VCC MORTGAGE SECURITIES, LLC ABS-15G

Exhibit 99.03

 

 

VCC Limited Appraisal Report

 

AMC Loan ID Customer Loan ID EDGAR Loan ID Servicer Loan ID Investor Loan Number Street City State Zip Valuation Status Property Condition Are there any apparent environmental, health and/or safety problems notated by appraiser or visible on photos? Is there property damage? Does the valuation reference an Unpermitted Addition? Comments
XXXX XXXX VCC 2026-P2-100000     XXXX XXXX XX XXXXX Provided C4 No Yes No Garage exterior reflects damaged/peeling paint.  No cost to cure provided.
XXXX XXXX VCC 2026-P2-100001     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100002     XXXX XXXX XX XXXXX Provided C4 Yes Yes No Appraisal photos reflect no handrail for basement stairs, renovation in progress, damaged/unfinished wall, debris piled up in back yard, broken vanity cabinet door, missing kitchen appliances, missing kitchen/living room flooring, missing baseboards, missing tile around bathtub, and damaged garage door.  Cost to replace missing tile around bathtub $750.  No other cost provided.
XXXX XXXX VCC 2026-P2-100003     XXXX XXXX XX XXXXX Provided C4 Yes Yes No Appraisal and in-house review indicated basement window appears to be boarded/closed, some minor cracking in foundation, and downspout extensions are missing.  No amount provided as costs to cure.
XXXX XXXX VCC 2026-P2-100004     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100005     XXXX XXXX XX XXXXX Provided C4 Yes Yes No Appraisal photos reflect hanging wires in basement and damaged/missing sections of soffit/fascia at rear of home.  No costs to cure provided.
XXXX XXXX VCC 2026-P2-100006     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100007     XXXX XXXX XX XXXXX Provided C4 No Yes Yes Appraisal photos reflect exposed walls on enclosed porch. Non-functional Den which was converted from being a bathroom, pipes visible coming out of wall.  No value given to Den nor was a cost to cure provided.

Seller comment:  Purchase transaction. VCC does not have a status on the permits; however, this wasn't deemed as material to underwriting as the den wasn't given any value.  The borrower is expected to obtain any necessary permits.
XXXX XXXX VCC 2026-P2-100008     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100009     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100010     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100011     XXXX XXXX XX XXXXX Provided C4 No Yes No Appraisal photos reflect stained/peeling paint on interior walls. Bathroom with damaged wall/missing mirror, and garage door appears to be damaged/unable to close completely.  No costs to cure provided.
XXXX XXXX VCC 2026-P2-100012     XXXX XXXX XX XXXXX Provided C4 Yes Yes No Appraisal photos reflects stained walls, damaged floors, broken bathroom vanity.  Appraisal reflects possible mold in the basement.  In-house review states "subject to mold inspection (& remediation, if necessary) from a licensed professional for safety/sanitation.  PTD for mold inspection and subsequent as -is appraisal or 1004D.  Invoice for inspection and samples taken in file-no results provided.  Detached garage in poor condition and missing door.  There appears to be an above ground pool in the garage filled with unsanitary water.  Photo noted with plastic tarp covering walls.  No cost to cure or evidence repairs completed.

