appraisal of real property located at

APPRAISAL OF REAL PROPERTY

LOCATED AT: 1615 S 22nd St Tax Map: 12S17; Lot #: 306 Philadelphia, PA 19145

FOR: Fund That Flip, Inc 85 East 10th St New York, NY 10003

AS OF: 08/31/2016

BY: Matthew E. Perri LRES CORPORATION 765 THE CITY DRIVE, SUITE 300 ORANGE, CA 92868 (714) 520-5737

Next Door Realty (267) 259-2189 Form GA2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Guardian Solutions Inc Matthew E. Perri 515 N Cabrillo Park Drive, SUITE 320 Santa Ana, CA 92705

(714) 520-5737

Fund That Flip, Inc 85 East 10th St New York, NY 10003

Re: Property: Borrower: File No.:

1615 S 22nd St Philadelphia, PA 19145 Redacted As Per Client 5000875926

As per mutual agreement with Fund That Flip, Inc (client) and Matthew E. Perri of Guardian Solutions, Inc (appraiser), the format used is defined as a Restricted Appraisal Report appraisal. It complies with the requirements set forth under Standard 2-2(c), of the Uniform Standards of Professional Practice, but is subject to the Assumptions and Limiting Conditions listed in this report. This appraisal report states the information used to arrive at a conclusion of value. It is noted that the opinions of the appraiser in a restricted format may not be fully understood without additional information in the appraiser's work file. Therefore, this appraisal is limited to use by the client only. The purpose of this appraisal is to estimate the "As Is Market Value". The Intended Use of the appraisal report is to provide the client with a prospective (Subject to) Market Value, which will be used to assess the risk of the property securing the mortgage. The intended use of the report is to establish a fair market value for non-federally related lending purposes. The intended user of this report is solely Fund That Flip, Inc.

Sincerely,

Matthew E. Perri LICENSE NUMBER: RL139689 EXPIRATION DATE: 06/30/2017

Loan #

USPAP Compliance Addendum Borrower Property Address

City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County

File #

State

Philadelphia

5000875926

PA

Zip Code

19145

APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report is one of the following types: Appraisal Report

This report was prepared in accordance with the requirements of the Appraisal Report option of USPAP Standards Rule 2-2(a).

Restricted Appraisal Report

This report was prepared in accordance with the requirements of the Restricted Appraisal Report option of USPAP Standards Rule 2-2(b). The intended user of this report is limited to the identified client. This is a Restricted Appraisal Report and the rationale for how the appraiser arrived at the opinions and conclusions set forth in the report may not be understood properly without the additional information in the appraiser's workfile.

ADDITIONAL CERTIFICATIONS I certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. The report analyses, opinions, and conclusions are limited only by the reported assumptions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. I have no (or the specified) present or prospective interest in the property that is the subject of this report and no (or specified) personal interest with respect to the parties involved. I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analyses, opinions, and conclusions were developed and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. This appraisal report was prepared in accordance with the requirements of Title XI of FIRREA and any implementing regulations.

PRIOR SERVICES I haveNOT performed services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. I HAVEperformed services, as an appraiser or in another capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. Those services are described in the comments below.

PROPERTY INSPECTION I haveNOT made a personal inspection of the property that is the subject of this report. I HAVEmade a personal inspection of the property that is the subject of this report.

APPRAISAL ASSISTANCE Unless otherwise noted, no one provided significant real property appraisal assistance to the person signing this certification. If anyone did provide significant assistance, they are hereby identified along with a summary of the extent of the assistance provided in the report.

ADDITIONAL COMMENTS Additional USPAP related issues requiring disclosure and/or any state mandated requirements:

MARKETING TIME AND EXPOSURE TIME FOR THE SUBJECT PROPERTY A reasonable marketing time for the subject property is day(s) utilizing market conditions pertinent to the appraisal assignment. 60 A reasonable exposure time for the subject property is day(s). 46 APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED)

Signature

Signature

Name

Matthew E. Perri Date of Signature 09/07/2016 State Certification # RL139689

Name

or State License #

or State License #

State

Date of Signature

State Certification #

State

PA

Expiration Date of Certification or License

06/30/2017

Expiration Date of Certification or License

Supervisory Appraiser Inspection of Subject Property Effective Date of Appraisal

08/31/2016

Did Not

Exterior-only from Street

USPAP Compliance Addendum 2014

Interior and Exterior Page 1 of 1

Form ID14EC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Next Door Realty (267) 259-2189

FIRREA / USPAP ADDENDUM Borrower Redacted As Per Client Property Address 1615 S 22nd St Philadelphia City County Philadelphia State PA Zip Code 19145 Lender/Client Fund That Flip, Inc Purpose The purpose of an appraisal is to estimate the MARKET VALUE, "As Is" of the subject property as defined by Uniform Standards of Professional Appraisal in effect as of the effective date of the appraisal.

Scope The scope of this appraisal has been to perform a detailed inspection and analysis of the subject property within the limits of the type of appraisal assignment completed, to collect and analyze comparable data to reach an opinion of possible value and to write a report conveying the value conclusion to the client. In the collection of data, all sources including MLS, lenders, brokers, county records and the appraisers files were utilized. It is assumed that the information from these sources is correct. All comprabables have been verified as closed through at least two of the data sources utilized as cited, unless indicated to the contrary in the body of the report.

Intended Use / Intended User The Intended User of this appraisal report is the Lender/Client. The Intended Use of the appraisal report is to provide the client with a prospective (Subject to) Market Value, which will be used to assess the risk of the property securing the mortgage. The intended use of the report is to establish a fair market value for non-federally related lending purposes, and subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser. This appraisal spells out such parties that the report was written for, a specific scope of work, intended use and intended users. If other parties choose to rely on this report, the appraiser is not obligated to such parties and it does it not result in such parties being intended users.

History of Property Current listing information: See URAR report for listing information.

Prior sale: See URAR form for prior sales information.

Exposure Time / Marketing Time See MC form for Exposure Time / Marketing Time.

Personal (non-realty) Transfers No personal items were considered in the opinion of value in this appraisal report. Information obtained from various sources and is deemed reliable, but not guaranteed.

Additional Comments This appraisal remains the intellectual property of this appraiser, and as such, may not be used outside the limited context of a "Asset Valuation for Market Value", without the express written permission of this appraiser. No part of the appraisal certification can be interpreted as written permission for other use of this appraisal. The Lender/Client is granted this limited use license for Asset Valuation for an Asset Valuation. This report was signed with an electronic signature, secured by a password known only to the Appraiser.

Certification Supplement 1. This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or an approval of a loan. 2. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result or the occurrence of a subsequent event.

Appraiser(s): Matthew E. Perri

Effective date / Report date:

Supervisory Appraiser(s): 08/31/2016

Effective date / Report date:

Form FUA2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Next Door Realty (267) 259-2189

