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Multifamily
Terrace Hill Apartments
El Paso, TX
Completed Equity
100% funded
...
Terrace Hill Apartments
El Paso, TX
All Investments > Terrace Hill Apartments
...
Overview
Terrace Hill Apartments
Value-add acquisition of a well-maintained multifamily property with further upside potential in El Paso, Texas.
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Details
For more information, view the Sponsor's Investment Memorandum.
Estimated Hold Period 5 years
Investment Strategy Value-Add
Investment Type Equity
Year Built 1983
# of Units 310
# of Buildings 15
Current Occupancy 94.8%
Sponsor Documents
The offering documents above have been prepared and are being delivered by the Sponsor of this investment opportunity, and not by RM Securities, LLC. RM Securities, LLC and its associated persons did not assist in preparing, do not explicitly or implicitly adopt or endorse, and are not otherwise responsible for, the Sponsors offering documents posted below or any content therein.
Deal Highlights
Investment Highlights
The Real Estate Company is acquiring the Property for $18.7 million, which represents a going-in cap rate of 7.4% on expected year one net operating income.
A capital improvement budget of $4,121,730, or $13,296 per unit, has been capitalized for interior and exterior renovations.
The Real Estate Company will retain the in-place property manager, FPI Management.
The exit strategy is to sell the Property in five years at an anticipated cap rate of 6.5%.
The Real Estate Company is acquiring the Property for $18.7 million, which represents a going-in cap rate of 7.4% on expected year one net operating income.
A capital improvement budget of $4,121,730, or $13,296 per unit, has been capitalized for interior and exterior renovations.
The Real Estate Company will retain the in-place property manager, FPI Management.
The exit strategy is to sell the Property in five years at an anticipated cap rate of 6.5%.
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Management
For more information, view the Sponsor's Investment Memorandum.
RM Adviser

RM Adviser, a subsidiary of RealtyMogul, will sponsor this transaction. RealtyMogul is a private equity firm with investments in over $2 billion of real estate including 16,000 apartment units. Through RM Adviser, RealtyMogul targets multifamily assets in stable and emerging U.S. markets. In addition to direct acquisitions, RealtyMogul deploys capital in residential and commercial product sectors through joint venture equity, senior, and subordinated debt investments nationally. RealtyMogul currently manages two public, non-traded REITs and has a hands-on approach to investments and asset management.

Sponsor Track Record

The below track record includes only apartment acquisitions completed by Michael Schoellhammer while at Standard Management Company. Refer to the IDP for a comprehensive list of RealtyMogul's active and full-cycle investments. 

Track Record
Property Type State Investment Date Units Purchase Price $ / Unit
Multifamily Nevada 2016 212 $25,000,000 $117,925
Multifamily Nevada 2015 160 $18,700,000 $116,875
Multifamily Nevada 2015 248 $27,300,000 $110,081
Multifamily Nevada 2014 296 $27,500,000 $92,905
Multifamily Nevada 2013 276 $25,047,500 $90,752
Total     1,192 $123,547,500 $103,647

*IMPORTANT NOTE:  The properties in this table are a sample of Mr. Schoellhammer’s prior investments and investments achieved under the management of prior firms, not RealtyMogul. This list is not representative of all transactions of a given type or investments by Mr. Schoellhammer generally, and are solely intended to be illustrative of the type of investments that may be made by the RealtyMogul funds. There can be no guarantees that any similar investment opportunities will be available to or pursued by RealtyMogul.

A more complete description of RealtyMogul’s prior experiences are set forth in the TH-IDP and should be read in its entirety. 

 

Website
Management Team
Management
Jilliene Helman
Chief Executive Officer

Jilliene Helman is Chief Executive Officer of RealtyMogul and its wholly owned subsidiaries, RM Manager, RealtyMogul Commercial Capital, RM Adviser, RM Technologies, RM Admin and RM Communities. She has been involved in investments with property values over $5 billion, including over 26,000 apartment and single-family units, and is a pioneer in real estate crowdfunding.

Management
Michael Schoellhammer
Managing Director

Michael Schoellhammer is a Managing Director with responsibility for sourcing acquisitions as well as equity and debt transactions. Mr. Schoellhammer has over 10 years of commercial real estate experience in acquisitions, lending, finance, and development. Prior to RealtyMogul, he most recently worked at Standard Management Company, focusing on multiple asset types including large multifamily acquisitions.

