TABLE OF CONTENTS. Lender: Fund That Flip, Inc. Costa Appraisal Service

TABLE OF CONTENTS Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln Costa Appraisal Service Order 1 of Table Contents 2 3 Title of Transmittal Letter 4 5 125_5 14 Addendum 21 216 29 14MC 23 214 USPAP with Type 25 Independence Appraiser Certification 26 Photos Subject 27 1,2,3 Comps Photos 28 4,5,6 Comps Photos 29 Rentals Comparable 1,2,3 Photos 3 Photos: Interior Kitchen, Living Area, Bathroom 31 6 Photo Interior Page 1 32 6 Photo Interior Page 2 33 3 Photo Interior Page 2 34 6 Photo Interior Page 3 35 3 Photo Interior Page 3 36 3 Photo Etra Page 1 37 38 Sketch List Dimension 39 Image Etra Page 1 4 Image Etra Page 2 41 Image Etra Page 3 42 Image Etra Page 4 43 Image Etra Page 5 44 Image Etra Page 6 45 Map Plat 46 Map Flood 47 Map Location 48 Map Aerial 49

Costa Appraisal Service FTL-1 Lincoln File No 588364 APPRAISAL OF LOCATED AT: 1 Lincoln Ave Montclair, NJ 742 FOR: Fund That Flip, Inc 85 East 1th St, Suite 1N New York, NY 13 BORROWER: Jonathan Lee AS OF: January 2, 216 BY: José Valentim Costa

Costa Appraisal Service FTL-1 Lincoln File No 588364 January 2,216 Lres Fund That Flip, Inc 85 East 1th St, Suite 1N New York, NY 13 File Number: 588364 To whom it may concern; In accordance with your request, I have appraised the real property at: 1 Lincoln Ave Montclair, NJ 742 The purpose of this appraisal is to develop an opinion of the market value of the subject property, as improved The property rights appraised are the fee simple interest in the site and improvements In my opinion, the market value of the property as of January 2, 216 is: 43, Four Hundred Thirty Thousand Dollars The attached report contains the description, analysis and supportive data for the conclusions, final opinion of value, descriptive photographs, limiting conditions and appropriate certifications Sincerely José Valentim Costa State Certified Residential Appraiser in NJ & PA

Costa Appraisal Service Small Residential Income Property Appraisal Report FTL-1 Lincoln File No 588364 SUBJECT The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property Property Address 1 Lincoln Ave City Montclair State NJ Zip Code 742 Borrower Jonathan Lee Owner of Public Record 1 Lincoln St LLC County Esse Legal Description City Code; 7 Dist Code; 13 Block; 48 BlkSf; Lot; 33 Lot Sf; D/B; 215 Page; 66248 Assessor's Parcel # 713-48--33- Ta Year 215 RE Taes 8,826 Neighborhood Name Montclair Map Reference ACI Mapping System Census Tract 172 Occupant Owner Tenant X Vacant Special Assessments PUD HOA Property Rights Appraised X Fee Simple Leasehold Other (describe) Assignment Type Purchase Transaction X Refinance Transaction Other (describe) Lender/Client Fund That Flip, Inc Address 85 East 1th St, Suite 1N, New York, NY 13 Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes X No per year per month Report data source(s) used, offering price(s), and date(s) See Attached Addendum CONTRACT I did did not analyze the contract for sale for the subject purchase transaction Eplain the results of the analysis of the contract for sale or why the analysis was not performed Contract Price Date of Contract Is the property seller the owner of public record? Yes No Data Source(s) Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc) to be paid by any party on behalf of the borrower? Yes If Yes, report the total dollar amount and describe the items to be paid No Note: Race and the racial composition of the neighborhood are not appraisal factors NEIGHBORHOOD Neighborhood Characteristics Location Built-Up Growth 2-4 Unit Housing Trends 2-4 Unit Housing Urban Over 75% Rapid X Suburban Rural Property Values Increasing X Stable Declining X 25-75% Under 25% Demand/Supply Shortage X In Balance Over Supply X Stable Slow Marketing Time Under 3 mths X 3-6 mths Over 6 mths Neighborhood Boundaries To the North; Watchung Ave, To the East; Glen Ridge, To the South; West Orange & To the West; Verona & West Orange;<See Attached Addendum> Neighborhood Description See Attached Addendum PRICE () Present Land Use % AGE (yrs) 8 Low 898 High 38 Pred One-Unit 2-4 Unit 1 Multi-Family 6 1 1 1 1 125 Commercial 5 Other Vacant % % % % % Market Conditions (including support for the above conclusions) See Attached Addendum Dimensions 4 X 9392 Specific Zoning Classification R-1 Area 3757 SqFt Shape Rectangular Zoning Description One-Family Zone Zoning Compliance Legal X Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe) Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? View Homes X Yes No If No, describe See Attached SITE Addendum Utilities Public Other (describe) Public Other (describe) Off-site Improvements Type Public Private Electricity X Water X Street Asphalt X Gas X Sanitary Sewer X Alley None FEMA Special Flood Hazard Area Yes X No FEMA Flood Zone X FEMA Map # 34188-3413C112F FEMA Map Date 6/4/27 Are the utilities and off-site improvements typical for the market area? X Yes No If No, describe Are there any adverse site conditions or eternal factors (easements, encroachments, environmental conditions, land uses, etc)? Yes X No If Yes, describe See Attached Addendum IMPROVEMENTS GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION materials/condition Concrete Slab Crawl Space X Full Basement Partial Basement Basement Area 1,136 sq ft Basement Finish % Outside Entry/Eit Sump Pump Evidence of Infestation Dampness Settlement Attic Drop Stair X X Floor X Finished X # of Appliances Refrigerator Unit # 1 contains: FWA X HWBB Radiant X Fireplace(s) # 2 WoodStove(s) # Driveway Surface Asphalt Other Fuel Gas X Patio/Deck Patio Fence None Garage # of Cars X Central Air Conditioning Pool None X Porch Covered Carport # of Cars Individual Other Other None Att Det Dishwasher Disposal Microwave Washer/Dryer Other (describe) 2 Bedroom(s) 1 Bath(s) 1,136 Square feet of Gross Living Area None Stairs Scuttle Heated Range/Oven 6 Rooms Foundation Walls Eterior Walls Roof Surface Gutters & Downspouts Window Type Storm Sash/Insulated Screens materials/condition INTERIOR Units X Two Three Four Accessory Unit (describe below) # of Stories 2 # of bldgs 1 Type X Det Att S-Det/End Unit X Eisting Proposed Under Const Design (Style) 2-Family Year Built 1921 Effective Age (Yrs) 5 Heating/Cooling Unit # 2 contains: 8 Rooms Unit # 3 contains: Rooms Unit # 4 contains: Rooms Additional features (special energy efficient items, etc) Amenities 4 Bedroom(s) 1 Bath(s) 1,544 Square feet of Gross Living Area Bedroom(s) Bedroom(s) Bath(s) Bath(s) Square feet of Gross Living Area Square feet of Gross Living Area Floors Walls Trim/Finish Bath Floor Bath Wainscot Wood/tile/avg Drywall/Avg Wood/Avg Tile/Avg Tile/Avg Car Storage None X Driveway # of Cars 1 Built-in None noted at the time of inspection Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc) Freddie Mac Form 72 March 25 Block/Avg Vinyl/Avg Asphalt/Avg Alum/Avg Double Hung/Avg Insulated/Avg Yes/Avg See Attached Addendum Produced using ACI software, 82348727 wwwaciwebcom Page 1 of 7 Fannie Mae Form 125 March 25 125_5 999

