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{"sheet":"Instructions","index":0,"n_rows":3,"n_cols":1,"rows_kept":3,"cut":false,"hidden":false,"merged":[[2,0,49,25]]}
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[" If you have questions or issues using this form, contact the Guide Team at mf_guide_team@freddiemac.com. \n\nThe following parties must each complete and deliver to the lender a separate Real Estate Schedule:\n•  The Borrower if it is not an SPE or SAE (i.e. it owns other property in addition to the subject property).\n•  Key Borrower Principals, unless newly formed.\n\nThe Real Estate Schedule must be in a spreadsheet format and must include a list of all real estate projects for which the above-referenced parties have a current ownership interest as a Borrower or Key Borrower Principal, excluding a personal residence. \n\nThe Freddie Mac Real Estate Schedule Form 1116 format (see “Real Estate Schedule” section) is strongly preferred. If an alternative Real Estate Schedule format is delivered, each property listed in the schedule must include a data point for each of the fields identified in the Real Estate Schedule section.\n\nIn addition, each party submitting Form 1116 or an alternative Real Estate Schedule must certify the accuracy of each item on the Real Estate Schedule via Form 1112, Borrower and Key Borrower Principal Blanket Certification.\n\nNotes on Form Functionality:\n\n1. Because of the macros built within the form, it must first be saved down to a desktop, local/shared drive, or other permitted location to enable full functionality.  \n2. If a user accidentally drags cells or overwrites a formula, it may impact functionality due to the macros and formulas built into the form.  This should be visually evident (shaded fields displayed, errors in DCR calculations, etc.).   To correct this, simply clear out all information associated with the impacted property rows by either deleting the information in the fields or by clicking the “Delete” button (will only delete rows at the bottom). \n3. Certain fields will be automatically highlighted, requiring additional follow-up explanation.  This does not, however, limit the nature or scope of questions that might be asked on other fields/line items requiring additional explanation.           \n\nThe Comments section at the bottom of the form is available to use when additional details or information related to a specific asset are needed to provide a more complete analysis.  Examples of when this might be used include:  Borrower explanations of a low DCR, a maturity date that has passed and the Borrower is providing a status of the refinance, recourse is cited and more information is available, etc.\n\nClick on the “Show Hints” button to see additional guidance for completing the columns.  Additional instructions related to specific columns follows:\n\nUn-stabilized properties\nFor loans on un-stabilized properties under construction, the loan amount drawn to date and the as-is value should be reported.               \n\nBorrower or KBP Base Recourse or Guaranty  Amount\n Applies only to loans with potential recourse obligations beyond customary non-recourse carveouts.  The full recourse obligation to the lender must be reported, including the entire amount of joint and several guarantees.\n                                                                           \nNew Calculation Columns\nSeveral columns have been added – Pay Rate, Cash Flow Allocation, and Equity Allocation – which are simply calculated fields (un-editable and shaded) that assist in the analysis of the information presented in the schedule.  As noted, the Pay Rate is not considered an approximation of the Note Rate and may reflect a high percentage for amortizing loans.    It assists in serving as an indicator of potential anomalies in the presentation of the Annual Debt Service information.\n\nPlayground Area\nA toggle button will display additional columns to assist the Lender with a more detailed analysis of the SREO.   This is not a section for the Borrower to complete.   There are two primary purposes for this section:\n1.  Enables the use of a market cap rate to validate the valuation information presented by the Borrower (producing a resulting adjusted LTV and adjusted equity allocation based on ownership interest and Outstanding Loan Amount\n2.  Enables the use of an adjusted Note/Pay Rate for use in certain situations (i.e. floating rate loans conservatively estimated at the interest rate cap, fixed rate loans with near-term maturity date and below-market rates, etc.) "]