Management
Kyle Barnas
Assistant Vice President

Kyle Barnas is an Assistant Vice President on the commercial real estate team responsible for sourcing, underwriting and closing direct acquisitions and JV equity investment opportunities. Mr. Barnas has 10 years of professional experience encompassing brokerage, banking, and underwriting. Prior to RealtyMogul, Kyle was an Associate at Morgan Stanley and spent time at Hughes Marino and CBRE.

Property
For more information, view the Sponsor's Investment Memorandum.

Built in 1983, Terrace Hill Apartments is a Class B, 310-unit, garden style apartment community.  The Property is comprised of 15 residential buildings on 13.07 acres, and is currently 94.8% occupied. It has immediate access to Interstate 10, and is only 2.4 miles from downtown El Paso and 1.3 miles from the University of Texas at El Paso. The assigned elementary, middle, and high school are 0.6 miles, 1.9 miles, and 1.6 miles away respectively. Within one mile of the Property is an Albertson's, a gym, and a range of dining options. Property amenities include two pools and a jacuzzi, a clubhouse, a tennis/basketball court, and washer/dryer connections throughout most of the units.

In-Place Unit Mix
Unit Type # of Units % of Total Unit (Square Feet) In-Place Rent Per Unit Post-Reno Rent Per Unit
Studio 68 22% 494 $565 $660
1x1 126 41% 704 $634 $810
2x2 116 37% 956 $766 $938
Totals/Averages 310 100% 752 $668 $825

 

Comparables
For more information, view the Sponsor's Investment Memorandum.
Sale Comparables
  Ryan's Crossing West Town El Pavon Mesa Village Total/Averages Terrace Hill
Date Sep '17 Jun '17 Feb '17 Nov '16   Apr '19
Year Built 1986 1973 1993 1973   1983
CoStar Class B B B C   B-
# of Units 248 192 116 160 179 310
Total SF 173,552 208,392 105,676 138,800 156,605 233,120
Purchase Price $16,000,000 $13,300,000 $5,100,000 $9,300,000 $10,925,000 $18,700,000
$/Unit $64,516 $69,271 $43,966 $58,125 $58,970 $60,323
$/SF $92.19 $63.82 $48.26 $67.00 $67.82 $80.22
Cap Rate 6.22% 6.48% 6.50% 6.50% 6.43% 6.03%(1)
Distance from Terrace Hill 3.9 Miles 4.7 Miles 7.1 Miles 5.4 Miles 5.28 Miles N/A
(1) Reflects T12 cap rate not adjusted for taxes and reserves for a better comparison to comparables.        
Lease Comparables
  The Pointe   The Chimneys Ryans Crossing Retreat at Mesa Hills Total/Averages Subject
Year Built 1980 1983 1987 1995 1986 1983
# Units (1x1) 50 56 16 104 57 126
Rents (1x1) $850 $698 $884 $845 $819 $810
SF (1x1) 740 620 890 814 766 704
Average $/SF (1x1) $1.15 $1.13 $0.99 $1.04 $1.08 $1.15
# Units (2x2) 64 56 32 96 62 116
Rents (2x2) $1,092 $932 $924 $964 $978 $938
SF (2x2) 1,276 945 982 1,089 1,073 956
Average $/SF (2x2) $0.86 $0.99 $0.94 $0.89 0.92 $0.98
Distance from Subject 3.2 Miles 2.7 Miles 3.9 Miles 4.7 Miles 3.6 Miles N/A

Sale and lease comps were obtained from CoStar and Axiometrics.

Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses
Total Capitalization
Sources of Funds Cost
Debt $18,144,000
Equity $6,080,920
Total Sources of Funds $24,224,920
Uses of Funds Cost
Purchase Price $18,700,000
CapEx Reserve $4,121,730
Loan & Guarantee Fee $272,160
Real Estate Company Acquisition Fee $443,000
North Capital Broker Dealer Fee $118,000
Closing Costs $372,500
Working Capital $75,000
Tax & Insurance Escrows $122,530
Total Uses of Funds $24,224,920
Debt Assumptions

The expected terms of the debt financing are as follows:

  • Total Estimated Proceeds: $18,144,000
  • Initial Estimated Funding: $14,022,270
  • Future Estimated Funding: $4,121,730
  • Estimated Rate (Floating): One Month Libor plus 3.15%
  • Amortization: 30 years
  • Term: 3 years
  • Interest Only: 3 years
  • Prepayment Penalty: None, except an exit fee equal to 0.75% of loan proceeds
  • Extension Options: Two (2) one-year extension options (each with an extension fee of 0.5% of outstanding principal balance)

There can be no assurance that a lender will provide debt on the rates and terms noted above, or at all. All rates and terms of the debt financing are subject to lender approval, including but not limited to possible increases in capital reserve requirements for funds to be held in a lender-controlled capital reserve account.

Distributions

The Target intends to make distributions to investors (the Company and Real Estate Company, collectively, the "Members") as follows:

  1. Pari passu, all excess operating cash flows to an 8.0% preferred return to the Members;
  2. 75.0% / 25.0% (75.0% to Members / 25.0% to MogulSecurities) of excess cash flow and appreciation to a 16.0% IRR to the Members;
  3. 50.0% / 50.0% (50.0% to Members / 50.0% to MogulSecurities) of excess cash flow and appreciation thereafter.

Note that these distributions will occur after the payment of the Company's liabilities (loan payments, operating expenses and other fees as set forth in the LLC agreement, in addition to any member loans or returns due on member loans).

The Company will distribute 100% of its share of excess cash flow (after expenses) to the members of The Company (the RealtyMogul investors). The manager of The Company will receive a portion of the promote. Distributions are expected to start in December 2019 and are projected to continue on a quarterly basis thereafter. These distributions are at the discretion of the Real Estate Company, who may decide to delay distributions for any reason, including maintenance or capital reserves. 

Cash Flow Summary
  Year 1 Year 2 Year 3 Year 4 Year 5
Effective Gross Revenue $2,756,554 $2,967,296 $3,107,045 $3,274,540 $3,404,624
Total Operating Expenses $1,378,996 $1,444,322 $1,474,655 $1,552,319 $1,583,483
Net Operating Income $1,377,558 $1,522,974 $1,632,390 $1,722,221 $1,821,142
RealtyMogul 132, LLC Cash Flows
  Year 0 2019 2020 2021 2022 2023 2024
Distributions to
RealtyMogul 132, LLC Investors
($2,970,000) $117,996 $247,462 $276,135 $200,225 $228,282 $4,598,771
Net Earnings to Investor
- Hypothetical $50,000 Investment
($50,000) $1,986 $4,166 $4,649 $3,371 $3,843 $77,420

North Capital Private Securities Corporation will pay a referral fee of 100% of the promoted interest to Mogul Securities, LLC.

Fees

Certain fees and compensation will be paid over the life of the transaction. The following fees and compensation will be paid:

One-Time Fees
Type of Fee Amount of Fee Received By Paid From Notes
Acquisition Fee $443,000 RMCC, an affiliate of the Real Estate Company  Capitalized Equity Contribution 2.4% of the Property purchase price. 
Broker-Dealer Fee $118,000 North Capital (1) Capitalized Equity Contribution Greater of $50,000 and 4.0% of the equity raised by RealtyMogul 132, LLC.
Loan Guarantee Fee $90,720 Principal of Real Estate Company  Capitalized Equity Contribution 0.5% of loan proceeds for personal guarantees required on the loan.
Disposition Fee 1.0% of the gross sale price RMCC, an affiliate of the Real Estate Company Distributable Cash 1.0% of the gross sale price for seller's broker fee. 
Recurring Fees
Type of Fee Amount of Fee Received By Paid From
Asset Management Fee 0.5% of Effective Gross Income RM Adviser, an affiliate of the Real Estate Company Distributable Cash
Property Management Fee 2.25% of Effective Gross Income Third Party Property Manager Distributable Cash

(1) Certain employees of RealtyMogul, Co. are registered representatives of, and are paid commissions by, North Capital Private Securities Corp., a Delaware corporation ("North Capital"). In addition, North Capital pays a technology provider services fee to RealtyMogul, Co. for licensing and access to certain technology, reporting, communications, branding, entity formation and administrative services performed from time to time by RealtyMogul, Co., and North Capital and RealtyMogul, Co. are parties to a profit sharing arrangement.

