valorizacion de cartera npls
TRANSCRIPT
Confidencial
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NPL Portfolio - Scavenger III
Ogura Capital Partners
July 2014
Confidencial
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Confidencial
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Results
Summary % of Face Value Purchase Price Recovery Rate & IRR
2.50% 461,000 8.5% 35.1%
Net Present Value of Investment
Discount Rate 30.0% 35.0% 40.0% 45.0%
Net Present Value of Cash Flow 489,000 462,000 436,000 413,000
% of Loan Amount 2.65% 2.51% 2.37% 2.24%
Prem / (Disc) to NPV -5.7% -0.2% 5.7% 11.6%
Performance Analysis
Scenario I II III IV
Recovery Rate 7.0% 7.5% 8.0% 8.5%
Income from Loan Collection 1,290,191 1,382,348 1,474,504 1,566,661
Expenses 451,567 483,822 516,076 548,331
Net of Expenses 838,624 898,526 958,428 1,018,329
Taxable Income 806,369 863,967 921,565 979,163
Capital Gain Taxes 241,911 259,190 276,470 293,749
Distributable Income 596,713 639,336 681,958 724,581
Capital Gain after taxes 135,713 178,336 220,958 263,581
% Gain 29.4% 38.7% 47.9% 57.2%
Loan Composition
Number of years since default Loan % Composition N of Loans Average Loan
1 Year 11,872,811 64% 2,300 5,200
2 Year 5,576,788 30% 1,600 3,500
3 Year 981,703 5% 184 5,300
4 Year 0 0% 185 0
5 Year 0 0% 186 0
6 Years 0 0% 187 0
18,431,302 100% 4,642 4,000
Source of Income
Number of years since default Yr 1 Yr 2 Yr 3 Total
1 Year 543,378 442,132 362,121 1,347,631
2 Year 85,310 71,478 60,018 216,806
3 Year 4,231 3,581 3,034 10,846
4 Year 0 0 0 0
5 Year 0 0 0 0
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6 Years 0 0 0 0
632,919 517,191 425,172 1,575,282
40% 33% 27% 100%
Confidencial
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50.0%
392,000
2.13%
17.6%
V
9.0%
1,658,817
580,586
1,078,231
1,036,761
311,028
767,203
306,203
66.4%
Ave Loan / Monthly Salary
5.2x
3.5x
5.3x
0.0x
0.0x
0.0x
4.0x
% Composition
85.5%
13.8%
0.7%
0.0%
0.0%
Confidencial
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0.0%
100.0%
Confidencial
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Assumptions
Financial Assumptions
Exhange Rate 2.8
Consumption Taxes 18%
Capital Gain Taxes 30%
NPL Assumptions
Number of years since default % Loan Amount N of loans Average
1 Year 64.4% 11,872,811 2,350 5,100
2 Year 30.3% 5,576,788 1,662 3,400
3 Year 5.3% 981,703 184 5,300
4 Year 0.0% 0 0 0
5 Year 0.0% 0 0 0
6 Years 0.0% 0 0 0
Face Value 100.0% 18,431,302 4,196 4,400
Recovery Rate
Number of years since default %
1 Year 0.390%
2 Year 0.128%
3 Year 0.036%
4 Year 0.000% na
5 Year 0.000% na
6 Years 0.000% na
Loss of probability of recovery per year 85%
Recovery Ratio 8.5% 1,575,282 See Recovery Assumptions
Acquisition
Purchase Price 2.5% 461,000
Success Fees 35.0% 551,349
Financial Assumptions Disc. Rate NPV
Base 20.00%
Inflation 3.00%
Country Risk 1.91% 191
Total Discount Rate 24.91% 520,000
Confidencial
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Confidencial
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1 Year; 64%
2 Year; 30%
3 Year; 5%
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Confidencial
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Debt Collection - 1 Year
Summary Loan Balance Recovered % Recovered
Yr 1 11,872,811 543,378 11,329,433 4.6%
Yr 2 11,394,203 442,132 10,887,301 3.9%
Yr 3 10,940,162 362,121 10,525,180 3.3%
Total 1,347,631 11.4%
Month Seasonal Index Recovery Factor Loan Balance Recovered Cummulative
0 0.390% 11,872,811 11,872,811
1 1.018518 0.390% 11,872,811 47,106 11,825,705 47,106
2 0.623696 0.390% 11,825,705 28,731 11,796,973 75,838
3 1.267705 0.390% 11,796,973 58,257 11,738,717 134,095
4 1.184079 0.390% 11,738,717 54,145 11,684,571 188,240
5 1.355043 0.390% 11,684,571 61,677 11,622,894 249,917
6 0.969994 0.390% 11,622,894 43,918 11,578,976 293,835
7 0.491689 0.390% 11,578,976 22,178 11,556,799 316,013
8 0.399624 0.390% 11,556,799 17,991 11,538,808 334,003
9 1.334543 0.390% 11,538,808 59,986 11,478,822 393,989
10 1.057806 0.390% 11,478,822 47,300 11,431,522 441,289
11 0.838030 0.390% 11,431,522 37,318 11,394,203 478,608
12 1.459272 0.390% 11,394,203 64,771 11,329,433 543,378
13 1.018518 0.331% 11,329,433 38,208 11,291,225 581,586
14 0.623696 0.331% 11,291,225 23,318 11,267,907 604,904
15 1.267705 0.331% 11,267,907 47,297 11,220,609 652,202
16 1.184079 0.331% 11,220,609 43,992 11,176,617 696,194
17 1.355043 0.331% 11,176,617 50,146 11,126,471 746,340
18 0.969994 0.331% 11,126,471 35,736 11,090,735 782,076
19 0.491689 0.331% 11,090,735 18,056 11,072,679 800,132
20 0.399624 0.331% 11,072,679 14,651 11,058,027 814,784
21 1.334543 0.331% 11,058,027 48,864 11,009,164 863,648
22 1.057806 0.331% 11,009,164 38,560 10,970,604 902,208
23 0.838030 0.331% 10,970,604 30,442 10,940,162 932,649
24 1.459272 0.331% 10,940,162 52,861 10,887,301 985,510
25 1.018518 0.281% 10,887,301 31,209 10,856,092 1,016,720
26 0.623696 0.281% 10,856,092 19,056 10,837,035 1,035,776
27 1.267705 0.281% 10,837,035 38,666 10,798,369 1,074,442
28 1.184079 0.281% 10,798,369 35,986 10,762,383 1,110,428
29 1.355043 0.281% 10,762,383 41,045 10,721,339 1,151,473
30 0.969994 0.281% 10,721,339 29,269 10,692,069 1,180,742
31 0.491689 0.281% 10,692,069 14,796 10,677,273 1,195,538
32 0.399624 0.281% 10,677,273 12,009 10,665,264 1,207,547
33 1.334543 0.281% 10,665,264 40,059 10,625,205 1,247,606
Confidencial
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34 1.057806 0.281% 10,625,205 31,633 10,593,572 1,279,239
35 0.838030 0.281% 10,593,572 24,986 10,568,586 1,304,225
36 1.459272 0.281% 10,568,586 43,406 10,525,180 1,347,631
Confidencial
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Service Fee Net of Expenses
190,182 353,196
154,746 287,386
126,742 235,378
471,671 875,960
Service Fee Net of Expenses
0
16,487 30,619