{"sheet":"Definitions","index":1,"n_rows":3,"n_cols":1,"rows_kept":3,"cut":false,"hidden":false,"merged":[[2,0,49,25]]}
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["Borrower Means the party obligated to repay the indebtedness secured by the Property. The Borrower must, in Freddie Mac's judgment, have sufficient financial, operational and management capacity. Acceptable Borrowers are described in Freddie Mac Multifamily Seller/Servicer Guide Section 9.2 or 9SBL.2, as applicable.\n\nControl Means the power to manage, control or direct the decisions of an entity.\n\nGuarantor Means any person or entity who signs the Guaranty to evidence that it will be liable for recourse events for the Mortgage.  \n\nKey Borrower Principal Means the following parties:\n•\t  Any Guarantor, regardless of the amount of ownership interest in the Borrower and even if not in the organizational structure of the Borrower\n•\t  Seniors Housing Operator\n•\t  Any operator of the Property that is a Master Tenant under a master lease structure (e.g., a Delaware Statutory Trust or Shariah-compliant loan) \n•\t  Any person or entity that has Ultimate Control (direct or indirect) of the Borrower,  Borrower-affiliated Seniors Housing Operator, or Borrower-affiliated Master Tenant\n•\t  Any Pre-Approved Transferee\n•\t  Any non-Controlling person or entity that meets both of the following conditions, including LIHTC Investors:\n              •  Has aggregate ownership (direct or indirect) of 50% or more in the Borrower, Borrower-affiliated Seniors Housing Operator, or Borrower-affiliated master tenant\n              •  Is not owned by any other person or entity that also has aggregate ownership (direct or indirect) of 50% or more in the Borrower, Borrower-affiliated Seniors Housing Operator, or Borrower-affiliated master tenant\n              •  If a trust meets the two conditions above, the following parties are also considered Key Borrower Principals:\n                            •  The settlor (grantor) of a living or revocable trust\n                            •  The beneficiary of an irrevocable trust if the beneficiary has aggregate ownership (direct or indirect) of 50% or more of the Borrower, Borrower-affiliated Seniors Housing, Operator, or Borrower-affiliated master tenant\n•\t  Any individual or entity that does not meet the criteria set forth above but who is determined by Freddie Mac to be a Key Borrower Principal. These may include individuals or entities defined as a Required Equity Owner in the Loan Agreement.\n\nMaster Tenant A Master Tenant is the tenant that operates the Property under a master lease. A master lease structure is usually used in a Shariah compliant loan or Delaware Statutory Trust loan.\n\nOperator (sometimes referred to as the “Lessee”) Means an entity that operates the Property under a master operating lease. Operating leases are frequently used in the Seniors Housing industry. An Operator may be affiliated with the Borrower or may be an unrelated third-party Operator.\n\nPre-Approved Transferee Any person or entity that is pre-approved by lender to assume Ultimate Control (direct or indirect) of Borrower, Borrower-affiliated Seniors Housing Operator, or Borrower-affiliated Master Tenant.\n\nSeniors As defined in the Freddie Mac Multifamily Seller/Servicer Guide\n\nUltimate Control Means ultimate persons or entities that have Control (direct or indirect) of an entity. A party with Ultimate Control must be one of the following:\n•\t  An individual, \n•\t  Private Investment Fund as defined in the Freddie Mac Multifamily Seller/Servicer Guide,\n•\t  A revocable trust (including the settlor/grantor and trustee of the revocable trust), or \n•\t  A U.S. public company (U.S. publicly traded entity)."]

