Exhibit 99.1
| Annual Loan/MSN Review |
KDM Mortgage Secured Note : KDM 2017-N001
KDM Loan: KDM 2017-L001
Cusip: 50067AAC6
| Date | 5/1/2019 | Yearly Debt Service | $70,174.08 | ||||
| Loan Amount | $1,059,000 | Loan Term | 10yr/Step | ||||
| Loan Balance as of April 30,2019 | $1,029,675 | ||||||
| Interest Rate | 5.25% | Maturity Date | 5/1/2027 | ||||
| Original Appraisal | $1,920,000 | Current Appraisal Estimate | $1,920,000 | ||||
| Original LTV | 55% | Current LTV | 53.6% | ||||
| Property Address | |||||||
| 4771 78th Avenue, Pineallas Park, Florida 33708 | |||||||
| 14120 Palm Street, Madeira Beach, Florida 33708 | |||||||
| KDM Estimated NOI and DSCR | Review | ||||
| 2019 | 2018 | 2017 | The projected Rental income for 2019 is based on the April 2019 rent roll. The decrease in rental income is due to vacancies. Each property is experiecing 2 unit vacancies each, which calculates an overall Vacancy rate of 20.00%. Based on historical vacancy times, the landlord projects the vacant units will be occupied in the next 3-5 months. Although the DSCR has decreased, the loan is performing with no late or missed payments reported by the landlord, who is confident it will lease up quickly. A letter from the original appraiser confirms his last appraisal valuation for each of the two properties | ||
| Rent 1 | $199,140.00 | $235,680.00 | $198,240.00 | ||
| Other Income | $0.00 | $0.00 | $0.00 | ||
| Less Vacancy Rate (5.00%) 2 | $0.00 | -$11,784.00 | -$7,932.00 | ||
| Effective Gross Income | $199,140.00 | $223,896.00 | $190,308.00 | ||
| Total Expenses | -$100,932.58 | -$92,168.80 | -$94,080.00 | ||
| NOI | $98,207.42 | $131,727.20 | $96,228.00 | ||
| DSCR | 1.40 | 1.88 | 1.37 | ||
| 1. 2019 Rental Income is an annualized projection of the April 2019 Rent Roll. | |||||
| 2. The 2019 Vacancy Rate is 20.00% therefore no additioal haircut is applied. | |||||
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.
