733 Gramercy - SENIOR LOAN CLOSING CHECKLIST

• Basic Property and Transaction Information

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

• Development Plan (incl. site plan)

• Organizational Chart – Including ownership percentages

• Market Study by 3rd Party (if available)

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

• Title Commitment

• Title Exceptions

• Tenant Leases – Are all homes vacant?

• Detailed list of expected finishes and appliances

• Key Principals

• Resume for Individuals

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

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

• Updated Schedule of Real Estate Owned

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

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

• Member’s formation and organizational documents

• State of Residence of Guarantors (Individual)

• Draft Sources and Uses updated with all expenses through closing

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

• Final Permit Confirmation prior to closing

• Property Due Diligence/Fees

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

• 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)

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

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

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

• Phase 1 REQUIRED (Phase 2 as applicable)

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

• ORGANIZATIONAL DOCUMENTS

• 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

• Borrower\'s formation and organizational documents

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

• Member\'s formation and organizational documents

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

• 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

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

• 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)

• Closing Documents

• Executed W-9 delivered to Lender

• ACH Authorization Form

• Executed copy of Senior Loan Closing Statement

• Payoff letter from existing senior lender

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

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