Costa Appraisal Service FTL-1 Lincoln Small Residential Income Property Appraisal Report File No 588364 IMPROVEMENTS Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes X No If Yes, describe There were no physical deficiencies or adverse conditions noted at the time of inspection that would affect the livability, soundness, or structural integrity of the property Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc)? X Yes No dose conform to the neighborhood in terms of functional utility, style, condition, use and construction Is the property subject to rent control? If No, describe The subject property Yes X No If Yes, describe The following properties represent the most current, similar, and proimate comparable rental properties to the subject property This analysis is intended to support the opinion of the market rent for the subject property FEATURE SUBJECT COMPARABLE RENTAL NO 1 1 Lincoln Ave Address Montclair, NJ 742 COMPARABLE RENTAL DATA Proimity to Subject Current Monthly Rent Rent/Gross Bldg Area Rent Control Data Source(s) Date of Lease(s) Location Actual Age Condition Gross Building Area Unit Breakdown Unit # 1 Unit # 2 Unit # 3 Unit # 4 Utilities Included sq ft Yes X No Plan & Specs M to M Suburban 95+/- Years C-2 3816 sqft Yes X No GSMLS # 32351 M to M Suburban 86+/- Years C-2 48 sqft Rm Count Tot Br Ba Size Sq Ft Rm Count Tot Br Ba 6 8 1,136 5 1,544 6 2 4 1 1 COMPARABLE RENTAL NO 2 38 Warman St Montclair, NJ 742 83 miles SW 2 2 Yes X No GSMLS # 3249223 M to M Suburban 28+/- Years C-2 495 sqft Monthly Rent 1,136 1,536 Rm Count Tot Br Ba 1,65 6 1,85 6 3 3 11 11 3,935 96 sq ft Size Sq Ft Monthly Rent 1,365 1,365 Rm Count Tot Br Ba 2,2 5 1,735 7 2 3 Size Sq Ft Monthly Rent 1,145 1,545 1 11 Water 2,4 59 sq ft Yes X No GSMLS # 32552 M to M Suburban 136+/- Years C-2 435 sqft Water 129 Walnut St Montclair, NJ 742 121 miles NE 3,5 87 sq ft Size Sq Ft 1 1 COMPARABLE RENTAL NO 3 7 Charles St Montclair, NJ 742 66 miles SW 1,2 1,2 Water Water Analysis of rental data and support for estimated market rents for the individual subject units reported below (including the adequacy of the comparables, rental concessions, etc) See Attached Addendum Rent Schedule: The appraiser must reconcile the applicable indicated monthly market rents to provide an opinion of the market rent for each unit in the subject property Leases Actual Rents SUBJECT RENT SCHEDULE Lease Date Unit # Begin Date 1 Vacant 2 Vacant 3 4 Comment on lease data Utilities included in estimated rents End Date Unfurnished Furnished Total Actual Monthly Rent Other Monthly Income (itemize) X did Electric Total Actual Monthly Income Gas X Water X Sewer Total Rents Unfurnished Oil Per Unit Total Rents Furnished 1,8 2,1 1,8 2,1 Total Gross Monthly Rent Other Monthly Income (itemize) Total Estimated Monthly Income 3,9 3,9 X Trash collection Other (describe) Comments on actual or estimated rents and other monthly income (including personal property) There is no other income for the subject other then the rents Actual rent is based on home owner no lease was provided, Market rent is based on the rental properties selected in this report I PRIOR SALE HISTORY Opinion Of Market Rent Per Unit Cable did not research the sale or transfer history of the subject property and comparable sales If not, eplain My research X 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) NJACTB Ta Records and Public Record My research did X did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale Data source(s) NJACTB Ta Records and Public Record Report the results of the research and analysis of the prior sale history of the subject property and comparable sales (report additional prior sales on page 4) ITEM SUBJECT COMPARABLE SALE NO 1 COMPARABLE SALE NO 2 COMPARABLE SALE NO 3 Date of Prior Sale/Transfer 6/22/215 Price of Prior Sale/Transfer 19, Data Source(s) NJACTB Ta Records Effective Date of Data Source(s) 1/2/216 Analysis of prior sale history for the subject property and comparable sales NJACTB Ta Records NJACTB Ta Records NJACTB Ta Records 1/2/216 1/2/216 1/2/216 In reviewing the sales history for the subject property, Public record and NJACTB Ta Records did indicate a sale in the past Three (3) years In reviewing the sales history for the comparable properties, Public record and local multi listing service did not indicate any sales in the past Twelve (12) months Freddie Mac Form 72 March 25 Produced using ACI software, 82348727 wwwaciwebcom Page 2 of 7 Fannie Mae Form 125 March 25 125_5 999

Costa Appraisal Service FTL-1 Lincoln Small Residential Income Property Appraisal Report There are 7 comparable properties currently offered for sale in the subject neighborhood ranging in price from to 685, 319,999 There are 25 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from 8, FEATURE SUBJECT COMPARABLE SALE NO 1 COMPARABLE SALE NO 2 1 Lincoln Ave Address Montclair, NJ 742 292 Orange Rd Montclair, NJ 742 34 miles SW Proimity to Subject Sale Price Sale Price/Gross Bldg Area Gross Monthly Rent Gross Rent Multiplier Price Per Unit Price Per Room Price Per Bedroom Rent Control Data Source(s) Verification Source(s) Yes INCOME SALES COMPARISON APPROACH VALUE ADJUSTMENTS Sale or Financing Concessions Date of Sale/Time Location X No DESCRIPTION DESCRIPTION Total Bdrms Baths Total 6 2 1 4 7 Unit # 2 8 4 1 Unit # 3 Unit # 4 Basement Description Full/1136 SqFt Basement Finished Rooms None 2, 1,96 7 Charles St Montclair, NJ 742 66 miles SW 419,9 1477 sq ft 3,5 11997 29,95 38,173 14,975 Yes X No GSMLS # 32351 DOM 8 NJACTB Ta Record's +(-) Adjustment FHA s8/15;c7/15 Suburban Fee Simple 12 SqFt Homes 2-Family Q-4 115+/- Years C-2 376 sqft Suburban Leasehold/Fee Simple Fee Simple Site 3757 SqFt View Homes Design (Style) 2-Family Quality of Construction Q-4 Actual Age 95+/- Years Condition C-2 Gross Building Area 35 3816 sqft Unit Breakdown Unit # 1 422, 11223 sq ft ~32 13188 211, 38,364 7,333 Yes X No GSMLS # 319781 DOM 184 NJACTB Ta Record's DESCRIPTION Bdrms Baths Total 2 4 1 1 5 6 455, 11111 sq ft 3,935 11563 227,5 37,917 75,833 Yes X No GSMLS # 3249223 DOM 26 NJACTB Ta Record's +(-) Adjustment FHA s9/15;c6/15 Suburban Fee Simple 38 SqFt Homes 2-Family Q-4 86+/- Years C-2 48 sqft to 898,4 COMPARABLE SALE NO 3 38 Warman St Montclair, NJ 742 83 miles SW sq ft ~36 File No 588364-9 -6,72 DESCRIPTION Bdrms Baths Total 2 2 1 1 6 6 Full/1253 SqFt None Acceptable Steam/Gas/None Insulated 3 Car Det Porch None None None X + Net Adj 21 % Gross Adj 57 % 215,48 39,178 71,827 2 Units 14 Rooms Full/1336 SqFt None Functional Utility Acceptable Acceptable Heating/Cooling HW/Gas/C Air 5, HW/Gas/None 5, Energy Efficient Items Insulated Insulated Parking On/Off Site 1 Car Driveway -7,5 2 Car Det -5, Porch/Patio/Deck Patio,Porch 2,5 2-Porches Fire Place 2-Fireplaces 5, None 5, Fence None Fence -2,5 Inground Pool None None Net Adjustment (Total) 8,96 + X 5,12 Adjusted Sale Price Net Adj -12 % of Comparables 43,96 Gross Adj 6 % 414,78 Adj Price Per Unit (Adj SP Comp / # of Comp Units) 27,39 Adj Price Per Room ((Adj SP Comp / # of Comp Rooms) 37,77 Adj Price Per Bdrm (Adj SP Comp / # of Comp Bedrooms) 13,695 Value Per Unit 214, X 428, Value Per GBA 115 X Value Per Rm 37, X 518, Value Per Bdrms 75, X Summary of Sales Comparison Approach including reconciliation of the above indicators of value See Attached Addendum +(-) Adjustment FHA s11/15;c9/15 Suburban Fee Simple 575 SqFt Homes 2-Family Q-4 28+/- Years C-2 495 sqft -6,7-9,765 Bdrms Baths 3 3 11 11-5, -5, Full/1365 SqFt None Acceptable HW/Gas/C Air Insulated 2 Car Built-In Porch None Fence None + X Net Adj -58 % Gross Adj 91 % 214,268 35,711 71,423 3816 sqft GBA 6 Bdrms -5, 2,5 5, -2,5 26,465 428,535 438,84 45, Indicated Value by Sales Comparison Approach 43, Total gross monthly rent 3,9 X gross rent multiplier (GRM) 11997 467,883 Indicated value by the Income Approach Comments on income approach including reconciliation of the GRM The gross rent multiplier is derived from the rents generated by the comparables selected in this report the indicated value by the income Approach may or may not support the opinion of market value Indicated Value by: Sales Comparison Analysis 43, Income Approach 467,883 Cost Approach (if developed) RECONCILIATION See Attached Addendum This appraisal is made "as is," X 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, or subject to the following required inspection based on the etraordinary assumption that the condition or deficiency does not require alteration or repair: Based on a complete visual inspection of the interior and eterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is as of 1/2/216 Freddie Mac Form 72 March 25 43,, which is the date of inspection and the effective date of this appraisal Produced using ACI software, 82348727 wwwaciwebcom Page 3 of 7 Costa Appraisal Service Fannie Mae Form 125 March 25 125_5 999