(2) Fees may be deferred to reduce impact to investor distributions.

The above presentation is based upon information supplied by the Real Estate Company or others.  RealtyMogul, Co., RM Manager, LLC, and The Company, along with their respective affiliates, officers, directors or representatives (the "RM Parties") hereby advise you that none of them has independently confirmed or verified any of the information contained herein.  The RM Parties further make no representations as to the accuracy or completeness of any such information and undertake no obligation now or in the future to update or correct this presentation or any information contained herein.

Sources & Uses
Total Capitalization
Sources of Funds Cost
Debt $18,144,000
Equity $6,080,920
Total Sources of Funds $24,224,920
Uses of Funds Cost
Purchase Price $18,700,000
CapEx Reserve $4,121,730
Loan & Guarantee Fee $272,160
Real Estate Company Acquisition Fee $443,000
North Capital Broker Dealer Fee $118,000
Closing Costs $372,500
Working Capital $75,000
Tax & Insurance Escrows $122,530
Total Uses of Funds $24,224,920
Debt Assumptions

The expected terms of the debt financing are as follows:

  • Total Estimated Proceeds: $18,144,000
  • Initial Estimated Funding: $14,022,270
  • Future Estimated Funding: $4,121,730
  • Estimated Rate (Floating): One Month Libor plus 3.15%
  • Amortization: 30 years
  • Term: 3 years
  • Interest Only: 3 years
  • Prepayment Penalty: None, except an exit fee equal to 0.75% of loan proceeds
  • Extension Options: Two (2) one-year extension options (each with an extension fee of 0.5% of outstanding principal balance)

There can be no assurance that a lender will provide debt on the rates and terms noted above, or at all. All rates and terms of the debt financing are subject to lender approval, including but not limited to possible increases in capital reserve requirements for funds to be held in a lender-controlled capital reserve account.

Distributions

The Target intends to make distributions to investors (the Company and Real Estate Company, collectively, the "Members") as follows:

  1. Pari passu, all excess operating cash flows to an 8.0% preferred return to the Members;
  2. 75.0% / 25.0% (75.0% to Members / 25.0% to MogulSecurities) of excess cash flow and appreciation to a 16.0% IRR to the Members;
  3. 50.0% / 50.0% (50.0% to Members / 50.0% to MogulSecurities) of excess cash flow and appreciation thereafter.

Note that these distributions will occur after the payment of the Company's liabilities (loan payments, operating expenses and other fees as set forth in the LLC agreement, in addition to any member loans or returns due on member loans).

The Company will distribute 100% of its share of excess cash flow (after expenses) to the members of The Company (the RealtyMogul investors). The manager of The Company will receive a portion of the promote. Distributions are expected to start in December 2019 and are projected to continue on a quarterly basis thereafter. These distributions are at the discretion of the Real Estate Company, who may decide to delay distributions for any reason, including maintenance or capital reserves. 

Cash Flow Summary
  Year 1 Year 2 Year 3 Year 4 Year 5
Effective Gross Revenue $2,756,554 $2,967,296 $3,107,045 $3,274,540 $3,404,624
Total Operating Expenses $1,378,996 $1,444,322 $1,474,655 $1,552,319 $1,583,483
Net Operating Income $1,377,558 $1,522,974 $1,632,390 $1,722,221 $1,821,142
RealtyMogul 132, LLC Cash Flows
  Year 0 2019 2020 2021 2022 2023 2024
Distributions to
RealtyMogul 132, LLC Investors
($2,970,000) $117,996 $247,462 $276,135 $200,225 $228,282 $4,598,771
Net Earnings to Investor
- Hypothetical $50,000 Investment
($50,000) $1,986 $4,166 $4,649 $3,371 $3,843 $77,420

North Capital Private Securities Corporation will pay a referral fee of 100% of the promoted interest to Mogul Securities, LLC.

