Situation Overview : Gold Co.

is a company in UK which is in the business of purchasing

properties and selling them at a premium i.e. with or without re-furbishing the propoerties.
CapitalTwo is a credit fund focusing mainly on Capital solution opportunities.
You have recently joined CapitalTwo and begin work assisting the Portfolio Managers on data
analysis for this deal, known as Project Raptor.

Case Study (Project Raptor)

As part of the loan, CaptialTwo entered into an agreement to fund Gold Co. for acquisitions of
properties. The high level terms of the deal are provided in Exhibit-A. This transaction was
done on 31/03/2021 and we have received updated data as of 31/03/2022.
There is a Investment Committee (IC) review scheduled for this deal in 2 days, and your
manager needs you to go through the data on the tab 'Data Dump' and produce a performance
analysis, reviewing the currently funded assets and its performance. The IC has also posted the
below questions in advance of the meeting:

(1) Fill out all the columns highlighted in Yellow in the 'Data Dump' tab and tables provided in
the 'Performance Analysis' to the best of your ability. Use formulaes and not paste special of
manually capture the details

(2) Please include a written summary in the 'Performance Analysis' tab - What are the key risk
drivers for this transaction? What questions would you ask Gold Co. which would help you
prepare for the IC meeting better? What are the most important take-aways?

(3) Please prepare a simple cash flow model showing the current IRR of the portfolio in the
'Cashflow - IRR' tab.

Optional Question:
Assume future deployments in the next 6 months so that the total size of this facility is Eur
35mn. Please create a dynamic model wherein you can see the return of the portfoio when
fully deployed (you can assume 22 assets and an adjustable asset dwell for each).
Exhibit-A
Maturity Date - 31/03/2024
Facility Size - Revolving, Max Size Eur 75mn.
Interest Rate - 10% fixed p.a. paid Quarterly
Advance Rate - 75% initial LTC (Loan to Cost).
Renovation costs are not financed. Advance is
paid down on a quarterly basis once sold
Commitment Fee - 1% of Total Facility Size due
at close
Unused Fee - 1.25% p.a., paid Quarterly
Tape Cut-Off Date 3/31/2022
Property Inputs

