Real Estate Finance Assignment: Detailed Analysis of Bond and Mortgage

This real estate finance assignment delves into various aspects of bond valuation and mortgage analysis. It begins by calculating net gross interest rates for bonds with different time periods, comparing market values and face values, and determining market interest rates. The assignment then moves on to pricing securities, analyzing the impact of different discount rates, and calculating potential losses or profits from bond transactions. Furthermore, the document analyzes the market interest rates for different securities, considering factors like time periods, coupon rates, and present values. Finally, the assignment provides a detailed amortization schedule for a mortgage, outlining the interest portion, principal portion, and remaining principal over a 249-month period, showcasing the gradual reduction of the mortgage principal.

Running head: REAL ESTATE FINANCE
Real Estate Finance
Name of the Student:
Name of the University:
Author’s Note:

1REAL ESTATE FINANCE
Table of Contents
In Response to Question 1..........................................................................................................2
In Response to Question 2..........................................................................................................3
In Response to Question 3..........................................................................................................4
In Response to Question 4..........................................................................................................6
Bibliography.............................................................................................................................19

2REAL ESTATE FINANCE
In Response to Question 1
a) The respective net gross interest rate was calculated by incorporating the present
market value of the bond and the future value of the bond with the impending time
bound each of the bond has (DeFusco and Paciorek 2017). The summary of the same
is given below:
Time Period 1 Month 3 Month 6 Month
Face Value 100 100 100
Market Value 99.5 98.25 97.25
Time 0.083333 0.25 0.5
Interest Rate 6.20% 7.32% 5.74%
b) The market value of interest rate is the interest rate prevailing in the market for a
particular asset class (Lubik and Matthes 2015). The six month market value of
interest rate as calculated was around 5.74% which shows the return generated by the
bond for the specified time period of six months. However, it is crucial to note that the
discount rate is different from the market level of interest rate the discount rate is the
required rate of return. If the discount rate and the market value of interest rate is the
same it will help the bond trade at par (Arthur 2018).
c) The cash flow expected from the bond will be the coupon amount due from the bond
and the face value which is around 100 will be the total cash flow from the six month
bond. The current present market value of the bond is valued in order to back
calculate the market interest rate from the bond. The unit measurement rate for the
bon was the (I/Y), which is the effective market interest rate of the bond (Turner
2014).

3REAL ESTATE FINANCE
d) The market interest rate determined for the bond in the part C was around 5.74%.
However, the required return from the bond will be more than 5.74% so as to make
the bond value trade at par.
In Response to Question 2
a) The Price that should be offered today for the security are as follows:
Time Period 1 Month 3 Month 6 Month
Face Value 500000 500000 500000
Coupon Rate 6% 6% 6%
Coupon Amount 2500 7500 15000
Market Value 497500 491250 486250
Time 0.083333 0.25 0.5
Interest Rate 6.20% 7.32% 5.74%
b) The price that would be paid by the classmate if he will use the 6% annual discount
coupon rate of 6% will be as follows:
Time Period 3 Month 6 Month
Face Value 500000 500000
Coupon Rate 6% 6%
Coupon Amount 7500 15000
Present Value -494576.89 -496384.59
Discount Rate 6% 6%
Time 0.25 0.5
c) The lender would sell the security to the classmate as he will be using the coupon rate
as the discount rate for the bond which will make the bond price trade at premium
than the actual fair market value of the bond.

4REAL ESTATE FINANCE
d) The actual loss suffered by the classmate was calculated with the help of the extra
price paid over and above the fair market value of the bond. The Loss suffered by the
classmate was as follows:
Time Period 3 Month 6 Month
Fair Market Price 491250 486250
Price offered by Classmate 494576.89 496384.59
Actual Loss suffered by Classmate -3326.89 -10134.59
e) 1) the actual profit to be made from the classmate will be around 3,326 from the three
month bond and 10134 from the six month bond.
2) Both the bonds should be sold to the classmate the three month and the six month
respectively.
In Response to Question 3
a) The respective market interest rate was calculated for the bonds under the following
scenario:
Particulars 1st Security 2nd Security 3rd Security
Time Period (In Years) 1 2 2
Mortgage Coupon 5000 0 80000
Face Value 100000 107000 1000000
Present Value 98,800 -95229.62 9,87,175.45
Market rate of Interest 6% 6% 9%

5REAL ESTATE FINANCE
b) The current market price of the second security was around 95,229.62 which is the no
arbitrage price determined.