Fees

Certain fees and compensation will be paid over the life of the transaction. The following fees and compensation will be paid:

One-Time Fees
Type of Fee Amount of Fee Received By Paid From Notes
Acquisition Fee $443,000 RMCC, an affiliate of the Real Estate Company  Capitalized Equity Contribution 2.4% of the Property purchase price. 
Broker-Dealer Fee $118,000 North Capital (1) Capitalized Equity Contribution Greater of $50,000 and 4.0% of the equity raised by RealtyMogul 132, LLC.
Loan Guarantee Fee $90,720 Principal of Real Estate Company  Capitalized Equity Contribution 0.5% of loan proceeds for personal guarantees required on the loan.
Disposition Fee 1.0% of the gross sale price RMCC, an affiliate of the Real Estate Company Distributable Cash 1.0% of the gross sale price for seller's broker fee. 
Recurring Fees
Type of Fee Amount of Fee Received By Paid From
Asset Management Fee 0.5% of Effective Gross Income RM Adviser, an affiliate of the Real Estate Company Distributable Cash
Property Management Fee 2.25% of Effective Gross Income Third Party Property Manager Distributable Cash

(1) Certain employees of RealtyMogul, Co. are registered representatives of, and are paid commissions by, North Capital Private Securities Corp., a Delaware corporation ("North Capital"). In addition, North Capital pays a technology provider services fee to RealtyMogul, Co. for licensing and access to certain technology, reporting, communications, branding, entity formation and administrative services performed from time to time by RealtyMogul, Co., and North Capital and RealtyMogul, Co. are parties to a profit sharing arrangement.

(2) Fees may be deferred to reduce impact to investor distributions.

The above presentation is based upon information supplied by the Real Estate Company or others.  RealtyMogul, Co., RM Manager, LLC, and The Company, along with their respective affiliates, officers, directors or representatives (the "RM Parties") hereby advise you that none of them has independently confirmed or verified any of the information contained herein.  The RM Parties further make no representations as to the accuracy or completeness of any such information and undertake no obligation now or in the future to update or correct this presentation or any information contained herein.

Disclosures
RM Securities, LLC and its Affiliates Compensation

RM Securities, LLC, its registered representatives, affiliates, associated persons, and personnel of its affiliates who may also be associated with it, including our associated persons and personnel of our affiliates who are also be associated with RM Securities, LLC (it (“RM Securities,” “we,” “our,” or “us”) will receive fees, expense reimbursements, and other compensation (“Fees”) from the issuer of this investment offering, its sponsor, or an affiliate thereof (“Sponsor”), or otherwise in connection with Sponsor’s offering. The Fees paid to us are in addition to other fees you will pay to Sponsor or in connection with Sponsor’s investment offering. You will pay Fees to Sponsor, either directly or indirectly as an investor in the Sponsor’s offering. Sponsor will use the Fees you pay, as well as funds you invest in the relevant offering, to compensate us. The Fees paid to us will directly or indirectly be borne by you as the investor (typically, but not always, in the form of an expense of the Sponsor’s offering in which you invest) because such Fees will reduce the proceeds available for distribution to you and reduce the amount you earn over time.

For more information on the Fees paid to us, or any other Fees you will pay in connection with Sponsor’s offering, please carefully review the Sponsor’s Investment Documents. Please also carefully review RM Securities’ Form CRS, Regulation Best Interest Disclosures, and Limited Brokerage Services Agreement.

No Approval, Opinion or Representation, or Warranty by RM Securities, LLC

Sponsor has provided, approved, and is solely responsible in all aspects for the information on this webpage (“Page”), including Sponsor’s offering documentation, which may include without limitation the Private Placement Memorandum, Operating or Limited Partnership Agreement, Subscription Agreement, the Project Summary and all exhibits and other documents attached thereto or referenced therein (collectively, the “Investment Documents”). The Investment Documents linked on this page have been prepared and posted by Sponsor, and not by RM Securities. We did not assist in preparing, do not adopt or endorse, and we are not otherwise responsible for, the Sponsor’s Investment Documents. We make no representations or warranties as to the accuracy of information on this Page or in the Sponsor’s Investment Documents and we accept no liability therefor. No part of the information on this Page or in the Sponsor’s Investment Documents is intended to be binding on us.