Cadastral
Property ID SQM Municipality
Category

Property_101556 133 Residential Madrid

Property_91194 110 Residential Madrid
Transaction_21_2455 69 Residential Madrid
Transaction_21_1903 135 Residential Madrid
Transaction_21_2163 80 Residential Madrid
Property_112801 116 Residential Valencia
Transaction_21_3408 169 Office Valencia
Transaction_21_5102 89 Residential Madrid
Transaction_21_5901 75 Residential Madrid
Transaction_21_6431 53 Residential Madrid
Transaction_21_8902 63 Residential Madrid
Transaction_21_7197 111 Residential Madrid
Transaction_21_4727 112 Residential Madrid
Transaction_21_9841 104 Residential Madrid
Transaction_21_7351 65 Office Valencia
Transaction_21_1672 73 Residential Valencia
Transaction_21_9621 86 Residential Sevilla
Transaction_21_12116 125 Office Sevilla
Transaction_21_7239 114 Residential Valencia
Transaction_21_12866 94 Residential Barcelona
Transaction_21_10898 61 Residential Madrid
Transaction_21_8495 79 Residential Madrid
Transaction_21_14016 54 Residential Madrid
Property_91137 124 Residential Madrid
Transaction_21_12650 75 Residential Barcelona
Transaction_21_12373 167 Residential Madrid
Transaction_21_29287 221 Office Madrid
Transaction_21_7753 96 Residential Madrid
Transaction_21_26318 91 Residential Barcelona
Transaction_21_18971 154 Residential Madrid
Transaction_21_13813 212 Office Madrid
Transaction_21_24488 120 Residential Barcelona
Transaction_21_10910 145 Office Madrid
Transaction_21_6462 92 Residential Madrid
Transaction_21_11364 97 Residential Madrid
Transaction_21_24139 121 Residential Madrid
Transaction_21_10230 83 Residential Barcelona
Transaction_21_29576 129 Residential Madrid
Transaction_21_31109 69 Residential Valencia
Transaction_21_21573 100 Residential Madrid
Transaction_21_41900 98 Residential Madrid
Transaction_21_35366 89 Residential Madrid
Transaction_21_23999 143 Residential Barcelona
Transaction_21_26485 95 Residential Barcelona
Transaction_21_41915 82 Residential Madrid
Transaction_21_42590 60 Residential Madrid
Transaction_21_41036 59 Residential Madrid
Transaction_21_41039 53 Residential Madrid
Transaction_21_9232 111 Residential Madrid
Transaction_21_34333 106 Office Valencia
Transaction_21_12661 62 Residential Madrid
Transaction_21_39140 90 Residential Madrid
Transaction_21_47087 71 Residential Madrid
Transaction_21_47784 100 Residential Barcelona
Transaction_21_47063 60 Residential Madrid
Transaction_21_24207 224 Office Barcelona
Transaction_21_31284 116 Residential Barcelona
Transaction_21_7872 87 Residential Madrid
Transaction_21_62672 87 Residential Madrid
Transaction_21_30236 98 Residential Madrid
Transaction_21_36938 70 Residential Madrid
Transaction_21_51403 74 Residential Madrid
Transaction_21_60731 138 Office Madrid
Transaction_21_44753 100 Residential Barcelona
Transaction_21_29887 86 Residential Barcelona
Transaction_21_45628 101 Residential Barcelona
Transaction_21_13276 65 Residential Madrid
Transaction_21_60569 132 Residential Madrid
Transaction_21_65438 97 Residential Madrid
Transaction_21_66170 152 Residential Madrid
Transaction_21_66725 51 Residential Madrid
Transaction_21_38532 78 Residential Valencia
Transaction_21_39568 56 Residential Barcelona
Transaction_21_42161 67 Residential Madrid
Transaction_21_62920 69 Residential Madrid
Transaction_21_42120 146 Residential Madrid
Transaction_21_72146 89 Residential Valencia
Transaction_21_10606 231 Office Valencia
Transaction_21_70818 55 Residential Valencia
Transaction_21_46036 140 Residential Valencia
Transaction_21_45244 85 Residential Valencia
Transaction_21_70219 57 Residential Sevilla
Transaction_21_60592 92 Residential Sevilla
Transaction_21_68641 110 Residential Madrid
Transaction_21_44964 133 Residential Barcelona
Transaction_21_72269 145 Residential Madrid
Transaction_21_72779 113 Residential Madrid
Transaction_21_74815 78 Residential Barcelona
Transaction_21_75422 134 Residential Madrid
Transaction_22_4964 63 Residential Madrid
Transaction_21_77355 124 Residential Barcelona
Transaction_21_55427 112 Residential Barcelona
Transaction_21_56410 93 Residential Barcelona
Transaction_22_7603 57 Residential Madrid
Transaction_22_5553 39 Residential Madrid
Transaction_22_7866 117 Residential Madrid
Transaction_22_10409 49 Residential Madrid
Transaction_22_7417 213 Residential Madrid
Transaction_22_10611 75 Residential Barcelona
Transaction_22_12088 69 Residential Madrid
Transaction_21_70262 116 Residential Barcelona
Transaction_22_9463 118 Residential Barcelona
Transaction_22_9874 70 Residential Madrid
Transaction_22_10099 57 Residential Madrid
Transaction_21_72647 52 Residential Barcelona
Transaction_22_12995 103 Residential Barcelona
Transaction_22_5445 55 Residential Madrid
Transaction_22_15237 73 Residential Madrid
Transaction_22_7069 152 Residential Madrid
Transaction_22_10330 293 Office Madrid
Transaction_22_7961 86 Residential Madrid
Transaction_22_18989 162 Residential Madrid
Transaction_22_1350 104 Residential Sevilla
Transaction_22_13989 51 Residential Madrid
Transaction_22_30373 118 Residential Madrid
Transaction_22_9494 89 Residential Barcelona
Transaction_22_19199 130 Residential Madrid
Transaction_22_25353 118 Residential Madrid
Transaction_22_6512 64 Residential Madrid
Transaction_22_24524 158 Residential Madrid
Transaction_22_24506 79 Residential Barcelona
Transaction_22_11045 66 Residential Madrid
Transaction_22_22882 55 Residential Madrid
Transaction_21_66157 61 Residential Madrid
 Price

