Contract
Exhibit 99.3
| A. |
Item 4. Description of the due diligence performed
|
Certification of Services Performed
Reference is made to that certain proposed Loan Agreement (the “Loan Agreement”), by and between RM1 SFR
PROPCO A, L.P., a Delaware limited partnership (the “Borrower”), and XXXXXX XXXXXXX MORTGAGE CAPITAL HOLDINGS LLC, a New York limited liability company.
SingleSource Diligence Solutions, LLC (“SingleSource”) has been retained by RM1 SFR Holdings I, L.P. (“Client”).
| 1. |
I do hereby certify to the Borrower and Client, to the best of my knowledge and belief, that SingleSource has completed the services ordered by Client under the Scope of Work Agreement dated January 25, 2022,
between SingleSource and Client, in connection with the borrowing of the loan pursuant to the Loan Agreement for the Properties contained in the electronic file titled, “FKH 2022-SFRA” (the “Properties”). Furthermore:
|
| 1. |
SingleSource has reviewed the BPO value for each Property and has provided a value reconciliation and/or value rebuttal based on market value analysis of the subject Property as fee simple basis unencumbered with
market value defined as the most probable price the subject property would sell for in an open market excluding undue influence (such process, “Value Reconciliation”). Such Value Reconciliation is
contained in Schedule A attached hereto.
|
| 2. |
The Value Reconciliation includes (i) confirmation of subject consistency by comparing photos; (ii) comparison of the property characteristics between reports; (iii) review of sales across report(s) with regards to
proximity, age, design, etc.; (iv) opinion as to the quality of the client supplied Broker Price Opinion; (v) review of data including Sitex, County Public Records, RealQuest, Xxxxxxx.xxx and/or Google Earth; (vi) market trend including
foreclosures; (vii) identification of external influences; and (viii) an analysis of the Broker Price Opinion report with a conclusion of value.
|
[SIGNATURE FOLLOWS ON NEXT PAGE]
SingleSource Diligence Solutions, LLC
| /s/ Xxxx Xxxxxx |
02/04/2022 |
|
(Signature)
|
(Date)
|
Print Name: Xxxx Xxxxxx
Title: SSDS Managing Director
| B. |
Item 5. Summary of findings and conclusions of review
|
Schedule A
Value Reconciliation
|
Property ID
|
Valuation Type
|
Valuation 1 Value
