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Westview House
<br />Flow of Funds
<br />COMPLETION COMPLETION LEASE UP CONVERSION
<br />PAYMENT COMPLETION
<br />CONST.
<br />TOTAL CLOSING 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29
<br />SOURCES OF FUNDS % BUDGET Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24
<br />Net Investor Equity 37.8%18,821,088 1,882,109 0 0 0 00000 0 0 0 0 0 0 0 0 0 0 0 0 0 2,823,163 00 000013,598,236
<br />Permanent Loan 27.4%13,642,615 000000000 0 0 0 0 0 0 0 0 0 0 0 0 0000 000013,642,615
<br />Overhand Tranche 0.0%0 000000000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />Accrual Mortgage0.0%0 000000000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />CDP OZ LLC 0.7%350,000 350,000 0 0 0 00000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />OCHFT 2.9%1,450,349 0 0 1,450,349 0 00000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />City of Santa Ana 7.8%3,904,341 3,513,907 0 0 0 00000 0 0 0 0 0 0 0 0 0 0 0390,434 0000 0000 0
<br />NPLH 14.7%7,312,537 000000000 0 0 0 0 0 0 0 0 0 0 0 0 0000 00007,312,537
<br />County of Orange MHSA 8.6%4,258,280 000000000 0 0 0 0 0 0 0 0 0 0 0 0 0000 00004,258,280
<br />Deferred Developer Fee 0.1%26,210 000000000 0 0 0 0 0 0 0 0 0 0 0 0 0000 000026,210
<br />General Partner Equity 0.0%0 000000000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />Gas Co - Solar Thermal Subsidy 0.0%0 000000000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />SOMAH rebate 0.0%0 000000000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />Interest on Surplus Funds 0.0%0 000000000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />NOI During Construction 0.0%0 000000000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />TOTAL SOURCES 49,765,420 5,746,016 0 1,450,349 0 00000 0 0 0 0 0 0 0 0 0 0 0390,434 0 2,823,163 0 0 0 0 0 0 38,837,878
<br />USES OF FUNDS %4.55% 4.55% 4.55% 4.55% 4.55% 4.55% 4.55% 4.55% 2.00% 4.55% 4.55% 4.55% 4.55% 4.55% 4.55% 4.55% 4.55% 4.55% 4.55% 4.55% 4.55% 4.55% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
<br />Land at $3,148,585 Per Acre or $72.28 Per SF 6,675,000 $6,675,000.00 0 0 0 00000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />Associated Acq. Costs 726,288 $726,288.00 0 0 0 00000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />Prevailing Wage 0 $0.0000000000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />Hard Cost Residential Total: $30,689,128; $361,049 Per Unit 22,879,658 $0.00 1,089,508 1,089,508 1,089,508 1,089,508 1,089,508 1,089,508 1,089,508 1,089,508 1,089,508 1,089,508 1,089,508 1,089,508 1,089,508 1,089,508 1,089,508 1,089,508 1,089,508 1,089,508 1,089,508 1,089,508 1,089,508 0 0 0 0 0 0 0 0
<br />Site Improvements 3,558,174 $0.00 1,186,058 1,186,058 1,186,058 00000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />General Conditions, Overhead, GC Fee 14.00%3,701,296 $0.00 318,579 318,579 318,579 152,531 152,531 152,531 152,531 152,531 152,531 152,531 152,531 152,531 152,531 152,531 152,531 152,531 152,531 152,531 152,531 152,531 153,465 0 0 0 0 0 0 0 0
<br />GC Bond / Insurance / Letter of Credit 550,000 $550,000.00 0 0 0 00000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />Hard Cost Contingency 5.00%1,535,000 $0.0000000000 0219,286 219,286 219,286 219,286 219,286 219,286 219,286 0 0 0 0 0000 0000 0