Purchase Price Expected Sale Price Actual Sale Price

510,000 € 660,000 € 655,000 €

440,000 € 570,000 € 559,000 €
200,000 € 275,000 € 272,000 €
629,700 € 790,000 € 750,000 €
385,000 € 485,000 € 465,000 €
405,000 € 465,000 € 473,000 €
400,000 € 535,000 € 567,610 €
218,740 € 300,000 € 285,000 €
159,879 € 235,000 € 210,000 €
170,000 € 230,000 € 240,000 €
190,000 € 255,000 € 250,000 €
440,000 € 585,000 € 614,000 €
277,000 € 390,000 € 385,000 €
313,951 € 445,000 € - €
182,300 € 245,000 € 245,000 €
165,000 € 240,000 € 235,000 €
280,000 € 375,000 € 375,000 €
497,533 € 660,000 € 680,000 €
524,000 € 655,000 € - €
350,000 € 455,000 € 450,000 €
235,000 € 300,000 € 303,000 €
258,440 € 355,000 € 375,000 €
166,500 € 230,000 € 235,000 €
365,000 € 480,000 € 476,000 €
280,000 € 382,500 € 383,000 €
480,000 € 655,000 € - €
628,924 € 870,000 € - €
515,000 € 640,000 € - €
380,000 € 495,000 € - €
600,000 € 770,000 € 772,000 €
735,000 € 940,000 € 930,000 €
395,000 € 550,000 € - €
580,000 € 740,000 € 759,000 €
307,500 € 405,000 € - €
399,000 € 530,000 € 530,000 €
305,000 € 380,000 € - €
531,930 € 660,000 € 640,000 €
440,000 € 545,000 € - €
115,000 € 158,000 € - €
438,200 € 540,000 € - €
370,000 € 485,000 € - €
195,000 € 275,000 € - €
470,000 € 650,000 € 660,000 €
375,000 € 495,000 € - €
153,000 € 208,000 € - €
150,000 € 210,000 € - €
180,000 € 240,000 € - €
158,000 € 220,000 € - €
400,000 € 510,000 € - €
504,250 € 575,000 € - €
220,000 € 290,000 € 310,000 €
310,000 € 420,000 € - €
290,000 € 320,000 € - €
460,000 € 605,000 € - €
200,000 € 250,000 € 265,000 €
280,642 € 380,000 € - €
334,358 € 445,000 € - €
360,000 € 470,000 € - €
324,300 € 420,000 € - €
380,000 € 490,000 € - €
225,000 € 300,000 € - €
160,000 € 220,000 € - €
383,678 € 540,000 € - €
315,000 € 435,000 € - €
300,000 € 420,000 € - €
400,000 € 530,000 € - €
174,000 € 250,000 € 240,000 €
452,096 € 535,000 € - €
295,000 € 410,000 € - €
560,000 € 760,000 € - €
160,000 € 227,000 € - €
245,000 € 337,000 € - €
202,500 € 275,000 € - €
330,000 € 405,000 € - €
240,000 € 285,000 € - €
600,000 € 765,000 € - €
160,000 € 240,000 € - €
610,000 € 840,000 € - €
168,000 € 235,000 € - €
495,507 € 570,000 € - €
175,000 € 245,000 € - €
166,000 € 240,000 € - €
400,000 € 505,000 € - €
445,000 € 580,000 € - €
 401,239 € 560,000 € - €
530,980 € 690,000 € - €
330,070 € 440,000 € - €
308,000 € 410,000 € - €
480,000 € 630,000 € - €
160,000 € 227,000 € - €
520,000 € 670,000 € - €
367,785 € 475,000 € - €
305,000 € 410,000 € - €
163,000 € 225,000 € - €
130,000 € 170,000 € - €
405,000 € 535,000 € - €
155,884 € 180,000 € - €
1,050,000 € 1,325,000 € - €
230,000 € 290,000 € - €
115,500 € 164,000 € - €
460,000 € 590,000 € - €
391,000 € 510,000 € - €
173,500 € 255,000 € - €
177,000 € 240,000 € - €
175,000 € 215,000 € - €
425,000 € 490,000 € - €
132,000 € 200,000 € - €
166,500 € 195,000 € - €
550,500 € 695,000 € - €
1,051,777 € 1,405,000 € - €
320,000 € 425,000 € - €
655,000 € 870,000 € - €
200,000 € 250,000 € - €
130,000 € 190,000 € - €
420,000 € 525,000 € - €
255,000 € 360,000 € - €
500,000 € 575,000 € - €
450,000 € 550,000 € - €
225,000 € 285,000 € - €
600,000 € 655,000 € - €
300,000 € 360,000 € - €
135,000 € 180,000 € - €
180,000 € 223,000 € - €
260,000 € 385,000 € - €
 Financed Costs (not included in Purchase Price)

