Contract
Exhibit 99.3
| A. | Item 4. Description of the due diligence performed |
Certification of Services Performed
Reference is made to that certain Loan Agreement (the “Loan Agreement”), to be entered into by and among Bridge SFR IV Borrower I LLC and Bridge SFR IV Seed Borrower LLC (“Borrowers”), and Royal Bank of Canada (“Client”). XxxxxXxxxxxx.xxx, Inc. (“Clear Capital”) has been retained by Client. Capitalized terms used herein without definition have the respective meanings ascribed thereto in the Loan Agreement.
I do hereby certify to Borrowers and Client, to the best of my knowledge and belief, that Clear Capital has completed the services ordered by Client under that certain Contract for Property Valuations and Other Services, dated as of September 29, 2021, by and between Clear Capital and Client, in connection with the borrowing of the loan pursuant to the Loan Agreement for the properties (the “Properties” and each, a “Property”) contained in the data tape entitled “Bridge 2024-SFR1 .xlsx” dated as of May 31, 2024. Furthermore:
| 1. | Clear Capital 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. | A Value Reconciliation product is a value reconciliation of one Broker Price Opinion, provided to Clear Capital by the Client. The scope for the review includes address verification by matching the customer supplied address to the address on the BPO provided and to verify that address is valid based on comparison with the USPS database. A 3rd party licensed or certified appraiser is engaged on an independent contractor basis to review the comparable data provided within the BPO and research supplemental data sources to judge whether, in the appraiser’s opinion, the comparables provided in the BPO are relevant and the most comparable sales and/or listings available in the subject’s market. The appraiser concludes their own independent assessment of value based on the data in the BPO combined with the external data sources. The Value Reconciliation product reflects a professional estimate of value of the subject property by a licensed appraiser working as an independent contractor of Clear Capital, but is not intended as any guarantee of value, characteristics or condition and should not be relied on as such. |
| 3. | 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]
XxxxxXxxxxxx.xxx, Inc.
By: /s/ Xxxxx Xxxxxx
Name: Xxxxx Xxxxxx
Title: CAO
Date: July 3, 2024
| B. | Item 5. Summary of findings and conclusions of review |
Schedule A – Value Reconciliation
| Loan Number | Valuation Type | Valuation 1 Value | Valuation 1 Date | Reconciled Value | Reconciled Value Date |
|
44071 |
BPO |
295,000 |
5/31/2024 |
225,000 |
6/26/2024 |
|
CHAR0127 |
BPO |
339,000 |
5/31/2024 |
270,000 |
6/26/2024 |
|
120534 |
BPO |
275,000 |
6/1/2024 |
245,000 |
6/26/2024 |
|
121671 |
BPO |
250,000 |
5/30/2024 |
225,000 |
6/26/2024 |
|
ACQU0145 |
BPO |
320,000 |
5/31/2024 |
289,000 |
6/26/2024 |
|
44029 |
BPO |
280,000 |
5/31/2024 |
255,000 |
6/26/2024 |
|
55508 |
BPO |
285,000 |
5/30/2024 |
280,000 |
6/26/2024 |
|
120308 |
BPO |
344,000 |
5/30/2024 |
340,000 |
6/26/2024 |
|
INDI0028 |
BPO |
281,000 |
6/5/2024 |
280,000 |
6/26/2024 |
|
12850 |
BPO |
300,000 |
5/30/2024 |
300,000 |
6/26/2024 |
|
20576 |
BPO |
325,000 |
5/31/2024 |
325,000 |
6/26/2024 |
|
21654 |
BPO |
340,000 |
5/31/2024 |
340,000 |
6/26/2024 |
|
39166 |
BPO |