Sellers comment:  Purchase transaction. The borrower provided a paid invoice for the mold remediation. The borrower is a seasoned investor with multiple investment properties and is expected to complete any remaining repairs and maintain the property.
XXXX XXXX VCC 2026-P2-100013     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100014     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100015     XXXX XXXX XX XXXXX Provided C4 Yes Yes No Appraisal photos reflect damaged wall in kitchen and broken kitchen cabinets.  Appraisal photos reveal no handrail on stairway from bedroom 1.
XXXX XXXX VCC 2026-P2-100016     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100017     XXXX XXXX XX XXXXX Provided C3 Yes Yes No Appraisal photos reflect missing exterior brick.  Appraisal photos reflect multiple staircases missing handrails, missing deck rail.  Boarded up basement window.  In-house review states, missing refrigerator, missing railing interior staircases, porch support posts chipping peeling paint with hanging soffit; missing railing, puddling water in basement.  PTD licensed electrician secure light fixtures and hanging wires in basement and install cover or brick in exposed exterior area,  Evidence brick has been replaced and fixture installed and hanging wires repaired.
XXXX XXXX VCC 2026-P2-100018     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100019     XXXX XXXX XX XXXXX Provided C4 No Yes No Appraisal reflects extensive deferred maintenance, deteriorated exterior facade, incomplete interior wall repairs, weatherproofing, repair window trim with an estimated $24,000 cost to cure.
XXXX XXXX VCC 2026-P2-100020     XXXX XXXX XX XXXXX Provided C4 Yes Yes No Appraisal photos reflect extensive deferred maintenance, chipped/peeling paint, damage from moisture,  Appraisal reflects unsealed electrical outlet.  Estimated costs to cure $7,000.
XXXX XXXX VCC 2026-P2-100021     XXXX XXXX XX XXXXX Provided C4 No Yes No Appraisal photos reflect extensive deferred maintenance, exterior finish in disrepair and appears to be nearing the end of its physically functional life span.  No cost to cure provided.
XXXX XXXX VCC 2026-P2-100022     XXXX XXXX XX XXXXX Provided C4 No Yes No Appraisal reflects damage detached garage.  Cost to cure $500.
XXXX XXXX VCC 2026-P2-100023     XXXX XXXX XX XXXXX Provided C4 No Yes No Appraisal notes multiple instances of rotted or missing eaves where an old carport was.  No costs to cure provided.
XXXX XXXX VCC 2026-P2-100024     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100025     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100026     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100027     XXXX XXXX XX XXXXX Provided Very Good No No No  
XXXX XXXX VCC 2026-P2-100028     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100029     XXXX XXXX XX XXXXX Provided C4 No Yes No Appraisal notes rotted facia with cost to cure of $500.
XXXX XXXX VCC 2026-P2-100030     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100031     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100032     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100033     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100034     XXXX XXXX XX XXXXX Provided Average Yes Yes No Appraisal notes issues with roof/roof repairs.  Further notes ceiling water stains. Cost to repair roof and leak is $19,000.
XXXX XXXX VCC 2026-P2-100035     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100036     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100037     XXXX XXXX XX XXXXX Provided C4 Yes Yes No Appraisal photos reflect multiple damaged/exposed electrical out lets.  Appraisal photos reflect overgrown vegetation, damaged walls, missing door trim, damaged window frame, damaged siding.  Cost to cure $1,475.
XXXX XXXX VCC 2026-P2-100038     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100039     XXXX XXXX XX XXXXX Provided C4 Yes Yes No Appraisal photos reflect multiple missing smoke detectors, missing external vent cover.  Appraisal photos reflect entry way wood deterioration, cracked glass door panel, window sill separation, damaged shower tile, damaged flooring, flaking paint/cracked shutter.  Estimated cost to cure $2,000.
XXXX XXXX VCC 2026-P2-100040     XXXX XXXX XX XXXXX Provided C4 Yes Yes No The appraiser noted the following damage:  1. front porch window trim. 2. Hallway trim.  3. Flaking and peeling paint on porches.  4. Bedroom and hallway wall damage.  5. Bathroom hardwood floor damage. 6. Bathroom wall damage. 7. Siding damage.  8.  Roof damage.   Additionally, the appraiser noted two electrical hazards, a missing cover plate and a hanging wire in the back corner.   The estimated cost to cure is $4,010.
XXXX XXXX VCC 2026-P2-100041     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100042     XXXX XXXX XX XXXXX Provided C4 Yes No No Appraiser notes that the property was in the process of being painted on the day of the appraisal inspection.  No cost to cure provided.  1 bedroom, 2 bathrooms, and living room need painting.
XXXX XXXX VCC 2026-P2-100043     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100044     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100045     XXXX XXXX XX XXXXX Provided Average Yes No No 50% LTV-Appraisal was done "Subject to".  A 442 is in file indicates flooring, appliances, and trim are on site but not installed.  Cost to cure $1,500.  Installation of these items are required for the property to be habitable.  Unit 2 bathroom has been completed.  442 also is reflecting Unit one with kitchen and bedroom gutted when the appraisal was subject to Unit 2 being completed (living room, kitchen, and bedroom gutted).
XXXX XXXX VCC 2026-P2-100046     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100047     XXXX XXXX XX XXXXX Provided C3 No Yes Yes Appraisal photos reflect ongoing repairs, damaged ceiling in basement kitchen, no appliances in basement kitchen, and basement bathroom has exposed pipes.  Basement unit is not reference in the appraisal as a 4th unit.