Renovation Costs Transfer Tax Notary Costs at Acquisition Marketing

97,179 € 10,200 € 1,020 € - €

91,791 € 8,800 € 880 € - €
46,178 € 4,000 € 400 € - €
103,788 € 12,600 € 1,259 € - €
60,657 € 7,700 € 770 € - €
11,441 € 800 € 810 € - €
95,453 € 8,000 € 800 € - €
65,422 € 4,200 € 437 € - €
50,720 € 3,200 € 320 € - €
46,525 € 3,400 € 340 € - €
43,347 € 3,800 € 380 € - €
89,498 € 8,800 € 880 € - €
82,704 € 5,540 € 554 € - €
74,877 € 6,300 € 628 € - €
20,234 € 3,640 € 365 € - €
49,428 € 3,300 € 330 € - €
58,675 € 5,600 € 560 € - €
94,724 € 10,000 € 995 € - €
83,291 € 10,500 € 1,048 € - €
81,425 € 10,500 € 700 € - €
39,629 € 2,400 € 470 € - €
84,042 € 7,000 € 517 € - €
40,402 € 5,000 € 333 € - €
76,484 € 7,300 € 730 € - €
44,491 € 8,400 € 560 € - €
114,775 € 9,600 € 960 € - €
142,135 € 12,600 € 1,258 € - €
- € - € 1,030 € - €
- € - € 760 € - €
106,812 € 12,000 € 1,200 € - €
162,268 € 14,300 € 1,470 € - €
81,139 € 11,850 € 790 € - €
101,444 € 11,600 € 1,160 € - €
72,164 € 1,615 € 615 € - €
76,993 € 4,900 € 798 € - €
33,043 € 6,100 € 610 € - €
71,482 € 16,801 € 1,064 € - €
50,036 € 8,800 € 880 € - €
- € - € 230 € - €
23,495 € 9,200 € 876 € - €
57,622 € 12,270 € 740 € - €
- € - € 390 € - €
95,443 € 22,185 € 940 € - €
- € - € 750 € - €
- € - € 306 € - €
- € - € 300 € - €
- € - € 360 € - €
38,495 € 3,060 € 316 € - €
- € - € 800 € - €
- € - € 1,009 € - €
42,562 € 4,200 € 440 € - €
60,414 € 6,400 € 620 € - €
- € - € 580 € - €
- € - € 920 € - €
3,995 € 4,000 € 400 € - €
- € - € 561 € - €
- € - € 669 € - €
- € - € 720 € - €
57,076 € 6,500 € 649 € - €
63,996 € 7,600 € 760 € - €
45,465 € 4,500 € 450 € - €
31,310 € 3,200 € 320 € - €
82,676 € 8,000 € 767 € - €
- € - € 630 € - €
- € - € 600 € - €
84,547 € 10,476 € 800 € - €
50,441 € 3,480 € 348 € - €
- € - € 904 € - €
- € - € 590 € - €
65,359 € 11,200 € 1,120 € - €
- € - € 320 € - €
- € - € 490 € - €
- € - € 405 € - €
38,713 € 6,600 € 660 € - €
19,239 € 4,800 € 480 € - €
24,360 € 12,000 € 1,200 € - €
- € - € 320 € - €
31,049 € 12,200 € 1,220 € - €
35,692 € 3,360 € 336 € - €
- € - € 991 € - €
- € - € 350 € - €
- € - € 332 € - €
38,942 € 8,000 € 800 € - €
- € - € 890 € - €
 - € - € 802 € - €
19,568 € 10,620 € 1,062 € - €
40,738 € 6,601 € 660 € - €
13,519 € 9,300 € 616 € - €
3,281 € 9,600 € 960 € - €
22,443 € 3,200 € 320 € - €
20,506 € 17,187 € 1,040 € - €
29,926 € 11,536 € 736 € - €
2,718 € 9,150 € 610 € - €
6,520 € 3,260 € 326 € - €
- € - € 260 € - €
- € - € 810 € - €
- € - € 312 € - €
21,000 € 14,000 € 2,100 € - €
854 € 7,242 € 460 € - €
- € - € 231 € - €
899 € 16,483 € 920 € - €
1,462 € 100 € 782 € - €
- € - € 347 € - €
- € - € 354 € - €
- € - € 350 € - €
512 € 14,595 € 850 € - €
- € - € 264 € - €
- € - € 333 € - €
- € - € 1,101 € - €
- € - € 2,104 € - €
4,000 € 420 € 640 € - €
3,294 € 13,100 € 1,310 € - €
- € - € 400 € - €
1,842 € 2,600 € 260 € - €
- € - € 840 € - €
- € - € 510 € - €
- € - € 1,000 € - €
- € - € 900 € - €
- € - € 450 € - €
- € - € 1,200 € - €
- € - € 600 € - €
- € - € 270 € - €
- € - € 360 € - €
- € - € 520 € - €
 Other Costs (not included in Purchase Price)