6REAL ESTATE FINANCE
In Response to Question 4
Time
Period
Interest
Portion
Principal
Portion
Monthly
Coupon
Principal
Remaining
1 3,055.59 1,280.45 4,336.04 7,50,000.00
2 3,050.38 1,285.66 4,336.04 7,48,719.55
3 3,045.14 1,290.90 4,336.04 7,47,433.89
4 3,039.88 1,296.16 4,336.04 7,46,142.99
5 3,034.60 1,301.44 4,336.04 7,44,846.83
6 3,029.30 1,306.74 4,336.04 7,43,545.39
7 3,023.97 1,312.07 4,336.04 7,42,238.65
8 3,018.63 1,317.41 4,336.04 7,40,926.59
9 3,013.26 1,322.78 4,336.04 7,39,609.18
10 3,007.87 1,328.17 4,336.04 7,38,286.40
11 3,002.46 1,333.58 4,336.04 7,36,958.23
12 2,997.03 1,339.01 4,336.04 7,35,624.65
13 2,991.57 1,344.47 4,336.04 7,34,285.64
14 2,986.09 1,349.94 4,336.04 7,32,941.17
15 2,980.59 1,355.44 4,336.04 7,31,591.23
16 2,975.07 1,360.97 4,336.04 7,30,235.78
17 2,969.53 1,366.51 4,336.04 7,28,874.81
18 2,963.96 1,372.08 4,336.04 7,27,508.30
19 2,958.37 1,377.67 4,336.04 7,26,136.22
20 2,952.76 1,383.28 4,336.04 7,24,758.55
21 2,947.12 1,388.92 4,336.04 7,23,375.27
22 2,941.46 1,394.58 4,336.04 7,21,986.35
23

7REAL ESTATE FINANCE
2,935.78 1,400.26 4,336.04 7,20,591.78
24 2,930.08 1,405.96 4,336.04 7,19,191.52
25 2,924.35 1,411.69 4,336.04 7,17,785.56
26 2,918.60 1,417.44 4,336.04 7,16,373.87
27 2,912.82 1,423.22 4,336.04 7,14,956.42
28 2,907.02 1,429.02 4,336.04 7,13,533.21
29 2,901.20 1,434.84 4,336.04 7,12,104.19
30 2,895.35 1,440.68 4,336.04 7,10,669.35
31 2,889.49 1,446.55 4,336.04 7,09,228.67
32 2,883.59 1,452.45 4,336.04 7,07,782.12
33 2,877.67 1,458.36 4,336.04 7,06,329.67
34 2,871.73 1,464.31 4,336.04 7,04,871.31
35 2,865.77 1,470.27 4,336.04 7,03,407.00
36 2,859.78 1,476.26 4,336.04 7,01,936.73
37 2,853.76 1,482.28 4,336.04 7,00,460.47
38 2,847.72 1,488.31 4,336.04 6,98,978.20
39 2,841.66 1,494.38 4,336.04 6,97,489.88
40 2,835.57 1,500.47 4,336.04 6,95,995.50
41 2,829.46 1,506.58 4,336.04 6,94,495.04
42 2,823.32 1,512.72 4,336.04 6,92,988.46
43 2,817.16 1,518.88 4,336.04 6,91,475.74
44 2,810.97 1,525.07 4,336.04 6,89,956.86
45 2,804.76 1,531.28 4,336.04 6,88,431.79
46 2,798.52 1,537.52 4,336.04 6,86,900.51
47 2,792.25 1,543.78 4,336.04 6,85,362.99
48

