Sheet v4.0Overall Summary总总体体概概况况Borrower #借款人EY013Seller:卖方Huarong AMC华融资产管理公司1Collateral #抵押品C14Pool:共有方B2Borrower Name(s)借款人姓名Beijing Oriental Night Club Co., Ltd.6Estimated Closing Date:预计结帐日Asset Name资产名称Big Land(大宗土地)RE Vendor:物业代表人CCAFM5Property

2、 Type资产类型Raw Land11File Reviewer:评估人Prefecture/Branch辖区/地区/省Beijing7City城市Beijing北京8Secured or Unsecured:是否有抵押物业SecuredWard行政区Chuo-ku9Asset Type NPL,SPL,REO:资产类型Address地址123 Tokyo Avenue东京大街123号10Exchange Rate:汇率8.0VALUATION SUMMARY评评估估摘摘要要Legal Balance法定余额12,160,854,070Exit Strategy退出策略Market Value

3、市场价值Lien Position:是否行使留置权1Exit Timing （）推出时间(月)12Lien Amount:留置金额2,000,000,000Discount Rate折扣率13.0%Collateral Value抵押品价值4,667,500Est. Bid (before AM Fee)预计出价(AM税前)4,130,531Recovery Value可回收价值3,967,375Bid as % of Legal Balance出价与法定余额之比0.0%Outstanding Issues关关注注问问题题此栏填写权属不明确，资料中缺少的权证、数据等以及需特别关注和向华融进一步

4、核实的问题，如缺少土地证、物业不能确指、面积没有或不实，物业已灭失、损毁、拆迁、出售或转让。66 Collateral Description担担保保事事项项描描述述Land土土地地Building建建筑筑物物Sq. Meter平方米Sq. Ft.平方英尺Sq. Meter平方米Sq. Ft.平方英尺Area面积5005,38512Gross (GBA)总建筑面积2,00021,52813Zoning区域用途Commercial15Net (NRA)实用面积0014Legal FAR法定容积率600%16Effective FAR有效容积率600%17Net/Gross(%)实用率Plot R

5、atio建筑密度80%18# of Units单位数21N北S南E东W西Year Built建造年份22Road Frontage (m)临街距离(米)30.0Year of Rehab.修复年份Dvlpmnt Restrictions规划限制Fire protection area, City view planning area防火区域,城市景观区域Stories (up & below)层数(地上/地下)23 24Construction Type结构类型Steel Reinforce Concrete钢筋混凝土 25# of Parking Space停车位数量Property

6、 Manager物业管理人Type of Parking停车场类型Owner Occupied?业主入住?Y/NOwner所有人19Owner所有人26Borrower Land Use Right借借款款人人的的土土地地使使用用权权Sub-Lease Issues次次租租赁赁条条款款Type of Right权利类型Ground Lease 租赁土地20Type of Right权利类型Granted Land Use Right 出让土地27Lumpsum Payment一次性付款(upfront)Lumpsum Payment一次性付款(upfront)Periodic Payment分

7、期付款(per mth)Periodic Payment分期付款(per mth)每月Expiration Date 到期日Start (Register) Date 开始(登记)日Currently Paid?近期正在支付?Y/NExpiration Date 到期日Paid by the Lender?贷款人支付?Y/NLong Term Lease?长期租赁?Y/N (Operating Right Issue)28Mth Delinquent拖欠月数Renewal Provisions续租条款Comments on Collateral担担保保事事项项备备注注介绍物业所处的地理位置，各

8、层使用情况,例如地下为餐厅、底层有银行及咖啡厅等。是否有租户对担保对象表现出购买兴趣。周边物业的情况，相邻的是否为商业区,繁华区,是否为写字楼,中小型零售网点或住宅区。该区域的交通情况（如有5条Bus经过）。不用提及贷款的情况，不要使用经纬度等过于科学的数据，只需直观的专业描述。如果待估物业是整个建筑物或整个工程的一部分，请简述其他部分观察到的情况。.64Accessibility to Subject交交通通情情况况Public Transportation公共交通Train火车Bus公共汽车Others其他交通工具Name of Station站名Distance to subject (