10,056 18,675
20,390 37,867
18,951 35,194
21,587 40,090
15,371 28,547
7,762 14,416
6,297 11,694
20,995 38,991
16,555 30,745
13,061 24,257
22,670 42,101
13,373 24,835
8,161 15,157
16,554 30,743
15,397 28,595
17,551 32,595
12,508 23,228
6,320 11,737
5,128 9,523
17,102 31,761
13,496 25,064
10,655 19,787
18,501 34,360
10,923 20,286
6,670 12,387
13,533 25,133
12,595 23,391
14,366 26,679
10,244 19,025
5,179 9,617
4,203 7,806
14,021 26,038
Confidencial
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11,072 20,561
8,745 16,241
15,192 28,214
Confidencial
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Debt Collection - 2 Years
Summary Loan Balance Recovered % Recovered
Yr 1 5,576,788 85,310 5,491,478 1.5%
Yr 2 5,496,067 71,478 5,420,000 1.3%
Yr 3 5,423,849 60,018 5,359,982 1.1%
Total 216,806 3.9%
Month Seasonal Index Recovery Factor Loan Balance Recovered Cummulative
0 0.128% 5,576,788 5,576,788
1 0.483185 0.128% 5,576,788 3,459 5,573,329 3,459
2 2.054700 0.128% 5,573,329 14,699 5,558,630 18,158
3 1.178121 0.128% 5,558,630 8,406 5,550,224 26,564
4 1.462030 0.128% 5,550,224 10,416 5,539,809 36,979
5 1.228363 0.128% 5,539,809 8,735 5,531,074 45,714
6 1.728537 0.128% 5,531,074 12,272 5,518,802 57,986
7 0.620195 0.128% 5,518,802 4,393 5,514,409 62,379
8 0.242005 0.128% 5,514,409 1,713 5,512,696 64,092
9 0.947700 0.128% 5,512,696 6,706 5,505,990 70,798
10 0.804189 0.128% 5,505,990 5,684 5,500,307 76,481
11 0.600526 0.128% 5,500,307 4,240 5,496,067 80,721
12 0.650447 0.128% 5,496,067 4,589 5,491,478 85,310
13 0.483185 0.109% 5,491,478 2,895 5,488,583 88,205
14 2.054700 0.109% 5,488,583 12,304 5,476,279 100,509
15 1.178121 0.109% 5,476,279 7,039 5,469,240 107,548
16 1.462030 0.109% 5,469,240 8,724 5,460,516 116,272
17 1.228363 0.109% 5,460,516 7,318 5,453,198 123,590
18 1.728537 0.109% 5,453,198 10,284 5,442,913 133,875
19 0.620195 0.109% 5,442,913 3,683 5,439,230 137,558
20 0.242005 0.109% 5,439,230 1,436 5,437,794 138,994
21 0.947700 0.109% 5,437,794 5,623 5,432,172 144,616
22 0.804189 0.109% 5,432,172 4,766 5,427,405 149,383
23 0.600526 0.109% 5,427,405 3,556 5,423,849 152,939
24 0.650447 0.109% 5,423,849 3,849 5,420,000 156,788
25 0.483185 0.093% 5,420,000 2,429 5,417,572 159,216
26 2.054700 0.093% 5,417,572 10,323 5,407,248 169,540
27 1.178121 0.093% 5,407,248 5,908 5,401,341 175,447
28 1.462030 0.093% 5,401,341 7,323 5,394,017 182,771
29 1.228363 0.093% 5,394,017 6,145 5,387,872 188,916
30 1.728537 0.093% 5,387,872 8,637 5,379,236 197,552
31 0.620195 0.093% 5,379,236 3,094 5,376,142 200,646
32 0.242005 0.093% 5,376,142 1,207 5,374,935 201,853
33 0.947700 0.093% 5,374,935 4,724 5,370,211 206,577
Confidencial
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34 0.804189 0.093% 5,370,211 4,005 5,366,206 210,582
35 0.600526 0.093% 5,366,206 2,989 5,363,217 213,571
36 0.650447 0.093% 5,363,217 3,235 5,359,982 216,806
Confidencial
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Service Fee Net of Expenses
29,858 55,451
25,017 46,461
21,006 39,012
75,882 140,924
Service Fee Net of Expenses
0
1,211 2,248
5,145 9,554
2,942 5,464
3,646 6,770
3,057 5,678
4,295 7,977
1,538 2,856
600 1,113
2,347 4,359
1,989 3,694
1,484 2,756
1,606 2,983
1,013 1,882
4,306 7,998
2,464 4,575
3,053 5,671
2,561 4,757
3,599 6,685
1,289 2,394
503 934
1,968 3,655
1,668 3,098
1,245 2,311
1,347 2,502
850 1,579
3,613 6,710
2,068 3,840
2,563 4,760
2,151 3,994
3,023 5,614
1,083 2,011
422 784
1,653 3,071
Confidencial
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1,402 2,603
1,046 1,943
1,132 2,103
Confidencial
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Debt Collection - 3 Years
Summary Loan Balance Recovered % Recovered
Yr 1 981,703 4,231 977,473 0.43%
Yr 2 977,473 3,581 973,891 0.37%
Yr 3 973,891 3,034 970,857 0.31%
Total 10,846 1.10%
Month Seasonal Index Recovery Factor Loan Balance Recovered Cummulative
0 0.036% 981,703 981,703
1 0.000000 0.036% 981,703 0 981,703 0
2 1.861804 0.036% 981,703 657 981,046 657
3 0.000000 0.036% 981,046 0 981,046 657
4 0.000000 0.036% 981,046 0 981,046 657
5 0.327465 0.036% 981,046 116 980,930 773
6 4.342325 0.036% 980,930 1,532 979,398 2,305
7 0.000000 0.036% 979,398 0 979,398 2,305
8 1.397866 0.036% 979,398 492 978,905 2,798
9 1.004144 0.036% 978,905 354 978,552 3,151
10 1.858734 0.036% 978,552 654 977,897 3,806
11 1.207663 0.036% 977,897 425 977,473 4,231
12 0.000000 0.036% 977,473 0 977,473 4,231
13 0.000000 0.031% 977,473 0 977,473 4,231
14 1.861804 0.031% 977,473 556 976,916 4,787
15 0.000000 0.031% 976,916 0 976,916 4,787
16 0.000000 0.031% 976,916 0 976,916 4,787
17 0.327465 0.031% 976,916 98 976,818 4,885
18 4.342325 0.031% 976,818 1,297 975,521 6,182
19 0.000000 0.031% 975,521 0 975,521 6,182
20 1.397866 0.031% 975,521 417 975,104 6,599
21 1.004144 0.031% 975,104 299 974,805 6,898
22 1.858734 0.031% 974,805 554 974,251 7,452
23 1.207663 0.031% 974,251 360 973,891 7,812
24 0.000000 0.031% 973,891 0 973,891 7,812
25 0.000000 0.026% 973,891 0 973,891 7,812
26 1.861804 0.026% 973,891 471 973,420 8,283
27 0.000000 0.026% 973,420 0 973,420 8,283
28 0.000000 0.026% 973,420 0 973,420 8,283
29 0.327465 0.026% 973,420 83 973,337 8,366
30 4.342325 0.026% 973,337 1,099 972,238 9,465
31 0.000000 0.026% 972,238 0 972,238 9,465
32 1.397866 0.026% 972,238 353 971,885 9,818
33 1.004144 0.026% 971,885 254 971,632 10,072
Confidencial
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34 1.858734 0.026% 971,632 469 971,162 10,541
35 1.207663 0.026% 971,162 305 970,857 10,846
36 0.000000 0.026% 970,857 0 970,857 10,846
Confidencial
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Service Fee Net of Expenses
1,481 2,750
1,253 2,328
1,062 1,972
3,796 7,050
Service Fee Net of Expenses
0
0 0
230 427
0 0
0 0
40 75
536 996
0 0
172 320
124 230
229 425
149 276
0 0
0 0
