Regarding the West Tower studio, the 552-square-foot size is not a problem. Whether the unit is a studio, executive one-bedroom, one-bedroom, two-bedroom, or penthouse, I can finance it. Veer Towers is financeable, and the size of the unit will not prevent us from completing the loan. For context, I was the original lender in Veer Towers and closed more than $80 million in financing throughout the building across every unit type. I also closed two loans there last week. I know the building extremely well and have financed everything from studios to penthouses. When your borrowers are ready, and with their permission, send me their names and contact information. I will call them directly, review their qualifications, and work on refinancing them out of the private note and into a straightforward conventional loan. The bottom line is that the studio is financeable. The building and unit size are not a problem. -----Original Message----- From: Kelvin Yan <[email protected]> Sent: Friday, August 14, 2026 8:05 PM To: Derek Parent <[email protected]> Subject: RE: Cash-out refinance inquiry — confirmed HOA figure, plus a second Veer question Derek, Thank you for the fast and genuinely useful reply. The correction on the 50 percent rule is well taken — I had the single-entity control test and investor concentration conflated, and it matters here because mine is an investment property rather than a primary or second home. The point about title needing to be in my name or an eligible trust rather than Sydnee, Inc. is the one I hadn't anticipated. I'm taking that to my CPA before going further, since moving the property out of the S corporation and back has consequences beyond the loan itself. On the HOA figure you asked for, I now have it. The August 2026 payment was $1,184.61. Two caveats worth knowing: that figure includes a variable electricity component rather than being a flat assessment, and August is presumably close to the seasonal peak. I've requested a 24-month itemized history from management so I can give you the true base assessment and the annual average rather than one summer month. I'll send that through as soon as it arrives. For reference, $1,184.61 on 841 square feet works out to about $1.41 per square foot per month, which I gather is high even by Las Vegas high-rise standards. Using that figure, I get to roughly $147,000 to $157,000 at a 1.00 DSCR and $213,000 to $228,000 at 0.85, depending on rate. If that's in the right neighborhood I'd rather know now. Separately, a second Veer question I'd value your view on. I hold a private first-position note secured by another unit in the West tower — 3726 S Las Vegas Blvd. I sold that unit in January 2024 and carried the financing myself. The note is $240,000 at 7 percent, interest only, with a balloon due February 1, 2029. The buyers put roughly 28 percent down and have paid on time for 31 months. The collateral is a studio, about 552 square feet. Three things I'd like your read on: 1. Is a 552 square foot studio at Veer financeable at all, and under which programs? I'm aware some lenders carry minimum square footage requirements, and if a unit that size simply cannot be financed, that changes how I think about a balloon coming due in 2029. 2. If the answer is yes, would you be willing to take a referral? My borrowers are not currently seeking to refinance, but their prepayment penalty expires in January 2027 and I'm considering offering them a discounted payoff as an incentive. That offer is a great deal more persuasive if I can point them to a lender who actually knows this building. I wouldn't pass along any of their information without their consent — I'd simply give them your name. 3. Do you know anyone who lends against performing private notes, whether through hypothecation or a collateral assignment? I understand that's outside conventional mortgage lending, but it's adjacent to it and you may know who does it here. I'd rather understand my options on that note well before 2029 than scramble at maturity. Kelvin Yan President, Sydnee, Inc. -- This message is intended only for the addressee and may contain confidential information. If you received it in error, please notify the sender and delete it.