8REAL ESTATE FINANCE
2,785.96 1,550.07 4,336.04 6,83,819.21
49 2,779.65 1,556.39 4,336.04 6,82,269.13
50 2,773.31 1,562.73 4,336.04 6,80,712.74
51 2,766.94 1,569.10 4,336.04 6,79,150.01
52 2,760.55 1,575.49 4,336.04 6,77,580.92
53 2,754.13 1,581.91 4,336.04 6,76,005.43
54 2,747.68 1,588.35 4,336.04 6,74,423.52
55 2,741.21 1,594.82 4,336.04 6,72,835.17
56 2,734.72 1,601.32 4,336.04 6,71,240.34
57 2,728.19 1,607.85 4,336.04 6,69,639.02
58 2,721.64 1,614.40 4,336.04 6,68,031.17
59 2,715.06 1,620.97 4,336.04 6,66,416.78
60 2,708.46 1,627.58 4,336.04 6,64,795.80
61 2,701.83 1,634.21 4,336.04 6,63,168.23
62 2,695.17 1,640.87 4,336.04 6,61,534.02
63 2,688.49 1,647.55 4,336.04 6,59,893.15
64 2,681.77 1,654.26 4,336.04 6,58,245.60
65 2,675.03 1,661.00 4,336.04 6,56,591.34
66 2,668.27 1,667.77 4,336.04 6,54,930.33
67 2,661.47 1,674.57 4,336.04 6,53,262.56
68 2,654.65 1,681.39 4,336.04 6,51,588.00
69 2,647.80 1,688.24 4,336.04 6,49,906.61
70 2,640.92 1,695.12 4,336.04 6,48,218.37
71 2,634.02 1,702.02 4,336.04 6,46,523.25
72 2,627.08 1,708.96 4,336.04 6,44,821.23
73

9REAL ESTATE FINANCE
2,620.12 1,715.92 4,336.04 6,43,112.28
74 2,613.13 1,722.91 4,336.04 6,41,396.36
75 2,606.11 1,729.93 4,336.04 6,39,673.45
76 2,599.06 1,736.98 4,336.04 6,37,943.52
77 2,591.98 1,744.05 4,336.04 6,36,206.54
78 2,584.88 1,751.16 4,336.04 6,34,462.49
79 2,577.74 1,758.29 4,336.04 6,32,711.33
80 2,570.58 1,765.46 4,336.04 6,30,953.03
81 2,563.39 1,772.65 4,336.04 6,29,187.58
82 2,556.17 1,779.87 4,336.04 6,27,414.93
83 2,548.91 1,787.12 4,336.04 6,25,635.06
84 2,541.63 1,794.40 4,336.04 6,23,847.93
85 2,534.32 1,801.71 4,336.04 6,22,053.53
86 2,526.98 1,809.06 4,336.04 6,20,251.81
87 2,519.61 1,816.43 4,336.04 6,18,442.76
88 2,512.21 1,823.83 4,336.04 6,16,626.33
89 2,504.78 1,831.26 4,336.04 6,14,802.51
90 2,497.32 1,838.72 4,336.04 6,12,971.25
91 2,489.83 1,846.21 4,336.04 6,11,132.53
92 2,482.31 1,853.73 4,336.04 6,09,286.32
93 2,474.76 1,861.28 4,336.04 6,07,432.59
94 2,467.17 1,868.87 4,336.04 6,05,571.31
95 2,459.56 1,876.48 4,336.04 6,03,702.45
96 2,451.91 1,884.12 4,336.04 6,01,825.97
97 2,444.24 1,891.80 4,336.04 5,99,941.84
98

10REAL ESTATE FINANCE
2,436.53 1,899.51 4,336.04 5,98,050.04
99 2,428.79 1,907.25 4,336.04 5,96,150.53
100 2,421.02 1,915.02 4,336.04 5,94,243.29
101 2,413.22 1,922.82 4,336.04 5,92,328.27
102 2,405.38 1,930.65 4,336.04 5,90,405.45
103 2,397.52 1,938.52 4,336.04 5,88,474.80
104 2,389.62 1,946.42 4,336.04 5,86,536.28
105 2,381.69 1,954.35 4,336.04 5,84,589.86
106 2,373.73 1,962.31 4,336.04 5,82,635.51
107 2,365.73 1,970.30 4,336.04 5,80,673.21
108 2,357.71 1,978.33 4,336.04 5,78,702.90
109 2,349.65 1,986.39 4,336.04 5,76,724.57
110 2,341.55 1,994.48 4,336.04 5,74,738.18
111 2,333.43 2,002.61 4,336.04 5,72,743.70
112 2,325.27 2,010.77 4,336.04 5,70,741.09
113 2,317.08 2,018.96 4,336.04 5,68,730.32
114 2,308.85 2,027.19 4,336.04 5,66,711.36
115 2,300.59 2,035.44 4,336.04 5,64,684.17
116 2,292.30 2,043.74 4,336.04 5,62,648.73
117 2,283.97 2,052.06 4,336.04 5,60,604.99
118 2,275.61 2,060.42 4,336.04 5,58,552.93
119 2,267.22 2,068.82 4,336.04 5,56,492.50
120 2,258.79 2,077.25 4,336.04 5,54,423.68
121 2,250.33 2,085.71 4,336.04 5,52,346.44
122 2,241.83 2,094.21 4,336.04 5,50,260.73
123

