Exhibit 99.2
| Annual Loan/MSN Review |
KDM Mortgage Secured Note : KDMMTG 5.25 05/25/23
KDM Loan: KDM 2018-L003
Cusip: 50067AAF9
| Date | 5/31/2019 | Yearly Debt Service | $409,500 | ||||
| Loan Amount | $6,300,000 | Loan Term | 5 Year | ||||
| Interest Rate | 5.25% | Maturity Date | 5/25/2023 | ||||
| Original Appraisal | $10,500,000 | Current Appraisal Estimate 5/2019 | $10,525,000 | ||||
| Original LTV | 60% | Current LTV | 59.9% | ||||
| Property Address | |||||||
| Global Distribution Center | |||||||
| 29180 Glenwood Road, Perrysburg OH, 43551 | |||||||
| Income Statement | Analysis | ||||||
| Income | Year End 2017 | Year End 2018 | 2017 | 2018 | |||
| Total Income | $1,602,582.01 | $1,608,781.89 | NOI | $692,333 | $604,751 | ||
| Vacancy Haircut | -$92,949.72 | -$92,949.72 | Debt Service | $409,500 | $409,500 | ||
| Total COGS | $575.87 | $8,647.85 | Net Profit | $282,833 | $195,251 | ||
| Gross Profit | $1,510,208.16 | $1,524,480.02 | |||||
| Total Expenses1 | -$817,874.79 | -$919,728.92 | DSCR | 1.69 | 1.48 | ||
| NOI | $692,333.37 | $604,751.10 | Debt Yield Ratio | 10.99% | 9.60% | ||
| Less Debt Service | $409,500.00 | $409,500.00 | Expense Ratio | 51.03% | 57.17% | ||
| NOI after Debt Service | $282,833.37 | $195,251.10 | |||||
| DSCR | 1.69 | 1.48 | Review | ||||
| 1. Expenses paid in 2018, does not include prepaid expenses for 2019 | The property continues to experience strong occupancy with a stable LTV of 60%. Although the DSCR has decreased from 1.69 in 2017 to 1.48 in 2018, the underlying ratios remain strong. Therefore, Egan Jones has confirmed their rating of A+. Looking forward to 2019, Cooper Tire’s inventory needs may not generate income. It is our estimation that a new tenant will make up the difference and the change would not have a material effect on the 2019 DSCR. The loan continues to perform with no payments over 30 days late. | ||||||
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