<br />Construction Interest (2.6%) at Perm. Rate + -145b 2.60%1,633,319 $0.00 13,822 19,663 22,407 28,142 30,987 33,845 36,742 39,612 42,522 45,405 48,802 52,282 55,661 59,048 62,442 65,843 69,749 72,791 76,216 79,865 82,161 85,045 85,045 85,045 85,045 85,045 85,045 85,045 0
<br />Bridge Interest at 10.00%0 $0.0000000000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />Construction Loan Fees 241,200 $241,200.00 0 0 0 00000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />Conversion Fee 136,426 $0.0000000000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000136,426
<br />Bridge Loan Fees 0 $0.0000000000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />4% Related Costs / Cost of Issuance 40,000 $40,000.00 0 0 0 00000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />Accounting & Audit 37,500 $30,000.00 0 0 0 00000 0 0 0 0 0 0 0 0 0 0 0 0 0000 00007,500
<br />Appraisal / Market Study 11,350 $11,350.00 0 0 0 00000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />Architecture (Architect, Landscape Architect)1,052,500 $720,100.00 16,620 16,620 16,620 16,620 16,620 16,620 16,620 16,620 16,620 16,620 16,620 16,620 16,620 16,620 16,620 16,620 16,620 16,620 16,620 16,620 0000 0000 0
<br />Civil Engineering 113,300 $90,800.00 10,000 10,000 2,500 00000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />Construction Site Inspector 138,500 $12,500.00 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 0 0 0 0 0 0 0 0
<br />Consultants (Geo, LEED, Dry Utilities, Security, Bank Insp.)154,380 $60,000.00 4,719 4,719 4,719 4,719 4,719 4,719 4,719 4,719 4,719 4,719 4,719 4,719 4,719 4,719 4,719 4,719 4,719 4,719 4,719 4,719 0000 0000 0
<br />Environmental (EIR, Phase I, Asbestos, exc.)5,100 $5,100.00 0 0 0 00000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />F.A. / Syndication Consultant / Syndication Fee 0 $0.0000000000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />Furnishings 226,000 $0.0000000000 0 0 0 0 0 0 0 026,000100,000 100,000 0 0000 0000 0
<br />Special Inspections (Concrete, SWPPs)75,000 $0.00 0 15,000 0 15,000 0 15,000 0 15,000 0 15,000 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />Lease-up & Marketing Expenses 60,000 $0.0000000000 0 0 0 0 0 0 0 020,00020,00020,000 0 0000 0000 0
<br />Legal 275,000 $205,000.00 0 0 0 00000 0 0 0 0 0 0 0 0 0 0 0 0 0000 000070,000
<br />Utility Undergrounding 100,000 $0.0050,00050,000000000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />Operating & Debt Service Reserve (3-mo's / debt)343,824 $0.0000000000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000343,824
<br />Other (Lease Up Reserve)229,216 $0.0000000000 0 0 0 0 0 0 0229,216 0 0 0 0 0000 0000 0
<br />Other (Admin, Repo, Shipping, Reimburseables)22,000 $10,000.00 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 0000 0000 0
<br />Impact Fees 1,445,871 $1,445,871.00 0 0 0 00000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />Insurance 80,000 $80,000.00 0 0 0 00000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />Permit Fees 325,000 $325,000.00 0 0 0 00000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />Property Taxes 110,138 $60,138.00 0 0 0 00000 0 050,000 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />Solar (Structure & Panels)0 $0.0000000000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />City Controlled Contingency 400,000 $0.0000000000 0 0 0 0 0 0 0 0 0100,000 200,000 100,000 0000 0000 0