Costa Appraisal Service FTL-1 Lincoln File No 588364 ADDITIONAL COMMENTS Small Residential Income Property Appraisal Report COST APPROACH TO VALUE (not required by Fannie Mae) COST APPROACH Provide adequate information for the lender/client to replicate the below cost figures and calculations Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) See Attached Addendum ESTIMATED REPRODUCTION OR X REPLACEMENT COST NEW Source of cost data Quality rating from cost service Effective date of cost data Comments on Cost Approach (gross living area calculations, depreciation, etc) OPINION OF SITE VALUE Dwelling 3,816 Sq Ft @ Sq Ft @ Site value has been estimated based on ta records and ta assessments in the subject market area Depreciation is based on and calculated on the Age/Life method as defined in the Dictionary of Real Estate Appraisal "Second Edition" Garage/Carport Total Estimate of Cost-New Less 1 Physical Depreciation Sq Ft @ Functional ( 5 Years INDICATED VALUE BY COST APPROACH PROJECT INFORMATION FOR PUDs (if applicable) PUD INFORMATION Is the developer/builder in control of the Homeowners' Association (HOA)? Yes No Unit type(s) Detached Eternal Depreciated Cost of Improvements "As-is" Value of Site Improvements Estimated Remaining Economic Life (HUD and VA only) 163, ) Attached Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit Legal name of project Total number of phases Total number of units Total number of units sold Total number of units rented Total number of units for sale Data source(s) Was the project created by the conversion of an eisting building(s) into a PUD? Yes No If Yes, date of conversion Does the project contain any multi-dwelling units? Yes No Data source(s) Are the units, common elements, and recreation facilities complete? Are the common elements leased to or by the Homeowners' Association? Yes No Yes If No, describe the status of completion No If Yes, describe the rental terms and options Describe common elements and recreational facilities Freddie Mac Form 72 March 25 Produced using ACI software, 82348727 wwwaciwebcom Page 4 of 7 Fannie Mae Form 125 March 25 125_5 999

Costa Appraisal Service Small Residential Income Property Appraisal Report FTL-1 Lincoln File No 588364 This report form is designed to report an appraisal of a two- to four-unit property, including a two- to four-unit property in a planned unit development (PUD) A two- to four-unit property located in either a condominium or cooperative project requires the appraiser to inspect the project and complete the project information section of the Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted The appraiser may epand the scope of work to include any additional research or analysis necessary based on the compleity of this appraisal assignment Modifications or deletions to the certifications are also not permitted However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted SCOPE OF WORK: The scope of work for this appraisal is defined by the compleity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and eterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction INTENDED USER: The intended user of this appraisal report is the lender/client DEFINITION OF MARKET VALUE: 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, 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 each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for eposure 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 *Adjustments to the comparables must be made for special or creative financing or sales concessions No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approimate the market's reaction to the financing or concessions based on the appraiser's judgment STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1 The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, ecept for information that he or she became aware of during the research involved in performing this appraisal The appraiser assumes that the title is good and marketable and will not render any opinions about the title 2 The appraiser has provided a sketch in this appraisal report to show the approimate dimensions of the improvements, including each of the units The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size 3 The appraiser has eamined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of 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, epress or implied, regarding this determination 4 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, or as otherwise required by law 5 The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toic substances, etc) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing this appraisal Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toic substances, adverse environmental conditions, etc) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, epress or implied The appraiser will not be responsible for any such conditions that do eist or for any engineering or testing that might be required to discover whether such conditions eist Because the appraiser is not an epert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property 6 The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner Freddie Mac Form 72 March 25 Produced using ACI software, 82348727 wwwaciwebcom Page 5 of 7 Fannie Mae Form 125 March 25 125_5 999

Costa Appraisal Service Small Residential Income Property Appraisal Report FTL-1 Lincoln File No 588364 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1 I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report 2 I performed a complete visual inspection of the interior and eterior areas of the subject property, including all units I reported the condition of the improvements in factual, specific terms I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property 3 I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared 4 I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison and income approaches to value I have adequate market data to develop reliable sales comparison and income approaches to value for this appraisal assignment I further certify that I considered the cost approach to value but did not develop it, unless otherwise indicated in this report 5 I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report 6 I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report 7 I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property 8 I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land 9 I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales 1 I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property 11 I have knowledge and eperience in appraising this type of property in this market area 12 I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, ta assessment records, public land records and other such data sources for the area in which the property is located 13 I obtained the information, estimates, and opinions furnished by other parties and epressed in this appraisal report from reliable sources that I believe to be true and correct 14 I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proimity of the subject property to adverse influences in the development of my opinion of market value I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toic substances, adverse environmental conditions, etc) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property 15 I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct 16 I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report 17 I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, se, age, marital status, 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 or on any other basis prohibited by law 18 My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application) 19 I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report I certify that any individual so named is qualified to perform the tasks I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it 2 I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report 21 The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media) Freddie Mac Form 72 March 25 Produced using ACI software, 82348727 wwwaciwebcom Page 6 of 7 Fannie Mae Form 125 March 25 125_5 999

Costa Appraisal Service Small Residential Income Property Appraisal Report FTL-1 Lincoln File No 588364 22 I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me 23 The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties 24 If this appraisal report was transmitted as an electronic record containing my electronic signature, as those terms are defined in applicable federal and/or state laws (ecluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature 25 Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 11, et seq, or similar state laws THIS APPRAISAL IS TO BE USED ONLY IN IT'S ENTIRETY ALL CONCLUSIONS AND OPINIONS CONCERNING THE ANALYSIS AS SET FORTH IN THE REPORT WERE PREPARED BY THE APPRAISER WHOSE SIGNATURE APPEARS ON THE APPRAISAL REPORT THEREFORE NO CHANGE OF ANY ITEM IN THE REPORT SHALL BE MADE BY ANYONE OTHER THEN THE APPRAISER THE APPRAISER AND THE APPRAISAL FIRM SHALL BEAR NO RESPONSIBILITY FOR ANY UNAUTHORIZED CHANGE SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1 I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification 2 I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification 3 The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law 4 This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared 5 If this appraisal report was transmitted as an electronic record containing my electronic signature, as those terms are defined in applicable federal and/or state laws (ecluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name José Valentim Costa Company Name Costa Appraisal Service Company Address 119A Jason Way North Arlington, NJ 731 Telephone Number 21-998-344 Email Address jcosta@costaappraisalcom Date of Signature and Report 1/28/216 Effective Date of Appraisal 1/2/216 State Certification # 42RC1447 or State License # or Other (describe) State # State NJ Epiration Date of Certification or License 12/31/217 Signature Name Company Name Company Address ADDRESS OF PROPERTY APPRAISED 1 Lincoln Ave Montclair, NJ 742 SUBJECT PROPERTY Did not inspect subject property Did inspect eterior of subject property from street Date of Inspection Did inspect interior and eterior of subject property Date of Inspection Telephone Number Email Address Date of Signature State Certification # or State License # State Epiration Date of Certification or License APPRAISED VALUE OF SUBJECT PROPERTY 43, LENDER/CLIENT Name Lres Company Name Fund That Flip, Inc Company Address 85 East 1th St, Suite 1N New York, NY 13 Email Address Freddie Mac Form 72 March 25 COMPARABLE SALES Did not inspect eterior of comparable sales from street Did inspect eterior of comparable sales from street Date of Inspection Produced using ACI software, 82348727 wwwaciwebcom Page 7 of 7 Costa Appraisal Service Fannie Mae Form 125 March 25 125_5 999