Due Diligence Costs Agency Costs at Acquisition Notary Costs at Sale Insurance

363 € - € 1,310 € 179 €

363 € - € 1,118 € 76 €
363 € 4,840 € 544 € 70 €
363 € - € 1,500 € 75 €
726 € - € 930 € 143 €
363 € - € 946 € - €
363 € - € 1,135 € - €
363 € - € 570 € 77 €
363 € 4,840 € 420 € 77 €
- € 8,228 € 480 € 69 €
- € - € 500 € 69 €
- € 32,912 € 1,228 € 79 €
363 € 7,260 € 770 € 183 €
- € 11,408 € - € 188 €
- € - € 490 € 78 €
- € 6,050 € 470 € 79 €
- € 1,815 € 750 € 170 €
- € 18,150 € 1,360 € 100 €
- € - € - € 78 €
- € - € 900 € 83 €
- € - € 606 € 74 €
- € - € 750 € 78 €
363 € - € 470 € 79 €
363 € - € 952 € 174 €
- € - € 766 € - €
363 € - € - € 101 €
- € - € - € 109 €
- € - € - € 82 €
- € - € - € 79 €
- € - € 1,544 € 94 €
363 € - € 1,860 € 87 €
- € - € - € 88 €
- € - € 1,518 € 90 €
- € - € - € 82 €
363 € - € 1,060 € 86 €
- € - € - € - €
- € - € 1,280 € - €
- € - € - € - €
- € - € - € - €
 - € - € - € - €
- € 13,428 € - € - €
- € 7,079 € - € - €
- € - € 1,320 € - €
- € - € - € - €
- € - € - € - €
- € - € - € - €
- € - € - € - €
- € - € - € - €
- € - € - € - €
- € - € - € - €
- € 7,623 € 620 € - €
- € 9,858 € - € - €
- € - € - € - €
- € - € - € - €
- € - € 530 € - €
- € 11,162 € - € - €
- € 11,162 € - € - €
363 € 5,000 € - € - €
363 € - € - € - €
363 € - € - € - €
363 € - € - € - €
363 € 5,808 € - € - €
363 € 6,050 € - € - €
- € - € - € - €
363 € - € - € - €
363 € - € - € - €
- € - € 480 € - €
363 € - € - € - €
- € 10,709 € - € - €
- € 20,328 € - € - €
363 € 5,808 € - € - €
- € - € - € - €
- € - € - € - €
- € - € - € - €
363 € - € - € - €
363 € 7,260 € - € - €
- € 3,630 € - € - €
- € - € - € - €
- € - € - € - €
363 € - € - € - €
- € 6,353 € - € - €
- € 6,026 € - € - €
- € - € - € - €
- € - € - € - €
363 € 7,900 € - € - €
- € - € - € - €
- € - € - € - €
- € - € - € - €
- € 3,630 € - € - €
- € - € - € - €
- € - € - € - €
- € - € - € - €
- € - € - € - €
- € 3,314 € - € - €
- € - € - € - €
- € - € - € - €
- € 4,000 € - € - €
- € - € - € - €
- € - € - € - €
- € 3,207 € - € - €
303 € - € - € - €
- € - € - € - €
- € 6,353 € - € - €
- € - € - € - €
- € - € - € - €
- € - € - € - €
- € 7,260 € - € - €
- € 3,630 € - € - €
- € - € - € - €
- € - € - € - €
- € - € - € - €
- € 6,050 € - € - €
- € - € - € - €
- € - € - € - €
- € - € - € - €
- € - € - € - €
- € - € - € - €
- € - € - € - €
- € - € - € - €
- € - € - € - €
- € - € - € - €
- € - € - € - €
- € - € - € - €
- € - € - € - €
 Relevant Dates