|
Valuation 1 Date
|
Reconciled Value
|
Reconciled Value Date
|
|
29709101
|
BPO
|
$165,000
|
1/5/2022
|
$155,000
|
1/31/2022
|
|
61279102
|
BPO
|
$170,000
|
1/5/2022
|
$170,000
|
1/31/2022
|
|
69179101
|
BPO
|
$225,000
|
1/5/2022
|
$240,000
|
1/31/2022
|
|
42739101
|
BPO
|
$189,000
|
1/6/2022
|
$189,000
|
1/31/2022
|
|
31769102
|
BPO
|
$190,000
|
1/5/2022
|
$190,000
|
1/31/2022
|
|
63269101
|
BPO
|
$168,000
|
1/5/2022
|
$168,000
|
1/31/2022
|
|
65829101
|
BPO
|
$183,000
|
1/6/2022
|
$183,000
|
1/31/2022
|
|
30459101
|
BPO
|
$224,000
|
1/5/2022
|
$224,000
|
1/29/2022
|
|
21098602
|
BPO
|
$155,000
|
1/5/2022
|
$165,000
|
1/29/2022
|
|
65288601
|
BPO
|
$235,000
|
1/5/2022
|
$235,000
|
2/1/2022
|
|
81169402
|
BPO
|
$200,000
|
1/6/2022
|
$200,000
|
1/30/2022
|
|
23449101
|
BPO
|
$237,000
|
1/6/2022
|
$237,000
|
1/31/2022
|
|
23228501
|
BPO
|
$194,900
|
1/6/2022
|
$194,900
|
2/1/2022
|
|
17319101
|
BPO
|
$245,000
|
1/6/2022
|
$245,000
|
1/31/2022
|
|
58129101
|
BPO
|
$240,000
|
1/10/2022
|
$240,000
|
1/31/2022
|
|
29168601
|
BPO
|
$307,000
|
1/5/2022
|
$290,000
|
1/31/2022
|
|
36059102
|
BPO
|
$255,000
|
1/5/2022
|
$255,000
|
1/30/2022
|
|
33169101
|
BPO
|
$280,000
|
1/8/2022
|
$280,000
|
1/31/2022
|
|
37829101
|
BPO
|
$255,000
|
1/5/2022
|
$262,000
|
1/30/2022
|
|
66118701
|
BPO
|
$250,900
|
1/5/2022
|
$250,900
|
2/1/2022
|
|
58549601
|
BPO
|
$235,000
|
1/7/2022
|
$235,000
|
2/1/2022
|
|
90139102
|
BPO
|
$230,000
|
1/9/2022
|
$230,000
|
1/31/2022
|
|
16218705
|
BPO
|
$237,000
|
1/5/2022
|
$253,000
|
1/29/2022
|
|
46778801
|
BPO
|
$268,000
|
1/6/2022
|
$268,000
|
1/28/2022
|
|
85359401
|
BPO
|
$225,000
|
1/5/2022
|
$225,000
|
1/31/2022
|
|
98828301
|
BPO
|
$239,000
|
1/5/2022
|
$239,000
|
1/29/2022
|
|
14309101
|
BPO
|
$219,100
|
1/6/2022
|
$219,000
|
1/31/2022
|
|
90568701
|
BPO
|
$236,000
|
1/7/2022
|
$236,000
|
1/28/2022
|
|
58078602
|
BPO
|
$228,000
|
1/6/2022
|
$228,000
|
1/31/2022
|
|
97777601
|
BPO
|
$245,000
|
1/6/2022
|
$245,000
|
1/31/2022
|
|
95389701
|
BPO
|
$240,000
|
1/6/2022
|
$240,000
|
1/31/2022
|
|
20598301
|
BPO
|
$250,000
|
1/5/2022
|
$250,000
|
1/29/2022
|
|
91558602
|
BPO
|
$260,000
|
1/6/2022
|
$255,000
|
1/29/2022
|
|
91108607
|
BPO
|
$255,000
|
1/6/2022
|
$255,000
|
1/29/2022
|
|
29268301
|
BPO
|
$270,000
|
1/5/2022
|
$270,000
|
2/1/2022
|
|
79509401