Costa Appraisal Service FTL-1 Lincoln Small Residential Income Property Appraisal Report FEATURE SUBJECT COMPARABLE SALE NO 4 1 Lincoln Ave Address Montclair, NJ 742 Proimity to Subject Sale Price Sale Price/Gross Bldg Area Gross Monthly Rent Gross Rent Multiplier Price Per Unit Price Per Room Price Per Bedroom 129 Walnut St Montclair, NJ 742 121 miles NE 65, 1619 sq ft 2,4 2783 325, 54,167 13, Yes X No GSMLS # 32552 DOM 38 Realtor Rent Control Data Source(s) Verification Source(s) VALUE ADJUSTMENTS Sale or Financing Yes X No DESCRIPTION DESCRIPTION Suburban Fee Simple 3757 SqFt View Homes Design (Style) 2-Family Quality of Construction Q-4 Actual Age 95+/- Years Condition C-2 Gross Building Area 35 3816 sqft SALES COMPARISON APPROACH Unit Breakdown Unit # 1 Unit # 2 Unit # 3 Unit # 4 Basement Description Basement Finished Rooms Functional Utility Heating/Cooling Energy Efficient Items Parking On/Off Site Porch/Patio/Deck Fire Place Fence Inground Pool Total Bdrms Baths Total 6 8 2 4 1 1 5 7 Full/1136 SqFt None Acceptable HW/Gas/C Air Insulated 1 Car Driveway Patio,Porch 2-Fireplaces None None Net Adjustment (Total) Adjusted Sale Price of Comparables Adj Price Per Unit (Adj SP Comp / # of Comp Units) Adj Price Per Room ((Adj SP Comp / # of Comp Rooms) Adj Price Per Bdrm (Adj SP Comp / # of Comp Bedrooms) ITEM Date of Prior Sale/Transfer SUBJECT 579, 11985 sq ft 4,7 12319 289,5 57,9 115,8 Yes X No GSMLS # 327537 DOM 42 Realtor DESCRIPTION Bdrms Baths Total 2 3 1 1 4 6 sq ft Yes No DESCRIPTION +(-) Adjustment -23,16 3,3-35,525 Bdrms Baths 1 4 1 2 Full/161 SqFt None Acceptable 5, HW/Gas/None Insulated -5, 1 Car Det Porch 5, None None None 24,665 + X Net Adj -87 % 625,335 Gross Adj 15 % 264,38 52,862 15,723 COMPARABLE SALE NO 4 +(-) Adjustment -26, Active @ 4% Active Suburban Fee Simple 9625 SqFt Homes 2-Family Q-4 4, 128+/- Years C-2-7,665 4831 sqft Full/1345 SqFt None Acceptable HW/Gas/None Insulated 2 Car Det Porch/Patio None None None + X Net Adj -38 % Gross Adj 81 % 312,668 52,111 125,67 COMPARABLE SALE NO 6 +(-) Adjustment Active @ 4% Active Suburban Fee Simple 525 SqFt Homes 2-Family Q-4 135+/- Years C-2 435 sqft Concessions Date of Sale/Time Location Leasehold/Fee Simple Site COMPARABLE SALE NO 5 93 Valley Rd Montclair, NJ 742 138 miles NW sq ft ~36 File No 588364 Total Bdrms Baths -1, 5, 2,5 2,5 5, + Net Adj 528,615 Gross Adj 5,385 COMPARABLE SALE NO 5 - % % COMPARABLE SALE NO 6 6/22/215 Price of Prior Sale/Transfer 19, Data Source(s) NJACTB Ta Records NJACTB Ta Records NJACTB Ta Records Effective Date of Data Source(s) 1/2/216 1/2/216 1/2/216 Summary of Sales Comparison Approach Two (2) active listings have been added to this report at the clients request However; No supplemental weight has been given to the active listings in the opinion of market value Based on the information obtained from the local MLS the listed properties are within reason of market value The adjustment for the active listings were derived from the comparable sales from the past Twelve (12) months and is based on the percentage difference between the median list price and the median sale price Freddie Mac Form 72 March 25 Produced using ACI software, 82348727 wwwaciwebcom Fannie Mae Form 125 March 25 125_5 999

ADDENDUM Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln Legal Description Data sources used in order to acquire all of the subject's legal description and related information was obtained from New Jersey Association of County Ta Boards, Local Ta Assessor's records and FFIEC Geocoding Census and believed to be credible data sources Definition: On page One (1) of this report the first statement reads "The purpose of this summary appraisal report" As of 1/1/214 the term "SUMMARY" can no longer appear in any appraisal report Therefore THIS IS NOT A SUMMARY APPRAISAL REPORT, THIS IS AN APPRAISAL REPORT AS DEFINED IN THE 214-215 USPAP USPAP defines APPRAISAL as "The act or process of developing an opinion; an opinion of value of or pertaining to appraising and related functions such as appraisal practice or appraisal services" Twelve Month Listing History of Subject Property The subject property is not and has not been offered for sale in the past Twelve (12) months prior to the effective date of this Appraisal as per home owner and local multi listing service Scope of Work: The scope of work for this appraisal report has been completed in accordance with and as defined with the Uniform Standards of Professional Appraisal Practice (USPAP), In accordance with the Lender/Client instructions, Reporting requirements of this appraisal form, Fannei Mae and Dodd Frank Act guide lines and as defined on (page 4 of 6 paragraph 3) of this report Intended Use: The intended use of this appraisal report is for the lender / client to evaluate the property that is the subject of this appraisal report and to determine subject's market value as defined on (page 4 of 6 paragraph 4) of this report Intended User: The intended User/User's of this Appraisal report is the Lender/Client indicated on Page One (1) and Page Si (6) of this report NO additional intended User's are identified in this report by the Appraiser and as defined on (page 4 of 6 paragraph 5) of this report Purpose of This Appraisal: The Purpose of this appraisal report is for the use in a Mortgage Refinance Transaction loan only This report is not intended for any other use other then the use stated on page One (1) of this report in the subject section under Assignment Type Neighborhood Boundaries Time & Distance Guidelines: Due to the lack of more suitable and more comparable sales in the subject's geographical market area, It was necessary to use comparable sales number 1, number 2 and number 3 in ecess of Three (3) months and in ecess of Si (6) months old and comparable sales number 1, number 2 and number 3 in ecess of the One (1) mile radius Distance is based on the ACI mapping system and the shortest distance between point A and point B When sales older then Three (3) months and older then Si (6) months are used it's due to the lack of more recent, more suitable and more comparable sales in the subject's geographical market area This does not affect the marketability of the subject property The most recent, most suitable and most comparable sales in the subject's geographical market area were selected and are considered to be the best available indicators of value for the subject Major Roadways: Addendum Page 1 of 8

ADDENDUM Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln Although the subject property, the comparable sales and the listings have major roadways, commercial buildings and/or rail road tracks in close proimity or separating them, They are still considered to be in the same geographical market area as the subject, The major roadways, commercial buildings and/or rail road tracks appear to have no effect on the market value or the marketability of the subject property Neighborhood Description The subject property is located in a residential neighborhood known as"montclair" The subject neighborhood consists of various style single family dwellings The subject property is located in close proimity of Schools, Shopping, Employment, Transportation and all essential services There were no apparent adverse conditions or factors noted at the time of the inspection Neighborhood Market Conditions The neighborhood market conditions are considered to be stable, Based on the information provided by the local multi listing services There were no apparent adverse conditions or factors noted at the time of the inspection that would affect the marketability of the subject property Local multi listing services do NOT have the capability to provide market condition charts, graphs and articles for the subject's local market area To provide market condition charts, graphs and articles from national web sites would provide national statistics and NOT local statistics this would misinform and mislead the reader Based on national Real Estate statistics over the past several years the national housing prices have declined, However; Based on local Multi Listing Services the subject's geographical market area is considered to be stable Although there are foreclosures in the subject's geographical market area, The foreclosure sales are not driving value, due to sufficient arm's length transactions available in the subject's geographical market area Foreclosures may or may not be used in the market grid Property maintenance in the subject's geographical market area is considered to be average and future marketability should remain satisfactory Predominant Value: The neighborhood's predominant value is the median value between the lowest and highest sale price of all suitable and comparable sales that have closed within the subject's geographical market area in the past Twelve (12) months Predominant Age: The neighborhood's predominant age is the median age between the lowest and highest age of all suitable and comparable sales that have closed within the subject's geographical market area in the past Twelve (12) months Predominant Value/Age: In the event that The predominant value and predominant age does eceed the lenders guidelines It will not affect the marketability of the subject property Present Land Use: The present land use percentages indicated on page One (1) of the report indicate the current subject's geographical market area land use this does not have any impact on the subject's marketability or value Lenders are offering a wide variety of mortgage financing, with etensive interest rates available It appears that a large percentage of sales utilize conventional financing, With concessions taking place occasionally Eposure time: Reasonable eposure time in the subject geographical market area is presently considered to be One (1) to Si (6) months based on local realtors and local multi services, However: due to unforeseen circumstances eposure time may eceed Si (6) months Marketing time: Reasonable marketing time in the subject geographical market area is presently considered to be One (1) to Si (6) Addendum Page 2 of 8