9、km)到物业距离(公里)0.7Driving time (minutes)驾车时间(分钟)Walking time (minutes)步行时间(分钟)11Comments on General Market一一般般市市场场情情况况Are there demand for this property type in the area?该地区对该类型物业有无需求?为什么？如由于尚未大规模开发，配套设施不完善、交通不便、竞争激烈、当地购买力弱等原因造成需求不旺。65 Cost Approach, Market Approach and Quick Exit Value成成本本法法,市市场场法法和和迅

10、迅速速变变现现价价值值1. COST APPROACH (Government Assessed Value)成成本本法法(政政府府定定价价)Land Value土土地地价价值值RMB USD USD / sq ft RMB / m2Government Assessed Value政府基准地价2,500,000312,500$58.045,000Building Value建建筑筑物物价价值值RMB USD USD / sq ft RMB / m2Building Replacement Cost建筑物重置价值5,000,000625,000$29.032,500Building Depre

11、ciation 建筑物折旧60.0%Building Value 建筑物评估价值2,000,000COST APPROACH VALUE成成本本法法价价值值4,500,0002. MARKET APPROACH (Sales Comparables)市市场场法法(售售价价对对比比)Map Identification #Comp 1比比较较实实例例1Comp 2比比较较实实例例2Comp 3比比较较实实例例3GS Est. on SubjectTransaction Date交交易易日日期期06/01/99Listing列表ListingAddress地地址址Property Type资资产产

12、类类型型Factory工厂FactoryFactoryTransport交交通通Nearest Station (if any)最近的车站Distance to subject (km)距该物业距离(公里)0.30.4Driving time (minutes)驾车时间(分钟)520Walking Time (minutes)步行时间(分钟)3060Land土土地地 2 平方米550400420- sq. ft.平方英尺5,9234,3084,523FAR容积率500%400%500%Land Rights土土地地使使用用权权 Terms (expiry date)期限(到期日)Type of

13、 rights权利类型GrantedAllocatedLumpsum payment - upfront一次性支付-预付Periodic payment - per mth分期支付-月付Building建建筑筑物物 2平方米2,200.002,800.001,000.00- sq. ft.平方英尺23,69230,15410,769No. of Floors楼层211Year Built建造年代199519941987Price价价格格Total Price RMB (a)人民币总价5,500,0005,000,0003,000,000Total Price USD美元总价687,500625

14、,000375,000分配到建筑物的评估价值 Appraisers allocated Bldg Price2,475,0002,500,0001,200,000Bldg price / m2每平米建筑物价格1,1258931,2001,000Bldg price USD / sq. Ft每平方英尺建筑物美元价格$13.06$10.36$13.93$11.61分配到土地的评估价值Allocated Land Price (a - b)3,025,0002,500,0001,800,000Land price / m2每平方米土地价格5,5006,2504,2865,500Land price

15、USD / sq. ft.每平方英尺土地美元价格$63.84$72.54$49.74$63.84Govt Official Land Price官官方方地地价价3,300,0002,000,0001,680,000 Land price / m2每平方米土地价格6,0005,0004,000 Land price USD / sq. ft.每平方英尺土地美元价格$69.64$58.04$46.43Price / Govt Price %与官方地价之比92%125%107%Comments:评评价价Comp has a better location andmore marketable tha

16、n subject.比待估物业有更好的位置和更好的市场No demand in the area. Propertyhas been on the market for over 6mths.该地区无需求,该物业已进入市场超过6个月(仍无成交)Factory has no value due toits age. 工厂由于建成太久已无市场价值(comparison relative to subject)与比较实例的对比，交易双方情况分组调整土地价格Adjustments to GS est. Land Price(+ / - %)Comments备注 Location位置-3.0% Size