195 362
0 0
0 0
34 64
454 843
0 0
146 271
105 195
194 360
126 234
0 0
0 0
165 306
0 0
0 0
29 54
384 714
0 0
124 230
89 165
Confidencial
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164 305
107 198
0 0
Confidencial
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Debt Collection - 4 Years
Summary Loan Balance Recovered % Recovered
Yr 1 0 0 0 0.0%
Yr 2 0 0 0 0.0%
Yr 3 0 0 0 0.0%
Total 0 0.0%
Month Seasonal Index Recovery Factor Loan Balance Recovered Cummulative
0 0.000% 0 0
1 0.000000 0.000% 0 0 0 0
2 0.000000 0.000% 0 0 0 0
3 0.000000 0.000% 0 0 0 0
4 0.000000 0.000% 0 0 0 0
5 0.000000 0.000% 0 0 0 0
6 0.000000 0.000% 0 0 0 0
7 0.000000 0.000% 0 0 0 0
8 0.000000 0.000% 0 0 0 0
9 0.000000 0.000% 0 0 0 0
10 0.000000 0.000% 0 0 0 0
11 0.000000 0.000% 0 0 0 0
12 0.000000 0.000% 0 0 0 0
13 0.000000 0.000% 0 0 0 0
14 0.000000 0.000% 0 0 0 0
15 0.000000 0.000% 0 0 0 0
16 0.000000 0.000% 0 0 0 0
17 0.000000 0.000% 0 0 0 0
18 0.000000 0.000% 0 0 0 0
19 0.000000 0.000% 0 0 0 0
20 0.000000 0.000% 0 0 0 0
21 0.000000 0.000% 0 0 0 0
22 0.000000 0.000% 0 0 0 0
23 0.000000 0.000% 0 0 0 0
24 0.000000 0.000% 0 0 0 0
25 0.000000 0.000% 0 0 0 0
26 0.000000 0.000% 0 0 0 0
27 0.000000 0.000% 0 0 0 0
28 0.000000 0.000% 0 0 0 0
29 0.000000 0.000% 0 0 0 0
30 0.000000 0.000% 0 0 0 0
31 0.000000 0.000% 0 0 0 0
32 0.000000 0.000% 0 0 0 0
33 0.000000 0.000% 0 0 0 0
Confidencial
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34 0.000000 0.000% 0 0 0 0
35 0.000000 0.000% 0 0 0 0
36 0.000000 0.000% 0 0 0 0
Confidencial
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Service Fee Net of Expenses
0 0
0 0
0 0
0 0
Service Fee Net of Expenses
0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
Confidencial
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0 0
0 0
0 0
Confidencial
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Debt Collection - 5 Years
Summary Loan Balance Recovered % Recovered
Yr 1 0 0 0 0.0%
Yr 2 0 0 0 0.0%
Yr 3 0 0 0 0.0%
Total 0 0.0%
Month Seasonal Index Recovery Factor Loan Balance Recovered Cummulative
0 0.000% 0 0
1 0.000000 0.000% 0 0 0 0
2 0.000000 0.000% 0 0 0 0
3 0.000000 0.000% 0 0 0 0
4 0.000000 0.000% 0 0 0 0
5 0.000000 0.000% 0 0 0 0
6 0.000000 0.000% 0 0 0 0
7 0.000000 0.000% 0 0 0 0
8 0.000000 0.000% 0 0 0 0
9 0.000000 0.000% 0 0 0 0
10 0.000000 0.000% 0 0 0 0
11 0.000000 0.000% 0 0 0 0
12 0.000000 0.000% 0 0 0 0
13 0.000000 0.000% 0 0 0 0
14 0.000000 0.000% 0 0 0 0
15 0.000000 0.000% 0 0 0 0
16 0.000000 0.000% 0 0 0 0
17 0.000000 0.000% 0 0 0 0
18 0.000000 0.000% 0 0 0 0
19 0.000000 0.000% 0 0 0 0
20 0.000000 0.000% 0 0 0 0
21 0.000000 0.000% 0 0 0 0
22 0.000000 0.000% 0 0 0 0
23 0.000000 0.000% 0 0 0 0
24 0.000000 0.000% 0 0 0 0
25 0.000000 0.000% 0 0 0 0
26 0.000000 0.000% 0 0 0 0
27 0.000000 0.000% 0 0 0 0
28 0.000000 0.000% 0 0 0 0
29 0.000000 0.000% 0 0 0 0
30 0.000000 0.000% 0 0 0 0
31 0.000000 0.000% 0 0 0 0
32 0.000000 0.000% 0 0 0 0
33 0.000000 0.000% 0 0 0 0
Confidencial
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34 0.000000 0.000% 0 0 0 0
35 0.000000 0.000% 0 0 0 0
36 0.000000 0.000% 0 0 0 0
Confidencial
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Service Fee Net of Expenses
0 0
0 0
0 0
0 0
Service Fee Net of Expenses
0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
Confidencial
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0 0
0 0
0 0
Confidencial
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Debt Collection - 6 Years
Summary Loan Balance Recovered % Recovered
Yr 1 0 0 0 0.0%
Yr 2 0 0 0 0.0%
Yr 3 0 0 0 0.0%
Total 0 0.0%
Month Seasonal Index Recovery Factor Loan Balance Recovered Cummulative
0 0.000% 0 0
1 0.000000 0.000% 0 0 0 0
2 0.000000 0.000% 0 0 0 0
3 0.000000 0.000% 0 0 0 0
4 0.000000 0.000% 0 0 0 0
5 0.000000 0.000% 0 0 0 0
6 0.000000 0.000% 0 0 0 0
7 0.000000 0.000% 0 0 0 0
8 0.000000 0.000% 0 0 0 0
9 0.000000 0.000% 0 0 0 0
10 0.000000 0.000% 0 0 0 0
11 0.000000 0.000% 0 0 0 0
12 0.000000 0.000% 0 0 0 0
13 0.000000 0.000% 0 0 0 0
14 0.000000 0.000% 0 0 0 0
15 0.000000 0.000% 0 0 0 0
16 0.000000 0.000% 0 0 0 0
17 0.000000 0.000% 0 0 0 0
18 0.000000 0.000% 0 0 0 0
19 0.000000 0.000% 0 0 0 0
20 0.000000 0.000% 0 0 0 0
21 0.000000 0.000% 0 0 0 0
22 0.000000 0.000% 0 0 0 0
23 0.000000 0.000% 0 0 0 0
24 0.000000 0.000% 0 0 0 0
25 0.000000 0.000% 0 0 0 0
26 0.000000 0.000% 0 0 0 0
27 0.000000 0.000% 0 0 0 0
28 0.000000 0.000% 0 0 0 0
29 0.000000 0.000% 0 0 0 0
30 0.000000 0.000% 0 0 0 0
31 0.000000 0.000% 0 0 0 0
32 0.000000 0.000% 0 0 0 0
33 0.000000 0.000% 0 0 0 0
Confidencial
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34 0.000000 0.000% 0 0 0 0
35 0.000000 0.000% 0 0 0 0
36 0.000000 0.000% 0 0 0 0
Confidencial
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Service Fee Net of Expenses
0 0
0 0
0 0
0 0
Service Fee Net of Expenses
0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
Confidencial
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0 0
0 0
0 0
Confidencial
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Debt Collection - Blended
Source of Income per Year Loan Balance Recovered % Recovered
Yr 1 18,431,302 632,919 17,798,383 3.4%
Yr 2 17,867,743 517,191 17,281,192 2.9%
Yr 3 17,337,903 425,172 16,856,020 2.5%
Total 1,575,282 8.5%
Month Seasonal Index Recovery Factor Loan Balance Recovered Cummulative
0 18,431,302 18,431,302
1 0.274% 18,431,302 50,565 18,380,737 50,565
2 0.240% 18,380,737 44,088 18,336,649 94,653
3 0.364% 18,336,649 66,663 18,269,987 161,316
4 0.353% 18,269,987 64,561 18,205,426 225,877
5 0.387% 18,205,426 70,527 18,134,898 296,404
6 0.318% 18,134,898 57,722 18,077,176 354,126
7 0.147% 18,077,176 26,571 18,050,605 380,697
8 0.112% 18,050,605 20,196 18,030,409 400,893
9 0.372% 18,030,409 67,046 17,963,363 467,939
10 0.299% 17,963,363 53,638 17,909,726 521,577