ADDENDUM Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln months based on local realtors and local multi services, However: due to unforeseen circumstances marketing time may eceed Si (6) months 14-MC (Market Condition Addendum): At the clients request the 14-MC (Market Condition Addendum) has been added to this report However; The information obtained for the 14-MC addendum is based on the most recent, most suitable and most comparable sales in the subject's geographical market area for the past Twelve (12) months, This information may or may not indicate an increasing or declining market and a time adjustment can further misinform or mislead the reader even if the subject is in a stable market The opinion of market value is based on the most recent, most suitable and most comparable closed sales in the subject's geographical market area This limits the selection of suitable and comparable sales for the subject and may or may not indicate a stable market Highest and Best Use Highest and Best use is based on local Zoning ordinance, Building codes and what the local municipality allows to be built in the different areas of town Multi Family Residential Highest & best use of land or a site as though vacant: The use of a property based on the assumption that a parcel of land is vacant, or can be made vacant through demolition of any improvements Highest & best use of property as improved: The use that should be made of a property as it eists Highest & best use: The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible and that results in the highest value The four criteria that highest and best use must meet are legal permissibility, physical possibility, financial feasibility and maimum profitability The subject meets all these criteria and is located in an established residential area of single family homes Therefore single family residential usage is considered to be the highest & best use of the site both vacant & improved Adverse Site Conditions The subject site is similar to adjoining and adjacent sites in the subject neighborhood in terms of size and appeal, With normal utility easements No adverse easements or encroachments were evident at the time of the inspection Flood Hazard Area: Flood Hazard information is based on FEMA Special Flood Hazard Area Maps and made part of this report if and when available Site: Site information is based on the local Ta Assessor's Ta Maps and made part of this report if and when available View: The subject has the view of other homes which is considered to be the norm for the subject neighborhood Utilities: All utilities were not turned-on and working at the time of inspection Zoning: The subject property is a legal Pre-eisting, Non-conforming use permitted by a grandfather clause due to minimum lot size requirements and zoning changes This does not affect the marketability of the subject property Based on the local building and zoning departments, If the subject was destroyed in ecess of 5% it could be rebuilt on it's original foot print with no adverse affect on the subject's marketability Condition of the Property Ratings and Definitions C2 The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs Virtually all building components are new or have been recently repaired, refinished, or rehabilitated All outdated components and finishes have been updated and/or replaced with components that meet current standards Dwellings in this category either are almost new or have been recently completely renovated and are similar in condition to new Addendum Page 3 of 8

ADDENDUM Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln construction Quality Of Construction Ratings and Definitions Q 4 Dwellings with this quality rating meet or eceed the requirements of applicable building codes Standard or modified standard building plans are utilized and the design includes adequate fenestration and some eterior ornamentation and interior refinements Materials, workmanship, finish, and equipment are of stock or builder grade and may feature some upgrades Analysis of Rental Data A survey of rentals was conducted in the subject's geographical market area, Similar developments and competing neighborhoods, The comparable rentals selected are considered to be the most suitable and most similar to the subject Based on the Small Residential Income Property Appraisal Report it requires that the Gross building Area be provided in the report, However; The Gross living area of the individual units DO NOT and will NOT add up to the Gross Building Area Gross Building Area includes all units, basement and out buildings Gross Living area includes only the units the above grade living area Comments on Sales Comparison A survey of the most recent, most suitable and most comparable sales with similar characteristics was conducted in the subject's geographical market area, similar developments and competing neighborhood, within the past Twelve (12) months of this report to use comparable sales older then Twelve (12) months and outside the subject's geographical market area would misinform and mislead the reader Based on the subject having the following criterion: Gross Building Area 3,816 Square Feet Total number of rooms 14 Total number of bedrooms 6 Total number of bathrooms 2 Total number of half bathrooms Year built 1921 Style/Design 2 Family Within 2% +/- of the lot size, Within 2 +/- years of the subject's age, within 2% +/- of the subject's gross living area, Location, Room count, Bedroom count, Bathroom count, Amenities, Quality of construction and condition The search parameters for this report are as follow; Gross Building Area 2,8 to 5, Square Feet Total number of rooms 1 to 16 Total number of bedrooms 5 to 8 Total number of bathrooms 2 to 3 Total number of half bathrooms to Year built 1875 to 199 Style/Design 2 Family The search results for this report are as follow; The search resulted in 25 sold properties and 7 listed properties, However; only Three (3) comparable sales and Two (2) Addendum Page 4 of 8

ADDENDUM Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln listing were considered to be comparable to the subject property The other sales and listings were considered to be of inferior or superior quality or not considered to be similar to the subject This information is based on the data etracted from the local multi listing service and presented above, The subject market area is considered to be stable In the event that suitable and comparable sales are not located within the past Three (3) to Si (6) months and within the One (1) mile radius, The search is then epanded to the past Twelve (12) months and eceed the One (1) mile radius of similar and competing neighborhoods and developments This does not affect the marketability of the subject property The comparable properties selected in this report are closed sales and verifiable through New Jersey Association of County Ta Boards, Local Ta Assessor's records and local multi listing service The comparable properties selected in this report are considered to be the best available indicators of value All comparable sales have been selected on the basis of their characteristics and similarities to the subject property in terms of; Location, Lot size, Age, Gross living area, Room count, Bedroom count, Bathroom count, Amenities, Quality of construction, Condition, Etc Gross building area & Data Sources: Gross building area for the subject property was obtained by measuring the eterior perimeter walls of the subject property, It's unknown how County records obtained there gross living area and there gross building area for the subject property Gross building area for the comparable sales and listing selected in this report were obtained from New Jersey Association of County Ta Boards and local Ta Assessor's record's When and if this information is available it is deemed reliable but not guaranteed If the gross building area is not available in the data sources it is estimated Estimation is based on a drive-by inspection of the comparable sales and listings from a public street, The appraiser's Twenty-Five (25) years of home construction eperience and Twenty-Two (22) years of residential appraisal eperience Under Fannie Mae guidelines the 125 2-4 units multi family form requires that the GBA (gross building area) be used in the report GBA (gross building area) GLA (gross living area) as defined by Fannie Mae, USPAP, The Dictionary of Real Estate Appraisal (fifth edition) and The Appraisal of Real Estate (14th edition) In the improvement section of this report, the unit square footage is the breakdown of the GLA (gross living area) pre unit The GBA (gross building area) includes the GLA (gross living area) of all the units, The square footage of the basement finished or unfinished and any and all outbuildings on a permanent foundation, garages, et BASEMENTS: Finished or unfinished below grade ARE NOT part of the GLA (gross living area) THEY ARE part of the GBA (gross building area) BASEMENTS: Finished at or above grade level are part of the GLA (gross living area) Unfinished at or above grade ARE NOT part of the GLA (gross living area) THEY ARE part of the GBA (gross building area) BASEMENTS: Finished or Unfinished below grade level are part of the GBA (gross building area) only They ARE NOT part of the GLA (gross living area) Adjustments Have Been Considered As Follow: Concessions are adjusted based on the amount of concession each comparable provides Time adjustment was not made due to lack of data needed in order to produce a consistent and creditable adjustment Site was not adjusted due to similar lot size View was not adjusted due to similar view Age was adjusted at 1 per year due to it's superior or inferior age Condition was not adjusted due to similar condition Addendum Page 5 of 8

ADDENDUM Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln Bathroom was adjusted at 1, per full bath and 5, per half bath due to it's superior or inferior bath count Gross living area was adjusted at 35 per square foot due to it's superior or inferior gross living area Due to adjustments made to Gross living Area, No adjustment is made to the Room count or the Bedroom count, these rooms are already part of the gross living area However: Adjustment is made to the Bathroom due to the fitures There was no data found or available in the subject market area that would support both a bedroom adjustment and a gross living area adjustment Lack of bedroom count adjustment does not affect the market value or the future marketability of the subject property Greatest Weight: All comparable sales selected in this report were given consideration in the final analysis, The greatest weight is being placed on comparable number 1, Due to it's recent sale, location and similarity to the subject in terms of room count and gross living area Percentage Guidelines: Due to the lack of suitable and comparable sales in a stable market in the subject market area, It was necessary to eceed the clients percentage guidelines for the following, Predominant Value percentage guidelines In the event that Fannie Mae and the lender's percentage guidelines have been eceeded it will not affect the marketability of the subject property Final Reconciliation Homes in the subject market area and neighborhood are typically purchased for owner occupancy and/or income potential Consequently all Three (3) approaches were used in this report The sales comparison approach; is based on marketing time, market eposure and market response and on the most suitable, most comparable and most recent sales in the subject market area The cost approach; is used as a guideline which can be higher or lower then the market value The cost approach is based on Labor cost, Material cost, Equipment cost Profit margins The income approach; is based income generated from the rent After an analysis of all Three (3) approaches, Sales comparison approach is considered to be the best indicator of market value and is based on market response All comparable sales selected have been analysed and adjusted for there superior or inferior indifference to the subject property in determining the final opinion of market value The square footage adjustment is based on the paired sales analysis Having Two (2) or more same style homes with different sale prices, similar sale dates, different square footage, similar room count and similar amenities The square foot adjustment is derived by dividing the difference of the sale prices by the difference of the square footage The result will be the square foot adjustment The process used to obtain this value is referred to as the Comparative Unit Method and is defined in "The Appraisal of Real Estate, 9th Edition; Page 363-368 and 14th Edition; Pages 584-59" as " a method used to derive a cost estimate in terms of dollars per unit of area or unit of volume It is based on known costs of similar structures" All adjustments are based on paired sales analysis and is illustrated on (pages 337, 338 & 339 of The Appraisal of Real Estate) ninth edition and (pages 422 & 423 of The Appraisal of Real Estate) 14th edition, On Material cost, Labor cost, Equipment cost, Profit margins and Over Twenty-Five (25) years of Home construction eperience and Twenty-Two (22) of Appraisal eperience, All cost's and analysis have been etracted from the market and are considered to be appropriate "Assumption and limiting conditions" as defined on ( page 4 of 6 paragraph 8) of this report and the Dictionary of Real Estate Appraisal (second edition) "ASSUMPTION: AN ASSUMPTION, DIRECTLY RELATED TO A SPECIFIC ASSIGNMENT, WHICH, IF FOUND Addendum Page 6 of 8

