618 Sunset Boulevard · Brunswick, Georgia · Document Summary

House Appraisal

Plain-English Summary · Prepared for Chip Drury · April 2, 2026

Document 1 of 4

This document was prepared by Richard Friedman, a state-licensed Georgia appraiser, in January 2021. He walked through your house at 618 Sunset Boulevard, measured it, researched comparable sales in the area, and wrote a formal report concluding that the house was worth $475,000 as of that date. That report is the one being summarized here.

Appraised Value

$475K

As-Is, Jan 2021

Property Size

5,000

Square Feet

Appraiser

R. Friedman

GA Certified

Age of Report

5 Years

Needs Update

1 What Is This Document?

An appraisal is a written opinion of value from a licensed professional. Think of it as an official price tag — not what you hope to sell for, not what Zillow guesses, but what a credentialed expert says the property is worth based on market evidence.

This appraisal is what's called FIRREA-compliant, which is the federal standard that banks require before they'll lend money against real estate. It means the appraiser followed strict government rules for how the valuation had to be conducted and documented. Without this standard, the report wouldn't be accepted by any bank.

The appraiser looked at three things to arrive at $475,000: (1) what similar homes nearby actually sold for, (2) what it would cost to build your house from scratch today, and (3) what rental income the property could generate. He then weighted those approaches to reach his final number.

2 What Does It Mean For You?

It means you have documented equity on paper. A lender won't just take your word that the house is worth $475,000 — but they will accept a licensed appraiser's word. This document is the proof they need.

Why This Matters to a Lender

When a bank lends against real estate, they're really lending against the collateral — i.e., your property. They'll typically lend 60%–75% of the appraised value. With a $475K house and a $225K land parcel, your combined documented value is $700,000. At 70% LTV, that's $490,000 in potential loan capacity just from the existing appraisals.

You own real estate worth nearly half a million dollars — on paper, with professional backing
That $475K is the house only — the 2.7 acres of land is a separate, additional asset
A bridge lender looking at your deal will start with this number to size their loan
It also establishes the baseline for any future "as-completed" appraisal after renovations

Important Caveat

This appraisal is 5 years old. No institutional lender will rely on it as-is. You will need a fresh appraisal — likely $2,500–$4,000 — before any serious financing conversations. Given how much coastal Georgia real estate has appreciated since 2021, the updated value is almost certainly higher.

3 How We Use It In The Proposal

This document is used as evidence of value across all three paths in the proposal:

Path A (Bridge Loan): The bridge lender will use this as the starting point for underwriting. Combined with the land appraisal ($225K), total collateral value is $700K. The bridge loan request of $500K–$700K is sized against this figure.
Path B (Development): The SBA and USDA construction lenders will require an updated appraisal of the as-improved value, but this document establishes the existing structure's value as part of the overall project inputs.
Path C (Tokenization): In a Reg D offering, investors need to see what the underlying asset is worth. This appraisal is attached to the offering documents as evidence of the asset's current value before any development.

Bottom Line

When you hand this to a lender, attorney, or investor, you're saying: "Here is an official, licensed, federally-compliant document that proves my house is worth $475,000." That is a powerful and necessary piece of evidence to have in your file.