733 Gramercy - SENIOR LOAN CLOSING CHECKLIST

• Basic Property and Transaction Information

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• Executed Purchase and Sale Agreement for the parcel and all applicable amendments and/or assignments, if applicable

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• Development Plan (incl. site plan)

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• Organizational Chart – Including ownership percentages

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• Market Study by 3rd Party (if available)

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• Detailed Schedule of Sponsor’s timeline from signed PSA through home delivery

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• Title Commitment

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• Title Exceptions

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• Tenant Leases – Are all homes vacant?

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• Detailed list of expected finishes and appliances

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• Key Principals

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• Resume for Individuals

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• Current Financial Statements for Key Principals(Balance Sheet – incl. Contingent Liabilities)

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• Completed Credit Report Authorization for Parent Company and Key Principals (provided by L)

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• Updated Schedule of Real Estate Owned

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• ($30,000, of which $5,000 is nonrefundable and $25,000 will be applied to Third Party Fees)

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• Borrower’s formation and organizational documents (Note: organizational documents must include SPE provisions attached hereto as Schedule 1)

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• Member’s formation and organizational documents

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• State of Residence of Guarantors (Individual)

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• Draft Sources and Uses updated with all expenses through closing

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• Back up bids for final budget to be confirmed by Lender’s Construction Representative

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• Final Permit Confirmation prior to closing

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• Property Due Diligence/Fees

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• Copy of Current of Proposed Management/Development Agreement (inclusive of term and management compensation)

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• Insurance Certificates – w/ Fundrise Lending, LLC and Fundrise Servicing, LLC named as additional insureds and loss payees (1601 Connecticut Ave NW, Suite 300 Washington, DC 20009)

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• Litigation, Judgment, Bankruptcy, Tax Lien and UCC searches on Guarantors and Borrower from the following jurisdictions:

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• • For Borrower: County where collateral is located and State of Formation.

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• • For Guarantor: Guarantor's principal state of residence

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• Phase 1 REQUIRED (Phase 2 as applicable)

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• Zoning Compliance Letter from the property municipality or Zoning Opinion Letter from Zoning Consultant

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• ORGANIZATIONAL DOCUMENTS

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• A certificate of organizational documents and incumbency executed by the Borrower [and Borrower's Member(s) and/or Manager, if applicable] and certified to Lender, attaching true, correct and complete

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• Borrower's formation and organizational documents

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• Borrower’s Registration to transact business in State where Property is located

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• Member's formation and organizational documents

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• Borrower- Certificate of Good Standing issued by the Secretary of State of the Borrower’s State of Formation dated within 30 days of closing

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• Borrower – Certificate of Good Standing issued by the Secretary of State of the State where the Property is located dated within 30 days of closing

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• Resolutions/consent of the Borrower [and Borrower\'s member(s) and manager(s), if applicable]

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• authorizing the Borrower’s execution and delivery of the Loan Documents and the consummation of the transactions contemplated thereby (in the form provided by LC)

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• Closing Documents

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• Executed W-9 delivered to Lender

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• ACH Authorization Form

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• Executed copy of Senior Loan Closing Statement

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• Payoff letter from existing senior lender

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• Opinion of Borrower’s Counsel (in the form provided by LC)

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