11 0.234% 17,909,726 41,983 17,867,743 563,560
12 0.388% 17,867,743 69,359 17,798,383 632,919
13 0.231% 17,798,383 41,103 17,757,281 674,022
14 0.204% 17,757,281 36,179 17,721,102 710,200
15 0.307% 17,721,102 54,337 17,666,765 764,537
16 0.298% 17,666,765 52,716 17,614,049 817,253
17 0.327% 17,614,049 57,562 17,556,487 874,816
18 0.270% 17,556,487 47,317 17,509,170 922,133
19 0.124% 17,509,170 21,739 17,487,430 943,872
20 0.094% 17,487,430 16,505 17,470,926 960,376
21 0.314% 17,470,926 54,786 17,416,140 1,015,162
22 0.252% 17,416,140 43,880 17,372,260 1,059,042
23 0.198% 17,372,260 34,357 17,337,903 1,093,400
24 0.327% 17,337,903 56,710 17,281,192 1,150,110
25 0.195% 17,281,192 33,638 17,247,554 1,183,748
26 0.173% 17,247,554 29,851 17,217,703 1,213,599
27 0.259% 17,217,703 44,573 17,173,130 1,258,172
28 0.252% 17,173,130 43,310 17,129,820 1,301,482
29 0.276% 17,129,820 47,272 17,082,548 1,348,754
30 0.228% 17,082,548 39,005 17,043,543 1,387,759
31 0.105% 17,043,543 17,890 17,025,653 1,405,649
32 0.080% 17,025,653 13,569 17,012,084 1,419,218
33 0.265% 17,012,084 45,037 16,967,048 1,464,255
Confidencial
36 of 78
34 0.213% 16,967,048 36,107 16,930,940 1,500,362
35 0.167% 16,930,940 28,279 16,902,661 1,528,641
36 0.276% 16,902,661 46,641 16,856,020 1,575,282
Confidencial
37 of 78
Service Fee Net of Expenses
221,522 411,397
181,017 336,174
148,810 276,362
551,349 1,023,934
Service Fee Net of Expenses
0
17,698 32,867
15,431 28,657
23,332 43,331
22,596 41,965
24,685 45,843
20,203 37,519
9,300 17,271
7,069 13,127
23,466 43,580
18,773 34,865
14,694 27,289
24,276 45,084
14,386 26,717
12,662 23,516
19,018 35,319
18,451 34,266
20,147 37,416
16,561 30,756
7,609 14,131
5,777 10,728
19,175 35,611
15,358 28,522
12,025 22,332
19,849 36,862
11,773 21,865
10,448 19,403
15,601 28,973
15,158 28,151
16,545 30,727
13,652 25,353
6,262 11,629
4,749 8,820
15,763 29,274
Confidencial
38 of 78
12,638 23,470
9,898 18,382
16,324 30,317
Confidencial
39 of 78
Monthly Cash Flow
Years from Default 1 Year 2 Years 3 Years 4 Years 5 Years 6 Years
Yr 1 543,378 85,310 4,231 0 0 0
Yr 2 442,132 71,478 3,581 0 0 0
Yr 3 362,121 60,018 3,034 0 0 0
Total 1,347,631 216,806 10,846 0 0 0
% Contribution 85.5% 13.8% 0.7% 0.0% 0.0% 0.0%
Years from Default 1 Year 2 Years 3 Years 4 Years 5 Years 6 Years
0
1 47,106 3,459 0 0 0 0
2 28,731 14,699 657 0 0 0
3 58,257 8,406 0 0 0 0
4 54,145 10,416 0 0 0 0
5 61,677 8,735 116 0 0 0
6 43,918 12,272 1,532 0 0 0
7 22,178 4,393 0 0 0 0
8 17,991 1,713 492 0 0 0
9 59,986 6,706 354 0 0 0
10 47,300 5,684 654 0 0 0
11 37,318 4,240 425 0 0 0
12 64,771 4,589 0 0 0 0
13 38,208 2,895 0 0 0 0
14 23,318 12,304 556 0 0 0
15 47,297 7,039 0 0 0 0
16 43,992 8,724 0 0 0 0
17 50,146 7,318 98 0 0 0
18 35,736 10,284 1,297 0 0 0
19 18,056 3,683 0 0 0 0
20 14,651 1,436 417 0 0 0
21 48,864 5,623 299 0 0 0
22 38,560 4,766 554 0 0 0
23 30,442 3,556 360 0 0 0
24 52,861 3,849 0 0 0 0
25 31,209 2,429 0 0 0 0
26 19,056 10,323 471 0 0 0
27 38,666 5,908 0 0 0 0
28 35,986 7,323 0 0 0 0
29 41,045 6,145 83 0 0 0
30 29,269 8,637 1,099 0 0 0
31 14,796 3,094 0 0 0 0
32 12,009 1,207 353 0 0 0
33 40,059 4,724 254 0 0 0
Confidencial
40 of 78
34 31,633 4,005 469 0 0 0
35 24,986 2,989 305 0 0 0
36 43,406 3,235 0 0 0 0
Confidencial
41 of 78
Total % of CF
632,919 40.2%
517,191 32.8%
425,172 27.0%
1,575,282 100.0%
100.0%
Total % of CF
50,565 3.2%
44,088 2.8%
66,663 4.2%
64,561 4.1%
70,527 4.5%
57,722 3.7%
26,571 1.7%
20,196 1.3%
67,046 4.3%
53,638 3.4%
41,983 2.7%
69,359 4.4%
41,103 2.6%
36,179 2.3%
54,337 3.4%
52,716 3.3%
57,562 3.7%
47,317 3.0%
21,739 1.4%
16,505 1.0%
54,786 3.5%
43,880 2.8%
34,357 2.2%
56,710 3.6%
33,638 2.1%
29,851 1.9%
44,573 2.8%
43,310 2.7%
47,272 3.0%
39,005 2.5%
17,890 1.1%
13,569 0.9%
45,037 2.9%
Confidencial
42 of 78
36,107 2.3%
28,279 1.8%
46,641 3.0%
Confidencial
43 of 78
Discounted Cash Fow
Cash Flow Summary
Year 0 Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10
Collected 161,316 192,810 113,813 164,980 131,618 157,596 93,030 134,948 108,062 129,587
Service Fee 56,461 67,484 39,835 57,743 46,066 55,158 32,560 47,232 37,822 45,355
Net of Expenses 104,855 125,327 73,978 107,237 85,552 102,437 60,469 87,716 70,241 84,231
Individual Cost 4,033 4,820 2,845 4,124 3,290 3,940 2,326 3,374 2,702 3,240
Taxable Income 100,822 120,506 71,133 103,112 82,261 98,497 58,144 84,342 67,539 80,992
Capital Gain Taxes 30,247 36,152 21,340 30,934 24,678 29,549 17,443 25,303 20,262 24,297
Distributable Income 74,609 89,175 52,639 76,303 60,873 72,888 43,026 62,413 49,979 59,934
NCF -461,000 74,609 89,175 52,639 76,303 60,873 72,888 43,026 62,413 49,979 59,934
IRR % 35.1%
Results
Expected IRR 30.0% 35.0% 40.0% 45.0% 50.0%
NPV of Cash Flow 489,000 462,000 436,000 413,000 392,000
% of Loan Amount 2.65% 2.51% 2.37% 2.24% 2.13%
Confidencial
44 of 78
Units: USD
Q11 Q12 Total
76,495 111,028 1,575,282
26,773 38,860 551,349
49,722 72,168 1,023,934
1,912 2,776 39,382
47,810 69,392
14,343 20,818 295,365
35,379 51,350 728,568
35,379 51,350
Confidencial
45 of 78
Sensitivity Tables
Expected IRR vs Purchase Price
Sensitivity % of Face Value Purchase Price % Change IRR Change in IRR
2.00% 369,000 55.7%
10 bps 2.10% 388,000 5.1% 50.8% -490 bps
10 bps 2.20% 406,000 4.6% 46.5% -430 bps
10 bps 2.30% 424,000 4.4% 42.5% -400 bps
10 bps 2.40% 443,000 4.5% 38.6% -390 bps
10 bps 2.50% 461,000 4.1% 35.1% -350 bps
10 bps 2.60% 480,000 4.1% 31.7% -340 bps
10 bps 2.70% 498,000 3.8% 28.6% -310 bps
10 bps 2.80% 517,000 3.8% 25.6% -300 bps
10 bps 2.90% 535,000 3.5% 22.9% -270 bps
IRR vs Purchase Price and Service Fee
20% 25% 30% 35% 40%
2.00% 78.1% 70.8% 63.3% 55.7% 48.0%
2.10% 72.4% 65.3% 58.1% 50.8% 43.3%
2.20% 67.4% 60.6% 53.6% 46.5% 39.2%
2.30% 62.8% 56.2% 49.4% 42.5% 35.4%
2.40% 58.2% 51.8% 45.3% 38.6% 31.7%
2.50% 54.3% 48.0% 41.6% 35.1% 28.4%
