Paparazzi Marketing Group LLC

Ameridura Manufacturing Company was created around a simple belief: homeownership should not be reserved for families who can afford the inefficiencies built into the traditional construction process. America doesn’t simply need more houses. It needs more attainable homeownership.

Today, the average family enters the housing market as a consumer. They see the finished home, the sales price and the mortgage payment. What they often don’t see is everything that happened before that house reached them—the land acquisition, development, construction, subcontracting, financing, overhead and layers of margin that can accumulate throughout the process. Ameridura was created to change the economics of that process.

We are building a manufacturing company designed to produce beautiful, durable homes through standardized factory production, while helping families understand the economics of the property they are purchasing. We’re not simply trying to sell more houses. We’re trying to make it possible for more families to become owners.

Through the Ameridura Equity Program™, each homeowner receives access to a dedicated Homeownership Consultant who helps them understand the journey from land acquisition through completed home: Land → Home → Site Costs → Total Investment → Potential Property Value → Equity. The goal is education and informed decision-making—not promising a particular appraisal or return. Don’t just teach people how to buy a house. Teach them how to understand what they own.

That mission is lender-readable because it connects manufacturing to a tangible community outcome: American manufacturing → lower construction complexity → attainable homes → new homeowners → family assets → community wealth. It is not a substitute for projections, assumptions, use of proceeds, repayment ability or management strength.

Why customers will buy: attainable price points, modern designs, durability, more usable space, guidance through the homeownership process, and potential financing pathways for qualifying buyers (including USDA Section 502 Guaranteed 100% financing in eligible rural areas through independent lenders—not a developer credit line). Why the community benefits: more attainable housing, manufacturing jobs, construction-related employment, local suppliers, tax base and homeownership. Why the loan gets repaid: five standardized models, fixed engineering, fixed BOMs, repeatable production, controlled purchasing, factory labor, quality control and contracted offtake—shown in the numerical sections that follow.

The lender should not underwrite a slogan that “we build your house in 30 days.” There are two timelines. Production timeline: how long Ameridura needs to manufacture the home once it is released into production. Total project timeline: land + financing + engineering/site review + permitting + foundation/site work + manufacturing + delivery + installation + final completion. Those are different things.

Once a homeowner’s project is fully approved and released for production, the factory becomes the construction site. The production system is designed around engineering → materials → cut/fabricate → assemble → MEP installation → quality control → finishing → final inspection → delivery → installation → final completion.

Target, not a guarantee: approximately 20–36 working days of factory production once a home is released into production, then approximately 3–7 days for site installation/completion activities depending on model and site. Factory-to-family objective: approximately 4–7 weeks from production release to a completed home—not from the day somebody walks into the showroom. Permitting, financing, land acquisition, site preparation and foundation work can occur before or alongside factory production.

What takes months doesn’t have to happen entirely on the customer’s property. That is the manufacturing advantage the underwriting file is paying for.

Two companies. Do not collapse them. Paparazzi Marketing Group LLC is the existing company — marketing, NAICS 541600, with filed 2024 and 2025 returns. The ICF manufacturer is proposed. It has not been named. It has not been formed. There is no Paparazzi Manufacturing Group. This loan would be for a new manufacturer, once counsel names and forms it with a new EIN and a manufacturing NAICS. Recoding Paparazzi, or burning a 2013 unused LLC to put a 2013 date on a factory, would be a misrepresentation.

The bridge is not the tax return. Paparazzi proves the principal can run and market businesses. The lender will still ask why anyone should believe this group can manufacture houses. That answer is the Manufacturing Readiness Package: Terry Washington’s documented ICF credentials and a signed leadership agreement; a plant, equipment quotes, layout, workflow, staffing, QC, suppliers, BOM and capacity; a prototype with actual cost and hours; and LOIs or contracts. Paparazzi’s contribution is commercial execution. It is not that Paparazzi already runs an ICF plant.

SBA affiliation. Paparazzi Marketing Group LLC, Ooh La La Boutique, and a formed manufacturer would be disclosed as affiliates if commonly owned or controlled. The lender may read Paparazzi’s returns as affiliated operating history. That is allowed. It is not the same as the manufacturer already having two years of NAICS 31–33 receipts. The manufacturer’s first tax return, if formed, will be a manufacturing return. Paparazzi’s returns stay 541600. Recoding the marketing company as a factory to chase the 90% ITL is how a file dies on transcripts.

What the appendix must show: Paparazzi and boutique returns, statements, invoices and the tax packet (the existing-company story); manufacturer formation documents once counsel files them — EIN, operating agreement, cap table, opening bank account and the 10% cash equity wire; the CMO agreement; personal returns and Form 413. If Paparazzi’s books were thin, this would not be a $5 million factory file. They are not thin.