SALES COMPARISON APPROACH

ASSIGNMENT

SUBJECT

RESTRICTED USE APPRAISAL REPORT

File No.: 5000875926 City: Philadelphia State: PA Zip Code: 19145 Legal Description: Tax Map: 12S17; Lot #: 306 Assessor's Parcel #: 363293900 Tax Year: 2016 R.E. Taxes: $ 1,214 Special Assessments: $ 0 Borrower (if applicable): Redacted As Per Client Manufactured Housing Current Owner of Record: Occupant: Owner Tenant Vacant 1615 S 22nd Street Llc Property Type: SFR 2-4 Family # of Units: 1 Ownership Restriction: None PUD Condo Coop Flood Hazard Market Area Name: South Philadelphia Map Reference: 37964 Census Tract: 0031.00 The purpose of this appraisal is to develop an opinion of: Market Value (as defined), or other type of value (describe) This report reflects the following value (if not Current, see comments): Current (the Inspection Date is the Effective Date) Retrospective Prospective Approaches developed for this appraisal: Sales Comparison Approach Cost Approach Income Approach Other: Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe) Intended Use: Market Value Under USPAP Standards Rule 2-2(c), this is a Restricted Use Appraisal Report, and is intended only for the sole use of the named client. There are no other intended users. The client must clearly understand that the appraiser's opinions and conclusions may not be understood properly without additional information in the appraiser's work file. Client: Address: 765 The City Drive, Suite 300, Orange, CA 92868 LRES Corp. Appraiser: Matthew E. Perri Address: 515 N Cabrillo Park Drive, Suite 320, Santa Ana, CA 92705 FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 1615 S 22nd St 2043 Morris St 2201 S 22nd St 1821 S 20th St Philadelphia, PA 19145 Philadelphia, PA 19145 Philadelphia, PA 19145 Philadelphia, PA 19145 Proximity to Subject 0.11 miles SE 0.49 miles S 0.26 miles SE Sale Price $ $ $ $ N/A $274,900 $259,900 $267,900 Sale Price/GLA $ /sq.ft. $ $ $ 170.53 /sq.ft. 145.03 /sq.ft. 159.46 /sq.ft. Data Source(s) Pub Recs/Insp TREND#6776039;DOM 12 TREND#6666378;DOM 142 TREND#6698172;DOM 13 Verification Source(s) Owner/Trend MLS Brokers/Pub Recs/MLS/Ext Insp Brokers/Pub Recs/MLS/Ext Insp Brokers/Pub Recs/MLS/Ext Insp VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. Sales or Financing 0 ArmLth Conv Conv Concessions 0 None Assist 7797 None Date of Sale/Time N/A s09/14;c08/14 s05/16;c03/16 s03/16;c02/16 Rights Appraised Fee Simple Fee Simple Fee Simple Fee Simple Location N;Res;Res N;Res;Res N;Res;Res N;Res;Res Site 1122 sf 1076 sf 0 960 sf 0 1088 sf 0 View Neighborhood Neighborhood Neighborhood Neighborhood Design (Style) Row End Row End Row End Row 0 Quality of Construction Q4 Q4 Q4 Q4 Age 91 96 0 95 0 99 0 Condition Rehabbed Rehabbed Rehabbed Rehabbed Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count 7 3 2.1 7 3 2.1 7 3 2.1 7 3 2.2 -3,000 Gross Living Area 1,768 sq.ft. 1,612 sq.ft. +14,000 1,792 sq.ft. 1,680 sq.ft. Basement & Finished Full & Finished Full & Finished Full & Finished Full & Finished Rooms Below Grade 1 Room; 0.1 Bath 1 Room; 0.1 Bath 1 Room; 0.1 Bath 1 Room; 0.1 Bath Functional Utility Average Average Average Average Heating/Cooling Gas HA/CAC Gas HA/CAC Gas HA/CAC Gas HA/CAC Energy Efficient Items None None None None Garage/Carport 1 Car Garage None +15,000 None +15,000 None +15,000 Porch/Patio/Deck Roof Deck Patio +4,000 Roof Deck Balcony +4,000

Property Address: 1615 S 22nd St County: Philadelphia

Net Adjustment (Total) + - $ + - $ + - $ 33,000 15,000 16,000 Adjusted Sale Price of Comparables $ $ $ 307,900 274,900 283,900 Summary of Sales Comparison Approach COMPARABLES WERE SELECTED FROM THE AVAILABLE POOL OF SETTLED SALES, AND PENDING / ACTIVE LISTINGS OF SIMILAR HOMES FROM WITHIN THE GENERAL SUBJECT MARKET. THE COMPARABLES ARE THOUGHT TO BE REASONABLE INDICATORS OF VALUE FOR THE SUBJECT. IT IS REASONABLE TO THINK THAT A BUYER IN THIS MARKET MIGHT CONSIDER BOTH THE SUBJECT AND THE COMPARABLES WHEN MAKING A PURCHASE DECISION. THE COMPARABLES ARE SIMILAR TO THE SUBJECT IN TERMS OF GENERAL MARKET. SEE ATTACHED ADDENDUM FOR FURTHER COMMENTS. The subject is currently in shell-like (unlivable) condition. This appraisal is subject to a complete rahabilitation of the property as per the attached list. The final opinion of value is based on the hypothetical condition that the subject property is completely rehabbed as per attached construction list including a roof deck and a one car garage. The final opinion of value is further based on the hypothetical condition that the architectual plans, engineers plans and any and all permits and licenses have been approved by the City of Philadelphia department of License and Inspection. Finally, the final opinion of value is further based on the hypothetical condition that the City of Philadelphia will allow the 1 car garage to be rebuilt in the rear of the property.

Copyright© 2010 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

Form GPRTD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

5/2010

File No.: 5000875926 My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data Source(s): Trend MLS / Public Records 1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing: See attached addendum PREVIOUS Date: 06/10/2016 SALES OF THE SUBJECT AND THE SALE COMPARABLES for analysis of sale/transfer history. Price: 114,900 Source(s): Public Records / MLS 2nd Prior Subject Sale/Transfer Date: Price: Source(s): Subject Market Area and Marketability: See attached 1004 MC addendum.

MARKET

TRANSFER HISTORY

RESTRICTED USE APPRAISAL REPORT

IMPROVEMENTS

SITE

Site Area: 1122 sf Zoning Classification:

Site View: Neighborhood

Topography: Level Drainage: Adequate Description: Residential Single Family Attached 5 Zoning Compliance: Legal Legal nonconforming (grandfathered) Illegal No zoning Highest & Best Use: Present use, or Other use (explain) Actual Use as of Effective Date: Residential Single Family Use as appraised in this report: Residential Single Family Opinion of Highest & Best Use: Residential Single Family FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone X FEMA Map # 4207570191H FEMA Map Date 11/18/2015 Site Comments: None observed or apparent to this appraiser at time of inspection. The subject is encumbered by normal utilities easements. RSA5

Improvements Comments: The subject is currently in shell-like (unlivable) condition. This appraisal is subject to a complete rahabilitation of the property as per the attached list. The final opinion of value is based on the hypothetical condition that the subject property is completely rehabbed as per attached construction list including a roof deck and a one car garage. The final opinion of value is further based on the hypothetical condition that the architectual plans, engineers plans and any and all permits and licenses have been approved by the City of Philadelphia department of License and Inspection. Finally, the final opinion of value is further based on the hypothetical condition that the City of Philadelphia will allow the 1 car garage to be rebuilt in the rear of the property.

Indicated Value by: Sales Comparison Approach $ 280,000 Indicated Value by: Cost Approach (if developed) $ N/A

RECONCILIATION

Indicated Value by: Income Approach (if developed) $ N/A Final Reconciliation Indicated value is based on the Sales Comparison Approach which best reflects buyer's demand in the area. Cost Approach and Income Approach were not developed as it does not address any factors or conditions of the assignment.

This appraisal is made ''as is'', subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE ATTACHED LIST OF REPAIRS AND UPGRADES. THE INDICATED VALUE IS BASED UPON THE PRESENT CONDITION OF THE SUBJECT AND DOES NOT INCLUDE PERSONAL PROPERTY.

This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.