Property Management Costs Amount Other Costs Purchase Date Renovation Start Date

428 € 1,764 € 5/28/2021 6/9/2021

163 € 1,655 € 5/31/2021 6/1/2021
80 € 363 € 5/31/2021 6/7/2021
- € 6,960 € 6/18/2021 6/28/2021
121 € 817 € 6/24/2021 6/28/2021
240 € 1,360 € 6/28/2021 7/14/2021
- € 2,653 € 6/29/2021 8/2/2021
- € 1,168 € 6/30/2021 7/12/2021
36 € 539 € 6/30/2021 7/12/2021
- € 525 € 6/30/2021 7/14/2021
- € 2,403 € 7/15/2021 7/26/2021
- € 31,444 € 7/15/2021 7/30/2021
- € 181 € 7/16/2021 7/26/2021
- € 1,412 € 7/22/2021 8/2/2021
- € 543 € 7/23/2021 8/9/2021
- € 1,082 € 7/23/2021 7/29/2021
- € 986 € 7/23/2021 8/9/2021
- € 4,843 € 7/29/2021 8/5/2021
- € 893 € 7/30/2021 8/9/2021
- € 991 € 7/30/2021 9/6/2021
- € 569 € 9/1/2021 9/2/2021
- € 1,224 € 9/1/2021 9/2/2021
- € 712 € 9/2/2021 9/6/2021
- € 1,257 € 9/10/2021 9/20/2021
- € 448 € 9/10/2021 10/27/2021
- € 2,629 € 9/23/2021 9/27/2021
- € 3,698 € 9/24/2021 10/1/2021
- € 870 € 9/28/2021
- € - € 9/28/2021
- € 1,520 € 9/29/2021 10/4/2021
- € 1,088 € 9/29/2021 10/4/2021
- € 939 € 9/29/2021 10/19/2021
- € 1,133 € 9/30/2021 10/4/2021
- € 1,316 € 9/30/2021 10/6/2021
- € 656 € 10/3/2021 10/13/2021
- € 655 € 10/13/2021 10/14/2021
- € 417 € 10/14/2021 10/13/2021
- € 1,171 € 10/14/2021 10/15/2021
- € 332 € 10/17/2021
- € 1,240 € 10/21/2021 10/25/2021
- € - 307 € 10/22/2021 11/8/2021
- € 421 € 10/25/2021
- € 1,040 € 10/26/2021 11/15/2021
- € 343 € 10/26/2021
- € 358 € 10/28/2021
- € 499 € 10/28/2021
- € 267 € 11/3/2021
- € 280 € 11/3/2021 11/17/2021
- € 1,299 € 11/10/2021
- € 1,892 € 11/14/2021
- € 604 € 11/15/2021 12/5/2021
- € 569 € 11/15/2021 12/5/2021
- € 529 € 11/15/2021
- € 327 € 11/15/2021
- € 639 € 11/15/2021 11/29/2021
- € 880 € 11/25/2021
- € 561 € 11/25/2021
- € 456 € 11/25/2021
- € 1,235 € 11/25/2021 12/9/2021
- € 243 € 11/28/2021 12/12/2021
- € 560 € 11/29/2021 12/19/2021
- € 625 € 11/29/2021 12/22/2021
- € 1,566 € 11/29/2021 12/13/2021
- € 544 € 11/30/2021
- € 583 € 11/30/2021
- € 191 € 11/30/2021 12/14/2021
- € 544 € 12/10/2021 1/4/2022
- € 7,734 € 12/10/2021
- € 280 € 12/10/2021
- € 342 € 12/10/2021 12/24/2021
- € 530 € 12/12/2021
- € 468 € 12/14/2021
- € 284 € 12/14/2021
- € 408 € 12/15/2021 12/29/2021
- € 200 € 12/15/2021 12/29/2021
- € 871 € 12/27/2021 1/3/2022
- € 178 € 12/28/2021
- € 1,734 € 12/28/2021 1/11/2022
- € 119 € 12/28/2021 1/11/2022
- € 427 € 12/28/2021
- € 636 € 12/28/2021
- € 140 € 12/28/2021
- € 785 € 12/28/2021 1/10/2022
- € 527 € 12/28/2021
- € 725 € 12/30/2021
- € 413 € 1/13/2022 2/13/2022
- € 847 € 1/27/2022 2/6/2022
- € 692 € 1/28/2022 1/31/2022
- € 868 € 1/28/2022 1/31/2022
- € 372 € 1/28/2022 1/31/2022
- € 18 € 1/28/2022 1/31/2022
- € 152 € 1/28/2022 1/31/2022
- € - € 1/28/2022 1/31/2022
- € 342 € 1/31/2022 3/1/2022
- € - € 2/15/2022
- € 778 € 2/15/2022
- € 94 € 2/15/2022
- € 319 € 2/15/2022 2/25/2022
- € - € 2/16/2022 3/2/2022
- € - € 2/16/2022
- € 43 € 2/24/2022 3/5/2022
- € 626 € 2/25/2022 3/15/2022
- € 281 € 2/25/2022
- € 276 € 2/28/2022 3/9/2022
- € - € 2/28/2022
- € - € 2/28/2022 3/14/2022
- € 208 € 2/28/2022
- € - € 2/28/2022
- € 713 € 2/28/2022
- € 459 € 2/28/2022
- € - € 2/28/2022 3/14/2022
- € 932 € 2/28/2022 3/14/2022
- € - € 3/12/2022
- € 235 € 3/13/2022 3/27/2022
- € - € 3/13/2022
- € - € 3/13/2022
- € - € 3/13/2022
- € - € 3/13/2022
- € - € 3/15/2022
- € - € 3/15/2022
- € - € 3/30/2022
- € - € 3/30/2022
- € - € 3/30/2022
- € 20 € 3/31/2022
Relevant Dates Example Outputs