Seller comment:  60% LTV loan. This property was appraised as a triplex. VCC has a cert from the city in file which confirms that the building may be used as a "commercial rental-family", and was in compliance. The basement was not treated or given value as a 4th unit; however, the borrower was in the process of converting the basement to be a rentable unit. Per the appraisal, "Although questions were raised regarding the basement level, the lower-level unit does contain a kitchen area. At the time of inspection, the basement level was observed to be in a partially finished condition and included a range oven and kitchen sink. While improvements and finishing work were reportedly in progress by the owner, the area was analyzed based upon its condition, utility, and observable characteristics as of the effective date of the appraisal." VCC doesn't have any additional information regarding permits, but expects the borrower to complete the remaining work and obtain any necessary permits. The borrower is a seasoned investor and VCC was further comforted by the low LTV.
XXXX XXXX VCC 2026-P2-100048     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100049     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100050     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100051     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100052     XXXX XXXX XX XXXXX Provided C4 Yes Yes No 50% LTV-Appraisal reflects moisture in the basement.  Appraisal photos reflect deteriorated/damaged flooring in multiple areas, deteriorated facade. Estimate of $10,000 cost to cure for completing interior paint, trim, bathroom tile repair and refinishing floors.  Moisture in basement was not addressed nor was the missing appliances in kitchen.
XXXX XXXX VCC 2026-P2-100053     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100054     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100055     XXXX XXXX XX XXXXX Provided C3 No Yes No 45.45% LTV-Appraisal photos reflect chipped peeling exterior paint, rotted wood, and cracked concrete driveway.  No costs to cure provided.
XXXX XXXX VCC 2026-P2-100056     XXXX XXXX XX XXXXX Provided C3 Yes No No At the time of the appraisal, a kitchen renovation, bathroom renovation, flooring refinish, and wall painting were in the process of being completed.  Cost to complete renovation $12,000.  In-house review has PTD refinish flooring and paint/repair walls, finish kitchen renovation and ensure fully functional, and repair and finish renovating bathroom.  No evidence repairs were completed.
XXXX XXXX VCC 2026-P2-100057     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100058     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100059     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100060     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100061     XXXX XXXX XX XXXXX Provided Average Yes No No The Appraiser Notes that the subject property is Legal, non-conforming.  The zoning classification does not permit multi-unit residential dwellings and if needing to be rebuilt the property could only be rebuilt in accordance with the restrictions of the effective zoning classification (2 units versus current 6 units).  Property can be rebuilt if owner obtains annually a rebuild letter.  Missing handrail on stairs to basement.
XXXX XXXX VCC 2026-P2-100062     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100063     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100064     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100065     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100066     XXXX XXXX XX XXXXX Provided Average No Yes No The appraiser notes that the roof of units A-E is unfinished because it lacks the "prefabricated metal covering."  Costs to complete $8,000.
XXXX XXXX VCC 2026-P2-100067     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100068     XXXX XXXX XX XXXXX Provided Fair No No No The appraiser notes that the building is of "low quality" and in "fair condition."  No additional explanation for property being rated fair. Per the seller: "There isn't any deferred maintenance or health and safety concerns cited by the appraiser. The property is functional but could use cosmetic updates (not specified by appraiser) but visible in photos - such as new paint. No cost-to-cure provided. No additional details provided from the appraisal regarding the property condition."
XXXX XXXX VCC 2026-P2-100069     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100070     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100071     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100072     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100073     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100074     XXXX XXXX XX XXXXX Provided Good No No No  
XXXX XXXX VCC 2026-P2-100075     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100076     XXXX XXXX XX XXXXX Provided Good No No No  
XXXX XXXX VCC 2026-P2-100077     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100078     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100079     XXXX XXXX XX XXXXX Provided Average Yes Yes No The Appraisal noted that the  exterior had some peeling paint and some damaged wood area.  Also, there appears to be some roof damage causing a leak in a couple of places in the
second story office.  365-day signed Holdback Agreement  for $ 11,251.39 roof repair provided with amount reflected on HUD.
XXXX XXXX VCC 2026-P2-100080     XXXX XXXX XX XXXXX Provided Good No No No  
XXXX XXXX VCC 2026-P2-100081     XXXX XXXX XX XXXXX Provided Good Yes No No The Appraiser notes that "Based on parking regulation of the city and the existing use of the subject property, total of 17 parking spaces are required. The subject does not have any parking spaces developed to subject site." Per the seller: "Subject has no onsite parking based on the subject parcel alone. Appraiser applied adjustments for the lack of parking. There is street parking available on both sides of the road. Parking was not considered material as it was considered in the final appraised value/LTV. We don't have further details on the borrower's plans for the parking lot, but there does appear to be space
XXXX XXXX VCC 2026-P2-100082     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100083     XXXX XXXX XX XXXXX Provided Good Yes No No Appraisal photos show the Front Steps to be in disrepair and missing kitchen appliances.  Estimate of $8,750 to install appliances in 3 units.
XXXX XXXX VCC 2026-P2-100084     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100085     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100086     XXXX XXXX XX XXXXX Provided Good No No No  
XXXX XXXX VCC 2026-P2-100087     XXXX XXXX XX XXXXX Provided Good No No No  
XXXX XXXX VCC 2026-P2-100088     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100089     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100090     XXXX XXXX XX XXXXX Provided Good No No No  
XXXX XXXX VCC 2026-P2-100091     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100092     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100093     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100094     XXXX XXXX XX XXXXX Provided Fair Yes No No Property condition-fair.  Appraiser photos of the Office Space show a missing ceiling tile.  The Appraiser notates the following: "The subject’s below average industrial specifications including lower ceiling heights and lack of loading dock doors".
XXXX XXXX VCC 2026-P2-100095     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100096     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100097     XXXX XXXX XX XXXXX Provided Good No No No  
XXXX XXXX VCC 2026-P2-100098     XXXX XXXX XX XXXXX Provided Average No Yes No The appraiser notes that at the time of the appraisal, the property needed flooring and paint before property could be occupied.  No cost to cure provided.
XXXX XXXX VCC 2026-P2-100099     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100100     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100101     XXXX XXXX XX XXXXX Provided Excellent No No No  
XXXX XXXX VCC 2026-P2-100102     XXXX XXXX XX XXXXX Provided Good No No No  
XXXX XXXX VCC 2026-P2-100103     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100104     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100105     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100106     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100107     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100108     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100109     XXXX XXXX XX XXXXX Provided Average Yes No No There is no flooring in Unit 1, Living room, Bedroom, or Bathroom, per appraisal pictures. Appraiser noted that the owner advised that he is starting a remodel on unit one with an estimated cost to cure of $15,000.
XXXX XXXX VCC 2026-P2-100110     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100111     XXXX XXXX XX XXXXX Provided C2 No No No  
XXXX XXXX VCC 2026-P2-100112     XXXX XXXX XX XXXXX Provided C3 Yes No Yes Appraisal photos and notes indicate an unfinished ADU (exterior walls erected with no roof).  No value given.