ATTACHMENTS

Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $ , as of: , which is the effective date of this appraisal. 280,000 08/31/2016 If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda. A true and complete copy of this report contains 53 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. Attached Exhibits: Scope of Work Limiting Cond./Certifications Narrative Addendum Photograph Addenda Sketch Addendum Map Addenda Additional Sales Cost Addendum Flood Addendum Manuf. House Addendum Hypothetical Conditions Extraordinary Assumptions Client Contact: N/A Client Name: LRES Corp. E-Mail: N/A Address: 765 The City Drive, Suite 300, Orange, CA 92868

SIGNATURES

APPRAISER

SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable)

Appraiser Name: Matthew E. Perri Company: Guardian Solutions Inc Phone: (714) 520-5499 Fax: (215) 334-1342 E-Mail: [email protected] Date of Report (Signature): 09/07/2016 License or Certification #: RL139689 State: PA Designation: N/A Expiration Date of License or Certification: 06/30/2017 Inspection of Subject: Interior & Exterior Exterior Only None Date of Inspection: 08/31/2016

Supervisory or Co-Appraiser Name: Company: Phone: Fax: E-Mail: Date of Report (Signature): License or Certification #: Designation: Expiration Date of License or Certification: Inspection of Subject: Interior & Exterior Date of Inspection:

State:

Exterior Only

None

Copyright© 2010 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

Form GPRTD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

5/2010

Assumptions, Limiting Conditions & Scope of Work Property Address: 1615 S 22nd St Client: LRES Corp. Appraiser: Matthew E. Perri

File No.: 5000875926 City: Philadelphia State: PA Zip Code: 19145 Address: 765 The City Drive, Suite 300, Orange, CA 92868 Address: 515 N Cabrillo Park Drive, Suite 320, Santa Ana, CA 92705

STATEMENT OF ASSUMPTIONS & LIMITING CONDITIONS - The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. - The appraiser may have provided a sketch in the appraisal report to show approximate dimensions of the improvements, and any such sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. Unless otherwise indicated, a Land Survey was not performed. - If so indicated, the appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. - The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. - If the cost approach is included in this appraisal, the appraiser has estimated the value of the land in the cost approach at its highest and best use, and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. Unless otherwise specifically indicated, the cost approach value is not an insurance value, and should not be used as such. - The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property, or adverse environmental conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. - The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. - The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and any applicable federal, state or local laws. - If this appraisal is indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal report and valuation conclusion on the assumption that completion of the improvements will be performed in a workmanlike manner. - An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from the client does not become a party to the appraiser-client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the time of the assignment. - The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, through advertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database. - An appraisal of real property is not a 'home inspection' and should not be construed as such. As part of the valuation process, the appraiser performs a non-invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readily apparent. The presence of such conditions or defects could adversely affect the appraiser's opinion of value. Clients with concerns about such potential negative factors are encouraged to engage the appropriate type of expert to investigate. The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the appraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report by the Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical Conditions and/or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assume no obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions. Under USPAP Standards Rule 2-2(c), this is a Restricted Use Appraisal Report, and is intended only for the sole use of the named client. There are no other intended users. The client must clearly understand that the appraiser's opinions and conclusions may not be understood properly without additional information in the appraiser's work file. In developing this appraisal, the appraiser has incorporated only the Sales Comparison Approach. The appraiser has excluded the Cost and Income Approaches to Value, due to being inapplicable given the limited scope of the appraisal. The appraiser has determined that this appraisal process is not so limited that the results of the assignment are no longer credible, and the client agrees that the limited scope of analysis is appropriate given the intended use. Additional Comments (Scope of Work, Extraordinary Assumptions, Hypothetical Conditions, etc.): THE SUBJECT IS CURRENTLY IN SHELL-LIKE (UNLIVABLE) CONDITION. THIS APPRAISAL IS SUBJECT TO A COMPLETE REHABILITATION OF THE PROPERTY AS PER THE ATTACHED LIST. THE FINAL OPINION OF VALUE IS BASED ON THE HYPOTHETICAL CONDITION THAT THE SUBJECT PROPERTY IS COMPLETELY REHABBED AS PER ATTACHED CONSTRUCTION LIST INCLUDING A ROOF DECK AND A ONE CAR GARAGE. THE FINAL OPINION OF VALUE IS FURTHER BASED ON THE HYPOTHETICAL CONDITION THAT THE ARCHITECTURAL PLANS, ENGINEER’S PLANS AND ANY AND ALL PERMITS AND LICENSES HAVE BEEN APPROVED BY THE CITY OF PHILADELPHIA DEPARTMENT OF LICENSE AND INSPECTION. FINALLY, THE FINAL OPINION OF VALUE IS FURTHER BASED ON THE HYPOTHETICAL CONDITION THAT THE CITY OF PHILADELPHIA WILL ALLOW THE 1 CAR GARAGE TO BE REBUILT IN THE REAR OF THE PROPERTY.

Copyright© 2010 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

Form GPRTDAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

5/2010

Certifications Property Address: 1615 S 22nd St Client: LRES Corp. Appraiser: Matthew E. Perri

File No.: 5000875926 City: Philadelphia State: PA Zip Code: 19145 Address: 765 The City Drive, Suite 300, Orange, CA 92868 Address: 515 N Cabrillo Park Drive, Suite 320, Santa Ana, CA 92705

APPRAISER'S CERTIFICATION I certify that, to the best of my knowledge and belief: - The statements of fact contained in this report are true and correct. - The credibility of this report, for the stated use by the stated user(s), of the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. - I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. - Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. - I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. - I did not base, either partially or completely, my analysis and/or the opinion of value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property, or of the present owners or occupants of the properties in the vicinity of the subject property. - Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. - Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification. Additional Certifications:

DEFINITION OF MARKET VALUE *: Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised and acting in what they consider their own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. * This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994. Client Contact: E-Mail: N/A

N/A

Client Name: LRES Corp. Address: 765 The City Drive, Suite 300, Orange, CA 92868

SIGNATURES

APPRAISER

SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable)

Appraiser Name: Matthew E. Perri Company: Guardian Solutions Inc Phone: (714) 520-5499 Fax: (215) 334-1342 E-Mail: [email protected] Date Report Signed: 09/07/2016 License or Certification #: RL139689 State: PA Designation: N/A Expiration Date of License or Certification: 06/30/2017 Inspection of Subject: Interior & Exterior Exterior Only None Date of Inspection: 08/31/2016

Supervisory or Co-Appraiser Name: Company: Phone: Fax: E-Mail: Date Report Signed: License or Certification #: Designation: Expiration Date of License or Certification: Inspection of Subject: Interior & Exterior Date of Inspection:

State:

Exterior Only

None

Copyright© 2010 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

Form GPRTDAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

5/2010

ADDITIONAL COMPARABLE SALES

SALES COMPARISON APPROACH

FEATURE SUBJECT Address 1615 S 22nd St Philadelphia, PA 19145 Proximity to Subject Sale Price $ N/A Sale Price/GLA $ /sq.ft. Data Source(s) Pub Recs/Insp Verification Source(s) Owner/Trend MLS VALUE ADJUSTMENTS DESCRIPTION Sales or Financing 0 Concessions 0 Date of Sale/Time N/A Rights Appraised Fee Simple Location N;Res;Res Site 1122 sf View Neighborhood Design (Style) Row End Quality of Construction Q4 Age 91 Condition Rehabbed Above Grade Total Bdrms Baths Room Count 7 3 2.1 Gross Living Area 1,768 sq.ft. Basement & Finished Full & Finished Rooms Below Grade 1 Room; 0.1 Bath Functional Utility Average Heating/Cooling Gas HA/CAC Energy Efficient Items None Garage/Carport 1 Car Garage Porch/Patio/Deck Roof Deck

Net Adjustment (Total) Adjusted Sale Price of Comparables Summary of Sales Comparison Approach

COMPARABLE SALE # 4 2105 Tasker St Philadelphia, PA 19145 0.08 miles NE $ $256,750 $ 150.15 /sq.ft. TREND#6676521;DOM 56 Brokers/Pub Recs/MLS/Ext Insp DESCRIPTION +(-) $ Adjust. Conv Assist 7700 s03/16;c01/16 Fee Simple N;Res;Res 1005 sf 0 Neighborhood Row 0 Q4 92 0 Rehabbed

File No.: 5000875926 COMPARABLE SALE # 5 COMPARABLE SALE # 6 2427 Wharton St Philadelphia, PA 19146 0.39 miles NW $ $ $319,000 $ $ /sq.ft. 166.15 /sq.ft. TREND#6680832;DOM 56 Brokers/Pub Recs/MLS/Ext Insp DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. Conv Assist 5000 s03/16;c01/16 Fee Simple N;Res;Res 1168 sf 0 Neighborhood Row End Q4 90 0 Rehabbed

Total Bdrms

Total Bdrms

7

Baths

3

2.1 1,710 sq.ft. Full & Finished 1 Room; 0.1 Bath Average Gas HA/CAC None None None

+

-

0

Baths

Total Bdrms

2.1 1,920 sq.ft. Full & Finished 1 Room; 0.1 Bath Average Gas HA/CAC None +15,000 1 Car Driveway +4,000 None

$

19,000

$ See previous grid page

275,750

7

3

+

-

Baths

0 -13,700

sq.ft.