|
BPO
|
$250,000
|
1/7/2022
|
$250,000
|
2/1/2022
|
|
58358701
|
BPO
|
$270,000
|
1/5/2022
|
$270,000
|
2/1/2022
|
|
40939701
|
BPO
|
$218,000
|
1/6/2022
|
$218,000
|
2/1/2022
|
|
94869101
|
BPO
|
$320,000
|
1/5/2022
|
$320,000
|
1/29/2022
|
|
92159106
|
BPO
|
$370,000
|
1/6/2022
|
$370,000
|
1/31/2022
|
|
91518604
|
BPO
|
$270,000
|
1/5/2022
|
$270,000
|
1/29/2022
|
|
94088302
|
BPO
|
$246,000
|
1/5/2022
|
$246,000
|
2/1/2022
|
|
93057603
|
BPO
|
$252,000
|
1/6/2022
|
$252,000
|
2/1/2022
|
|
99258403
|
BPO
|
$280,000
|
1/5/2022
|
$290,000
|
1/28/2022
|
|
10218501
|
BPO
|
$256,000
|
1/5/2022
|
$256,000
|
1/31/2022
|
|
64288201
|
BPO
|
$260,000
|
1/5/2022
|
$260,000
|
1/31/2022
|
|
16099802
|
BPO
|
$270,000
|
1/6/2022
|
$270,000
|
1/28/2022
|
|
12039606
|
BPO
|
$295,000
|
1/5/2022
|
$295,000
|
1/31/2022
|
|
81147901
|
BPO
|
$270,000
|
1/5/2022
|
$270,000
|
1/31/2022
|
|
56737901
|
BPO
|
$269,000
|
1/6/2022
|
$269,000
|
1/31/2022
|
|
30327901
|
BPO
|
$275,000
|
1/6/2022
|
$275,000
|
1/31/2022
|
|
20939101
|
BPO
|
$255,000
|
1/5/2022
|
$255,000
|
1/30/2022
|
|
91088608
|
BPO
|
$278,000
|
1/6/2022
|
$278,000
|
1/31/2022
|
|
90159605
|
BPO
|
$281,000
|
1/7/2022
|
$281,000
|
1/31/2022
|
|
23658101
|
BPO
|
$257,000
|
1/6/2022
|
$270,000
|
2/1/2022
|
|
13018604
|
BPO
|
$274,000
|
1/6/2022
|
$274,000
|
1/31/2022
|
|
40529102
|
BPO
|
$269,900
|
1/6/2022
|
$274,000
|
1/29/2022
|
|
10038502
|
BPO
|
$297,000
|
1/5/2022
|
$297,000
|
1/29/2022
|
|
93058801
|
BPO
|
$268,000
|
1/5/2022
|
$275,000
|
1/29/2022
|
|
99598301
|
BPO
|
$290,000
|
1/6/2022
|
$283,000
|
1/29/2022
|
|
92569102
|
BPO
|
$262,000
|
1/6/2022
|
$267,000
|
1/29/2022
|
|
10808201
|
BPO
|
$330,000
|
1/5/2022
|
$346,000
|
2/1/2022
|
|
11218703
|
BPO
|
$258,023
|
1/5/2022
|
$258,023
|
1/31/2022
|
|
99229401
|
BPO
|
$285,000
|
1/6/2022
|
$285,000
|
1/31/2022
|
|
19639101
|
BPO
|
$294,000
|
1/5/2022
|
$294,000
|
1/31/2022
|
|
90459110
|
BPO
|
$264,623
|
1/6/2022
|
$300,000
|
1/31/2022
|
|
14059602
|
BPO
|
$288,000
|
1/5/2022
|
$288,000
|
1/28/2022
|
|
37658601
|
BPO
|
$268,000
|
1/5/2022
|
$268,000
|
1/31/2022
|
|
10708601
|
BPO
|
$250,000
|
1/6/2022
|
$250,000
|
1/29/2022
|
|
22338702
|
BPO
|
$278,000
|
1/5/2022
|
$278,000
|
1/31/2022
|
|
11728502
|
BPO
|
$312,900
|
1/5/2022
|
$312,900
|
1/28/2022
|
|
10138802
|
BPO
|
$310,000