The sequence the lender should see: Paparazzi Marketing Group LLC operates and scales as a marketing company → principal recruits ICF manufacturing leadership → counsel names and forms a manufacturer only if that is the right structure → cash equity in → capital for plant and equipment → prototype → contracted offtake → commercial production. That is the spine of every later section.

Ownership. A formed manufacturing company would be a new company owned by Philbert Andre Honore, who would execute SBA Form 1919 and Form 413 and sign an unlimited personal guaranty as a 20%+ owner under 13 CFR 120.160(a). Citizenship or LPR status of controlling owners would be certified on Form 1919. Paparazzi Marketing Group LLC and Ooh La La Boutique are affiliates and would be scheduled as such. Any manufacturing-partner equity for Terry Washington, if granted, will be modeled with counsel before signing so SBA control and potential 8(a) eligibility are not broken. The Company will not casually convey 51%.

CEO / Founder. Honore’s relevant experience is the businesses he has actually built — Paparazzi Marketing Group LLC and Ooh La La Boutique. He is not being presented as a factory operator. His job on this credit is capital, commercial strategy, partnerships, government programs, customers and corporate management.

Chief Manufacturing Officer — designate. Terry Washington, represented as Chief Manufacturing Officer of ICF Manuco. That affiliation is not independently verified in public sources as of this draft. It becomes part of the SBA package only with a résumé, references and a signed Manufacturing Leadership Agreement in Appendix B. Once documented, the message is: the manufacturing company is new; the manufacturing leadership is not. His duties: factory design and commissioning, equipment and layout, SOPs, QC, suppliers, training, costing, prototype, ramp, first 100 units, monthly KPIs.

The rest of the launch team, hired or contracted before full-scale production: Director of Engineering (ICF/structural/modular); Plant Manager; Quality Manager; Procurement/Supply Chain; Construction/Installation Director on a later licensed construction affiliate if site work is in-house — not on Paparazzi Marketing Group LLC; CFO/controller for job costing and monthly lender packages. Vacant seats will be labeled vacant, with a job description and a hire-by date tied to the draw schedule. Empty boxes are better than invented names.

Although the manufacturer is a new company, the execution strategy does not depend upon untested management capability. The Company would recruit and contract experienced manufacturing, engineering, quality-control and plant-management personnel before commercial production, and would supplement that team with the ICF manufacturing executive responsible for plant commissioning, production-system development, workforce training, quality assurance and manufacturing launch. Capital expenditures would be tied to specific production equipment, facility improvements, tooling and working-capital requirements, with production capacity phased against demonstrated demand.

The proposed manufacturer would be a manufacturer. It invoices at the factory gate. Land, permits, foundation, set, and retail to a household are the buyer’s — or they sit on a separate development or licensed construction file. That split is the business model, the NAICS model, and the SBA model. It is also how the company stays inside manufacturing programs instead of looking like a general contractor asking for a factory.

Preferred product architecture: factory-built ICF modular housing constructed to the International Residential Code as adopted by Louisiana, transported to the site and installed on a foundation. Louisiana law currently defines a manufactured home as factory-built residential dwelling constructed to HUD standards, and a modular home as factory-built residential dwelling constructed to the IRC as adopted by Louisiana. Those are different products. This plan does not call everything a “manufactured home.” The 21st Century ROAD to Housing Act likewise defines a modular home as a home constructed in a factory in one or more modules that meet applicable state/local building codes and are transported to the site and installed on foundations. That definition is the product.

The economic engine is a short list of SKUs, not custom architecture, and three market tiers on the same line: attainable housing engineered to a defined price target; workforce / moderate-income housing for developers, employers, municipalities and housing organizations; market-rate customizable modular with higher-margin finishes. Same factory. Same ICF technology. Different specifications and customer economics. That is how the Company avoids becoming a nonprofit while still producing attainable housing.

Cash cycle. Forms, rebar and concrete are bought and paid on supplier terms. Labor and overhead accrue in the bay. The panel or module ships. The developer or housing organization pays on the contract (deposits + completion draws). Working capital inside the ITL exists because this cycle is front-loaded. Inventory and WIP are the use. They are capped at $2 million inside the ITL. Additional revolving needs, if earned, are MARC or a later line — not a silent overrun of this $5 million.