17、面积0.0% Marketability市场需求情况5.0% Land Use Right土地使用权-5.0% Others其他0.0%Total Adjustments综合调整系数-3.0%Adjusted Land price / m2调整后每平方米土地价格5,335MARKET APPROACH VALUE4,667,5003. QUICK EXIT VALUE快快速速变变现现价价格格Maket Approach Value市场法价格4,667,500 Discount Factor变现折扣系数25.00%Quick Exit Value快快速速变变现现价价格格3,500,625Brok

18、er Comments经经纪纪人人评评价价Describe the comps surrounding area?描述每个比较实例所在区域状况? How does it compare to the subject - location, quality, marketability, etc? 在位置质量市场可销售性等因素上与待估物业相比如何? What are the local brokers saying?当地经纪人如何评价?RESIDUAL APPROACH (APARTMENTS)剩剩余余法法(公公寓寓住住宅宅)交易车站名建成年份地址平方米销售价格每平方米Trade Stn Nam

19、eYr BuiltAddressm2Sales PricePer sq m日期距车站距离楼层平方英尺每平方英尺DateDist fm StnFlr #sq ftPer sq ftComments备备注注Apartment 15月-001997123 Beijing Road55750,00013,63610 min walk from the subject到待估物业步行10分钟公公寓寓1195921,266Apartment 211月-00199513 Main Road50650,00013,000adjacent to subject到待估物业很近公公寓寓285381,207Apartm

20、ent 33月-012000453 East China Road60900,00015,0005 min walk from the subject到待估物业步行5分钟公公寓寓3126461,393Valuation估估价价Sales Income:销销售售收收入入Total Land Area土地总面积500 sm5,385 sf Setbacks空置面积0 sm0 sf Effective Land Area有效土地面积500 sm5,385 sf Total FAR Bldg Area用容积率乘出的建筑面积3,000 sm32,308 sf 600%FAR容积率FAR Bldg Are

21、a /GBA Ratio100%用容积率乘出的建筑面积与总建筑面积之比Total Gross Bldg Area总建筑面积3,000 sm32,308 sf NRA/GBA Ratio实用率80%Total Net Rentable Area总净可租面积2,400 sm25,846 sf Floor Area per Unit每单位建筑面积55 sm592 sf Number of Units Built (a)单位数44Sales Price for Each Unit (b)每单位售价742,50013,500 per sq m.$157 per sq. ftLength of Const

22、ruction(mth)建设期(月)12Total Sales Proceed (a * b)总总售售价价32,670,000Profit and Cost:利利润润与与成成本本Profit利润6,534,00020.00% of Total Sales Proceed占总销售收入比重Constuction Cost建筑成本7,500,0002,500per GBA sm每平方米建筑面积Design Cost设计费375,0005.00% of Construction Cost占建筑成本比重Management Fee管理费375,0005.00% of Construction Cost占

23、建筑成本比重Property Taxes财产税600,0001,200per Land sm每平方米土地Interest Paid利息1,790,8808.00% on all cost over the construction period (50% on bldg)占建设期内总支出比重Marketing Cost销售费用3,267,00010.00% of Total Sales Proceed占总销售收入比重Land Development Cost土地开发费00per Land sm每平方米土地Other Cost其他成本费用5,000,000Total Profit and Cos

24、t总总利利润润加加成成本本25,441,880Total Land Value总地价7,228,120Registration Tax登记税0Acquisition Tax购置税(所得税)0Acquisition Cost购置成本0per sq mper sq ftRESIDUAL LAND PRICE剩剩余余法法土土地地价价值值7,228,12014,456$167.79Comments备备注注Complete this section if the site can be developed or re-developed for apartment complex? If so, why

25、 is this a viable option currently or in the near future? What are thelocal brokers comments for the area? What are the local government plans for the near future in the subjects surrounding area?如果该地块可以开发或再开发为公寓大楼,完成该部分?如果可以,为什么这一选择在现在或不远的将来是可行的?当地经纪人对该区的评价如何?当地政府近期对周边地区的发展计划如何?RESIDUAL APPROACH (S