ADDENDUM Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln TO BE FALSE, COULD ALTER THE APPRAISER'S OPINIONS OR CONCLUSIONS" At the time of the inspection of the subject property the basement information for the subject becomes common knowledge to the Appraiser, Whether the subject has a full or part basement, Crawl space or a Concrete slab, How many square feet, the types rooms and how many rooms However; The basement square footage is unknown and not common knowledge for the comparable sales and listings selected in this report The only information available for the comparable sales and listings is whether they have full or part basements, crawl space or concrete slab and whether it's full or part finished or unfinished basement The square footage of the basements for the comparable sales and listings are estimated based on the following: A drive-by inspection of the comparable sales and listings from a public street, the information obtained from multi listing service, public record, Twenty-Five (25) years of home construction eperience and Twenty-Two (22) years of residential appraisal eperience Adjustment's: Due to the lack of more suitable and more comparable sales in terms of; location, lot size, age, condition, room count, bedroom count, bathroom count, gross living area, basement etc, in the subject's geographical market area; Across the board adjustment's may or may not occur, Due to the differences between the subject property and the comparable sales The comparable sales selected and used in this report are considered to be the best available indicators of value for the subject property Across the board adjustments do not affect the marketability of the subject property To use sales from outside the subject's geographical market area will mislead and misinform the reader Bracketing: Due to the lack of more suitable and more comparable sales in terms of; Value, lot size, age, condition, room count, bedroom count, bathroom count, gross living area, basement etc, in the subject's geographical market area; bracketing may or may not occur Due to the differences between the subject property and the comparable sales selected The comparable sales selected and used in this report are considered to be the best available indicators of value for the subject property Bracketing does not affect the marketability of the subject property To use sales from outside the subject's geographical market area will mislead and misinform the reader This Appraisal report is intended to be a document with all essential information necessary to enable the reader to understand the Appraiser's opinions Ethics Rule: The Appraiser has prepared this Appraisal report in full compliance with the Appraiser's Certification as defined on (page 5 & 6) of this report and As defined and in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP), Fannie Mae and Dodd Frank Act and has not Performed, Participated in, or been associated with any activity in violation of there guidelines 1/28/216 1 ) Comparable number One (1) is a Two (2) family home, Based on a visual eterior inspection from a public street, Garden State Multi Listing service, Montclair Ta Assessor's and the NJACTB Ta Records, Comparable sale number One (1) will remain in this report 2 ) Based on the search parameter's stated in the addendum pages of this report only Twenty-Five (25) Two (2) family home were located in the subject's geographical market area Addendum Page 7 of 8

ADDENDUM Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln 16 Llewellyn Rd; was not located in the Twenty-Five (25) Two (2) family home that were located in the subject's geographical market area 1 Pleasant Ave; was not located in the Twenty-Five (25) Two (2) family home that were located in the subject's geographical market area 38 Irving; was not located in the Twenty-Five (25) Two (2) family home that were located in the subject's geographical market area 4 Harrision Ave; was not located in the Twenty-Five (25) Two (2) family home that were located in the subject's geographical market area Support for the Opinion of Site Value Site value is in ecess of 3% of market value this is typical for the subject market area and is based on the subject's ta records and ta assessments Site value percentage are as follow: Subject property is about % of market value Comp number One (1) is about % of market value Comp number Two (2) is about % of market value Comp number Three (3) is about % of market value Comp number Four (4) is about %of market value Listing number One (1) is about % of market value Listing number Two (2) is about % of market value Addendum Page 8 of 8

FTL-1 Lincoln 588364 One- to Four-Family Investment Property and Two- to Four-Family Owner-Occupied Property Property Address 1 Lincoln Ave Montclair NJ 742 Street City State Zip Code General Instructions: This form is to be prepared jointly by the loan applicant, the appraiser, and the lender's underwriter The applicant must complete the following schedule indicating each unit's rental status, lease epiration date, current rent, market rent, and the responsibility for utility epenses Rental figures must be based on the rent for an "unfurnished" unit Currently Rented No X No X No No Unit No 1 Yes Unit No 2 Yes Unit No 3 Yes Unit No 4 Yes Total Epiration Date Current Rent Per Month Market Rent Per Month 1,8 2,1 Utility Epense Electricity Gas Fuel Oil Fuel (Other) 3,9 Water/Sewer Trash Removal for eisting properties provide actual Paid By Owner X X Paid By Tenant X X X The applicant should complete all of the income and epense projections and year-end operating statements for the past two years (for new properties the applicant's projected income and epenses must be provided) T h i s O p e r a t i n g Income Statement and previous operating statements the applicant provides must then be sent to the appraiser for review, comment, and/or adjustments net to the applicant's figures (eg, Applicant/Appraiser 288/3) If the a p p r a i s e r i s r e t a i n e d t o c o m p l e t e the form instead of the applicant, the lender must provide to the appraiser the aforementioned operating statements, mortgage insurance premium, HOA dues, leasehold payments, subordinate financing, and/or any other relevant information as to the income and epenses of the subject property received from the applicant to substantiate the projections The underwriter should carefully review the applicant's/appraiser's projections and the appraiser's comments concerning those projections The underwriter should make any final adjustments that are necessary to more accurately reflect any income or epense items that appear unreasonable for the market (Real estate taes and insurance on these types of properties are included in PITI and not calculated as an annual epense item) Income should be based on current rents, but should not eceed market rents When there are no current rents because the property is proposed, new, or currently vacant, market rents should be used Annual Income and Epense Projection for Net 12 months Income (Do not include income for owner-occupied units) Gross Annual Rental (from unit(s) to be rented) Other Income (include sources) Total Less Vacancy/Rent Loss Effective Gross Income Adjustments by Lender's Underwriter By Applicant/Appraiser + ( %) + Epenses (Do not include epenses for owner-occupied units) Electricity Gas Fuel Oil Fuel (Type) Water/Sewer Trash Removal Pest Control Other Taes or Licenses Casual Labor This includes the costs for public area cleaning, snow removal, etc, even though the applicant may not elect to contract for such services Interior Paint/Decorating This includes the costs of contract labor and materials that are required to maintain the interiors of the living units General Repairs/Maintenance This includes the costs of contract labor and materials that are required to maintain the public corridors, stairways, roofs, mechanical systems, grounds, etc Management Epenses These are the customary epenses that a professional management company would charge to manage the property Supplies This includes the costs of items like light bulbs, janitorial supplies, etc Total Replacement Reserves - See Schedule on Pg 2 Miscellaneous 1,2 5 5 2,359 Total Operating Epenses 4,559 ( %)