11REAL ESTATE FINANCE
2,233.30 2,102.74 4,336.04 5,48,166.52
124 2,224.73 2,111.31 4,336.04 5,46,063.78
125 2,216.13 2,119.91 4,336.04 5,43,952.47
126 2,207.49 2,128.55 4,336.04 5,41,832.56
127 2,198.82 2,137.22 4,336.04 5,39,704.02
128 2,190.11 2,145.92 4,336.04 5,37,566.80
129 2,181.37 2,154.67 4,336.04 5,35,420.88
130 2,172.59 2,163.45 4,336.04 5,33,266.21
131 2,163.78 2,172.26 4,336.04 5,31,102.77
132 2,154.93 2,181.11 4,336.04 5,28,930.51
133 2,146.04 2,190.00 4,336.04 5,26,749.40
134 2,137.12 2,198.92 4,336.04 5,24,559.40
135 2,128.16 2,207.88 4,336.04 5,22,360.48
136 2,119.17 2,216.87 4,336.04 5,20,152.61
137 2,110.13 2,225.90 4,336.04 5,17,935.73
138 2,101.07 2,234.97 4,336.04 5,15,709.83
139 2,091.96 2,244.08 4,336.04 5,13,474.86
140 2,082.82 2,253.22 4,336.04 5,11,230.78
141 2,073.64 2,262.40 4,336.04 5,08,977.56
142 2,064.42 2,271.62 4,336.04 5,06,715.16
143 2,055.17 2,280.87 4,336.04 5,04,443.54
144 2,045.87 2,290.17 4,336.04 5,02,162.67
145 2,036.54 2,299.50 4,336.04 4,99,872.50
146 2,027.17 2,308.86 4,336.04 4,97,573.01
147 2,017.77 2,318.27 4,336.04 4,95,264.14
148

12REAL ESTATE FINANCE
2,008.32 2,327.72 4,336.04 4,92,945.87
149 1,998.84 2,337.20 4,336.04 4,90,618.16
150 1,989.32 2,346.72 4,336.04 4,88,280.96
151 1,979.76 2,356.28 4,336.04 4,85,934.24
152 1,970.16 2,365.88 4,336.04 4,83,577.96
153 1,960.52 2,375.52 4,336.04 4,81,212.07
154 1,950.84 2,385.20 4,336.04 4,78,836.55
155 1,941.12 2,394.92 4,336.04 4,76,451.36
156 1,931.36 2,404.67 4,336.04 4,74,056.44
157 1,921.57 2,414.47 4,336.04 4,71,651.77
158 1,911.73 2,424.31 4,336.04 4,69,237.30
159 1,901.85 2,434.18 4,336.04 4,66,812.99
160 1,891.94 2,444.10 4,336.04 4,64,378.80
161 1,881.98 2,454.06 4,336.04 4,61,934.70
162 1,871.98 2,464.06 4,336.04 4,59,480.64
163 1,861.94 2,474.10 4,336.04 4,57,016.59
164 1,851.86 2,484.18 4,336.04 4,54,542.49
165 1,841.74 2,494.30 4,336.04 4,52,058.32
166 1,831.58 2,504.46 4,336.04 4,49,564.02
167 1,821.38 2,514.66 4,336.04 4,47,059.56
168 1,811.13 2,524.91 4,336.04 4,44,544.90
169 1,800.84 2,535.19 4,336.04 4,42,019.99
170 1,790.52 2,545.52 4,336.04 4,39,484.80
171 1,780.14 2,555.89 4,336.04 4,36,939.28
172 1,769.73 2,566.31 4,336.04 4,34,383.38
173