Offer Actual Asset Dwell Borrowing Base

Renovation End Date
Accepted Date Sale Date (Days) (BB)

7/30/2021 10/1/2021 11/5/2021

7/30/2021 9/15/2021 10/28/2021
7/30/2021 9/23/2021 11/2/2021
9/9/2021 11/18/2021 12/20/2021
9/3/2021 12/7/2021 2/17/2022
8/6/2021 10/6/2021 10/29/2021
10/6/2021 10/25/2021 12/22/2021
9/1/2021 11/5/2021 12/21/2021
9/3/2021 11/15/2021 12/2/2021
9/3/2021 11/5/2021 12/2/2021
9/24/2021 12/7/2021 3/2/2022
10/20/2021 12/15/2021 1/24/2022
9/24/2021 1/12/2022 3/4/2022
12/8/2021 3/3/2022
9/30/2021 11/16/2021 12/7/2021
10/1/2021 12/7/2021 1/26/2022
10/6/2021 11/8/2021 12/22/2021
10/7/2021 10/8/2021 12/2/2021
9/29/2021
11/5/2021 2/7/2022 3/7/2022
10/8/2021 12/7/2021 12/30/2021
10/29/2021 10/28/2021 12/18/2021
10/20/2021 12/20/2021 1/18/2022
11/5/2021 12/7/2021 1/26/2022
1/2/2022 3/7/2022 3/20/2022
12/3/2021
12/10/2021