Revenue on the manufacturer is factory-gate housing systems. Paparazzi Marketing Group LLC’s historical marketing receipts are affiliate history, not Book A inside the factory. Do not invent a fabrication book on a company that has not been formed to make a startup look like a going manufacturing concern. Arm’s-length POs between the affiliate and a formed factory would be documented. A plan that shows a new LLC with two years of factory sales it did not earn is a plan that fails transcripts.

What we will not do with this capital: buy land banks, finance homebuyers, build speculative subdivisions, inventory finished houses on unsold lots, convert shipping containers, or buy a steel 3D printer as the production thesis. Those are different businesses. They are not this 7(a) ITL.

HUD’s sentence is the diagnosis: America needs more housing. This plant’s answer is a regional ICF modular line. Base case year three is 72 homes. That does not close Freddie Mac’s ~3.7 million or Realtor.com’s ~4 million unit estimates. It is an increment a credit committee can count.

What the house has to be. Factory-built ICF modular, constructed to the IRC as adopted by Louisiana, transported, and installed on a permanent foundation. The ROAD Act’s modular definition is that product. Louisiana’s distinction between HUD-code manufactured housing and IRC modular is the same split. This plan does not call everything a manufactured home. HUD’s June 12, 2026 chassis proposal is a proposed rule. It is not a permit, and it does not convert this SKU into HUD Code.

How the buyer’s lender treats it. FHA Handbook 4000.1, Fannie Mae’s Selling Guide, Freddie Mac’s Seller/Servicer Guide, USDA HB-1-3555, and VA MPRs can finance modular dwellings on a permanent foundation as real property — a different stack from HUD-code manufactured housing. That is a design constraint on openings, foundation interface, stamps, and third-party inspection. It is not a claim that FHA, a GSE, USDA, or VA has approved this plant. The factory invoices at the gate. The mortgage sits with the buyer.

EO 14394’s operational instruction is method versus performance: do not exclude factory-built housing because it was made in a plant if it meets objective building and safety standards. That is the argument this product makes to a zoning official. It is not an SBA appropriation.

Who actually buys the output. Developers, licensed builders, and housing organizations — including People’s Housing+–type nonprofits running AMI-targeted (80% / 120%) models with HOME or similar subsidy. Fair Housing applies to the dwelling. Gulf South flood (NFIP), elevation, and insurance sit with the site and the mortgagee. Paparazzi Marketing Group LLC does not break ground.

SBA capital is a separate stack. A formed NAICS 31–33 manufacturer can seek a 7(a) International Trade Loan with a 90% guarantee to the lender. WCP is a homebuilder revolving product after 12 months of operations. Neither program is the origin of the business. Neither program is a substitute for offtake, a prototype, or Terry’s signed manufacturing agreement.

National modular plants are capacity-constrained and often wood-framed. HUD-code manufacturers are a different code, a different chassis, a different buyer-financing stack. Site-built GCs are not competitors for factory slots; they are customers or they are the labor problem. Converted shipping-container vendors are a different product that this plan rejects as the platform. The regional fight that matters for the hero SKU is D.R. Horton in Slidell: Oakdale ~$373k (2,453 SF), Tallulah ~$390k (2,706 SF), Ozark ~$337k (2,484 SF), Ledoux ~$289k (2,051 SF). Those are sponsor-verified listings as of this draft, not appraisals. The Bayou 2500 is built to make a buyer looking at a $337k–$390k Horton ask why they would buy that — more house, better structure, better flow, better presentation, lower all-in — if and only if the BOM supports it.

ICF versus containers — the question asked, answered without romance. Is ICF better than containers for habitable, financeable, insurable IRC housing? Yes. ICF is a purpose-designed structural envelope: reinforced concrete and continuous insulation, sized to the house, not to a cargo standard. A shipping container is an 8-foot-wide Corten box. Cutting it into a dwelling fights rust, thermal bridging, width, and the structural consequences of every opening. Is ICF cheaper than a used container shell? No. A used 40-foot box can cost $2,000–$6,000 and is often less than 5% of a finished house. Is ICF cheaper than a properly converted, code-compliant container home? Often yes. Published 2026 turnkey container ranges commonly run $150–$350 per square foot because conversion eats the “cheap box.” Purpose-designed modular typically clusters around $180–$280 per square foot. ICF as a wall system is commonly a 3–5% whole-home premium over wood framing, concentrated in the envelope, with energy, insurance and durability offsets that matter in Louisiana. The lender-quality sentence: ICF modular is not a bet that concrete is cheaper than scrap steel. It is a bet that a factory-built IRC house is cheaper to deliver, finance and insure than a cargo conversion that looks inexpensive on day one.