Seller comment:  VCC does not have a status on the permits; however, this wasn't deemed as material to underwriting as the ADU wasn't given any value. ADU was vacant and unfinished at the time of origination. The borrower is expected to obtain any necessary permits.
XXXX XXXX VCC 2026-P2-100113     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100114     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100115     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100116     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100117     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100118     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100119     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100120     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100121     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100122     XXXX XXXX XX XXXXX Provided C4 Yes Yes No Appraisal notes water in basement.  Photos reflect a black substance on the basement walls, electrical panels are missing covers.  Missing back deck/collapsed and was being repaired with cost to complete $1,000.  In-house review has PTD completion of rear deck repair and signed LOE from licensed contractor with estimate to cure for areas in the basement that are damp/moisture on the floor and walls.  Evidence of deck repairs provided, missing LOE.
XXXX XXXX VCC 2026-P2-100123     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100124     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100125     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100126     XXXX XXXX XX XXXXX Provided C1 No No No  
XXXX XXXX VCC 2026-P2-100127     XXXX XXXX XX XXXXX Provided C4 No Yes No 50% LTV-Garage exterior reflects chipped peeling paint and hole in family room ceiling.  No costs to cure provided.
XXXX XXXX VCC 2026-P2-100128     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100129     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100130     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100131     XXXX XXXX XX XXXXX Provided C5 Yes Yes No 44.44% LTV-C5 condition -The appraiser notes that at the time of the appraisal, the property is neither in marketable or rentable condition.  The property requires various flooring, plumbing, exterior trim, and possible roofing repairs.  Additional, the appraisal noticed the presence of mold in the recreation room.  Kitchen faucet in poor condition with water off, dinette cabinets damaged and ceiling patched, half bath faucet not functioning, mold in first floor closet from bathroom leak, upper level porch with rotted railing, 1 bathroom not in working condition, dampness in basement, mold in basement, A/C condenser severely corroded,  No cost to cure or Holdback Agreement in file, closing statement reflects a hold for $10,000 for mold repairs.