26、ingle Family Residential)剩剩余余法法(单单一一家家庭庭住住宅宅)交易车站名建造年代地址土地面积 建筑面积销售价格土地总价土地每平方米单价建筑每平方米单价Trade Stn NameYr BuiltAddressLand m2 Bldg m2Sales PriceLand PriceLand /m2Bldg /m2日期距车站距离平方英尺 平方英尺建筑总价土地每平方英尺单价 建筑每平方英尺单价备注DateDist fm Stnsq ftsq ftBldg PriceLand /sfBldg /sfCommentsSF 11月-001997145 Beijing Road1

27、50851,350,000675,0004,5007,941住宅11,615915675,000$52.23$92.17SF 25月-001990445 Main Road7545750,000375,0005,0008,333住宅2808485375,000$58.04$96.73SF 311月-0019953 East China Road100601,050,000525,0005,2508,750住宅31,077646525,000$60.94$101.56Valuation估估价价Sales Income:销销售售收收入入Total Land Area土地总面积500 sm5,385

28、 sfSetbacks, Roads, etc.无法利用以及道路占地面积150 sm1,615 sfEffective Land Area有效利用土地面积350 sm3,769 sfFloor Area per SF Unit每住宅单位建筑面积60 sm646 sfNumber of SF Units Built (a)套数6Sales Price for Each Unit (b)每套售价1,000,00016,667 per sq m.$193per sq. ftLength of Construction(mth)建设期(月)12Total Sales Proceed (a * b)总总

29、销销售售收收入入6,000,000Profit and Cost:利利润润及及成成本本Profit利润1,200,00020.00% of Total Sales Proceed占总销售收入比重Constuction Cost建造成本2,700,0007,500per GBA sm每平方米建筑面积$87per sq. ftDesign Cost设计费135,0005.00% of Construction Cost占建筑成本比重Management Fee管理费81,0003.00% of Construction Cost占建筑成本比重Property Taxes财产税250,000500p

30、er Land sm每平方米土地Interest Paid利息276,0008.00% on all cost over the construction period (50% on bldg)占建设期内总支出比重Marketing Cost销售费用300,0005.00% of Total Sales Proceed占总销售收入比重Land Development Cost土地开发费用00per Land sm每平方米土地Other Cost其他费用500,000Total Profit and Cost总总利利润润及及成成本本5,442,000Total Land Value土地总价值5

31、58,000Registration Tax登记税0Acquisition Tax购置税(所得税)0Acquisition Cost购置税费合计0per sq mper sq ftResidual Land Price剩剩余余法法土土地地价价值值558,0001,116$12.95Comment评评价价Complete this section if the site can be developed or re-developed into single family residential facilities. State why is this a viable option curr

32、ently or in the future. Why is the timing fordevelopment? What are the local government plans in the near future for the surrounding area (if any)?如果在该地块上可以开发或改造为家庭住宅,请完成这部分问题?阐述为何该方案在目前和近期是可行的?为何选择在这一时间开发?在最近的将来,政府对周边地区作何规划?RESIDUAL APPROACH (INCOME)剩剩余余法法(以以收收入入折折现现确确定定物物业业总总价价)RENT COMPARABLES租租金

33、金比比较较实实例例序号Flr层数Space Type用途sq m平方米地址RENT (monthly)月月租租金金Rent/sqm每每平平米米租租金金CAM (monthly)每每月月一一般般收收费费CAM/sqmDeposit押押金金Comments备备注注#IDYr Built建成年份sq ft平方英尺AddressRent/sq ft每每平平方方英英尺尺租租金金CAM/sq ft#mth of rent租租住住月月数数15Office600111 Beijing Road300,000500200,0003334,000,0002月-976,462$5.80$3.871323Office

34、895145 Main Road500,000559280,0003133,000,0003月-959,639$6.48$3.63636Office1,100454 East China Rd.500,000455310,0002825,000,0006月-9811,846$5.28$3.2710Valuation估估价价Sales Income:销销售售收收入入Total Land Area土地总面积500 sm5,385 sfSetbacks占用/无法利用面积50 sm538 sfEffective Land Area有效土地面积450 sm4,846 sfTotal FAR Bldg A

