3878 Windermere Rd – Memphis, TN 38128

Renovated Single Family Home – Tokenized on Lofty Marketplace

Fully renovated 1981-built home (2019) in Memphis, Tennessee.

• Luxury vinyl plank flooring throughout
• Repaired kitchen cabinets
• New dishwasher
• Repaired bathroom plumbing
• New interior doors & knobs
• 3 new ceiling fans in bedrooms
• New lights & mini blinds as needed
• Repaired ceiling & walls
• Repaired exterior wood damage
• Interior & exterior paint

Lot size: 0.25 acres

Originally Listed By: MFR 5, LLC

Current Token Structure

• Total tokens outstanding: 3,610
• Original equity tokens: 2,572
• Lending DAO 2 (capital call) tokens: 1,038 (issued at $19/share, dilutive structure)
• Post-dilution NAV per token: ≈ $30.45 (based on $118,000 fair market value estimate)

Lease & Income

• Current Lease: 07/03/2025 – 06/30/2026 (1 year)
• Monthly Rent: $1,150
• Security Deposit: $500

Management & Insurance

• Primary Management: S&P Property Management LLC
• Sub-PM: Lubin Property Management
• Insurance: Property Insurance Policy (2023–present) through Obie Insurance Services

Location Ratings

• Neighborhood Rating: 2.5/5 on Roofstock
• Zip Code 38128: "C" Rating on Niche

Capital Structure & Lending DAO 2 Terms
Dilutive Capital Raise (Executed)

• 0% interest, no fixed repayment period
• 1,038 new Lending DAO 2 tokens issued at $19/share
• Old Lending DAO tokens converted 1:2 ratio into new structure
• Total tokens now 3,610 (original 2,572 + 1,038 Lending DAO 2)
• Lenders maintain first-lien position
• Unsold shares backed by proposers for immediate funding

Operating Reserve Refill Mechanism

• OR target reduced to $2,875 (from $5,750)
• 10% perpetual to OR maintenance
• 90% distributed proportionally to all equity & Lending DAO 2 token holders

Exit Value Illustration
Hypothetical MLS sale at $118K → net ≈ $111K after fees → ≈ $30.45/token across 3,610 tokens (≈60.3% RoE on new $19/share issuance)

Due Diligence Documents

• HouseCanary Property Valuation Report (May 2024)
• Purchase Agreement
• Operating Agreement
• Closing Statement
• Property Deed
• View All Documents Folder

Current Strategy

• Occupied with stable tenant paying $1,150/month through June 2026
• Managed by S&P Property Management LLC (primary) with Lubin as sub-PM
• Focus: Full fund reconciliation (rent, $6,975 insurance claim, capital call, vandalism expenses), monthly DAO transparency, strategic exit near lease end (June 2026) or via tenant buyout to maximize NAV