FTL-1 Lincoln 588364 Replacement Reserve Schedule Adequate replacement reserves must be calculate regardless of whether actual reserves are provided for on the owner's operating statements or are customary in the local market This represents the total average yearly reserves Generally, all equipment and components that have a remaining life of more than one year-such as refrigerators, stoves, clothes washers/dryers, trash compactors, furnaces, roofs, and carpeting, etc-should be epensed on a replacement cost basis Equipment Replacement Cost Stoves/Ranges Refrigerators Dishwashers A/C Units C Washer/Dryers HW Heaters Furnace(s) (Other) Remaining Life @ @ @ @ @ @ @ @ 5 7 3 1, ea ea ea ea ea 1, ea 1, ea ea 15 15 15 25 Roof @ 1, 25 Yrs Yrs Yrs Yrs Yrs 25 Yrs 25 Yrs Yrs By Applicant/ Appraiser Yrs One Bldg Carpeting (Wall to Wall) (Units) (Public Areas) Units Units Units Units Units 2 Units 2 Units Units 2 2 2 2 Lender Adjustments 8 8 6667 9333 4 8 4 7947 2,35947 Remaining Life 298 Total Sq Yds @ Total Sq Yds @ 4 Per Sq Yd Per Sq Yd 15 Yrs Yrs Total Replacement Reserves (Enter on Pg 1) Operating Income Reconciliation Effective gross Income - -37992 - Monthly Operating Income 4,559 Total Operating Epenses -4,559 12 Operating Income -37992 Net Cash Flow Monthly Housing Epenses -37992 Monthly Operating Income (Note: Monthly Housing Epense includes principal and interest on the mortgage, hazard insurance premiums, real estate taes, mortgage insurance premiums, HOA dues, leasehold payments, and subordinate financing payments) Underwriter's instructions for 2-4 Family Owner-Occupied Properties If Monthly Operating Income is a positive number, enter as "Net Rental Income" in the "Gross Monthly Income" section of Freddie Mac Form 65/Fannie Mae Form 13 If Monthly Operating Income is a negative number, it must be included as a liability for qualification purposes The borrower's monthly housing epense-to-income ratio must be calculated by comparing the total Monthly Housing Epense for the subject property to the borrower's stable monthly income Underwriter's instructions for 1-4 Family Investment Properties If Net Cash Flow is a positive number, enter as "Net Rental Income" in the "Gross Monthly Income" section of Freddie Mac Form 65/Fannie Mae Form 13 If Net Cash Flow is a negative number, it must be included as a liability for qualification purposes The borrower's monthly housing epense-to-income ratio must be calculated by comparing the total monthly housing epense for the borrower's primary residence t o t h e b o r r o w e r ' s s t a b l e m o n t h l y i n c o m e Appraiser's Comments (including sources for data and rationale for the projections) Operating income is based on income generated from each unit and the information obtained from the home owner Market rents are based on rental properties recently rented and obtained from local Multi Listing ServicesReplacement cost is based on current retail cost Life epectancy for most appliances is Ten (1) to Fifteen (15) years, Roof, Furnace and Central Air unit have a life epectancy of Fifteen (15) to Twenty-Five (25) years and remaining life is based on current condition and appearance José Valentim Costa Appraiser Name Appraiser Signature 1/28/216 Date Underwriter's Comments and Rationale for Adjustments Underwriter Name Freddie Mac Form 998 Aug 88 Underwriter Signature PAGE 2 OF 2 Produced using ACI software, 82348727 wwwaciwebcom Costa Appraisal Service Date Fannie Mae Form 216 Aug 88

Costa Appraisal Service Market Conditions Addendum to the Appraisal Report FTL-1 Lincoln File No 588364 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, 29 Property Address 1 Lincoln Ave City Montclair State NJ Zip Code 742 Borrower Jonathan Lee 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 etent 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 eplanation It is recognized that not all data sources will be able to MARKET RESEARCH & ANALYSIS 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 eplain 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 Declining 7 11 7 X Stable Absorption Rate (Total Sales/Months) Increasing Stable Declining 117 367 233 X Total # of Comparable Active Listings Stable Increasing 17 13 7 X Declining Months of Housing Supply (Total Listings/AbRate) Median Sale & List Price, DOM, Sale/List % Median Comparable Sale Price Median Comparable Sales Days on Market Median Comparable List Price 1453 354 3 Prior 7-12 Months Prior 4-6 Months Current - 3 Months 335,5 19 319, 154 9889% 419,9 53 42,42 94 113% 355, 42 349,888 56 9333% Median Comparable Listings Days on Market Median Sale Price as % of List Price Seller-(developer, builder, etc)paid financial assistance prevalent? Yes X No X Declining Increasing Declining Increasing X Declining Increasing Declining Stable Increasing Overall Trend X Stable X Stable X Stable Declining Increasing Declining Stable X Stable X Stable Increasing Declining Increasing Eplain in detail the seller concessions trends for the past 12 months (eg, seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo fees, options, etc) It's uncertain whether there are or there are not any sellers concessions Sales agreements are considered to be confidential There was no data found in the subject market area that would indicate any percentage of sellers concessions Are foreclosure sales (REO sales) a factor in the market? Yes X No If yes, eplain (including the trends in listings and sales of foreclosed properties) Although there are foreclosures in the subject market area, The foreclosure sales are not driving value, Due to sufficient arm's length transaction available in the subject's market area no foreclosures were used in the market grid Cite data sources for above information Data source for the above information was obtained from the Local Multi Listing Service 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 epired and withdrawn listings, to formulate your conclusions, provide both an eplanation and support for your conclusions See Attached Addendum APPRAISER CONDO / CO-OP PROJECTS If the subject is a unit in a condominium or cooperative project, complete the following: Subject Project Data Total # of Comparable Sales (Settled) Absorption Rate (Total Sales/Months) Total # of Active Comparable Listings Months of Unit Supply (Total Listings/Ab Rate) Are foreclosure sales (REO sales) a factor in the project? Prior 7-12 Months Yes No Prior 4-6 Months Project Name: Current - 3 Months Overall Trend Increasing Stable Declining Increasing Stable Declining Declining Stable Increasing Declining Stable Increasing If yes, indicate the number of REO listings and eplain the trends in listings and sales of foreclosed properties Summarize the above trends and address the impact on the subject unit and project APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name José Valentim Costa Company Name Costa Appraisal Service Company Address 119A Jason Way North Arlington, NJ 731 State License/Certification # 42RC1447 Email Address jcosta@costaappraisalcom Signature Name Company Name Company Address Freddie Mac Form 71 March 29 State NJ State License/Certification # Email Address Produced using ACI software, 82348727 wwwaciwebcom Page 1 of 1 State Fannie Mae Form 14MC March 29 14MC_29 999

ADDENDUM Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln Market Analysis Comments At the clients request this 14-MC (Market Condition Addendum) has been added to the Summary Appraisal Report A survey of the most recent, most suitable and most comparable sales with similar characteristics was conducted in the subject's geographical market area, similar developments and competing neighborhood, within the past Twelve (12) months of this report to use comparable sales older then Twelve (12) months and outside the subject's geographical market area would misinform and mislead the reader Based on the subject having the following criterion: Gross Building Area 3,816 Square Feet Total number of rooms 14 Total number of bedrooms 6 Total number of bathrooms 2 Total number of half bathrooms Year built 1921 Style/Design 2 Family Within 2% +/- of the lot size, Within 2 +/- years of the subject's age, within 2% +/- of the subject's gross living area, Location, Room count, Bedroom count, Bathroom count, Amenities, Quality of construction and condition The search parameters for this report are as follow; Gross Building Area 2,8 to 5, Square Feet Total number of rooms 1 to 16 Total number of bedrooms 5 to 8 Total number of bathrooms 2 to 3 Total number of half bathrooms to Year built 1875 to 199 Style/Design 2 Family The search results for this report are as follow; The search resulted in 25 sold properties and 7 listed properties, However; only Three (3) comparable sales and Two (2) listing were considered to be comparable to the subject property The other sales and listings were considered to be of inferior or superior quality or not considered to be similar to the subject This information is based on the data etracted from the local multi listing service and presented above, The subject market area is considered to be stable In the event that suitable and comparable sales are not located within the past Three (3) to Si (6) months and within the One (1) mile radius, The search is then epanded to the past Twelve (12) months and eceed the One (1) mile radius of similar and competing neighborhoods and developments This does not affect the marketability of the subject property Addendum Page 1 of 1

Costa Appraisal Service FTL-1 Lincoln USPAP ADDENDUM Property Address: 1 Lincoln Ave City: Montclair County: Esse File No 588364 Zip Code: 742 APPRAISAL AND REPORT IDENTIFICATION This report was prepared under the following USPAP reporting option: X Appraisal Report Restricted Appraisal Report A written report prepared under Standards Rule 2-2(a) A written report prepared under Standards Rule 2-2(b) Reasonable Eposure Time My opinion of a reasonable eposure time for the subject property at the market value stated in this report is: Reasonable eposure time in the subject geographical market area is presently considered to be One (1) to Si (6) months based on local realtors Additional Certifications X 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 performed 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 Additional Comments APPRAISER: Signature: Name: José Valentim Costa Date Signed: 1/28/216 State Certification #: 42RC1447 or State License #: or Other (describe): State #: Epiration Date of Certification or License: 12/31/217 Effective Date of Appraisal: January 2, 216 SUPERVISORY APPRAISER (only if required): Signature: Name: Date Signed: State Certification #: or State License #: State: Epiration Date of Certification or License: Supervisory Appraiser inspection of Subject Property: Did Not Eterior-only from street Interior and Eterior Produced using ACI software, 82348727 wwwaciwebcom USPAP_14 17214