<br />Soft Cost Contingency 272,500 $0.00 0 0 0 0 18,167 18,167 18,167 18,167 18,167 18,167 18,167 18,167 18,167 18,167 18,167 18,167 18,167 18,167 18,167 0 0000 0000 0
<br />Tax Credit/Bond Fees (App., Mon., & Res.)56,879 $56,879.00 0 0 0 00000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />Title & Recording 55,000 $30,000.00 0 0 0 00000 0 0 0 0 0 0 0 0 0 0 0 0 0000 000025,000
<br />Developer Overhead 0 $0.0000000000 0 0 0 0 0 0 0 0 0 0 0 0 0000 0000 0
<br />Developer Fee 2,500,000 $750,000.00 0 0 0 00000 0 0 0 0 0 0 0 0 0 0 0 0 0 500,000 00 0000706,210
<br />TOTAL USES 49,765,420 12,125,226 2,695,905 2,716,746 2,646,990 1,313,119 1,319,131 1,336,989 1,324,886 1,342,757 1,330,666 1,567,835 1,606,232 1,559,712 1,563,091 1,566,478 1,569,872 1,802,489 1,403,893 1,580,935 1,684,360 1,449,843 1,331,133 585,045 85,045 85,045 85,045 85,045 85,045 85,045 1,288,960
<br />DEVELOPMENT FUNDS BALANCE
<br />Opening Balance 000000000 0 0 0 0 0 0 0 0 0 0 0 00 02,238,118 2,153,073 2,068,029 1,982,984 1,897,939 1,812,894 1,727,849
<br />Advances (12,125,226)(2,695,905)(2,716,746)(2,646,990)(1,313,119)(1,319,131)(1,336,989)(1,324,886)(1,342,757)(1,330,666)(1,567,835)(1,606,232)(1,559,712)(1,563,091)(1,566,478)(1,569,872)(1,802,489)(1,403,893)(1,580,935)(1,684,360)(1,449,843)(1,331,133)(585,045)(85,045)(85,045)(85,045)(85,045)(85,045)(85,045)(1,288,960)
<br />Other Inflow 5,746,016 0 1,450,349 0 00000 0 0 0 0 0 0 0 0 0 0 0390,434 0 2,823,163 0 0 0 0 0 0 38,837,878
<br />Construction Loan Advances 6,379,210 2,695,905 1,266,397 2,646,990 1,313,119 1,319,131 1,336,989 1,324,886 1,342,757 1,330,666 1,567,835 1,606,232 1,559,712 1,563,091 1,566,478 1,569,872 1,802,489 1,403,893 1,580,935 1,684,360 1,059,409 1,331,133 0 0 0 0 0 0 0 0
<br />Bridge Loan Advances 000000000 0 0 0 0 0 0 0 0 0 0 0 00 000 0 0 0 0 0
<br />ENDING BALANCE 000000000 0 0 0 0 0 0 0 0 0 0 0 002,238,118 2,153,073 2,068,029 1,982,984 1,897,939 1,812,894 1,727,849 39,276,767
<br />CONSTRUCTION LOAN BALANCE 40,200,000 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24
<br />Forced Draw Schedule
<br />Beg Loan Balance 0 6,379,210 9,075,116 10,341,513 12,988,503 14,301,623 15,620,754 16,957,743 18,282,629 19,625,386 20,956,052 22,523,886 24,130,118 25,689,830 27,252,921 28,819,399 30,389,271 32,191,760 33,595,654 35,176,588 36,860,949 37,920,357 39,251,491 39,251,491 39,251,491 39,251,491 39,251,491 39,251,491 39,251,491 39,251,491
<br />Advances 6,379,210 2,695,905 1,266,397 2,646,990 1,313,119 1,319,131 1,336,989 1,324,886 1,342,757 1,330,666 1,567,835 1,606,232 1,559,712 1,563,091 1,566,478 1,569,872 1,802,489 1,403,893 1,580,935 1,684,360 1,059,409 1,331,133 0 0 0 0 0 0 0 0
<br />Paydowns 000000000 0 0 0 0 0 0 0 0 0 0 0 00 000 0 0 0 039,251,491
<br />END LOAN BALANCE 39,251,491 6,379,210 9,075,116 10,341,513 12,988,503 14,301,623 15,620,754 16,957,743 18,282,629 19,625,386 20,956,052 22,523,886 24,130,118 25,689,830 27,252,921 28,819,399 30,389,271 32,191,760 33,595,654 35,176,588 36,860,949 37,920,357 39,251,491 39,251,491 39,251,491 39,251,491 39,251,491 39,251,491 39,251,491 39,251,491 0
<br />EXHIBIT 3
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