Seller comment:  Property vacant at origination and the borrower provided an LOE committing to use cash-out proceeds to complete various repairs. VCC completed a 365-day holdback for 10k for the mold remediation. The cost of the roof repair ($23,250) was paid via the final hud. VCC hasn't confirmed the status of the remaining repairs, but expects the borrower to fulfill their commitment to complete them.
XXXX XXXX VCC 2026-P2-100132     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100133     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100134     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100135     XXXX XXXX XX XXXXX Provided C3 Yes No Yes Attic converted to living space without permits and stairwell to attic does not appear to have a handrail - noted not to code by appraiser.  Upstairs deck/balcony does not have a railing/open to drop.  Appraiser also notes that the rear of the property slopes to the east and lender may wish to have foundation verified as sound.  Cost to cure estimated to be $10,000.  Signed 120-day Holdback for $5,000 for exterior door and baluster installation in file.  Estimated closing statement does not reflect the holdback.

Seller comment:  Purchase transaction. The attic was not given any value and did not have a kitchen/bathroom installed. VCC does not have any status on permits, but expects the borrower to obtain any necessary permits or convert back to attic. VCC was comforted by the relatively minimal cost to cure. Additionally, VCC completed a $5,000, 120-day holdback for the missing stair railing and balcony railing/drop. The borrower is expected to remedy within the holdback period.
XXXX XXXX VCC 2026-P2-100136     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100137     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100138     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100139     XXXX XXXX XX XXXXX Provided C2 No No No  
XXXX XXXX VCC 2026-P2-100140     XXXX XXXX XX XXXXX Provided Average No No No  
XXXX XXXX VCC 2026-P2-100141     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100142     XXXX XXXX XX XXXXX Provided C4 Yes Yes No Appraisal photos reflect damaged interior walls/ceiling on the 3rd floor.  Deteriorated porch ceiling and stairs are missing handrail.  In-house review indicates covered porch needs soffit replaced at an estimated cost of $2,000.
XXXX XXXX VCC 2026-P2-100143     XXXX XXXX XX XXXXX Provided Good No No No  
XXXX XXXX VCC 2026-P2-100144     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100145     XXXX XXXX XX XXXXX Provided C4 No Yes No Appraisal photos of the rear of the property reflect a section of missing siding. In-house review notes functional inadequacy noted with ADU bathroom-toilet is located outside of the bathroom behind in another room from where the tub and sink are.
XXXX XXXX VCC 2026-P2-100146     XXXX XXXX XX XXXXX Provided C4 No Yes No 50% LTV-Appraisal reflects damaged exterior siding and rotted wood on deck.
XXXX XXXX VCC 2026-P2-100147     XXXX XXXX XX XXXXX Provided C4 No No No  
XXXX XXXX VCC 2026-P2-100148     XXXX XXXX XX XXXXX Provided C4 Yes Yes No 50% LTV-Appraisal photos reflect deferred maintenance on deck (rotting damaged boards to deck, railing, and stairs) with estimate to repair of $2500.  Damage to several interior walls and what appears to be a damaged skylight that is leaking.  Estimate to repair skylight is $1200 with $200 for damaged walls.  In-house review has PTD repair leaking sky light. No evidence repairs were completed.
XXXX XXXX VCC 2026-P2-100149     XXXX XXXX XX XXXXX Provided C3 No Yes No 50% LTV-Appraisal photos reveal a section of flooring has detached from the subfloor. No costs to cure provided.
XXXX XXXX VCC 2026-P2-100150     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100151     XXXX XXXX XX XXXXX Provided C4 Yes No No Appraisal photos reflect evidence of dampness in the basement.
XXXX XXXX VCC 2026-P2-100152     XXXX XXXX XX XXXXX Provided Average Yes Yes No 41.90% LTV-Appraisal photos ongoing/incomplete renovations of unit 1.  No kitchen in place/gutted with costs to complete $5,500.
XXXX XXXX VCC 2026-P2-100153     XXXX XXXX XX XXXXX Provided C3 No No No  
XXXX XXXX VCC 2026-P2-100154     XXXX XXXX XX XXXXX Provided Average Yes No No Appraisal photos of front steps show no guardrails present.