12/15/2021 1/5/2022 1/31/2022

12/30/2021 2/18/2022 2/23/2022

11/15/2021 12/23/2021 2/15/2022

12/3/2021
12/10/2021 2/11/2022 2/25/2022

12/1/2021 2/1/2022 2/1/2022

12/19/2021
12/29/2021

1/19/2022 3/7/2022 3/7/2022

2/3/2022 2/10/2022 2/24/2022

2/12/2022 3/1/2022 3/14/2022

2/15/2022
2/22/2022
3/17/2022
2/6/2022

1/31/2022 2/18/2022 3/7/2022

2/16/2022
Example Outputs

Initial Loan to Realized Margin

LT-Sale
Value (LTV) %
CapitalTwo: Project Raptor Perform
Currently Funded Asset Stratification

Time to Sell

Sqm. Chart 0 Month

1 Month
2 Month
3 Month
4 Month
5 Month
6 Month
6+ Months
(*) Please round-up for # of months in ca

Office Property
Residential Geography
Geograpy Bar Chart

Valencia

Barcelona

Madrid

0 2 4 6 8 1

Count % of BB Count % of BB % of BB Count

Total Assets Funded

Time to Renovate Property Type Realized Margin %

Count % of Sale price Count % of BB
0 - 5 Days Residential 0-1%
6 - 10 Days Office 1-2%
11 - 15 Days 2-3%
16 - 20 Days Geography 3-4%
21 - 25 Days Count % of BB 4-5%
26 - 30 Days Madrid 5-6%
31 - 35 Days Barcelona 6-7%
36 + Days Valencia 7%+

Optional - Sold vs. Unsold Analysis

Performance Analysis
Portfolio Performance by Acquisition Month

Time to Sell

Total BB # of Assets in Reno

Count Sale Price # Assets Funded Funding Renovation Complete
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
lease round-up for # of months in case of decimals. Nov-21
Dec-21
Jan-22
Geography Feb-22
ograpy Bar Chart Mar-22

Gold Co. Realized Margin Trends (Commentary)

2 4 6 8 10 12

% of BB Count

Analyst Commentary

Realized Margin %
Count % of BB
 As of: 31/03/2022
rformance by Acquisition Month

Offer Avg.
Offer Accepted but Assets Realized
Accepted Not Sold Sold Avg. LTV Margin

zed Margin Trends (Commentary)

Analyst Commentary
Cash Flow Summary Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21
Deployment
Gross Cash Flow
Total Expenses
Others(*)
Net Cash Flow
(*) Any other Cash flow items

XIRR -->
Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22
Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23
Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25
Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25
Jan-26 Feb-26 Mar-26
 Category Attributes
Property ID
SQM
Property Inputs
Cadastral Category
Municipality
Purchase Price
Price Expected Sale Price
Actual Sale Price
Renovation Costs
Financed Costs (not included in Purchase Price) Transfer Tax
Notary Costs at Acquisition
Marketing
Due Diligence Costs
Agency Costs at Acquisition
Agency Costs at Sale
Other Costs (not included in Purchase Price)
Notary Costs at Sale
Insurance
Property Management Costs Amount
Other Costs
Purchase Date
Renovation Start Date
Relevant Dates Renovation End Date
Offer
Accepted Date
Actual
Sale Date
Asset Dwell
(Days)
Borrowing Base
Highlighted Cell Definitions Initial Loan to Value
LT-Sale
Realized Margin %
 Comments
Unique ID assigned to each property
Square Meter area of the property
Type of Property, eg. Land, Offices, residential etc.
Municipal location of the property
Price paid/to be paid to purchase the property
Expected sale price at the time of purchase
Price at which property is sold
Cost incurred for renovation of purchased property
Tax paid to transfer the property for renovation
Legal documentation cost paid during purchase of Property
Cost incurred in marketing for selling the property
Cost paid to third party who will do the due diligence of the property to find current Appraisal value
Cost paid to the agent/broker who brokered the purchase of the asset
Cost paid to the agent/broker who brokered the sale of the asset
Cost of notary during sale
Insurance cost
Cost incurred to property maintenance
Any other cost incurred which is not included above
Asset purchase date
Purchased asset renovation start date
Purchased asset renovation end date
Binding offer signed date
Date on which asset is sold
Number of days from acquisition date to actual sale date
The amount lent by Capital Two
Loan amount as a percentage of initial value
Loan Amount as a percentage of actual sale
Non-levered return of Gold Co. on a sold asset before interest