|
1/6/2022
|
$315,000
|
1/30/2022
|
|
11099802
|
BPO
|
$311,000
|
1/6/2022
|
$311,000
|
2/1/2022
|
|
95028501
|
BPO
|
$277,000
|
1/6/2022
|
$277,000
|
1/30/2022
|
|
55188501
|
BPO
|
$291,900
|
1/5/2022
|
$310,000
|
1/30/2022
|
|
57199801
|
BPO
|
$310,000
|
1/5/2022
|
$310,000
|
2/1/2022
|
|
90399102
|
BPO
|
$290,723
|
1/6/2022
|
$290,723
|
1/29/2022
|
|
10309804
|
BPO
|
$366,000
|
1/9/2022
|
$351,000
|
2/1/2022
|
|
10318803
|
BPO
|
$315,000
|
1/5/2022
|
$315,000
|
1/31/2022
|
|
42428101
|
BPO
|
$283,000
|
1/6/2022
|
$297,000
|
1/29/2022
|
|
11048801
|
BPO
|
$297,000
|
1/5/2022
|
$297,000
|
1/31/2022
|
|
94519101
|
BPO
|
$334,620
|
1/6/2022
|
$334,620
|
1/31/2022
|
|
14729101
|
BPO
|
$280,000
|
1/5/2022
|
$290,000
|
1/30/2022
|
|
56279001
|
BPO
|
$305,000
|
1/5/2022
|
$305,000
|
1/29/2022
|
|
14328202
|
BPO
|
$324,000
|
1/5/2022
|
$315,000
|
1/30/2022
|
|
15069601
|
BPO
|
$325,500
|
1/5/2022
|
$325,500
|
1/28/2022
|
|
35058601
|
BPO
|
$326,000
|
1/6/2022
|
$345,000
|
1/28/2022
|
|
12509401
|
BPO
|
$310,000
|
1/5/2022
|
$310,000
|
2/1/2022
|
|
67059802
|
BPO
|
$315,000
|
1/5/2022
|
$315,000
|
2/1/2022
|
|
91698302
|
BPO
|
$325,000
|
1/5/2022
|
$325,000
|
1/31/2022
|
|
61108601
|
BPO
|
$330,000
|
1/6/2022
|
$330,000
|
1/29/2022
|
|
13238302
|
BPO
|
$300,000
|
1/6/2022
|
$314,000
|
1/30/2022
|
|
34248101
|
BPO
|
$295,000
|
1/6/2022
|
$295,000
|
1/29/2022
|
|
18288602
|
BPO
|
$328,000
|
1/6/2022
|
$345,000
|
1/30/2022
|
|
14118708
|
BPO
|
$349,000
|
1/7/2022
|
$349,000
|
1/28/2022
|
|
77187701
|
BPO
|
$325,000
|
1/5/2022
|
$318,000
|
1/29/2022
|
|
78078801
|
BPO
|
$360,000
|
1/5/2022
|
$360,000
|
1/28/2022
|
|
13209803
|
BPO
|
$374,000
|
1/7/2022
|
$374,000
|
2/1/2022
|
|
90419103
|
BPO
|
$310,000
|
1/5/2022
|
$310,000
|
1/29/2022
|
|
25298801
|
BPO
|
$318,423
|
1/5/2022
|
$318,423
|
1/28/2022
|
|
77018802
|
BPO
|
$356,000
|
1/5/2022
|
$325,000
|
1/29/2022
|
|
20719101
|
BPO
|
$359,000
|
1/12/2022
|
$359,000
|
1/31/2022
|
|
17848101
|
BPO
|
$300,000
|
1/6/2022
|
$300,000
|
1/29/2022
|
|
99018803
|
BPO
|
$365,000
|
1/6/2022
|
$375,000
|
1/31/2022
|
|
37048803
|
BPO
|
$380,000
|
1/5/2022
|
$380,000
|
1/31/2022
|
|
18038601
|
BPO
|
$352,000
|
1/7/2022
|
$352,000
|
1/31/2022
|
|
90577901
|
BPO
|
$368,000
|
1/6/2022
|
$368,000
|
1/30/2022
|
|
15859101
|
BPO
|
$331,700
|
1/5/2022