35、rea以容积率计算的建筑面积2,700 sm29,077 sf600%FAR容积率FAR Bldg Area /GBA Ratio100%以容积率计算的建筑面积占总面积比重Total Gross Bldg Area总建筑面积2,700 smNRA/GBA Ratio实用率70%Total Net Rentable Area总净可租面积1,890 sm20,354 sfINCOME BUILD-UP内内建建收收入入Comments备备注注% of PGIBase Rent基本租金11,340,00056.3%500per sqm - average monthly rent500/平方米-平均月

36、租Common Charges日常收费6,804,00033.8%300per sqm - average monthly CAMOther income其他收入2,000,0009.9%Parking, Storage, Signage, etc.停车费,仓储室等Potential Gross Income (PGI)可能总收入20,144,000100.0%Vacancy Factor空置率10.0%2,014,40010.0%Effective Gross Income (EGI)有效总收入18,129,60090.0%Management Fees管理费906,4804.5%5.00%

37、 of EGIMaintenance Costs维护费11,340,00056.3%500per sqm per monthReal Estate taxes房产税2,268,00011.3%100per sqm per monthInsurance保险费1,134,0005.6%50per sqm per monthGround Lease Fees土地出租费00.0%Other Costs其他费用181,2960.9%1.00% of EGITotal Cost总成本15,829,77678.6%Net Operating Income净运营收入2,299,82411.4%Cap Rate

38、年利率10.00%Per local brokers opinion. In the range of 9% - 11%.Property Value (A)财产价值22,998,240根据当地代理商的意见.范围在9-11%之间.Length of Construction(mth)建设期(月)15Total Sales Proceed总总销销售售收收入入22,998,240Profit and Cost:利利润润和和成成本本Profit利润4,599,64820.00% of Total Sales Proceed占总销售收入的比重Constuction Cost建造成本6,750,0002

39、,500per GBA sm每建筑平方米Design Cost设计费202,5003.00% of Construction Cost占建造成本比重Management Fee管理费337,5005.00% of Construction Cost占建造成本比重Property Tax财产税600,0001,200per Land sm每土地平方米Interest Paid利息1,502,3598.00% on all cost over the construction period (50% on bldg)占建设期内总支出比重Marketing Cost销售费用919,9304.00%

40、of Total Sales Proceed占总销售收入比重Development Cost开发成本00per Land sm每土地平方米Other Cost其他成本2,000,000Total Profit and Cost总总利利润润加加成成本本16,911,937Total Land Value土地总价值6,086,303Registration Tax登记税0Acquisition Tax购置税0Acquisition Cost购置成本0per sq mper sq ftResidual Land Price剩剩余余法法土土地地价价值值6,086,30312,173$141.29Com

41、ment评评价价Complete this section if the site can be developed or re-developed as a commercial facitlity that could generate income. If so, state why is this a viable option for the site? What is thetiming to develop or re-develop? What are the future plans in the surrounding area?如果该地块能被开发或改造成获得收入的商业区,

42、请完成该问题.请阐述为什么是一个可行性的选择?开发或改造的时机是什么?周边地区的发展规划如何?INCOME APPROACH收收入入法法RENT COMPARABLES租租金金收收入入比比较较实实例例序号Flr楼楼层层Type of Space用用途途sq m平平方方米米RENT(monthly)月月租租金金Rent /sm每每平平方方米米租租金金CAM(monthly)每每月月一一般般收收费费CAM /smDeposit押押金金#IDYr Built建建造造年年份份sq ft平平方方英英尺尺Address地地址址Rent /sf每每平平方方英英尺尺租租金金CAM /sf#mth ofrent

43、租租赁赁月月数数Superior/Inferior Comparing with Subject与与待待估估物物业业相相比比是是好好是是差差1000$0.00$0.000.02000$0.00$0.000.03000$0.00$0.000.0ACTUAL TENANT ROLL租租户户情情况况一一览览表表MARKED TO MARKET TENANT ROLL对对市市场场租租户户情情况况打打分分表表Flr楼楼层层Type of Space用用途途sq mTenantName租租客客名名称称Lease Start Date起起租租日日RENT(monthly)月月租租金金Rent /smCAM(