Costa Appraisal Service Appraiser Independence Certification Borrower: Property Address: City: Lender/Client: Jonathan Lee 1 Lincoln Ave Montclair Fund That Flip, Inc County: Esse FTL-1 Lincoln File No: 588364 Zip Code: 742 I do hereby certify, I have followed the appraiser independence safeguards in compliance with Appraisal Independence and any applicable state laws I may be required to comply with This includes but is not limited to the following: I am currently licensed and/or certified by the state in which the property to be appraised is located My license is the appropriate license for the appraisal assignment(s) and is reflected on the appraisal report I certify that there have been no sanctions against me for any reason that would impair my ability to perform appraisals pursuant to the required guidelines I assert that no employee, director, officer, or agent of the Lender/Client, or any other third party acting as joint venture partner, independent contractor, appraisal company, appraisal management company, or partner on behalf of the Lender/Client, influenced or attempted to influence the development, reporting, result, or review of the appraisal through coercion, etortion, collusion, compensation, inducement, intimidation, bribery, or in any other manner I further assert that the Lender/Client has never participated in any of the following prohibited behavior in our business relationship: 1 Withholding or threatening to withhold timely payment or partial payment for the appraisal report; 2 Withholding or threatening to withhold future business, or demoting or terminating, or threatening to demote or terminate my services; 3 Epressly or implicitly promising future business, promotions, or increased compensation for my services; 4 Conditioning the ordering of the appraisal report or the payment of the appraisal fee or salary or bonus on my opinion, conclusion or valuation reached, or on a preliminary value estimate requested; 5 Requesting an estimated, predetermined, or desired valuation in the appraisal report, prior to the completion of the appraisal report, or requesting estimated values or comparable sales at any time prior to the completion of the appraisal report; 6 Providing an anticipated, estimated, encouraged or desired value for the subject property, or a proposed or target amount to be loaned to the Borrower, ecept that a copy of the sales contract may have been provided if the assignment was for a purchase transaction; 7 Providing stock or other financial or non-financial benefits to me or any entity or person related to me, my appraisal or appraisal management company, if applicable; 8 Any other act or practice that impairs or attempts to impair my independence, objectivity or impartiality, or violates law or regulation, including but not limited to, the Truth in Lending Act (TILA) and Regulation Z, or the Uniform Standards of Professional Appraisal Practice (USPAP) Additional Comments: APPRAISER: SUPERVISORY APPRAISER (only if required): Signature: Name: José Valentim Costa Date Signed: 1/28/216 State Certification #: 42RC1447 or State License #: or Other (describe): State #: State: NJ Epiration Date of Certification or License: 12/31/217 Signature: Name: Date Signed: State Certification #: or State License #: State: Epiration Date of Certification or License: Produced using ACI software, 82348727 wwwaciwebcom Costa Appraisal Service AIRCS_14 48214

SUBJECT PROPERTY PHOTO ADDENDUM Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln FRONT VIEW OF SUBJECT PROPERTY Appraised Date: January 2, 216 Appraised Value: 43, REAR VIEW OF SUBJECT PROPERTY STREET SCENE

Property Address: 1 Lincoln Ave COMPARABLE PROPERTY PHOTO ADDENDUM File No: 588364 Case No: FTL-1 Lincoln COMPARABLE SALE #1 292 Orange Rd Montclair, NJ 742 Sale Date: s8/15;c7/15 Sale Price: 422, COMPARABLE SALE #2 38 Warman St Montclair, NJ 742 Sale Date: s9/15;c6/15 Sale Price: 419,9 COMPARABLE SALE #3 7 Charles St Montclair, NJ 742 Sale Date: s11/15;c9/15 Sale Price: 455,

Property Address: 1 Lincoln Ave COMPARABLE PROPERTY PHOTO ADDENDUM File No: 588364 Case No: FTL-1 Lincoln COMPARABLE SALE #4 129 Walnut St Montclair, NJ 742 Sale Date: Active Sale Price: 65, COMPARABLE SALE #5 93 Valley Rd Montclair, NJ 742 Sale Date: Active Sale Price: 579, COMPARABLE SALE #6 Sale Date: Sale Price:

Property Address: 1 Lincoln Ave COMPARABLE RENTALS PHOTO ADDENDUM File No: 588364 Case No: FTL-1 Lincoln COMPARABLE RENTAL #1 38 Warman St Montclair, NJ 742 COMPARABLE RENTAL #2 7 Charles St Montclair, NJ 742 COMPARABLE RENTAL #3 129 Walnut St Montclair, NJ 742

INTERIOR PHOTOS Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln Kitchen Comment: 1st fl current condition Living Area Description: Comment: 1st fl current condition Bathroom Description: Comment: 1st fl current condition Produced using ACI software, 82348727 wwwaciwebcom INT3KLB 17213

INTERIOR PHOTOS Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln Den Dining Room 1st fl current condition 1st fl current condition Bedroom Bedroom 1st fl current condition 1st fl current condition Produced using ACI software, 82348727 wwwaciwebcom INT6AR 615212

INTERIOR PHOTOS Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln Basement Unfinished Area Basement Unfinished Area basement current condition basement current condition Basement Unfinished Area Basement Unfinished Area basement current condition basement current condition Basement Unfinished Area Electrical Panels basement current condition Produced using ACI software, 82348727 wwwaciwebcom INT6AR 615212

INTERIOR PHOTOS Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln Kitchen Comment: 2nd fl current condition Living Room Comment: 2nd fl current condition Bathroom Comment: 2nd fl current condition Produced using ACI software, 82348727 wwwaciwebcom INT3AR 615212

INTERIOR PHOTOS Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln Den Dining Room 2nd fl current condition 2nd fl current condition Bedroom Stairs 2nd fl current condition 2nd fl current condition Bedroom Bedroom 2nd fl current condition 3rd fl current condition Produced using ACI software, 82348727 wwwaciwebcom INT6AR 615212

INTERIOR PHOTOS Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln Bedroom Comment: 3rd fl current condition Comment: Stairs 3rd fl current condition Comment: Stairs 2nd fl current condition Produced using ACI software, 82348727 wwwaciwebcom INT3AR 615212

Etra Photos Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln Left side of house Right side of house Street Produced using ACI software, 82348727 wwwaciwebcom PHT3 521213

FLOORPLAN SKETCH Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln 24' 24' Cl Cl Bedroom 24' Cl Bedroom Bedroom Cl Bedroom Kitchen 42' 28' Dining Room 46' 42' Bath Basement Cl Stairs Living Room 8' 8' Den 8' 4' 4' Entrance 8' 12' 12' 2nd Floor 1st Floor 4' 4' Den 4' 8' 8' 14' 3rd Floor Living Room 8' Bedroom Stairs 6' 6' Stairs Cl 8' St ai rs Dining Room Kitchen 6' 46' Bedroom 42' Bath 42' 14' St ai rs 14' 12' Sketch by Ape IV Comments: AREA CALCULATIONS SUMMARY Description GLA1 First Floor 1136 1136 GLA2 GLA3 BSMT Second Floor Third Floor Basement 114 44 1136 114 44 1136 TOTAL LIVABLE Size LIVING AREA BREAKDOWN Code (rounded) Net Totals 268 Breakdown Subtotals First Floor 12 8 4 5 46 42 6 368 168 Second Floor 8 12 96 42 18 24 Third Floor 6 8 48 14 28 392 7 Calculations Total (rounded) 268

DIMENSION LIST ADDENDUM Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln GROSS BUILDING AREA (GBA) GROSS LIVING AREA (GLA) Area(s) Area Living Level 1 Level 2 Level 3 Other 2,68 1,136 1,14 44 3,816 2,68 % of GLA % of GBA 4239 4119 1642 723 2977 2893 1153 GBA Basement Garage X 1,136 2977 Area Measurements Measurements 5 46 42 12 42 8 28 5 46 42 Factor 12 8 4 8 24 6 14 12 8 4 1 1 1 1 1 1 1 1 1 1 Area Type Total 6 368 168 96 1,8 48 392 6 368 168 Level 1 Level 2 Level 3 Other Bsmt Garage X X X X X Produced using ACI software, 82348727 wwwaciwebcom X X X X X DIM 17213

Certification Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln

E&O Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln

MLS Sold Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln

Repair Cost Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln

Repair Cost Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln

Repair Cost Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln

PLAT MAP Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln

FLOOD MAP Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln

LOCATION MAP Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln

AERIAL MAP Property Address: 1 Lincoln Ave File No: 588364 Case No: FTL-1 Lincoln