280,000 |
5/30/2024 |
280,000 |
6/26/2024 |
|
39168 |
BPO |
320,000 |
5/31/2024 |
320,000 |
6/26/2024 |
|
41797 |
BPO |
175,000 |
5/30/2024 |
175,000 |
6/26/2024 |
|
41898 |
BPO |
215,000 |
5/31/2024 |
215,000 |
6/26/2024 |
|
43041 |
BPO |
250,000 |
5/30/2024 |
250,000 |
6/26/2024 |
|
43300 |
BPO |
390,000 |
5/31/2024 |
390,000 |
6/26/2024 |
|
53223 |
BPO |
205,000 |
5/31/2024 |
205,000 |
6/26/2024 |
| Loan Number | Valuation Type | Valuation 1 Value | Valuation 1 Date | Reconciled Value | Reconciled Value Date |
|
53518 |
BPO |
355,000 |
5/31/2024 |
355,000 |
6/26/2024 |
|
53535 |
BPO |
225,500 |
5/31/2024 |
225,500 |
6/26/2024 |
|
54331 |
BPO |
223,000 |
5/31/2024 |
223,000 |
6/26/2024 |
|
54647 |
BPO |
256,000 |
5/31/2024 |
256,000 |
6/28/2024 |
|
54784 |
BPO |
375,000 |
5/31/2024 |
375,000 |
6/26/2024 |
|
58649 |
BPO |
230,000 |
5/31/2024 |
230,000 |
6/26/2024 |
|
58686 |
BPO |
230,000 |
5/31/2024 |
230,000 |
6/26/2024 |
|
59958 |
BPO |
241,000 |
5/30/2024 |
241,000 |
6/26/2024 |
|
66469 |
BPO |
312,000 |
5/30/2024 |
312,000 |
6/26/2024 |
|
86704 |
BPO |
200,000 |
5/31/2024 |
200,000 |
6/26/2024 |
|
91400 |
BPO |
585,900 |
6/1/2024 |
585,900 |
6/26/2024 |
|
95133 |
BPO |
221,000 |
5/30/2024 |
221,000 |
6/26/2024 |
|
100431 |
BPO |
238,000 |
5/31/2024 |
238,000 |
6/26/2024 |
|
118340 |
BPO |
309,000 |
5/31/2024 |
309,000 |
6/26/2024 |
|
119395 |
BPO |
292,000 |
5/31/2024 |
292,000 |
6/26/2024 |
|
119967 |
BPO |
280,000 |
5/31/2024 |
280,000 |
6/26/2024 |
|
119998 |
BPO |
230,000 |
5/31/2024 |
230,000 |
6/26/2024 |
|
120749 |
BPO |
303,000 |
5/31/2024 |
303,000 |
6/26/2024 |
|
120750 |
BPO |
300,000 |
5/30/2024 |
300,000 |
6/26/2024 |
|
120761 |
BPO |
370,000 |
5/31/2024 |
370,000 |
6/26/2024 |
|
121136 |
BPO |
430,000 |
5/30/2024 |
430,000 |
6/26/2024 |
|
121186 |
BPO |
280,000 |
5/31/2024 |
280,000 |
6/26/2024 |
|
122034 |
BPO |
390,000 |
5/30/2024 |
390,000 |
6/26/2024 |
| Loan Number | Valuation Type | Valuation 1 Value | Valuation 1 Date | Reconciled Value | Reconciled Value Date |
|
122464 |
BPO |
390,000 |
5/31/2024 |
390,000 |
6/26/2024 |
|
122477 |
BPO |
238,000 |
5/30/2024 |
238,000 |
6/26/2024 |
|
122516 |
BPO |
330,000 |
5/31/2024 |
330,000 |
6/26/2024 |
|
122588 |
BPO |
350,000 |
5/31/2024 |
350,000 |
6/26/2024 |
|
122600 |
BPO |
315,000 |
5/30/2024 |
315,000 |
6/26/2024 |
|
122658 |
BPO |
412,000 |
6/1/2024 |
412,000 |
6/26/2024 |
|
122705 |
BPO |
365,000 |
5/30/2024 |
365,000 |
6/26/2024 |
|
122791 |
BPO |
337,000 |
5/30/2024 |
337,000 |
6/26/2024 |
|
122792 |
BPO |
395,000 |
5/31/2024 |
395,000 |
6/26/2024 |
|
122793 |
BPO |
315,000 |
5/30/2024 |
315,000 |
6/26/2024 |
|
124248 |
BPO |
260,000 |
5/31/2024 |
260,000 |
6/26/2024 |
|
124263 |
BPO |
340,000 |
5/30/2024 |
340,000 |
6/26/2024 |
|
124269 |
BPO |
300,000 |
5/30/2024 |
300,000 |
6/26/2024 |
|
124280 |
BPO |
253,000 |
5/31/2024 |
253,000 |
6/26/2024 |
|
124313 |
BPO |
305,000 |
5/31/2024 |
305,000 |
6/26/2024 |
|
124340 |
BPO |
385,900 |
5/31/2024 |
385,900 |
6/26/2024 |
|
124364 |
BPO |
271,000 |
5/31/2024 |
271,000 |
6/26/2024 |
|
124368 |
BPO |
235,000 |
5/30/2024 |
235,000 |
6/26/2024 |
|
124372 |
BPO |
205,000 |
5/30/2024 |
205,000 |
6/26/2024 |
|
124385 |
BPO |
270,000 |
5/31/2024 |
270,000 |
6/26/2024 |
|
124388 |
BPO |
214,000 |
5/31/2024 |
214,000 |
6/26/2024 |
|
124389 |
BPO |
169,000 |
5/30/2024 |
169,000 |
6/26/2024 |
|
140892 |
BPO |