|
$332,000
|
1/29/2022
|
|
13289102
|
BPO
|
$350,000
|
1/6/2022
|
$355,000
|
1/31/2022
|
|
38328101
|
BPO
|
$345,000
|
1/6/2022
|
$345,000
|
1/29/2022
|
|
33109102
|
BPO
|
$325,000
|
1/6/2022
|
$335,000
|
1/29/2022
|
|
63679401
|
BPO
|
$326,500
|
1/6/2022
|
$340,000
|
1/31/2022
|
|
99719501
|
BPO
|
$338,000
|
1/6/2022
|
$338,000
|
1/31/2022
|
|
93057401
|
BPO
|
$355,000
|
1/6/2022
|
$355,000
|
1/31/2022
|
|
11759103
|
BPO
|
$344,000
|
1/6/2022
|
$351,000
|
1/31/2022
|
|
12308605
|
BPO
|
$315,000
|
1/5/2022
|
$315,000
|
1/29/2022
|
|
59267401
|
BPO
|
$380,000
|
1/6/2022
|
$380,000
|
2/1/2022
|
|
30518201
|
BPO
|
$384,000
|
1/5/2022
|
$396,000
|
2/1/2022
|
|
49358301
|
BPO
|
$379,000
|
1/5/2022
|
$360,000
|
1/30/2022
|
|
33167401
|
BPO
|
$355,000
|
1/6/2022
|
$355,000
|
1/31/2022
|
|
13018501
|
BPO
|
$373,900
|
1/5/2022
|
$373,900
|
1/29/2022
|
|
95208803
|
BPO
|
$370,000
|
1/5/2022
|
$370,000
|
1/28/2022
|
|
10409104
|
BPO
|
$350,000
|
1/6/2022
|
$350,000
|
1/31/2022
|
|
47158601
|
BPO
|
$368,000
|
1/6/2022
|
$368,000
|
1/31/2022
|
|
12618603
|
BPO
|
$350,000
|
1/6/2022
|
$369,000
|
1/31/2022
|
|
91999102
|
BPO
|
$345,900
|
1/7/2022
|
$346,000
|
1/31/2022
|
|
16128103
|
BPO
|
$425,000
|
1/5/2022
|
$386,000
|
1/29/2022
|
|
22428701
|
BPO
|
$355,000
|
1/7/2022
|
$355,000
|
1/29/2022
|
|
14648803
|
BPO
|
$356,000
|
1/5/2022
|
$385,000
|
1/28/2022
|
|
84297701
|
BPO
|
$337,000
|
1/5/2022
|
$337,000
|
1/30/2022
|
|
15408201
|
BPO
|
$385,000
|
1/6/2022
|
$385,000
|
1/29/2022
|
|
91039306
|
BPO
|
$400,000
|
1/6/2022
|
$400,000
|
1/31/2022
|
|
16648301
|
BPO
|
$410,000
|
1/6/2022
|
$410,000
|
2/1/2022
|
|
40467701
|
BPO
|
$352,000
|
1/7/2022
|
$352,000
|
1/31/2022
|
|
38418602
|
BPO
|
$370,000
|
1/5/2022
|
$370,000
|
1/31/2022
|
|
11027703
|
BPO
|
$415,000
|
1/5/2022
|
$415,000
|
1/29/2022
|
|
41338602
|
BPO
|
$375,000
|
1/6/2022
|
$388,000
|
1/28/2022
|
|
61018701
|
BPO
|
$363,000
|
1/5/2022
|
$363,000
|
1/30/2022
|
|
92468001
|
BPO
|
$345,000
|
1/5/2022
|
$358,000
|
1/29/2022
|
|
97259102
|
BPO
|
$375,000
|
1/5/2022
|
$382,000
|
1/31/2022
|
|
94027703
|
BPO
|
$350,000
|
1/5/2022
|
$350,000
|
1/29/2022
|
|
18538301
|
BPO
|
$389,000
|
1/5/2022
|
$389,000
|
1/31/2022
|
|
62708001
|
BPO
|
$350,000
|
1/6/2022
|
$360,000
|
1/30/2022
|
|
95858302
|
BPO
|
$380,000
|
1/5/2022
|
$380,000
|