0 +4,000

$

-9,700

$

309,300

+

-

$ $

Copyright© 2010 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

Form GPRTD.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

5/2010

MARKET RESEARCH & ANALYSIS

Market Conditions Addendum to the Appraisal Report

File No. 5000875926 The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009. Property Address 1615 S 22nd St City Philadelphia State PA ZIP Code 19145 Borrower Redacted As Per Client Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent it is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an explanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the data in the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as an average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of the subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc. Inventory Analysis Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend Total # of Comparable Sales (Settled) Increasing Stable Declining 33 14 15 Increasing Stable Declining Absorption Rate (Total Sales/Months) 5.50 4.67 5.00 Declining Stable Increasing Total # of Comparable Active Listings 11 11 10 Declining Stable Increasing Months of Housing Supply (Total Listings/Ab.Rate) 2.0 2.4 2.0 Median Sale & List Price, DOM, Sale/List % Overall Trend Prior 7–12 Months Prior 4–6 Months Current – 3 Months Increasing Stable Declining Median Comparable Sale Price $155,000 $263,900 $245,000 Declining Stable Increasing Median Comparable Sales Days on Market 32 55.5 12 Increasing Stable Declining Median Comparable List Price $250,000 $250,000 $204,950 Declining Stable Increasing Median Comparable Listings Days on Market 121 70 45.5 Increasing Stable Declining Median Sale Price as % of List Price 95.51 97.46 100 Seller-(developer, builder, etc.)paid financial assistance prevalent? Yes No Declining Stable Increasing Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo fees, options, etc.). The PhiladelphiaTREND Listings MLS indicates there were 62 closed sales during the past 12 months and 20 of those sales contained seller concessions which is 32% of the total transactions in this market area. Prior Months 7-12: 33 Sales; 10 with concessions; 30% of sales for this period. 4-6: 14 Sales; 6 with concessions; 43% of sales for this period. 0-3: 15 Sales; 4 with concessions; 27% of sales for this period. The concessions ranged between 1,500 and 12,725. The median concession amount is $6,800.

Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties). The PhiladelphiaTREND Listings MLS indicates there were 62 closed sales during the past 12 months and 2 of those sales were either foreclosures or short sales which is 3% of the total transactions in this market area. Prior Months 7-12: 33 Sales; 2 foreclosures or short sales; 6% of sales for this period. 4-6: 14 Sales; 0 foreclosures or short sales; 0% of sales for this period. 0-3: 15 Sales; 0 foreclosures or short sales; 0% of sales for this period.

Cite data sources for above information. Addendum.

The PhiladelphiaTREND Listings MLS was the data source used to complete the Market Conditions

APPRAISER

CONDO/CO-OP PROJECTS

Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions. Values of property similar to the subject appear to be stable. Listing prices appear to be declining. Currently they appear to be at or near market tolerances. This is evidenced by the median sale price as % of list price being at the upper 100.0 percentile. The ratio of the number of listings to the number of sales has remained stable over the past one (1) year. A balanced supply of property is typically a market that has a 4-6 month supply of homes for sale. Currently the subject's market has a 2.0 month supply.

If the subject is a unit in a condominium or cooperative project , complete the following: Project Name: Subject Project Data Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend Total # of Comparable Sales (Settled) Increasing Stable Declining Absorption Rate (Total Sales/Months) Increasing Stable Declining Total # of Active Comparable Listings Declining Stable Increasing Months of Unit Supply (Total Listings/Ab.Rate) Declining Stable Increasing Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales of foreclosed properties.

Summarize the above trends and address the impact on the subject unit and project.

Signature Signature Appraiser Name Matthew E. Perri Supervisory Appraiser Name Company Name Guardian Solutions Inc Company Name Company Address Company Address 515 N Cabrillo Park Drive, Suite 320, Santa Ana, CA 92705 State License/Certification # RL139689 State PA State License/Certification #

Email Address

Email Address

[email protected]

Freddie Mac Form 71 March 2009

State

Page 1 of 1

Fannie Mae Form 1004MC March 2009

Form 1004MC2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Photograph Addendum Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

Median Sales Price Comments:

Zip Code 19145

Median Sales and List Price Comments:

Median Sales and Listings DOM Comments:

State PA

Sale and List Price Per Sq. Foot Comments:

Form PICFOUR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Supplemental Addendum Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

File No. 5000875926

State PA

Zip Code 19145

MARKET ANALYSIS COMMENTS THE APPRAISER RECOGNIZES THAT MANY OF THE GENERAL INDICATORS OF VALUE TRENDS THAT ARE TYPICALLY REVIEWED BY LOAN UNDERWRITERS, INCLUDING BUT NOT LIMITED TO METROPOLITAN STATISTICAL AREA DATA, AND DATA FROM OFHEO, FHFA & THE NATIONAL ASSOCIATION OF REALTORS WILL REFLECT AN OVERALL TREND IN VALUES THAT MAY OR MAY NOT BE DECLINING. IT SHOULD BE NOTED THAT THE APPRAISER’S OPINION OF TRENDS MAY OR MAY NOT AGREE WITH THESE FINDINGS. THE APPRAISER HAS ANALYZED NEIGHBORHOOD AND MARKET AREA DATA SPECIFIC TO THE SUBJECT THAT INCLUDES, THOUGH IS NOT LIMITED TO, PUBLIC RECORDS DATA, MULTIPLE LISTING DATA, APPRAISER’S FILES & KNOWLEDGE AND PRIMARY POLLING DATA. THE RESULTS AND SUPPORT FOR THIS ANALYSIS ARE CONTAINED THROUGHOUT THIS APPRAISAL REPORT. DURING THE COURSE OF THIS TRENDING ANALYSIS OPINIONS HAVE BEEN FORMULATED USING SETTLED SALES, PENDING SALES, ACTIVE LISTINGS, EXPIRED AND WITHDRAWN LISTINGS, AND PRIMARY DATA HAS BEEN OBTAINED THROUGH CONVERSATION WITH LOCAL REAL ESTATE PROFESSIONALS. THE APPRAISER HAS REVIEWED DATA ON COMPARABLE SALE PRICE, COMPARABLE DAYS ON MARKET, COMPARABLE LIST PRICE, COMPARABLE LIST TO SALE PRICE RATIO AND SELLER FINANCING FROM BOTH THE OVERALL MARKET AND THE MORE DEFINED SUBJECT MARKET SEGMENT AND THE MOST COMPARABLE PROPERTIES AS UTILIZED IN THIS APPRAISAL. THE APPRAISER HAS RECONCILED ALL OF THIS DATA WHEN FORMING AN OPINION ON OVERALL VALUE TRENDS. ZONING THE SUBJECT IS ZONED RSA-5 (RESIDENTIAL SINGLE FAMILY 5). AS PER THE CITY OF PHILADELPHIA ZONING BOARD THE MINIMUM LOT CHARACTERISTICS FOR THIS ZONING TYPE ARE AS FOLLOWS: 1.) LOT WIDTH SHALL BE NO LESS THAN SIXTEEN FEET (16') 2.) LOT SQUARE FOOTAGE SHALL BE NO LESS THAN ONE THOUSAND FOUR HUNDRED AND FORTY SQUARE FEET (1,440 SQFT). THE SUBJECT DOES NOT MEET THE ABOVE MINIMUM LOT CHARACTERISTICS AND IS TO BE CONSIDERED LEGAL NON-CONFORMING. PLEASE SEE BELOW FOR THE CITY OF PHILADELPHIA'S CURRENT POSITION ON NON-CONFORMING STRUCTURES AND USES. § 14-305. (10) (A)

NONCONFORMITIES.

RECONSTRUCTION OF DESTROYED STRUCTURES. APPLICABILITY.