2.60% 50.3% 44.3% 38.0% 31.7% 25.1%
2.70% 46.8% 40.9% 34.9% 28.6% 22.2%
2.80% 43.4% 37.6% 31.7% 25.6% 19.3%
2.90% 40.3% 34.6% 28.8% 22.9% 16.7%
Discount Rate & Net Present Value of Cash Flow
Base Disc. Rate Disc. Rate NPV % of Loan Margin
26.0% 30.9% 484,000 2.63% 13 bps
27.0% 31.9% 478,000 2.59% 9 bps
28.0% 32.9% 473,000 2.57% 7 bps
29.0% 33.9% 467,000 2.53% 3 bps
30.0% 34.9% 462,000 2.51% 1 bps
31.0% 35.9% 457,000 2.48% -2 bps
32.0% 36.9% 452,000 2.45% -5 bps
33.0% 37.9% 447,000 2.43% -7 bps
34.0% 38.9% 442,000 2.40% -10 bps
35.0% 39.9% 437,000 2.37% -13 bps
Confidencial
46 of 78
Confidencial
47 of 78
IRR Partitioning
Assumptions
Equity Investment 461,000
Debt -
Interest 0.0%
Annual growth 0.0%
IRR 35.1%
Present Value
Quarter PVIF CF PV CF Interest PV Interest Appr Value PV Appr Value Debt PV Debt PV Total Return
0 1.000 461,000
1 0.919 74,609 68,587 0 68,587
2 0.845 89,175 75,361 0 75,361
3 0.777 52,639 40,894 0 40,894
4 0.714 76,303 54,495 0 54,495
5 0.657 60,873 39,966 0 39,966
6 0.604 72,888 43,992 0 43,992
7 0.555 43,026 23,873 0 23,873
8 0.510 62,413 31,835 0 31,835
9 0.469 49,979 23,435 0 23,435
10 0.431 59,934 25,835 0 25,835
11 0.396 35,379 14,020 0 14,020
12 0.364 51,350 18,706 0 0 18,706
Total 728,568 461,000 0 0 0 461,000
IRR Component 100% 0% 0% 0% 100%
Summary
Components PV Total Return % IRR Partition
Cash Flow 461,000 100.0% 35.1%
Interest 0 0.0% 0.0%
Appraised Value 0 0.0% 0.0%
Debt Repayment 0 0.0% 0.0%
Total Return 461,000 100.0% 35.1%
Cash Flow; 100%
IRR Partition
Confidencial
48 of 78
Equity Debt Total
-461,000 0 -461,000
74,609 0 74,609
89,175 0 89,175
52,639 0 52,639
76,303 0 76,303
60,873 0 60,873
72,888 0 72,888
43,026 0 43,026
62,413 0 62,413
49,979 0 49,979
59,934 0 59,934
35,379 0 35,379
51,350 0 51,350
35.1% 35.1%
Cash Flow; 100%
IRR Partition
Confidencial
49 of 78
Relative Value of Cash Flow and Value
Discounted Present Value
Scenario I II III IV
Quarter CF 33.0% 34.0% 35.0% 36.0%
1 74,609 68,922 68,764 68,606 68,448
2 89,175 76,100 75,750 75,402 75,057
3 52,639 41,497 41,211 40,928 40,647
4 76,303 55,569 55,058 54,554 54,055
5 60,873 40,953 40,484 40,020 39,564
6 72,888 45,299 44,676 44,064 43,461
7 43,026 24,702 24,307 23,918 23,537
8 62,413 33,102 32,497 31,904 31,323
9 49,979 24,487 23,984 23,492 23,012
10 59,934 27,126 26,508 25,905 25,317
11 35,379 14,792 14,422 14,061 13,711
12 51,350 19,834 19,292 18,767 18,257
Total Cash Flow 728,568 472,385 466,952 461,620 456,386
Sale
10 0 0 0 0 0
Total CF & Sale 728,568 472,385 466,952 461,620 456,386
% of CF from Hold 100.0% 100.0% 100.0% 100.0% 100.0%
% of CF from Sale 0.0% 0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0% 100.0%
Confidencial
50 of 78
V
37.0%
68,292
74,713
40,368
53,562
39,113
42,867
23,162
30,754
22,542
24,743
13,369
17,762
451,249
0
451,249
100.0%
0.0%
100.0%
Confidencial
51 of 78
Risk Analysis
Assumptions
Loan Recovery Fee 35.0%
Purchase Price 461,000
Impact on Capital Gain
Scenario Base I II III IV
% Decline -1.0% -2.0% -3.0% -4.0%
Recovery Rate 8.5% 7.5% 6.5% 5.5% 4.5%
Income from Loan Collection 1,575,282 1,390,969 1,206,656 1,022,343 838,030
Expenses 551,349 486,839 422,330 357,820 293,311
Net of Expenses 1,023,934 904,130 784,327 664,523 544,720
Taxable Income 984,533 869,339 754,146 638,953 523,759
Capital Gain Taxes 295,360 260,802 226,244 191,686 157,128
Distributable Income 728,574 643,328 558,083 472,837 387,592
% Change from Base -11.7% -23.4% -35.1% -46.8%
Capital Gain / (Losses) after taxes 267,574 182,328 97,083 11,837 -73,408
% Gain / (Loss) 58.0% 39.6% 21.1% 2.6% -15.9%
IRR 35.1% 24.6% 13.6% 1.7% -11.2%
Loss for every 1% in Recovery Rate -1,000 bps 1,400 bps -2,300 bps -2,500 bps
Capital Gain % Change 0.0% -18.5% -37.0% -55.5% -74.0%
Loss for every 1% in Recovery Rate 1,800 bps 1,800 bps 1,800 bps 1,800 bps
Impact on Purchase Price
Purchase Price to Maintain % IRR 461,000 406,462 351,904 297,464 243,369
Difference from Base 0 -55,000 -109,000 -164,000 -218,000
% of Face Value 2.50% 2.21% 1.91% 1.61% 1.32%
Decline in % face value -30 bps -59 bps -89 bps -118 bps
Taxable Income 984,533 873,455 761,288 648,024 533,654
Capital Gain Taxes 295,360 262,037 228,386 194,407 160,096
Distributable Income 728,574 642,094 555,940 470,116 384,623
% Change from Base 0.0% -11.9% -23.7% -35.5% -47.2%
Capital Gain / (Losses) after taxes 267,574 235,632 204,036 172,652 141,255
% Gain / (Loss) 58.0% 58.0% 58.0% 58.0% 58.0%
IRR 35.1% 35.1% 35.1% 35.1% 35.1%
Confidencial
52 of 78
Risk Analysis
Assumptions
Loan Recovery Fee 35.0%
Purchase Price 461,000
Impact on Capital Gain
Scenario Base I II III IV
% Decline -1.0% -2.0% -3.0% -4.0%
Recovery Rate 8.5% 7.5% 6.5% 5.5% 4.5%
Confidencial
53 of 78
Units: USD
V % Var from Base
-5.0%
3.5%
653,717 -58.5%
228,801 -58.5%
424,916 -58.5%
408,566 -58.5%
122,570 -58.5%
302,347 -58.5%
-58.5%
-158,653
-34.4%
-25.8%
-2,800 bps
-92.5%
1,800 bps
189,484 -58.9%
-272,000
1.03%
-147 bps
418,196 -57.5%
125,459 -57.5%
299,458 -58.9%
-58.9%
109,973 -58.9%
58.0%
35.1%
Confidencial
54 of 78
Units: USD
V % Var from Base
-5.0%
3.5%
Confidencial
55 of 78
Monthly Cash Flow
Estational Index
Month
1 Year
2 Year
3 Year
4 Year
5 Year
6 Year
Recovery ratio (%)
1 Year 0.390%
2 Year 0.128%
3 Year 0.036%
4 Year 0.000%
5 Year 0.000%
6 Year 0.000%
Debt Outstanding (Million USD)
1 Year 11.87
2 Year 5.58
3 Year 0.98
4 Year 0.00
5 Year 0.00
6 Year 0.00
Loan Balance 18.43
Debt Recovered
1 Year
2 Year
3 Year
4 Year
5 Year
6 Year
Recovery
% of Debt Outstanding
Cummulative
% of Debt Outstanding
Cash Flow
Debt Recovery Service Fee
Net of Expenses
Individual Cost
Taxable Income
Capital Gain Taxes
Distributable Income
1 2 3 4 5 6 7 8 9 10
1.019 0.624 1.268 1.184 1.355 0.970 0.492 0.400 1.335 1.058
0.483 2.055 1.178 1.462 1.228 1.729 0.620 0.242 0.948 0.804