44、monthly)CAM /smDepositRENT(monthly)Rent/smCAM(monthly)CAM /smDepositCommentRm#房房间间号号sq ft Sr/Jr toLien先先取取得得留留置置权权Rent /sfCAM /sf#mth ofrentRent/sfCAM /sf#mth ofrent11商铺70002,100300754$0.00$0.000.0$0.35$0.000.022商铺1600024,00015001,723$0.00$0.000.0$1.74$0.000.0300000$0.00$0.000.0$0.00$0.000.0400000$0

45、.00$0.000.0$0.00$0.000.0500000$0.00$0.000.0$0.00$0.000.0600000$0.00$0.000.0$0.00$0.000.0700000$0.00$0.000.0$0.00$0.000.0800000$0.00$0.000.0$0.00$0.000.0900000$0.00$0.000.0$0.00$0.000.01000000$0.00$0.000.0$0.00$0.000.01100000$0.00$0.000.0$0.00$0.000.01200000$0.00$0.000.0$0.00$0.000.01300000$0.00$0.00

46、0.0$0.00$0.000.01400000$0.00$0.000.0$0.00$0.000.01500000$0.00$0.000.0$0.00$0.000.0Total2300000026,100113000按年计算,按年利率计算,转化为年率 Annualized:00Annualized:313,2000PARKING INCOME停停车车收收费费楼楼层层Type of Lot停停车车场场数数量量ACTUAL RENT实实际际租租金金承承租租月月数数ESTIMATE RENT估估计计租租金金Flr停停车车场场类类型型# of LotTenant Name租租客客名名称称Mthly Re

47、ntPer Lot每每停停车车场场资资料料Deposit押押金金 #mth of rentMthlyRentPer LotDeposit#mth ofrentComment备备注注00.000.000.000.000.000.000.000.000.000.0Total0000000Annualized:按年计算0Annualized:按年计算0ACTUAL INCOME实实际际收收入入ESTIMATE INCOME估估计计收收入入% of PGI占可能总收入比重Comment备注% of PGIComment备注Base Rent基本租金00% Base Rent基本租金313,200100

48、% Common Charges日常收费00% Common Charges日常费用00% Other income其他收入00% Other income其他收入00% Potential Gross Income可能总收入00% Potential Gross Income可能总收入313,200100% Vacancy Factor空置率N/A Vacancy Factor空置率 5.0%15,6605% Effective Gross Income有效总收入00% Effective Gross Income有效总收入297,54095% Management Fees管理费0% Ma

49、nagement Fees管理费40,000#NAME? Maintenance Costs维护费0% Maintenance Costs维护费0% Real Estate taxes房产税0% Real Estate taxes房产税170,00054% Insurance保险费0% Insurance保险费0% Ground Lease Fees土地/场地租赁费0% Ground Lease Fees场地租赁费0% Other Costs其他费用0% Other Costs其他费用0% Total Cost总成本00% Total Cost总成本210,00067% Net Operati

50、ng Income净运营收入00% Net Operating Income净运营收入87,54028% Cap Rate年利率10.00% Cap Rate年利率12% Property Value (A)资产价值0Property Value (B)资产价值729,500Final Conclusion最终结论729,500BInput A or B / defaults to B填入A或B,确省值为BComments备备注注Please complete this section if the subject property is leaseable (ie. produce inco

51、me). Try to get an inplace tenant roll. Have any of the tenants been in arrears? Do some of the tenants have long leases? Isthe property owner occupied?如果待评估物业可用于出租,请完成以下问题,尽量获得一份租客情况一览表,看有无租客欠租?有无长期租客?业主自己是否占用或入住?Please complete this section if the subject property is leaseable (ie. produce income)

52、. Try to get an inplace tenant roll. Have any of the tenants been in arrears? Do some of the tenants have long leases? Isthe property owner occupied?如果待评估物业可用于出租,请完成以下问题,尽量获得一份租客情况一览表,看有无租客欠租?有无长期租客?业主自己是否占用或入住?DISPOSITION STRATEGY战战略略部部署署Disposition Strategy:战略部署选择Market Value 52Exit Strategy &

53、 Cash Flow Assumptions退退出出策策略略&假假设设现现金金流流Disposition StrategyWhy is the above strategy chosen? Any supporting facts? Provide key assumptions behind the strategy and the reasons for them.为何选择以上策略?支撑的事实依据是什么?提供支持该策略的关键假设是什么,并说明原因?1Quick Sale42DPO3Credit Bid4Market ValueGS Final Collateral Value1A2

54、Valuation Results:评估结果Other Value Indicators:其他指导价格2BACost Approach成本法4,500,000Govt Official Land Price官方基准地价2,500,0003CBMarket Approach市场法4,667,500Latest Auction Price最新拍卖价NA 不适用4DCQuick Exit快速变现价值3,500,625Seller Property Value卖方物业价值5,000,0005EDIncome Approach收入折现法00.0%Cap Rate50Seller Recovery Val

55、ue卖方重置价5,000,0006FEResidual (Condo)剩余法(公寓)7,228,120年利率7GFResidual (SF)剩余法(住宅)558,0008HGResidual (Income)剩余法(收入折现)6,086,303HOther其他Final ConslusionGS Final Collateral Value最后抵押价4,667,500BFinal Valuation ApproachMarket Approach市场法A) Court Auction (Credit Bid) Scenario法院拍卖情况B) Market Value Scenario市场价值

56、情况GS Est. Collateral Value物业抵押价4,667,500GS Est. Collateral Value物业抵押价值4,667,500GS Est. Collateral Value4,667,500 53Change in RE Value转换为售出偿付价值的折扣率Change in RE Value转换为RE价值Annual Decline in RE Value0.00%Value after Change转换后价值4,667,500Value after Change转换后价值4,667,500Value Net of Future Decline4,667,5

57、00Discount factor折扣率30.0%Discount factor折扣率0.0%Discount factor0.0%Value Net of Discount折后价3,267,250Value Net of Discount折后价4,667,500Value Net of Discount4,667,500 54Costs at exit (costs a buyer may consider):变变现现成成本本(买买方方考考虑虑)Comment:备备注注Costs at exit (costs a buyer may consider):退退出出成成本本(买买方方考考虑虑)C

58、osts at exit (costs a buyer may consider):Deposit押金0Deposit押金0Deposit0Tenant Eviction / Buyout Fee驱逐租客/买断剩余租期费用0Tenant Eviction / Buyout Fee买断租期费用0Eviction/Buyout Fee0Borrower Relocation costs租借人重新布置费用0Borrower Relocation costs租借人重新布置费用Demoliton Fee拆除费用0per GBA sqmDemoliton Fee拆除费用00per GBA sqmDemol

59、iton Fee0Capital Improvements资产改良费用0per GBA sqmCapital Improvements资产改良费用00per GBA sqmCapital Improvements0Legal Fee法定费用555,43317.0% of Value Net of DiscountLegal Fee法定费用280,0506.0% of Value Net of DiscountLegal Fee280,050Jr Lien Payoff解除留置权费用0NAPJr Lien Payoff解除留置权费用0Jr Lien Payoff0Brokers Fee代理费0N

60、APBrokers Fee代理费93,3502.0% of Value Net of DiscountBrokers Fee93,350Other Misc. Costs其他杂费，土地出让金专栏0Other Misc. Costs其他杂费，土地出让金专栏0Other Misc. Costs0Asset Liquidation Proceed资产清理收入2,711,818Asset Liquidation Proceed资产清理收入4,294,100Asset Liquidation Proceed4,294,100 55Court Discount factor法院折扣率0.0%Court Discount factor法院折扣率NAKeibai D