13REAL ESTATE FINANCE
1,759.28 2,576.76 4,336.04 4,31,817.08
174 1,748.78 2,587.26 4,336.04 4,29,240.31
175 1,738.24 2,597.80 4,336.04 4,26,653.05
176 1,727.65 2,608.38 4,336.04 4,24,055.25
177 1,717.03 2,619.01 4,336.04 4,21,446.87
178 1,706.36 2,629.68 4,336.04 4,18,827.86
179 1,695.64 2,640.40 4,336.04 4,16,198.18
180 1,684.89 2,651.15 4,336.04 4,13,557.78
181 1,674.08 2,661.95 4,336.04 4,10,906.63
182 1,663.24 2,672.80 4,336.04 4,08,244.68
183 1,652.35 2,683.69 4,336.04 4,05,571.88
184 1,641.42 2,694.62 4,336.04 4,02,888.19
185 1,630.44 2,705.60 4,336.04 4,00,193.57
186 1,619.42 2,716.62 4,336.04 3,97,487.97
187 1,608.35 2,727.69 4,336.04 3,94,771.34
188 1,597.23 2,738.80 4,336.04 3,92,043.65
189 1,586.08 2,749.96 4,336.04 3,89,304.85
190 1,574.87 2,761.17 4,336.04 3,86,554.89
191 1,563.62 2,772.41 4,336.04 3,83,793.72
192 1,552.33 2,783.71 4,336.04 3,81,021.31
193 1,540.99 2,795.05 4,336.04 3,78,237.60
194 1,529.60 2,806.44 4,336.04 3,75,442.55
195 1,518.17 2,817.87 4,336.04 3,72,636.11
196 1,506.69 2,829.35 4,336.04 3,69,818.24
197 1,495.16 2,840.88 4,336.04 3,66,988.88
198

14REAL ESTATE FINANCE
1,483.58 2,852.45 4,336.04 3,64,148.00
199 1,471.96 2,864.08 4,336.04 3,61,295.55
200 1,460.29 2,875.74 4,336.04 3,58,431.47
201 1,448.58 2,887.46 4,336.04 3,55,555.73
202 1,436.81 2,899.22 4,336.04 3,52,668.27
203 1,425.00 2,911.04 4,336.04 3,49,769.05
204 1,413.14 2,922.90 4,336.04 3,46,858.01
205 1,401.23 2,934.80 4,336.04 3,43,935.12
206 1,389.28 2,946.76 4,336.04 3,41,000.31
207 1,377.27 2,958.77 4,336.04 3,38,053.55
208 1,365.22 2,970.82 4,336.04 3,35,094.78
209 1,353.11 2,982.92 4,336.04 3,32,123.96
210 1,340.96 2,995.08 4,336.04 3,29,141.04
211 1,328.76 3,007.28 4,336.04 3,26,145.96
212 1,316.51 3,019.53 4,336.04 3,23,138.69
213 1,304.21 3,031.83 4,336.04 3,20,119.15
214 1,291.85 3,044.19 4,336.04 3,17,087.32
215 1,279.45 3,056.59 4,336.04 3,14,043.14
216 1,267.00 3,069.04 4,336.04 3,10,986.55
217 1,254.49 3,081.54 4,336.04 3,07,917.51
218 1,241.94 3,094.10 4,336.04 3,04,835.96
219 1,229.33 3,106.70 4,336.04 3,01,741.87
220 1,216.68 3,119.36 4,336.04 2,98,635.16
221 1,203.97 3,132.07 4,336.04 2,95,515.80
222 1,191.21 3,144.83 4,336.04 2,92,383.73
223

15REAL ESTATE FINANCE
1,178.40 3,157.64 4,336.04 2,89,238.90
224 1,165.53 3,170.51 4,336.04 2,86,081.26
225 1,152.61 3,183.42 4,336.04 2,82,910.75
226 1,139.64 3,196.39 4,336.04 2,79,727.32
227 1,126.62 3,209.42 4,336.04 2,76,530.93
228 1,113.55 3,222.49 4,336.04 2,73,321.51
229 1,100.42 3,235.62 4,336.04 2,70,099.02
230 1,087.23 3,248.80 4,336.04 2,66,863.40
231 1,074.00 3,262.04 4,336.04 2,63,614.60
232 1,060.71 3,275.33 4,336.04 2,60,352.56
233 1,047.36 3,288.67 4,336.04 2,57,077.23
234 1,033.97 3,302.07 4,336.04 2,53,788.55
235 1,020.51 3,315.53 4,336.04 2,50,486.48
236 1,007.01 3,329.03 4,336.04 2,47,170.96
237 993.44 3,342.60 4,336.04 2,43,841.92
238 979.82 3,356.21 4,336.04 2,40,499.33
239 966.15 3,369.89 4,336.04 2,37,143.11
240 952.42 3,383.62 4,336.04 2,33,773.23
241 938.64 3,397.40 4,336.04 2,30,389.61
242 924.79 3,411.24 4,336.04 2,26,992.21
243 910.90 3,425.14 4,336.04 2,23,580.96
244 896.94 3,439.10 4,336.04 2,20,155.82
245 882.93 3,453.11 4,336.04 2,16,716.73
246 868.86 3,467.18 4,336.04 2,13,263.62
247 854.74 3,481.30 4,336.04 2,09,796.44
248