0.000 1.862 0.000 0.000 0.327 4.342 0.000 1.398 1.004 1.859
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.390% 0.390% 0.390% 0.390% 0.390% 0.390% 0.390% 0.390% 0.390% 0.390%
0.128% 0.128% 0.128% 0.128% 0.128% 0.128% 0.128% 0.128% 0.128% 0.128%
0.036% 0.036% 0.036% 0.036% 0.036% 0.036% 0.036% 0.036% 0.036% 0.036%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
11.87 11.83 11.80 11.74 11.68 11.62 11.58 11.56 11.54 11.48
5.58 5.57 5.56 5.55 5.54 5.53 5.52 5.51 5.51 5.51
0.98 0.98 0.98 0.98 0.98 0.98 0.98 0.98 0.98 0.98
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
18.43 18.38 18.34 18.27 18.21 18.13 18.08 18.05 18.03 17.96
47,106 28,731 58,257 54,145 61,677 43,918 22,178 17,991 59,986 47,300
3,459 14,699 8,406 10,416 8,735 12,272 4,393 1,713 6,706 5,684
0 657 0 0 116 1,532 0 492 354 654
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
50,565 44,088 66,663 64,561 70,527 57,722 26,571 20,196 67,046 53,638
0.27% 0.24% 0.36% 0.35% 0.39% 0.32% 0.15% 0.11% 0.37% 0.30%
50,565 94,653 161,316 225,877 296,404 354,126 380,697 400,893 467,939 521,577
0.27% 0.51% 0.88% 1.23% 1.61% 1.92% 2.07% 2.18% 2.54% 2.83%
17,698 15,431 23,332 22,596 24,685 20,203 9,300 7,069 23,466 18,773
32,867 28,657 43,331 41,965 45,843 37,519 17,271 13,127 43,580 34,865
1,264 1,102 1,667 1,614 1,763 1,443 664 505 1,676 1,341
31,603 27,555 41,664 40,351 44,080 36,076 16,607 12,623 41,904 33,524
9,481 8,266 12,499 12,105 13,224 10,823 4,982 3,787 12,571 10,057
23,386 20,391 30,831 29,859 32,619 26,696 12,289 9,341 31,009 24,807
Confidencial
56 of 78
NCF -461,000
IRR % 36.4%
23,386 20,391 30,831 29,859 32,619 26,696 12,289 9,341 31,009 24,807
Confidencial
57 of 78
Monthly Cash Flow
Estational Index
Month
1 Year
2 Year
3 Year
4 Year
5 Year
6 Year
Recovery ratio (%)
1 Year 0.390%
2 Year 0.128%
3 Year 0.036%
4 Year 0.000%
5 Year 0.000%
6 Year 0.000%
Debt Outstanding (Million USD)
1 Year 11.87
2 Year 5.58
3 Year 0.98
4 Year 0.00
5 Year 0.00
6 Year 0.00
Loan Balance 18.43
Debt Recovered
1 Year
2 Year
3 Year
4 Year
5 Year
6 Year
Recovery
% of Debt Outstanding
Cummulative
% of Debt Outstanding
Cash Flow
Debt Recovery Service Fee
Net of Expenses
Individual Cost
Taxable Income
Capital Gain Taxes
Distributable Income
11 12 13 14 15 16 17 18 19
0.838 1.459 1.019 0.624 1.268 1.184 1.355 0.970 0.492
0.601 0.650 0.483 2.055 1.178 1.462 1.228 1.729 0.620
1.208 0.000 0.000 1.862 0.000 0.000 0.327 4.342 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.390% 0.390% 0.331% 0.331% 0.331% 0.331% 0.331% 0.331% 0.331%
0.128% 0.128% 0.109% 0.109% 0.109% 0.109% 0.109% 0.109% 0.109%
0.036% 0.036% 0.031% 0.031% 0.031% 0.031% 0.031% 0.031% 0.031%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
11.43 11.39 11.33 11.29 11.27 11.22 11.18 11.13 11.09
5.50 5.50 5.49 5.49 5.48 5.47 5.46 5.45 5.44
0.98 0.98 0.98 0.98 0.98 0.98 0.98 0.98 0.98
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
17.91 17.87 17.80 17.76 17.72 17.67 17.61 17.56 17.51
37,318 64,771 38,208 23,318 47,297 43,992 50,146 35,736 18,056
4,240 4,589 2,895 12,304 7,039 8,724 7,318 10,284 3,683
425 0 0 556 0 0 98 1,297 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
41,983 69,359 41,103 36,179 54,337 52,716 57,562 47,317 21,739
0.23% 0.39% 0.23% 0.20% 0.31% 0.30% 0.33% 0.27% 0.12%
563,560 632,919 674,022 710,200 764,537 817,253 874,816 922,133 943,872
3.06% 3.43% 3.66% 3.85% 4.15% 4.43% 4.75% 5.00% 5.12%
14,694 24,276 14,386 12,662 19,018 18,451 20,147 16,561 7,609
27,289 45,084 26,717 23,516 35,319 34,266 37,416 30,756 14,131
1,050 1,734 1,028 904 1,358 1,318 1,439 1,183 543
26,239 43,350 25,689 22,612 33,960 32,948 35,977 29,573 13,587
7,872 13,005 7,707 6,783 10,188 9,884 10,793 8,872 4,076
19,417 32,079 19,010 16,733 25,131 24,381 26,623 21,884 10,054
Confidencial
58 of 78
NCF -461,000
IRR % 36.4%
19,417 32,079 19,010 16,733 25,131 24,381 26,623 21,884 10,054
Confidencial
59 of 78
Monthly Cash Flow
Estational Index
Month
1 Year
2 Year
3 Year
4 Year
5 Year
6 Year
Recovery ratio (%)
1 Year 0.390%
2 Year 0.128%
3 Year 0.036%
4 Year 0.000%
5 Year 0.000%
6 Year 0.000%
Debt Outstanding (Million USD)
1 Year 11.87
2 Year 5.58
3 Year 0.98
4 Year 0.00
5 Year 0.00
6 Year 0.00
Loan Balance 18.43
Debt Recovered
1 Year
2 Year
3 Year
4 Year
5 Year
6 Year
Recovery
% of Debt Outstanding
Cummulative
% of Debt Outstanding
Cash Flow
Debt Recovery Service Fee
Net of Expenses
Individual Cost
Taxable Income
Capital Gain Taxes
Distributable Income
20 21 22 23 24 25 26 27 28
0.400 1.335 1.058 0.838 1.459 1.019 0.624 1.268 1.184
0.242 0.948 0.804 0.601 0.650 0.483 2.055 1.178 1.462
1.398 1.004 1.859 1.208 0.000 0.000 1.862 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.331% 0.331% 0.331% 0.331% 0.331% 0.281% 0.281% 0.281% 0.281%
0.109% 0.109% 0.109% 0.109% 0.109% 0.093% 0.093% 0.093% 0.093%
0.031% 0.031% 0.031% 0.031% 0.031% 0.026% 0.026% 0.026% 0.026%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
11.07 11.06 11.01 10.97 10.94 10.89 10.86 10.84 10.80
5.44 5.44 5.43 5.43 5.42 5.42 5.42 5.41 5.40
0.98 0.98 0.97 0.97 0.97 0.97 0.97 0.97 0.97
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
17.49 17.47 17.42 17.37 17.34 17.28 17.25 17.22 17.17
14,651 48,864 38,560 30,442 52,861 31,209 19,056 38,666 35,986
1,436 5,623 4,766 3,556 3,849 2,429 10,323 5,908 7,323
417 299 554 360 0 0 471 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
16,505 54,786 43,880 34,357 56,710 33,638 29,851 44,573 43,310
0.09% 0.31% 0.25% 0.20% 0.33% 0.19% 0.17% 0.26% 0.25%
960,376 1,015,162 1,059,042 1,093,400 1,150,110 1,183,748 1,213,599 1,258,172 1,301,482
5.21% 5.51% 5.75% 5.93% 6.24% 6.42% 6.58% 6.83% 7.06%
5,777 19,175 15,358 12,025 19,849 11,773 10,448 15,601 15,158
10,728 35,611 28,522 22,332 36,862 21,865 19,403 28,973 28,151
413 1,370 1,097 859 1,418 841 746 1,114 1,083