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[null,"Borrower or Key Borrower Principal (KBP): ",null,null,null,null,null,null,"As-Of Date:"]
[]
[null,null,null,null,null,null,null,null,"[must be entered as a MM/DD/YYYY]"]
[]
[]
[null,"Property Information",null,null,null,null,null,null,null,null,null,null,null,"Ownership",null,null,"Debt",null,null,null,null,null,null,null,null,null,null,"Cash Flow",null,null,null,null,null,"Valuation",null,null,null,null,null,"Playground - Valuation",null,null,null,null,null,"Playground - ADS"]
[null,"#","Property Name","Address","City","State","Status","Asset Type","Units","Year Built / Renovated","Current Occupancy","Year Acquired",null,"Borrower or KBP Ownership Role","Borrower or KBP Ownership Interest",null,"Lender","Loan Type","Capped/\nUncapped","Maturity Date","Outstanding Loan Amount","Annual Debt Service","I/O or Amortizing","Pay Rate (Calc for Information Purposes Only - Not  Note Rate)","Future Amortizing Start Date","Borrower or KBP Base Recourse or Guaranty Amount",null,"Annual EGI","Annual Operating Expenses","Annual NOI","DCR","Cash Flow Allocation (Calc for Information Purposes Only)",null,"Current Market Value","Cap Rate","Value per Unit","LTV","Equity Allocation (Calc for Information Purposes Only)",null,"Basis for Analysis","Market Cap Rate","Mark-to-Market Value","Adjusted LTV","Adjusted Equity Allocation",null,"Basis for Analysis ","Adjusted Note/Pay Rate","Adjusted ADS","Adjusted DCR","Adjusted Cash Flow Allocation"]
[]
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[null,null,null,null,null,null,"Select from drop-down","Select from drop-down",null,null,"Means leased and physically in place on As-Of Date","If no date entered, then assumed that the property was built by the KBP",null,"Borrower or Key Borrower Principal's legal ownership role in the property (i.e. LP, GP, etc.)",null,null,"Lender's name","Select from drop-down","Select from drop-down",null,"UPB","Amount of P&I","Select from drop-down","Annual Debt Service / Outstanding Loan Amount",null,"Only potential recourse obligations beyond customary non-recourse carveouts must be identified.  The full recourse obligation must be reported.",null,"Total annual income for the T-12 period preceding the \"As Of Date\", unless otherwise noted in the comments section.","Total annual operating expenses for the T-12 period preceding the \"As Of Date\", unless otherwise noted in the comments section. ","Annual net cash flow before debt service payments for the T-12 period preceding the \"As-Of Date\", unless otherwise note in comments section. ",null,"Ownership interest percentage applied to the difference between Annual NOI and Annual Debt Service ",null,"The current fair market value of the property as of the \"As Of Date\"",null,null,null,"Ownership interest percentage applied to the difference between Current Market Value and Outstanding Loan Amount",null,"Select from drop-down","Greater of Borrower-concluded Cap Rate or the market benchmark","Stressed Cap Rate/ NOI\nIf appraisal provided on a given loan, Stressed Value does not have to equal the appraised value.","Stresed Value / UPB","Ownership interest percentage applied to the difference between Stressed Market Value and Outstanding Loan Amount",null,"Select from drop-down",null,"Based on Stressed Pay Rate applied to UPB","NOI / Stressed ADS","Ownership interest percentage applied to the difference between Annual NOI and Annual Debt Service"]
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["Test Fields",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"",null,null,null,null,null,{"$f":"IF(ISBLANK(C24),\"\",AB24-AC24)","v":""},{"$f":"IFERROR(ROUNDDOWN(AD24/SUM(V24,V25),3),\"\")","v":""},{"$f":"IFERROR(O24*(AD24-V24),\"\")","v":""},null,null,{"$f":"IFERROR(AD24/AH24,\"\")","v":""},{"$f":"IFERROR(AH24/I24,\"\")","v":""},{"$f":"IF(IFERROR((U24+U25)/AH24,\"\") = 0,\"\",IFERROR((U24+U25)/AH24,\"\"))","v":""},{"$f":"IFERROR(O24*(AH24-(U24+U25)),\"\")","v":0},null,null,null,{"$f":"IFERROR(IF(AN24=\"Market Cap Rate\",ROUND(AD24/AO24,-4),IF(OR(AN24=\"Unchanged\",ISBLANK(AN24)),AH24,\"\")),\"\")","v":0},{"$f":"IFERROR(IF(U24+U25=0,\"\",IF(AND(U24=\"\",U25=\"\"),\"\",(U24+U25)/AP24)),\"\")","v":""},{"$f":"IFERROR(O24*(AP24-U24),\"\")","v":0},null,null,null,0,{"$f":"IFERROR(AD24/SUM(AV24,AV25),\"\")","v":""},{"$f":"IF(AND(ISBLANK(AT24),ISBLANK(AT25)),AF24,O24*(AD24-SUM(AV24,AV25)))","v":""}]