16REAL ESTATE FINANCE
840.55 3,495.48 4,336.04 2,06,315.14
249 826.31 3,509.73 4,336.04 2,02,819.66
250 812.01 3,524.02 4,336.04 1,99,309.93
251 797.66 3,538.38 4,336.04 1,95,785.91
252 783.24 3,552.80 4,336.04 1,92,247.53
253 768.77 3,567.27 4,336.04 1,88,694.73
254 754.23 3,581.81 4,336.04 1,85,127.46
255 739.64 3,596.40 4,336.04 1,81,545.65
256 724.99 3,611.05 4,336.04 1,77,949.25
257 710.28 3,625.76 4,336.04 1,74,338.20
258 695.50 3,640.53 4,336.04 1,70,712.44
259 680.67 3,655.37 4,336.04 1,67,071.90
260 665.78 3,670.26 4,336.04 1,63,416.54
261 650.83 3,685.21 4,336.04 1,59,746.28
262 635.81 3,700.23 4,336.04 1,56,061.07
263 620.74 3,715.30 4,336.04 1,52,360.84
264 605.60 3,730.44 4,336.04 1,48,645.54
265 590.40 3,745.64 4,336.04 1,44,915.10
266 575.14 3,760.90 4,336.04 1,41,169.47
267 559.82 3,776.22 4,336.04 1,37,408.57
268 544.43 3,791.60 4,336.04 1,33,632.35
269 528.99 3,807.05 4,336.04 1,29,840.75
270 513.48 3,822.56 4,336.04 1,26,033.70
271 497.90 3,838.13 4,336.04 1,22,211.14
272 482.27 3,853.77 4,336.04 1,18,373.00
273

17REAL ESTATE FINANCE
466.57 3,869.47 4,336.04 1,14,519.23
274 450.80 3,885.24 4,336.04 1,10,649.76
275 434.97 3,901.07 4,336.04 1,06,764.52
276 419.08 3,916.96 4,336.04 1,02,863.45
277 403.12 3,932.92 4,336.04 98,946.49
278 387.10 3,948.94 4,336.04 95,013.58
279 371.01 3,965.03 4,336.04 91,064.64
280 354.85 3,981.18 4,336.04 87,099.61
281 338.63 3,997.40 4,336.04 83,118.42
282 322.35 4,013.69 4,336.04 79,121.02
283 306.00 4,030.04 4,336.04 75,107.33
284 289.58 4,046.46 4,336.04 71,077.29
285 273.09 4,062.95 4,336.04 67,030.83
286 256.54 4,079.50 4,336.04 62,967.88
287 239.92 4,096.12 4,336.04 58,888.38
288 223.23 4,112.81 4,336.04 54,792.26
289 206.47 4,129.56 4,336.04 50,679.46
290 189.65 4,146.39 4,336.04 46,549.89
291 172.76 4,163.28 4,336.04 42,403.50
292 155.80 4,180.24 4,336.04 38,240.22
293 138.76 4,197.27 4,336.04 34,059.98
294 121.66 4,214.37 4,336.04 29,862.71
295 104.49 4,231.54 4,336.04 25,648.33
296 87.25 4,248.78 4,336.04 21,416.79
297 69.94 4,266.09 4,336.04 17,168.01
298

18REAL ESTATE FINANCE
52.56 4,283.47 4,336.04 12,901.91
299 35.11 4,300.93 4,336.04 8,618.44
300 17.59 4,318.45 4,336.04 4,317.51
300 - 4,336.04 4,336.04 -

19REAL ESTATE FINANCE
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