2/1/2022
|
|
37207702
|
BPO
|
$375,000
|
1/5/2022
|
$375,000
|
1/31/2022
|
|
53187401
|
BPO
|
$410,000
|
1/5/2022
|
$400,000
|
1/29/2022
|
|
37139101
|
BPO
|
$374,000
|
1/6/2022
|
$374,000
|
1/30/2022
|
|
29037703
|
BPO
|
$400,000
|
1/5/2022
|
$400,000
|
1/30/2022
|
|
97977702
|
BPO
|
$390,000
|
1/6/2022
|
$390,000
|
1/30/2022
|
|
11178601
|
BPO
|
$415,000
|
1/6/2022
|
$415,000
|
1/28/2022
|
|
99408601
|
BPO
|
$382,000
|
1/6/2022
|
$405,000
|
1/31/2022
|
|
95118001
|
BPO
|
$374,800
|
1/5/2022
|
$375,000
|
1/28/2022
|
|
90847402
|
BPO
|
$435,000
|
1/6/2022
|
$435,000
|
1/31/2022
|
|
40248601
|
BPO
|
$305,000
|
1/5/2022
|
$400,000
|
1/29/2022
|
|
42097701
|
BPO
|
$420,000
|
1/5/2022
|
$420,000
|
1/30/2022
|
|
47478301
|
BPO
|
$410,000
|
1/6/2022
|
$385,000
|
2/1/2022
|
|
25018301
|
BPO
|
$450,000
|
1/5/2022
|
$420,000
|
1/29/2022
|
|
98648001
|
BPO
|
$420,000
|
1/6/2022
|
$420,000
|
1/30/2022
|
|
39259103
|
BPO
|
$382,000
|
1/6/2022
|
$420,000
|
1/30/2022
|
|
14209704
|
BPO
|
$415,000
|
1/6/2022
|
$438,000
|
1/30/2022
|
|
29078101
|
BPO
|
$371,000
|
1/5/2022
|
$371,000
|
1/29/2022
|
|
67216901
|
BPO
|
$479,000
|
1/5/2022
|
$460,000
|
1/30/2022
|
|
10128607
|
BPO
|
$429,400
|
1/5/2022
|
$429,400
|
1/29/2022
|
|
51168301
|
BPO
|
$410,000
|
1/6/2022
|
$410,000
|
1/28/2022
|
|
22907702
|
BPO
|
$410,000
|
1/5/2022
|
$410,000
|
1/28/2022
|
|
92409106
|
BPO
|
$525,000
|
1/6/2022
|
$525,000
|
1/31/2022
|
|
38738302
|
BPO
|
$475,000
|
1/6/2022
|
$475,000
|
1/28/2022
|
|
64117701
|
BPO
|
$450,000
|
1/5/2022
|
$450,000
|
1/31/2022
|
|
93078603
|
BPO
|
$458,000
|
1/6/2022
|
$458,000
|
1/31/2022
|
|
74098001
|
BPO
|
$460,000
|
1/5/2022
|
$460,000
|
1/29/2022
|
|
12458301
|
BPO
|
$535,000
|
1/5/2022
|
$470,000
|
1/28/2022
|
|
18217702
|
BPO
|
$500,000
|
1/5/2022
|
$470,000
|
1/30/2022
|
|
17777702
|
BPO
|
$487,000
|
1/5/2022
|
$487,000
|
1/29/2022
|
|
91627702
|
BPO
|
$479,100
|
1/5/2022
|
$495,000
|
1/30/2022
|
|
94838301
|
BPO
|
$495,000
|
1/6/2022
|
$455,000
|
2/1/2022
|
|
91329703
|
BPO
|
$500,000
|
1/6/2022
|
$500,000
|
1/28/2022
|
|
13807708
|
BPO
|
$488,000
|
1/6/2022
|
$495,000
|
1/30/2022
|
|
16298101
|
BPO
|
$452,000
|
1/5/2022
|
$452,000
|
1/28/2022
|
|
23017701
|
BPO
|
$455,000
|
1/5/2022
|
$470,000
|
1/29/2022
|
|
15908602
|
BPO
|
$530,000
|
1/6/2022
|
$540,000
|
1/28/2022
|