10,315 34,241 27,425 21,473 35,444 21,024 18,657 27,858 27,068
3,095 10,272 8,228 6,442 10,633 6,307 5,597 8,358 8,121
7,633 25,338 20,295 15,890 26,229 15,558 13,806 20,615 20,031
Confidencial
60 of 78
NCF -461,000
IRR % 36.4%
7,633 25,338 20,295 15,890 26,229 15,558 13,806 20,615 20,031
Confidencial
61 of 78
Monthly Cash Flow
Estational Index
Month
1 Year
2 Year
3 Year
4 Year
5 Year
6 Year
Recovery ratio (%)
1 Year 0.390%
2 Year 0.128%
3 Year 0.036%
4 Year 0.000%
5 Year 0.000%
6 Year 0.000%
Debt Outstanding (Million USD)
1 Year 11.87
2 Year 5.58
3 Year 0.98
4 Year 0.00
5 Year 0.00
6 Year 0.00
Loan Balance 18.43
Debt Recovered
1 Year
2 Year
3 Year
4 Year
5 Year
6 Year
Recovery
% of Debt Outstanding
Cummulative
% of Debt Outstanding
Cash Flow
Debt Recovery Service Fee
Net of Expenses
Individual Cost
Taxable Income
Capital Gain Taxes
Distributable Income
29 30 31 32 33 34 35 36
1.355 0.970 0.492 0.400 1.335 1.058 0.838 1.459
1.228 1.729 0.620 0.242 0.948 0.804 0.601 0.650
0.327 4.342 0.000 1.398 1.004 1.859 1.208 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.281% 0.281% 0.281% 0.281% 0.281% 0.281% 0.281% 0.281%
0.093% 0.093% 0.093% 0.093% 0.093% 0.093% 0.093% 0.093%
0.026% 0.026% 0.026% 0.026% 0.026% 0.026% 0.026% 0.026%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
10.76 10.72 10.69 10.68 10.67 10.63 10.59 10.57
5.39 5.39 5.38 5.38 5.37 5.37 5.37 5.36
0.97 0.97 0.97 0.97 0.97 0.97 0.97 0.97
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
17.13 17.08 17.04 17.03 17.01 16.97 16.93 16.90
41,045 29,269 14,796 12,009 40,059 31,633 24,986 43,406
6,145 8,637 3,094 1,207 4,724 4,005 2,989 3,235
83 1,099 0 353 254 469 305 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
47,272 39,005 17,890 13,569 45,037 36,107 28,279 46,641
0.28% 0.23% 0.10% 0.08% 0.26% 0.21% 0.17% 0.28%
1,348,754 1,387,759 1,405,649 1,419,218 1,464,255 1,500,362 1,528,641 1,575,282
7.32% 7.53% 7.63% 7.70% 7.94% 8.14% 8.29% 8.55%
16,545 13,652 6,262 4,749 15,763 12,638 9,898 16,324
30,727 25,353 11,629 8,820 29,274 23,470 18,382 30,317
1,182 975 447 339 1,126 903 707 1,166
29,545 24,378 11,181 8,481 28,148 22,567 17,675 29,151
8,864 7,313 3,354 2,544 8,444 6,770 5,302 8,745
21,863 18,040 8,274 6,276 20,829 16,700 13,079 21,572
Confidencial
62 of 78
NCF -461,000
IRR % 36.4%
21,863 18,040 8,274 6,276 20,829 16,700 13,079 21,572
Confidencial
63 of 78
Debt Financing: Principal, Interest and Discretionary payment
Principal 460,000
Interest 10.0% 0.8%
Loan Term 2 36
Provisitions 2,700
DSCR Buffer 1.0x
Month Loan Balance CF from Dist Principal Interest CF Breach Loan Cancelation Discr. payment Loan Payment
0
1 460,000 23,386 -11,010 -3,833 0 0 8,544 8,544
2 440,447 20,391 -10,890 -3,670 0 0 5,830 5,830
3 423,727 30,831 -10,832 -3,531 0 0 16,469 16,469
4 396,426 29,859 -10,486 -3,304 0 0 16,069 16,069
5 369,870 32,619 -10,134 -3,082 0 0 19,403 19,403
6 340,334 26,696 -9,667 -2,836 0 0 14,193 14,193
7 316,473 12,289 -9,329 -2,637 0 0 323 323
8 306,822 9,341 -9,397 -2,557 -2,613 0 0 0
9 297,425 31,009 -9,475 -2,479 0 0 19,055 19,055
10 268,895 24,807 -8,922 -2,241 0 0 13,645 13,645
11 246,328 19,417 -8,524 -2,053 0 0 8,840 8,840
12 228,964 32,079 -8,276 -1,908 0 0 21,895 21,895
13 198,793 19,010 -7,517 -1,657 0 0 9,837 9,837
14 181,439 16,733 -7,190 -1,512 0 0 8,031 8,031
15 166,219 25,131 -6,915 -1,385 0 0 16,830 16,830
16 142,473 24,381 -6,236 -1,187 0 0 16,958 16,958
17 119,279 26,623 -5,506 -994 0 0 20,123 20,123
18 93,651 21,884 -4,570 -780 0 0 16,534 16,534
19 72,547 10,054 -3,752 -605 0 0 5,697 5,697
20 63,097 7,633 -3,470 -526 0 0 3,637 3,637
21 55,990 25,338 -3,286 -467 0 0 21,586 21,586
22 31,118 20,295 -1,956 -259 0 0 18,079 18,079
23 11,082 15,890 -750 -92 0 10,333 15,048 10,333
24 0 26,229 0 0 0 0 0 0
25 0 15,558 0 0 0 0 0 0
26 0 13,806 0 0 0 0 0 0
27 0 20,615 0 0 0 0 0 0
28 0 20,031 0 0 0 0 0 0
29 0 21,863 0 0 0 0 0 0
30 0 18,040 0 0 0 0 0 0
31 0 8,274 0 0 0 0 0 0
32 0 6,276 0 0 0 0 0 0
33 0 20,829 0 0 0 0 0 0
Confidencial
64 of 78
34 0 16,700 0 0 0 0 0 0
35 0 13,079 0 0 0 0 0 0
36 0 21,572 0 0 0 0 0 0
Confidencial
65 of 78
Cash Balance Loan Balance Lender's CF
2,700 460,000 -460,000
2,700 440,447 23,386
2,700 423,727 20,391
2,700 396,426 30,831
2,700 369,870 29,859
2,700 340,334 32,619
2,700 316,473 26,696
2,700 306,822 12,289
87 297,425 11,954
87 268,895 31,009
87 246,328 24,807
87 228,964 19,417
87 198,793 32,079
87 181,439 19,010
87 166,219 16,733
87 142,473 25,131
87 119,279 24,381
87 93,651 26,623
87 72,547 21,884
87 63,097 10,054
87 55,990 7,633
87 31,118 25,338
87 11,082 20,295
4,802 0 11,175
31,031 0 0
46,589 0 0
60,395 0 0
81,010 0 0
101,040 0 0
122,904 0 0
140,944 0 0
149,218 0 0
155,493 0 0
176,323 0 0
Confidencial
66 of 78
193,022 0 0
206,102 0 0
227,673 0 0
Confidencial
67 of 78
Debt Financing: Principal and Interest
Principal 460,000
Interest 10.0% 0.8%
Loan Term 2 36
Provisitions
DSCR Buffer 1.0x
Month Loan Balance CF from Dist Principal Interest CF Breach Loan Cancelation Baloon Loan Payment
0
1 460,000 23,386 -11,010 -3,833 0 0 0 0
2 448,990 20,391 -11,101 -3,742 0 0 0 0
3 437,889 30,831 -11,194 -3,649 0 0 0 0
4 426,695 29,859 -11,287 -3,556 0 0 0 0
5 415,408 32,619 -11,381 -3,462 0 0 0 0
6 404,027 26,696 -11,476 -3,367 0 0 0 0
7 392,551 12,289 -11,572 -3,271 -2,554 0 0 0
8 380,979 9,341 -11,668 -3,175 -5,502 0 0 0
9 369,311 31,009 -11,765 -3,078 0 0 0 0
10 357,546 24,807 -11,863 -2,980 0 0 0 0
11 345,683 19,417 -11,962 -2,881 0 0 0 0
12 333,720 32,079 -12,062 -2,781 0 0 0 0
13 321,658 19,010 -12,162 -2,680 0 0 0 0
14 309,496 16,733 -12,264 -2,579 0 0 0 0
15 297,232 25,131 -12,366 -2,477 0 0 0 0
16 284,866 24,381 -12,469 -2,374 0 0 0 0
17 272,397 26,623 -12,573 -2,270 0 0 0 0
18 259,824 21,884 -12,678 -2,165 0 0 0 0
19 247,147 10,054 -12,783 -2,060 -4,789 0 0 0