287,500 |
6/1/2024 |
287,500 |
6/26/2024 |
| Loan Number | Valuation Type | Valuation 1 Value | Valuation 1 Date | Reconciled Value | Reconciled Value Date |
|
141570 |
BPO |
560,000 |
5/30/2024 |
560,000 |
6/26/2024 |
|
143439 |
BPO |
220,000 |
5/30/2024 |
220,000 |
6/26/2024 |
|
143873 |
BPO |
260,000 |
5/30/2024 |
260,000 |
6/26/2024 |
|
144040 |
BPO |
247,000 |
5/31/2024 |
247,000 |
6/26/2024 |
|
144098 |
BPO |
260,000 |
5/31/2024 |
260,000 |
6/26/2024 |
|
144100 |
BPO |
260,000 |
5/31/2024 |
260,000 |
6/26/2024 |
|
144105 |
BPO |
260,000 |
5/31/2024 |
260,000 |
6/26/2024 |
|
145763 |
BPO |
300,000 |
5/31/2024 |
300,000 |
6/26/2024 |
|
147265 |
BPO |
450,000 |
5/31/2024 |
450,000 |
6/26/2024 |
|
147560 |
BPO |
400,000 |
5/31/2024 |
400,000 |
6/26/2024 |
|
147599 |
BPO |
430,000 |
5/31/2024 |
430,000 |
6/26/2024 |
|
147613 |
BPO |
432,000 |
5/30/2024 |
432,000 |
6/26/2024 |
|
ACQU0025 |
BPO |
240,000 |
5/31/2024 |
240,000 |
6/26/2024 |
|
ACQU0031 |
BPO |
326,000 |
6/1/2024 |
326,000 |
6/26/2024 |
|
ACQU0053 |
BPO |
256,000 |
5/30/2024 |
256,000 |
6/26/2024 |
|
ACQU0055 |
BPO |
272,000 |
5/31/2024 |
272,000 |
6/26/2024 |
|
ACQU0117 |
BPO |
305,000 |
5/31/2024 |
305,000 |
6/26/2024 |
|
BALT0008 |
BPO |
280,000 |
5/31/2024 |
280,000 |
6/26/2024 |
|
BALT0021 |
BPO |
300,000 |
5/31/2024 |
300,000 |
6/26/2024 |
|
BALT0058 |
BPO |
245,000 |
5/31/2024 |
245,000 |
6/26/2024 |
|
CHAR0010 |
BPO |
290,000 |
5/30/2024 |
290,000 |
6/26/2024 |
|
CHAR0024 |
BPO |
310,000 |
5/31/2024 |
310,000 |
6/26/2024 |
|
CHAR0111 |
BPO |
328,000 |
5/31/2024 |
328,000 |
6/26/2024 |
| Loan Number | Valuation Type | Valuation 1 Value | Valuation 1 Date | Reconciled Value | Reconciled Value Date |
|
DALL0032 |
BPO |
255,000 |
5/31/2024 |
255,000 |
6/26/2024 |
|
DALL0041 |
BPO |
299,500 |
5/31/2024 |
299,500 |
6/26/2024 |
|
DALL0081 |
BPO |
242,000 |
5/31/2024 |
242,000 |
6/26/2024 |
|
DALL0114 |
BPO |
280,000 |
5/31/2024 |
280,000 |
6/26/2024 |
|
HOUS0050 |
BPO |
235,000 |
5/30/2024 |
235,000 |
6/26/2024 |
|
HOUS0083 |
BPO |
240,000 |
5/30/2024 |
240,000 |
6/26/2024 |
|
HOUS0086 |
BPO |
260,000 |
5/31/2024 |
260,000 |
6/26/2024 |
|
HOUS0104 |
BPO |
235,000 |
5/31/2024 |
235,000 |
6/26/2024 |
|
INDI0050 |
BPO |
245,000 |
5/31/2024 |
245,000 |
6/26/2024 |
|
INDI0066 |
BPO |
250,000 |
5/30/2024 |
250,000 |
6/26/2024 |
|
INDI0141 |
BPO |
270,000 |
5/31/2024 |
270,000 |
6/26/2024 |
|
JACK0081 |
BPO |
235,000 |
5/31/2024 |
235,000 |
6/26/2024 |
|
JACK0098 |
BPO |
270,000 |
5/31/2024 |
270,000 |
6/26/2024 |
|
JACK0100 |
BPO |
266,000 |
5/31/2024 |
266,000 |
6/26/2024 |
|
JACK0122 |
BPO |
240,000 |
5/31/2024 |
240,000 |
6/26/2024 |
|
JACK0137 |
BPO |
290,000 |
5/31/2024 |
290,000 |
6/26/2024 |
|
JACK0223 |
BPO |
182,000 |
5/30/2024 |
182,000 |
6/26/2024 |
|
MPLS0079 |
BPO |
250,000 |
5/31/2024 |
250,000 |
6/26/2024 |
|
MPLS0082 |
BPO |
295,000 |
5/30/2024 |
295,000 |
6/26/2024 |
|
MPLS0087 |
BPO |
292,500 |
5/31/2024 |
292,500 |
6/26/2024 |
|
MPLS0109 |
BPO |
260,000 |
6/1/2024 |
260,000 |
6/26/2024 |
|
TAMP0046 |
BPO |
310,000 |
5/30/2024 |
310,000 |
6/26/2024 |
|
122102 |
BPO |
380,000 |
5/30/2024 |
400,000 |
6/26/2024 |
| Loan Number | Valuation Type | Valuation 1 Value | Valuation 1 Date | Reconciled Value | Reconciled Value Date |
|
CHAR0058 |
BPO |
285,000 |
5/30/2024 |
300,000 |
6/26/2024 |
|
42169 |
BPO |
160,000 |
6/20/2024 |
180,000 |
6/26/2024 |