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[]
[]
[null,null,"Total",null,null,null,null,null,{"$f":"IF(SUM(I14:I25)=0,\"\",SUM(I14:I25))","v":""},null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(SUM(U14:U25)=0,\"\",SUM(U14:U25))","v":""},{"$f":"IF(SUM(V14:V25)=0,\"\",SUM(V14:V25))","v":""},null,null,null,null,null,{"$f":"IF(SUM(AB14:AB25)=0,\"\",SUM(AB14:AB25))","v":""},{"$f":"IF(SUM(AC14:AC25)=0,\"\",SUM(AC14:AC25))","v":""},{"$f":"IF(SUM(AD14:AD25)=0,\"\",SUM(AD14:AD25))","v":""},{"$f":"IFERROR(AD28/V28,\"\")","v":""},{"$f":"SUM(AF14:AF25)","v":0},null,{"$f":"IF(SUM(AH14:AH25)=0,\"\",SUM(AH14:AH25))","v":""},{"$f":"IFERROR(AD28/AH28,\"\")","v":""},null,{"$f":"IFERROR(U28/AH28,\"\")","v":""},{"$f":"SUM(AL14:AL25)","v":0},null,null,null,{"$f":"SUM(AP14:AP25)","v":0},{"$f":"IFERROR(U28/AP28,\"\")","v":""},{"$f":"SUM(AR14:AR25)","v":0},null,null,null,{"$f":"SUM(AV14:AV25)","v":0},{"$f":"IFERROR(AD28/AV28,\"\")","v":""},{"$f":"SUM(AX14:AX25)","v":0}]
[null,null,"Total (Leveraged Properties)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"U28","v":""},{"$f":"V28","v":""},null,null,null,null,null,null,null,{"$f":"SUMIF(AK14:AK25,\">0\",AD14:AD25)","v":0},{"$f":"IFERROR(AD29/V29,\"\")","v":""},null,null,{"$f":"SUMIF(AK14:AK25,\">0\",AH14:AH25)","v":0},{"$f":"IFERROR(AD29/AH29,\"\")","v":""},null,{"$f":"IFERROR(SUMPRODUCT(AH14:AH25,AK14:AK25)/SUMIF(AK14:AK25,\">0\",AH14:AH25),\"\")","v":""}]
[null,null,"Minimum",null,null,null,null,null,{"$f":"MIN(I14:I25)","v":0},{"$f":"MIN(J14:J25)","v":0},{"$f":"MIN(K14:K25)","v":0},{"$f":"MIN(L14:L25)","v":0},null,null,{"$f":"MIN(O14:O25)","v":0},null,null,null,null,{"$f":"MIN(T14:T25)","v":"00:00:00"},{"$f":"MIN(U14:U25)","v":0},{"$f":"MIN(V14:V25)","v":0},null,null,null,null,null,null,null,{"$f":"MIN(AD14:AD25)","v":0},{"$f":"MIN(AE14:AE25)","v":0},null,null,{"$f":"MIN(AH14:AH25)","v":0},{"$f":"MIN(AI14:AI25)","v":0},{"$f":"MIN(AJ14:AJ25)","v":0},{"$f":"MIN(AK14:AK25)","v":0}]
[null,null,"Maximum",null,null,null,null,null,{"$f":"MAX(I14:I25)","v":0},{"$f":"MAX(J14:J25)","v":0},{"$f":"MAX(K14:K25)","v":0},{"$f":"MAX(L14:L25)","v":0},null,null,{"$f":"MAX(O14:O25)","v":0},null,null,null,null,{"$f":"MAX(T14:T25)","v":"00:00:00"},{"$f":"MAX(U14:U25)","v":0},{"$f":"MAX(V14:V25)","v":0},null,null,null,null,null,null,null,{"$f":"MAX(AD14:AD25)","v":0},{"$f":"MAX(AE14:AE25)","v":0},null,null,{"$f":"MAX(AH14:AH25)","v":0},{"$f":"MAX(AI14:AI25)","v":0},{"$f":"MAX(AJ14:AJ25)","v":0},{"$f":"MAX(AK14:AK25)","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Total Recourse Amount on Properties > 100% LTV",{"$f":"SUMIF(AK14:AK25,\">=100%\",Z14:Z25)","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Total Recourse Amount on All Properties",{"$f":"SUM(Z14:Z25)","v":0}]
[]
[]
[null,"Comments"]
[null,null,"Provide comments as necessary for the properties above. "]
[]
[null,"Property Number",null,"Property Name",null,null,null,"Comments"]
["Test Field"]
["Test Field"]

{"sheet":"Dropdown Lists","index":3,"n_rows":15,"n_cols":8,"rows_kept":15,"cut":false,"hidden":false,"merged":[]}
["Status","Asset Type","Borrower or KBP Ownership Role","Loan Type","Capped/Uncapped","I/O or Amortizing","Basis for Analysis","Basis for Analysis"]
[]
["Stabilized","MF (conventional)","Sole GP/Mgr","Fixed","N/A","Amortizing","Unchanged","Unchanged"]
["Under Development","MF (affordable)","Co-GP/Mgr","Variable","Capped","Interest-Only","Market Cap Rate","Interest-Only"]
["Lease-up","Student Housing","LP/Member","Other","Uncapped",null,"Market Value","Amortizing"]
[null,"MHC","Pref Equity/Mezz"]
[null,"RV","Other"]
[null,"Seniors"]
[null,"Retail"]
[null,"Industrial"]
[null,"Office"]
[null,"Mixed Use"]
[null,"Residential rental < 5 units"]
[null,"Land"]
[null,"Other (explain)"]