20 234,363 7,633 -12,890 -1,953 -7,210 0 0 0
21 221,473 25,338 -12,997 -1,846 0 0 0 0
22 208,476 20,295 -13,106 -1,737 0 0 0 0
23 195,371 15,890 -13,215 -1,628 0 0 0 0
24 182,156 26,229 -13,325 -1,518 0 0 0 0
25 168,831 15,558 -13,436 -1,407 0 155,395 0 155,395
26 0 13,806 0 0 0 0 0 0
27 0 20,615 0 0 0 0 0 0
28 0 20,031 0 0 0 0 0 0
29 0 21,863 0 0 0 0 0 0
30 0 18,040 0 0 0 0 0 0
31 0 8,274 0 0 0 0 0 0
32 0 6,276 0 0 0 0 0 0
33 0 20,829 0 0 0 0 0 0
Confidencial
68 of 78
34 0 16,700 0 0 0 0 0 0
35 0 13,079 0 0 0 0 0 0
36 0 21,572 0 0 0 0 0 0
Confidencial
69 of 78
Cash Balance Loan Balance Lender's CF
0 460,000 -460,000
8,544 448,990 14,843
14,091 437,889 14,843
30,080 426,695 14,843
45,096 415,408 14,843
62,872 404,027 14,843
74,726 392,551 14,843
72,172 380,979 14,843
66,670 369,311 14,843
82,836 357,546 14,843
92,800 345,683 14,843
97,374 333,720 14,843
114,610 321,658 14,843
118,777 309,496 14,843
120,667 297,232 14,843
130,955 284,866 14,843
140,493 272,397 14,843
152,273 259,824 14,843
159,314 247,147 14,843
154,526 234,363 14,843
147,316 221,473 14,843
157,811 208,476 14,843
163,263 195,371 14,843
164,311 182,156 14,843
175,696 168,831 14,843
21,016 0 170,238
34,822 0 0
55,437 0 0
75,468 0 0
97,331 0 0
115,371 0 0
123,645 0 0
129,921 0 0
150,750 0 0
Confidencial
70 of 78
167,450 0 0
180,529 0 0
202,101 0 0
Confidencial
71 of 78
Debt Financing: Interest only and Discretionary payment
Principal 460,000
Interest 10.0% 0.8%
Loan Term -
Provisitions 0
DSCR Buffer 2.0x
Month Loan Balance CF from Dist Principal Interest CF Breach Loan Cancelation Discr. payment Loan Payment
0
1 460,000 23,386 0 -3,833 0 0 19,553 19,553
2 440,447 20,391 0 -3,670 0 0 16,720 16,720
3 423,727 30,831 0 -3,531 0 0 27,300 27,300
4 396,426 29,859 0 -3,304 0 0 26,556 26,556
5 369,870 32,619 0 -3,082 0 0 29,537 29,537
6 340,334 26,696 0 -2,836 0 0 23,860 23,860
7 316,473 12,289 0 -2,637 0 0 9,652 9,652
8 306,822 9,341 0 -2,557 0 0 6,784 6,784
9 300,038 31,009 0 -2,500 0 0 28,508 28,508
10 271,529 24,807 0 -2,263 0 0 22,545 22,545
11 248,985 19,417 0 -2,075 0 0 17,342 17,342
12 231,642 32,079 0 -1,930 0 0 30,148 30,148
13 201,494 19,010 0 -1,679 0 0 17,331 17,331
14 184,163 16,733 0 -1,535 0 0 15,198 15,198
15 168,965 25,131 0 -1,408 0 0 23,723 23,723
16 145,243 24,381 0 -1,210 0 0 23,171 23,171
17 122,072 26,623 0 -1,017 0 0 25,605 25,605
18 96,466 21,884 0 -804 0 0 21,080 21,080
19 75,386 10,054 0 -628 0 0 9,426 9,426
20 65,960 7,633 0 -550 0 0 7,084 7,084
21 58,876 25,338 0 -491 0 0 24,848 24,848
22 34,028 20,295 0 -284 0 0 20,011 20,011
23 14,017 15,890 0 -117 0 14,017 15,773 14,017
24 0 26,229 0 0 0 0 0 0
25 0 15,558 0 0 0 0 0 0
26 0 13,806 0 0 0 0 0 0
27 0 20,615 0 0 0 0 0 0
28 0 20,031 0 0 0 0 0 0
29 0 21,863 0 0 0 0 0 0
30 0 18,040 0 0 0 0 0 0
31 0 8,274 0 0 0 0 0 0
32 0 6,276 0 0 0 0 0 0
33 0 20,829 0 0 0 0 0 0
Confidencial
72 of 78
34 0 16,700 0 0 0 0 0 0
35 0 13,079 0 0 0 0 0 0
36 0 21,572 0 0 0 0 0 0
Confidencial
73 of 78
Cash Balance Loan Balance Lender's CF
0 460,000 -460,000
0 440,447 23,386
0 423,727 20,391
0 396,426 30,831
0 369,870 29,859
0 340,334 32,619
0 316,473 26,696
0 306,822 12,289
0 300,038 9,341
0 271,529 31,009
0 248,985 24,807
0 231,642 19,417
0 201,494 32,079
0 184,163 19,010
0 168,965 16,733
0 145,243 25,131
0 122,072 24,381
0 96,466 26,623
0 75,386 21,884
0 65,960 10,054
0 58,876 7,633
0 34,028 25,338
0 14,017 20,295
1,756 0 14,134
27,985 0 0
43,542 0 0
57,348 0 0
77,963 0 0
97,994 0 0
119,857 0 0
137,897 0 0
146,171 0 0
152,447 0 0
173,276 0 0
Confidencial
74 of 78
189,976 0 0
203,055 0 0
224,627 0 0
Confidencial
75 of 78
Debt Financing: Interest only and Loan cancelation
Principal 460,000
Interest 10.0% 0.8%
Loan Term -
Provisitions
DSCR Buffer 2.0x
Month Loan Balance CF from Dist Principal Interest CF Breach Loan Cancelation Baloon Loan Payment
0
1 460,000 23,386 0 -3,833 0 0 0 0
2 460,000 20,391 0 -3,833 0 0 0 0
3 460,000 30,831 0 -3,833 0 0 0 0
4 460,000 29,859 0 -3,833 0 0 0 0
5 460,000 32,619 0 -3,833 0 0 0 0
6 460,000 26,696 0 -3,833 0 0 0 0
7 460,000 12,289 0 -3,833 0 0 0 0
8 460,000 9,341 0 -3,833 0 0 0 0
9 460,000 31,009 0 -3,833 0 0 0 0
10 460,000 24,807 0 -3,833 0 0 0 0
11 460,000 19,417 0 -3,833 0 0 0 0
12 460,000 32,079 0 -3,833 0 0 0 0
13 460,000 19,010 0 -3,833 0 0 0 0
14 460,000 16,733 0 -3,833 0 0 0 0
15 460,000 25,131 0 -3,833 0 0 0 0
16 460,000 24,381 0 -3,833 0 0 0 0
17 460,000 26,623 0 -3,833 0 0 0 0
18 460,000 21,884 0 -3,833 0 0 0 0
19 460,000 10,054 0 -3,833 0 0 0 0
20 460,000 7,633 0 -3,833 0 0 0 0
21 460,000 25,338 0 -3,833 0 0 0 0
22 460,000 20,295 0 -3,833 0 0 0 0
23 460,000 15,890 0 -3,833 0 0 0 0
24 460,000 26,229 0 -3,833 0 0 0 0
25 460,000 15,558 0 -3,833 0 0 0 0
26 460,000 13,806 0 -3,833 0 0 0 0
27 460,000 20,615 0 -3,833 0 460,000 0 460,000
28 0 20,031 0 0 0 0 0 0
29 0 21,863 0 0 0 0 0 0
30 0 18,040 0 0 0 0 0 0
31 0 8,274 0 0 0 0 0 0
32 0 6,276 0 0 0 0 0 0
33 0 20,829 0 0 0 0 0 0
Confidencial
76 of 78
34 0 16,700 0 0 0 0 0 0
35 0 13,079 0 0 0 0 0 0
36 0 21,572 0 0 0 0 0 0
Confidencial
77 of 78
Cash Balance Loan Balance Lender's CF
0 460,000 -460,000
19,553 460,000 3,833
36,110 460,000 3,833
63,109 460,000 3,833
89,135 460,000 3,833
117,920 460,000 3,833
140,783 460,000 3,833
149,239 460,000 3,833
154,746 460,000 3,833
181,922 460,000 3,833
202,896 460,000 3,833
218,480 460,000 3,833
246,725 460,000 3,833
261,902 460,000 3,833
274,801 460,000 3,833
296,098 460,000 3,833
316,646 460,000 3,833
339,436 460,000 3,833
357,486 460,000 3,833
363,707 460,000 3,833
367,507 460,000 3,833
389,013 460,000 3,833
405,474 460,000 3,833
417,531 460,000 3,833
439,926 460,000 3,833
451,650 460,000 3,833
461,623 460,000 3,833
18,405 0 463,833
38,435 0 0
60,299 0 0
78,339 0 0
86,613 0 0
92,888 0 0
113,718 0 0
Confidencial
78 of 78
130,417 0 0
143,497 0 0
165,068 0 0