NOTWITHSTANDING THE PROVISIONS OF § 14-305(1) (PURPOSE) THROUGH § 14-305(9) (NONCONFORMING PARKING OR SITE IMPROVEMENTS) ABOVE, THE PROVISIONS OF THIS § 14-305(10) (RECONSTRUCTION OF DESTROYED STRUCTURES) SHALL APPLY WHEN NONCONFORMING BUILDINGS, USES, LOTS, PARKING, SITE IMPROVEMENTS, OR ACCESSORY SIGNS ARE DESTROYED OR RENDERED UNUSABLE BY FIRE OR AN ACT OF GOD OR A THIRD PARTY OVER WHICH THE OWNER HAS NO CONTROL. (B)

RIGHTS FOLLOWING DESTRUCTION.

FOLLOWING DESTRUCTION, AS DEFINED IN § 14-305(10)(A) (APPLICABILITY): (A) A REPLACEMENT STRUCTURE THAT DOES NOT REDUCE THE NONCONFORMING SETBACKS OR EXCEED THE NONCONFORMING AREA OR HEIGHT OF THE DESTROYED STRUCTURE MAY BE CONSTRUCTED, AND (B) THE NONCONFORMING USE THAT EXISTED PRIOR TO THE DESTRUCTION MAY BE RE-ESTABLISHED, AND (C) THE PROPERTY NEED NOT PROVIDE ANY MORE OFF-STREET PARKING SPACES OR LOADING AREAS THAN THE PROPERTY HAD BEFORE THE DESTRUCTION. THESE PROVISIONS SHALL APPLY ONLY IF RECONSTRUCTION BEGINS WITHIN THREE YEARS AFTER THE DESTRUCTION AND IS COMPLETED WITHOUT INTERRUPTION; OTHERWISE THE BUILDING, USE, LOT, PARKING, SITE IMPROVEMENT, OR ACCESSORY SIGN MAY ONLY BE RECONSTRUCTED IN COMPLIANCE WITH THE ZONING CODE FOR THE ZONING DISTRICT WHERE IT IS LOCATED. (C)

VOLUNTARY DESTRUCTION.

ANY NONCONFORMING STRUCTURE, USE, LOT, PARKING AREA, SITE IMPROVEMENT, OR ACCESSORY SIGN DESTROYED THROUGH MEANS OTHER THAN DESCRIBED IN § 14-305(10)(A) (APPLICABILITY) SHALL BE RECONSTRUCTED IN COMPLIANCE WITH THE ZONING CODE FOR THE ZONING DISTRICT WHERE IT IS LOCATED. NEIGHBORHOOD DESCRIPTION SOUTH PHILADELPHIA, NICKNAMED SOUTH PHILLY, IS THE SECTION OF PHILADELPHIA BOUNDED BY SOUTH STREET TO THE NORTH, THE DELAWARE RIVER TO THE EAST AND SOUTH, AND THE SCHUYLKILL RIVER TO THE WEST. GEOGRAPHY ACCORDING TO THE UNITED STATES CENSUS BUREAU, SOUTH PHILADELPHIA HAS AN AREA OF 9.7 SQ. MILES, OF WHICH NONE IS WATER. SOUTH PHILADELPHIA IS LOCATED AT 39.9231°N 75.1753°W. DEMOGRAPHICS AS OF THE 2010 CENSUS, THERE ARE 168,782 PEOPLE IN 78,440 HOUSING UNITS. THE POPULATION DENSITY IS 16,771 PEOPLE PER SQUARE MILE. 46.6% OF THE POPULATION IS MALE, AND 53.4% IS FEMALE. THE SOUTH PHILADELPHIA AREA COMPRISES THE ZIP CODES OF 19145, 19146, 19147, AND 19148.

Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Supplemental Addendum Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

File No. 5000875926

State PA

Zip Code 19145

LISTING HISTORY OF SUBJECT PROPERTY SCOPE OF WORK INCLUDES PROVIDING THE REFERENCE NUMBER SHOWN ON PUBLIC TAX RECORDS, NOT SECURING OR REVIEWING THE DEED. MAP REFERENCE NUMBER REFERS REFER TO THE PAGE AND GRID IDENTIFIER ON THE RAND-MCNALLY TREND PHILADELPHIA 5-COUNTY MAP FOR THE COUNTY. SCOPE OF WORK IN DETERMINING OWNER OF RECORD IS TO REPORT WHAT IS SHOWN ON THE PUBLIC TAX RECORDS. APPRAISER'S SCOPE OF WORK IN ANSWERING WHO OCCUPIES THE PROPERTY INCLUDES ONLY WHAT IS SPECIFIED HERE AND NO OTHER STEPS. THE FOLLOWING IS THE LISTING HISTORY FOR THE SUBJECT PROPERTY:

APPRAISER'S SCOPE OF WORK IN RESEARCHING SUBJECT'S PRIOR LISTINGS IS TO SEARCH MLS BY SUBJECT PROPERTY ADDRESS. ALL "STATUS" CATEGORIES ARE INCLUDED: ACTIVE PROPERTIES, SOLD PROPERTIES, EXPIRED LISTINGS, WITHDRAWN LISTINGS, AND UNDER CONTRACT PROPERTIES. THIS PROCESS DOES NOT FIND SUBJECT IF THE ADDRESS IS INCORRECTLY ENTERED OR IF THE PROPERTY IS INCORRECTLY LISTED IN THE WRONG TAXING DISTRICT. IT ALSO DOES NOT ACCOUNT FOR ANY POSSIBLE CURRENT OR PAST "FOR SALE BY OWNER" OFFERINGS; MLS IS THE ONLY PUBLIC AND RELIABLE SOURCE OF LISTING ACTIVITY FOR THE AREA. NO "FOR SALE BY OWNER" SIGNS WERE OBSERVED. NEIGHBORHOOD BOUNDARIES STATISTICS ARE DERIVED FROM THE ENTIRE SUBJECT ZIP CODE OR NOTED PARAMETERS. APPRAISER ATTEMPTED TO CHOOSE COMPARABLES FROM THE SUBJECT’S NEIGHBORHOOD. NEIGHBORHOOD STATISTICS REFLECT A HALF (0.5) MILE RADIUS FROM THE SUBJECT PROPERTY. ADDITIONAL FEATURES SCOPE OF WORK INCLUDES PERSONALLY MEASURING THE EXTERIOR AND/OR INTERIOR OF THE BUILDING TAPE MEASURE AND PROVIDING THE RESULTS ON THE ATTACHED SKETCH; ANY INTERIOR WALLS ARE FOR RELATIVE ROOM PLACEMENT ONLY AND ARE NOT TO SCALE. WHILE REASONABLE CARE WAS EXERCISED IN THE FIELD MEASUREMENTS, THE FINAL SQUARE FOOTAGE IN THIS REPORT SHOULD BE CONSIDERED AN APPROXIMATION ONLY AND NOT GUARANTEED. COMMENTS ON SALES COMPARISON COMPARABLES WERE SELECTED FROM THE AVAILABLE POOL OF SETTLED SALES, AND PENDING/ACTIVE LISTINGS OF SIMILAR HOMES FROM WITHIN THE GENERAL SUBJECT MARKET AREA. THE COMPARABLES ARE THOUGHT TO BE REASONABLE INDICATORS OF VALUE FOR THE SUBJECT. IT IS REASONABLE TO THINK THAT A BUYER IN THIS MARKET MIGHT CONSIDER BOTH THE SUBJECT AND THE COMPARABLES WHEN MAKING A PURCHASE DECISION. THE COMPARABLES ARE SIMILAR TO THE SUBJECT IN TERMS OF GENERAL MARKET LOCATION AND AMENITIES, SCHOOL DISTRICT, ACCESS TO EMPLOYMENT, TRANSPORTATION, AND PUBLIC FACILITIES & SERVICES. EXPOSURE TIME REASONABLE EXPOSURE TIME FOR THE SUBJECT PROPERTY OPINION OF VALUE IS ESTIMATED TO BE 46 DAYS. PER THE APPRAISAL INSTITUTE THE ESTIMATED LENGTH OF TIME THE PROPERTY INTEREST BEING APPRAISED WOULD HAVE BEEN OFFERED ON THE MARKET PRIOR TO THE HYPOTHETICAL CONSUMMATION OF A SALE AT MARKET VALUE ON THE EFFECTIVE DATE OF THE APPRAISAL; A RETROSPECTIVE ESTIMATE BASED ON AN ANALYSIS OF PAST EVENTS ASSUMING A COMPETITIVE AND OPEN MARKET.

Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Supplemental Addendum Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

File No. 5000875926

State PA

Zip Code 19145

FINAL RECONCILIATION RECONCILIATION AND CORRELATION IS PERFORMED WHEN MORE THAN ONE APPROACH TO VALUE IS USED TO VALUE REAL PROPERTY. RECONCILIATION WEIGHTS THE RELATIVE SIGNIFICANCE, THE APPLICABILITY AND THE DEFENSIBILITY OF EACH VALUE INDICATION AND RELIES MOST HEAVILY ON THE ONE THAT IS MOST APPROPRIATE FOR THE ASSIGNMENT. THE CONCLUSION DRAWN IN THE RECONCILIATION IS BASED ON THE APPROPRIATENESS, THE ACCURACY AND THE QUANTITY AND QUALITY OF THE EVIDENCE IN THE ENTIRE APPRAISAL. THE APPROACHES TO VALUE THAT WERE UTILIZED FOR THE SUBJECT AND THEIR RESULTS ARE SUMMARIZED ABOVE. IF THE COST APPROACH WAS DEVELOPED IT WAS BY CLIENT'S REQUEST, THOUGH IS NOT CONSIDERED TO BE A RELIABLE INDICATOR OF VALUE. INCOME APPROACH WAS NOT DEVELOPED AS IT DOES NOT ADDRESS ANY FACTORS OR CONDITIONS OF THE ASSIGNMENT. THE SALES COMPARISON APPROACH IS FREQUENTLY A RELIABLE METHOD OF VALUE AS IT BEST REFLECTS INTERACTIONS IN THE MARKETPLACE BETWEEN BUYERS AND SELLERS. WHEN SUBSTANTIAL MARKET DATA ARE AVAILABLE, THE SALES COMPARISON APPROACH TENDS TO BE A GOOD INDICATOR OF VALUE AND OFTEN IS RELIED ON BY INVESTORS AND OTHER MARKET PARTICIPANTS. THE SALES COMPARISON APPROACH IS A HISTORICAL PERSPECTIVE TO VALUE, WHICH SOMETIMES CAN LIMIT THE EFFECTIVENESS OF THIS APPROACH. IN THIS INSTANCE, THE QUALITY OF DATA WAS SUBSTANTIAL AND THE QUANTITY OF DATA WAS SUBSTANTIAL, THEREFORE THE LEVEL OF RELIANCE ON THE MARKET APPROACH TO VALUE HIGH AND MOST WEIGHT WAS GIVEN TO THIS VALUATION. THEREFORE THIS APPRAISER’S FINAL OPINION OF VALUE IS $280,000. ADDITIONAL COMMENTS THE EXTENT OF THE SERVICES RENDERED IN THIS ASSIGNMENT ENCOMPASSES ALL THE ACTIVITIES CONSIDERED NECESSARY TO FULFILL THE COMMON SENSE AND ETHICAL RESPONSIBILITIES IN ARRIVING AT AN ACCURATE, OBJECTIVE AND UNBIASED OPINION OF VALUE FOR THE SUBJECT PROPERTY. THESE ACTIVITIES INCLUDED AT LEAST, COLLECTION OF DATA REGARDING THE PHYSICAL SUBJECT PROPERTY AND COMPARABLES AND THE GENERAL NEIGHBORHOOD AND MARKET AREA TRENDS AND INFLUENCES, OBSERVATION OF CONDITIONS RELATIVE TO THE EFFECTIVE AGE OF THE SUBJECT PROPERTY AND COMPARABLE IMPROVEMENT; THE INFLUENCE OF ZONING, AMENITIES AND OTHER FACTORS; A THOROUGH EXAMINATION OF THOSE MARKET AREAS CONSIDERED TO BE RELEVANT AND TO REVEAL EVIDENCE OF COMPARABLE DATA; RESEARCH COMPARISON AND SOMETIMES RECONCILIATION OF DIVERGENT MLS, COURTHOUSE AND OBSERVED CHARACTERISTICS. NO WARRANTY OF ESTIMATED VALUE IS GIVEN OR IMPLIED. NO LIABILITY IS ACCEPTED FOR THE STRUCTURAL OR MECHANICAL CONDITION OF THE PROPERTY. AS THIS APPRAISAL REPORT IS AN OPINION OF VALUE, THE LENDER IS STRONGLY ENCOURAGED TO CONSIDER THIS REPORT CAREFULLY AND AS ONLY ONE SOURCE IN A THOROUGH REVIEW. ADDITIONAL INTENDED USERS OF THIS APPRAISAL REPORT ARE IDENTIFIED AS FOLLOWS: LRES CORPORATION (THE AMC), AND FUND THAT FLIP, INC. (THE LENDER/CLIENT). NO OTHER USERS ARE IDENTIFIED IN THIS REPORT. THE SUBJECT PROPERTY IS LOCATED SIX TENTHS (0.6) MILES FROM MY OFFICE. THIS ASSIGNMENT REQUIRES GEOGRAPHIC COMPETENCY AS PART OF THE SCOPE OF WORK. I HAVE SPENT SUFFICIENT TIME IN THE SUBJECT MARKET AND UNDERSTAND THE NUANCES OF THE LOCAL MARKET AND THE SUPPLY AND DEMAND FACTORS RELATING TO THE SPECIFIC PROPERTY TYPE AND LOCATION INVOLVED. SUCH UNDERSTANDING WILL NOT BE IMPARTED SOLELY FROM A CONSIDERATION OF SPECIFIC DATA SUCH AS DEMOGRAPHICS, COSTS, SALES AND RENTALS. THE NECESSARY UNDERSTANDING OF LOCAL MARKET CONDITIONS PROVIDES THE BRIDGE BETWEEN A SALE AND A COMPARABLE SALE OR A RENTAL AND A COMPARABLE RENTAL. THE REPORTED ANALYSES, OPINIONS AND CONCLUSIONS WERE DEVELOPED, AND THIS REPORT HAS BEEN PREPARED, IN CONFORMITY WITH THE REQUIREMENTS OF THE CODE OF PROFESSIONAL ETHICS AND STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE OF THE APPRAISAL INSTITUTE. THE USE OF THIS REPORT IS SUBJECT TO THE REQUIREMENTS OF THE APPRAISAL INSTITUTE RELATING TO REVIEW BY ITS DULY AUTHORIZED REPRESENTATIVES. ORDERED: AUGUST 30TH, 2016 INSPECTED: AUGUST 31ST, 2016 REPORT SUBMITTED: SEPTEMBER 7TH, 2016 THE APPRAISER MADE REASONABLE EFFORTS TO REVIEW THE RELEVANT MULTIPLE LISTING SERVICE AND PUBLIC TAX RECORDS FOR THE SUBJECT AND THE COMPARABLES USED IN THIS APPRAISAL REPORT. IN THE CASE OF CONFLICTING INFORMATION, EVERY EFFORT WAS MADE TO IDENTIFY AND USE THE MOST ACCURATE INFORMATION. IF A REASONABLE DEGREE OF INTEGRITY COULD NOT BE IMPLIED, THE COMPARABLE WAS DISREGARDED. THIS POTENTIAL FOR DISREGARD OF A COMPARABLE BASED ON INSUFFICIENT, CONFLICTING OR SUSPECT DATA COULD UNDERSTANDABLY CAUSE AN OTHERWISE VERY GOOD AND RELEVANT COMPARABLE NOT TO BE USED. ALL SALE LISTED HAVE THE SAME MARKET INFLUENCE AND LOCAL AMENITIES. ADJUSTMENTS WERE MADE FOR THE DIFFERENCES INDICATED ON THE ABOVE SALES GRID. THE SALES INDICATED WERE THE BEST AVAILABLE AND HAD THE SAME UTILITY AND AMENITIES, AND WERE IN THE SAME CONDITION, NEIGHBORHOOD AND SIZE AS THE SUBJECT. ALL COMPS WERE GIVEN EQUAL CONSIDERATION. NO SPECIAL CONDITIONS ARE REQUIRED BY THIS REPORT AND NO WARRANTIES ARE IMPLIED. THE GLA FOR THE SUBJECT IS BASED INTERIOR INSPECTION AND MEASUREMENT. THE GLA FOR ALL COMPS USED IN THIS APPRAISAL ARE ESTIMATED AND ARE BASED ON MLS AND PUBLIC RECORDS DATA AND EXTERIOR INSPECTION AND MEASUREMENT. GLA ADJUSTMENT IS BASED ON $90.00 PER SQFT. THE GLA WAS DERIVED BY TAKING THE MEDIAN OF THE PRICES PER SQUARE FOOT OF ALL THE SALES SIMILAR TO THE SUBJECT THAT SOLD IN THE TWELVE (12) MONTHS PRIOR TO THE EFFECTIVE DATE OF THIS APPRAISAL AND THEN SUBTRACTING THE PRICE PER SQUARE FOOT OF THE LAND VALUE FROM THAT VALUE.

Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Supplemental Addendum Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

File No. 5000875926

State PA

Zip Code 19145

ADDITIONAL COMMENTS CONTINUED DATA SELECTED WAS THAT OF CLOSED AND VERIFIED SALES SIMILAR TO THE SUBJECT IN TERMS OF DESIGN & UTILITY. ALL COMPARABLE SALES ARE AFFECTED BY SIMILAR FORCES AND ADJUSTMENTS WERE MADE TO REFLECT PERTINENT DISSIMILARITIES. COMPS THAT ARE MORE THAN 6 MONTHS OLD WERE THE MOST RECENT SALES THAT WERE SIMILAR TO THE SUBJECT PROPERTY AND ARE A GOOD INDICATION OF VALUE. COMPS MORE THAN ONE MILE FROM THE SUBJECT WERE THE CLOSEST COMPS AVAILABLE THAT WERE SIMILAR TO THE SUBJECT IN OVERALL SIZE, STYLE AND CONDITION. COMPS CHOSEN WERE THE MOST SIMILAR TO THE SUBJECT IN OVERALL SIZE, STYLE AND CONDITION AND ARE A GOOD INDICATION OF THE SUBJECTS VALUE. THIS APPRAISAL REMAINS THE INTELLECTUAL PROPERTY OF THIS APPRAISER, AND AS SUCH, MAY NOT BE USED OUTSIDE THE LIMITED CONTEXT OF AN "ASSET VALUATION FOR MARKET VALUE", WITHOUT THE EXPRESS WRITTEN PERMISSION OF THIS APPRAISER. NO PART OF THE APPRAISAL CERTIFICATION CAN BE INTERPRETED AS WRITTEN PERMISSION FOR OTHER USE OF THIS APPRAISAL. THE LENDER/CLIENT IS GRANTED THIS LIMITED USE LICENSE FOR AN "ASSET VALUATION" ONLY. SCOPE OF THIS APPRAISAL IN PREPARING THIS APPRAISAL WE HAVE: · MADE A COMPLETE PHYSICAL INSPECTION OF THE PROPERTY ON AUGUST 31ST, 2016. · RESEARCHED PUBLIC RECORDS FOR ASSESSMENT AND HISTORICAL SALES INFORMATION PERTAINING TO THE SUBJECT PROPERTY. · RESEARCHED THE DEMOGRAPHICS AND OTHER DATA EFFECTING THE AREA AND NEIGHBORHOOD. AMONG OUR SOURCES OF INFORMATION THAT WE REFERENCED WERE; PROPERTIES THAT WE HAVE PREVIOUSLY APPRAISED IN THE AREA, RELEVANT PUBLICATIONS, PERIODICALS, U.S. CENSUS DATA, AND OTHER REFERENCE MATERIAL. · RESEARCHED PERTINENT NEIGHBORHOOD DATA, COMPARABLE LISTINGS, AND COMPARABLE SALES. · GATHERED COMPARABLE IMPROVED SALES, COMPARABLE LISTINGS, ETC. FROM SIMILAR NEIGHBORHOODS AND/OR PREVIOUS APPRAISALS THAT WE HAVE MADE ON SIMILAR PROPERTIES. · ANALYZED THE CURRENT REAL ESTATE MARKET AND TRENDS FOR THE SUBJECT'S PROPERTY TYPE, PARTICULARLY IN THE SUBJECT'S MARKET AREA. IN PREPARING OUR WRITTEN REPORT WE HAVE: · IDENTIFIED THE PROPERTY BY TAX IDENTIFICATION NUMBER AND DEED REFERENCES. · CONSIDERED THE PURPOSE AND INTENDED USE OF THE APPRAISAL. · PREPARED A BRIEF HISTORY OF THE PROPERTY. · STATED THE CURRENT DEFINITION OF MARKET VALUE AND EXPOSURE TIME. · DETERMINED THE PROPERTY RIGHTS BEING APPRAISED AS THE FEE SIMPLE INTEREST IN THE PROPERTY. · DISCUSSED AND ANALYZED THE PHYSICAL ATTRIBUTES OF THE SUBJECT SITE. · DISCUSSED AND ANALYZED THE PHYSICAL ATTRIBUTES OF THE SUBJECT BUILDING(S). · ANALYZED THE HIGHEST AND BEST USE OF THE SITE. · ANALYZED AND DISCUSSED THE REASONING FOR CHOOSING THE MOST APPLICABLE APPROACH OR APPROACHES IN DETERMINING THE VALUE FOR THE SUBJECT PROPERTY. · CONSIDERED ALL THREE APPROACHES TO VALUE AND DETERMINED WHICH APPROACH OR APPROACHES WERE APPLICABLE, GIVEN THE NATURE OF THE ASSIGNMENT AND THE CHARACTERISTICS OF THE SUBJECT PROPERTY. · THOROUGHLY DISCUSSED AND DOCUMENTED OUR VALUE CONCLUSIONS BY THE APPLICABLE APPROACH AND/OR APPROACHES. · ANALYZED AND DISCUSSED THE RECONCILIATION OF THE APPLICABLE APPROACHES AND FINAL CONCLUSIONS OF VALUES. · STATED THE ASSUMPTIONS AND LIMITING CONDITIONS UPON WHICH THIS REPORT WAS BASED. PREVIOUS SALES OF THE SUBJECT AND THE SALE COMPARABLES THERE WAS ONE PRIOR SALE OF THE SUBJECT IN THE THIRTY-SIX MONTHS PRIOR TO THE EFFECTIVE DATE OF THIS APPRAISAL. THAT SALE TOOK PLACE ON JULY 13TH, 2016 AND WAS SOLD FOR $114,900 (SEE ATTACHED HUD-1 FORM ABOVE). SALES COMPARABLE NUMBER 1 (2043 MORRIS STREET) PRIOR SALE TOOK PLACE ON JANUARY 5TH, 2016. IT WAS AN REO SALE THAT SOLD FOR $26,900 AND WAS APPARENTLY SOLD TO AN INVESTOR/BUILDER WHO REHABBED AND THEN RESOLD THE PROPERTY AT REHABBED VALUES. SALES COMPARABLE NUMBER 2 (2201 S 22ND STREET) PRIOR SALE TOOK PLACE ON JULY 31ST, 2016. IT SOLD FOR $75,000 AND WAS APPARENTLY SOLD TO AN INVESTOR/BUILDER WHO REHABBED AND THEN RESOLD THE PROPERTY AT REHABBED VALUES. SALES COMPARABLE NUMBER 3 (1821 S 20TH STREET) PRIOR SALE TOOK PLACE ON JULY 31ST, 2016. IT SOLD FOR $75,000 AND WAS APPARENTLY SOLD TO AN INVESTOR/BUILDER WHO REHABBED AND THEN RESOLD THE PROPERTY AT REHABBED VALUES. Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Supplemental Addendum Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

File No. 5000875926

State PA

Zip Code 19145

PREVIOUS SALES OF THE SUBJECT AND THE SALE COMPARABLES CONTINUED SALES COMPARABLE NUMBER 4 (2105 TASKER STREET) PRIOR SALE TOOK PLACE ON JANUARY 13TH, 2015. IT SOLD FOR $70,000 AND WAS APPARENTLY SOLD TO AN INVESTOR/BUILDER WHO REHABBED AND THEN RESOLD THE PROPERTY AT REHABBED VALUES. SALES COMPARABLE NUMBER 5 (2427 WHARTON STREET) PRIOR SALE TOOK PLACE ON AUGUST 8TH, 2015. IT SOLD FOR $80,000 AND WAS APPARENTLY SOLD TO AN INVESTOR/BUILDER WHO REHABBED AND THEN RESOLD THE PROPERTY AT REHABBED VALUES.

Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Tax Record - Page 1

Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Tax Record - Page 2

Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Tax Record - Page 3

Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Tax Record - Page 4

Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

MLS Data Sheet - Page 1

Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

MLS Data Sheet - Page 2

Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Plat Map

Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Building Sketch Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

State PA

Zip Code 19145

17'

17'

17'

Master Bedroom

Kitchen Master Bath

Basement

50'

54'

50'

54'

50'

Diningroom

50'

Bath

Bedroom

Livingroom Bedroom Foyer

17'

17'

17'

First Floor

Second Floor

Basement

[850 Sq ft]

[918 Sq ft]

[850 Sq ft]

TOTAL Sketch by a la mode, inc.

Area Calculations Summary

Living Area First Floor

850 Sq ft

50 × 17 = 850

Second Floor

918 Sq ft

54 × 17 = 918

Total Living Area (Rounded): Non-living Area Basement

Calculation Details

1768 Sq ft 850 Sq ft

Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

50 × 17 = 850

Aerial Map Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

State PA

Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Zip Code 19145

Location Map Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

State PA

Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Zip Code 19145

List of Repairs & Upgrades With Costs - Page 1

Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

List of Repairs & Upgrades With Costs - Page 2

Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

List of Repairs & Upgrades With Costs - Page 3

Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

List of Repairs & Upgrades With Costs - Page 4

Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

List of Repairs & Upgrades With Costs - Page 5

Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

List of Repairs & Upgrades With Costs - Page 6

Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Photo Page Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

State PA

Zip Code 19145

Subject Front 1615 S 22nd St Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

N/A 1,768 7 3 2.1 N;Res;Res Neighborhood 1122 sf Q4 91

Subject Rear

Subject Street

Form PICPIX.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

State PA

Zip Code 19145

Street View 1615 S 22nd St Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

N/A 1,768 7 3 2.1 N;Res;Res Neighborhood 1122 sf Q4 91

Broken Pavement

Broken Pavement

Form PIC3X5.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

State PA

Zip Code 19145

Broken Pavement 1615 S 22nd St Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

N/A 1,768 7 3 2.1 N;Res;Res Neighborhood 1122 sf Q4 91

Front Wall Bellying Out

Front Wall Bellying Out

Form PIC3X5.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

State PA

Zip Code 19145

Side View 1615 S 22nd St Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

N/A 1,768 7 3 2.1 N;Res;Res Neighborhood 1122 sf Q4 91

Cornice

Broken Pavement

Form PIC3X5.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

State PA

Zip Code 19145

Broken Pavement 1615 S 22nd St Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

N/A 1,768 7 3 2.1 N;Res;Res Neighborhood 1122 sf Q4 91

Rear Structural Damage

Rear Structural Damage

Form PIC3X5.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

State PA

Zip Code 19145

Potential Garage 1615 S 22nd St Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

N/A 1,768 7 3 2.1 N;Res;Res Neighborhood 1122 sf Q4 91

Livingroom

Livingroom

Form PIC3X5.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

State PA

Zip Code 19145

Livingroom & Diningroom 1615 S 22nd St Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

N/A 1,768 7 3 2.1 N;Res;Res Neighborhood 1122 sf Q4 91

Livingroom & Diningroom

Diningroom & Kitchen

Form PIC3X5.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

State PA

Zip Code 19145

Diningroom & Kitchen 1615 S 22nd St Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

N/A 1,768 7 3 2.1 N;Res;Res Neighborhood 1122 sf Q4 91

Floor Damage

1st Floor Ceiling

Form PIC3X5.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

State PA

Zip Code 19145

Stairs to 2nd Floor 1615 S 22nd St Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

N/A 1,768 7 3 2.1 N;Res;Res Neighborhood 1122 sf Q4 91

Bedroom

Bedroom

Form PIC3X5.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

State PA

Zip Code 19145

Bedroom 1615 S 22nd St Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

N/A 1,768 7 3 2.1 N;Res;Res Neighborhood 1122 sf Q4 91

Bedroom

Bedroom

Form PIC3X5.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

State PA

Zip Code 19145

Bedroom 1615 S 22nd St Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

N/A 1,768 7 3 2.1 N;Res;Res Neighborhood 1122 sf Q4 91

Bedroom

Bedroom

Form PIC3X5.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

State PA

Zip Code 19145

Bedroom 1615 S 22nd St Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

N/A 1,768 7 3 2.1 N;Res;Res Neighborhood 1122 sf Q4 91

Bathroom

Bathroom

Form PIC3X5.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

State PA

Zip Code 19145

Bathroom 1615 S 22nd St Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

N/A 1,768 7 3 2.1 N;Res;Res Neighborhood 1122 sf Q4 91

Bathroom

2nd Fl Electric Panel

Form PIC3X5.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

State PA

Zip Code 19145

Bedroom 1615 S 22nd St Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

N/A 1,768 7 3 2.1 N;Res;Res Neighborhood 1122 sf Q4 91

Bedroom

Bedroom

Form PIC3X5.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

State PA

Zip Code 19145

Hallway 1615 S 22nd St Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

N/A 1,768 7 3 2.1 N;Res;Res Neighborhood 1122 sf Q4 91

Bedroom

Bedroom

Form PIC3X5.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

State PA

Zip Code 19145

Bedroom Ceiling 1615 S 22nd St Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

N/A 1,768 7 3 2.1 N;Res;Res Neighborhood 1122 sf Q4 91

Bedroom Ceiling

Bedroom Ceiling

Form PIC3X5.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

State PA

Zip Code 19145

Bedroom 1615 S 22nd St Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

N/A 1,768 7 3 2.1 N;Res;Res Neighborhood 1122 sf Q4 91

Subject Interior

Subject Interior

Form PIC3X5.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Comparable Photo Page Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

State PA

Zip Code 19145

Comparable 1 2043 Morris St Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

0.11 miles SE $274,900 1,612 7 3 2.1 N;Res;Res Neighborhood 1076 sf Q4 96

Comparable 2 2201 S 22nd St Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

0.49 miles S $259,900 1,792 7 3 2.1 N;Res;Res Neighborhood 960 sf Q4 95

Comparable 3 1821 S 20th St Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

0.26 miles SE $267,900 1,680 7 3 2.2 N;Res;Res Neighborhood 1088 sf Q4 99

Comparable Photo Page Borrower Property Address City Lender/Client

Redacted As Per Client 1615 S 22nd St Philadelphia Fund That Flip, Inc

County Philadelphia

State PA

Zip Code 19145

Comparable 4 2105 Tasker St Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

0.08 miles NE $256,750 1,710 7 3 2.1 N;Res;Res Neighborhood 1005 sf Q4 92

Comparable 5 2427 Wharton St Prox. to Subject 0.39 miles NW Sale Price $319,000 Gross Living Area 1,920 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2.1 Location N;Res;Res View Neighborhood Site 1168 sf Quality Q4 Age 90

Comparable 6 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Appraisal Certification

Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

E & O Insurance

Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE