Exhibit 99.1
| Annual Loan/MSN Review |
KDM Mortgage Secured Note: KDM 2018-N001
KDM Loan: KDM 2018-L001
Cusip: 50067AAE2
| Date | 3/13/2019 | Yearly IO Payment | $120,250 | |||
| Loan Amount | $1,850,000 | Loan Term | 5 Year IO | |||
| Interest Rate | 5.25% | Maturity Date | 4/25/2023 | |||
| Original Appraisal | $2,775,000 | Current Appraisal Estimate 03/08/19 | $3,000,000 | |||
| Original LTV | 66.67% | Current LTV | 61.67% | |||
| Property Address | ||||||
| 345 NE 80 Street, Miami, FL 33138-4412 | ||||||
| Income Statement | Analysis | |||||
| Income | Year End 2017 | Year End 2018 | 2017 | 2018 | ||
| Rental Income | $240,670 | $267,722 | NOI | $206,611 | $223,907 | |
| Vacancy Haircut 5.00% | -$12,033 | -$13,386 | Debt Service | -$120,250 | -$120,250 | |
| Late Fee Income | $75 | $3,372 | Net Profit | $86,361 | $103,657 | |
| Tax Income - Real Estate | $11,561 | $8,310 | ||||
| Utilities & CAM Income | $13,909 | $8,295 | DSCR | 1.72 | 1.86 | |
| Debt Yield Ratio | 11.17% | 12.10% | ||||
| Total Income | $254,181 | $274,313 | Expense Ratio | 18.71% | 18.38% | |
| Expenses | Review | |||||
| Management Fee 4.00% | $9,401 | $10,709 | The property is now 100% occupied with the addition of La Colombe Holdings signing a 3 year lease. Boxwood Means Inc. provided the yearly appraisal estimate and observed the property in good condition with no deferred maintenance and subsequently valued the property at $3,000,000. The Landlord has not reported any late or missed payments by the tenants.
KDM affirms its A rating on the property based on the 100% occupancy and increased financial ratios due to the increased lease income.
| |||
| Bank Service Charges | $830 | $142 | ||||
| Dues & Subscriptions | $130 | $0 | ||||
| Insurance Expense | $5,872 | $9,855 | ||||
| Licenses & Permits | $0 | $539 | ||||
| Professional Fees- Legal Fees | $488 | $0 | ||||
| Repairs and Maintenance | $0 | $983 | ||||
| Taxes - Property | $22,660 | $21,801 | ||||
| Utilities | $6,185 | $2,539 | ||||
| Waste Cleaning | $2,005 | $3,838 | ||||
| Total Expense | $47,570 | $50,406 | ||||
| NOI | $206,611 | $223,907 | ||||
Disclaimer: This report has been prepared for investors. It is based on information drawn from sources believed to be reliable; however, KDM cannot warrant the comprehensiveness, reliability, or accuracy of this report. The information contained herein is subject to change without notice. Any use of information contained herein is undertaken at the investor’s own risk, and KDM shall not be liable to any user, person, or entity, for any losses resulting from the use of any content herein. Nothing in this report should be construed as advice or recommendation.