Sponsor’s Information Qualified by Investment Documents

The information on this Page is qualified in its entirety by reference to the more complete information about the offering contained in the Sponsor’s Investment Documents. The information on this Page is not complete and subject to change at the Sponsor’s discretion at any time up to the closing date. The Sponsor’s Investment Documents and supplements thereto contain important information about the Sponsor’s offering including relevant investment objectives, the business plan, risks, charges, expenses, and other information, which you should consider carefully before investing. The information on this Page should not be used as a basis for an investor’s decision to invest.

Risk of Investment

This investment is speculative, highly illiquid, and involves substantial risk. There can be no assurances that all or any of Sponsor’s assumptions, expectations, estimates, goals, hypothetical illustrations, or other aspects of Sponsor’s business plans (“Assumptions”) will be true or that actual performance will bear any relation to Sponsor’s Assumptions, and no guarantee or representation is made that Sponsor’s Assumptions will be achieved. If Sponsor does not achieve its Assumptions, your investment could be materially and adversely affected. A loss of part or all of the principal value of your investment may occur. You should not invest unless you can readily bear the consequences of such loss. Sponsor’s Assumptions should not be relied upon as the primary basis for your decision to invest.

No Reliance on Forward-Looking Statements; Sponsor Assumptions

Sponsor is solely responsible for statements made concerning forward-looking statements and Assumptions, which apply only as of the date made, are preliminary and subject to change, and are expressly qualified in their entirety by the disclosures and cautionary statements included in Sponsor’s Investment Documents, which you should carefully review. Neither RM Securities nor Sponsor are obligated to update or revise such forward-looking statements or Assumptions to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Sponsor’s forward-looking statements and Assumptions are hypothetical, not based on actual investment achievements or events, and are presented solely for purposes of providing insight into the Sponsor’s investment objectives, detailing Sponsor’s anticipated risk and reward characteristics, and establishing a benchmark for future evaluation of actual results; therefore, they are not a predictor, projection, or guarantee of future results. You should not rely on Sponsor’s forward-looking statements as a basis to invest.

Importantly, we do not adopt, endorse, or provide any assurance of returns or as to the accuracy or reasonableness of Sponsor’s Assumptions or forward-looking statements.

No Reliance on Past Performance

Any description of past performance is not a reliable indicator of future performance and should not be relied upon as the primary basis to invest.

Sponsor’s Use of Debt

A substantial portion of the total cost of the real estate asset acquired by the Sponsor with investor funds (“Property”) will be paid with borrowed funds, i.e., debt. Sponsor’s estimated rates and terms of the debt financing are subject to lender approval, and there is no assurance that the Sponsor will secure debt at the rates and terms presented on this Page or in the Sponsor’s Investment Documents, or at all. The use of borrowed money to acquire real estate is referred to as leveraging, which can amplify losses and could result in lender foreclosure. In addition, if the debt includes a variable (or “floating”) interest rate, the total amount of interest paid over the term of the debt will fluctuate and can increase. As a result, Sponsor’s use of debt can result in a loss of some or all of your investment.

Sponsor’s Offering is Not Registered

Sponsor’s securities offering will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon the exemptions from registration pursuant to Rule 506(c) of Regulation D as promulgated under the Securities Act (“Private Placement”). In addition, the offering will not be registered under any state securities laws in reliance on exemptions from state registration. Such securities (your ownership interests) are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable state and federal securities laws pursuant to registration or an available exemption. All Private Placements on the Platform are intended solely for “Accredited Investors,” as that term is defined in Rule 501(a) under the Securities Act.

No Investment Advice

Nothing on this Page should be regarded as investment advice (either with respect to a particular security or regarding an overall investment strategy), a recommendation, an offer to sell, or a solicitation of or an offer to buy any security. Advice from a securities professional is strongly advised to understand and assess the risks associated with real estate or private placement investments. For additional information on RM Securities’ involvement in this offering, please carefully review the Sponsor’s Investment Documents, and RM Securities’ Form CRS, Regulation Best Interest Disclosures, and Limited Brokerage Services Agreement.

1031 Exchange Risk

Internal Revenue Code Section 1031 (“Section 1031”) contains complex tax concepts and certain tax consequences may vary depending on the individual circumstances of each investor. RM Securities and its affiliates make no representation or warranty of any kind with respect to the tax consequences of your investment or that the IRS will not challenge any such treatment. You should consult with and rely on your own tax advisor about the tax aspects with respect to your particular circumstances.

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