Advantages that are real: Paparazzi Marketing Group LLC’s 2011–present customer and market development; recruited ICF manufacturing leadership to be documented; ICF’s performance in wind, termite, fire and insurance-sensitive geographies; SKU discipline versus custom modular; owner who will guaranty the note; a product that maps onto Louisiana’s modular definition. Advantages we will not invent: we are not an existing ICF factory; we have not named or formed the manufacturer; we are not the low-cost Chinese container importer; we are not a national brand; we are not already 8(a) certified.

Moat is operational. Jigs, rebar cages, pour/cure control, and a P-920 that ships the same way the twentieth time as the second. Anyone can announce ICF homes. Few can quote a factory slot with a third-party inspection packet and a stamp. That is what the equipment list buys.

SBA listed, as an ITL purpose, diversifying supply chains away from foreign adversaries and bringing critical production back to the United States. The proposed manufacturer’s housing system is domestic ICF production: U.S. cement and aggregate via ready-mix, U.S. reinforcing steel, a proven form system specified for domestic supply, cut, assembled and poured here. Windows, doors, and MEP will be specified with U.S. or USMCA suppliers where the SKU allows, and substitutions will be documented. The point is not a slogan on the cover. The point is mill certs, mix designs and form evaluation reports in the job folder.

Binding inputs are forms, rebar, concrete, openings and MEP. Dual-source what can be dual-sourced. Ready-mix is contracted with backup plants. No single-source “we’ll figure it out.” Appendix B will include current supplier invoices and letters on capacity to supply the ramp.

What we will not do: import a finished house and call it manufacturing; convert imported containers and call them American ICF homes. Subassemblies may be purchased. The structural envelope and the module as invoiced are the proposed manufacturer’s.

Inventory policy. The $800,000 inventory use is first-run forms, rebar, openings and BOM for the P-920 lot, not a bet on commodity prices. Hedge is operational (turns), not a derivatives desk.

Distribution is B2B factory-gate. The first customers are developers, builders and housing organizations who already work with the principal or who already run standardized housing models. The sales motion is not a national ad campaign. It is a capacity conversation with people who already have land, AMI targeting, or a Habitat-style affiliate board — and cannot get a factory slot.

People’s Housing+ is the local benchmark, not the corporate identity. They operate repeatable models (Gala Apple, Night Heron, Star Jasmine, Goldfinch, Kingfisher, Swift, Darter, Ambrosia, Satsuma, Live Oak) with standardized features even when exteriors differ. Their projects include New Orleans East, Gentilly, Tremé/7th Ward, Tulane/Gravier and Broadmoor. Current examples include New Orleans East homes around $200,000 with subsidies as high as $95,000 for eligible buyers, and Broadmoor/Central City examples around $150,000 with substantial subsidies. Buyer programs generally target households at or below 80% AMI, with some opportunities up to 120% AMI. Their 2024 Form 990 (People’s Housing Inc., 501(c)(3), Louisiana) shows approximately $2.118 million revenue, $1.469 million expenses, $11.304 million assets, $7.958 million liabilities, $3.346 million net assets, and about a 76% program-expense ratio. The filing describes a mission around affordable housing, economic opportunity, financial stability and generational wealth. The proposed manufacturer does not need to become People’s Housing+. It can become the manufacturing supplier to organizations like People’s Housing+. That is a much more scalable model.

Contract shape. Deposit. Progress as the panel or module hits QC. Balance before ship or on ship, per the PO. No inventorying finished houses for unsold lots. Letters of intent in Appendix B should name SKU, quantity, approximate ship window, and price band. Soft “we support the concept” letters are not offtake.

Concentration. No single account above 25% of pro forma housing revenue without a take-or-pay or a deposit structure the lender can live with. Year-one diversifier is offtake and, if contracted, arm’s-length work with Paparazzi Marketing Group LLC — not a fictional factory sales history. Transfer pricing will be documented. Affiliated-company financials go in Appendix C.

Headcount follows the line, not a political jobs poster. Year-one model: about 28 people (ICF/concrete, rebar, MEP, QA, shipping, supervision, office). Year-three base: about 54. Year-five: about 70 if 90+ homes. Those numbers are in the projection tables. They are not a promise to a press release.

Skills: ICF/concrete placement, rebar, crane, electricians and plumbers for rough-in, QA, and a production manager. Training is a working-capital use (the $550,000 ramp line includes hiring and training). We will use local workforce partners where they exist. We will not tell the lender that an untrained crew will hit 32% gross margin in month two.

SBA’s manufacturing programs are explicit about hiring U.S. workers. This plan agrees. Jobs appear when the line is fed with orders. The manning table in the appendix will show hire-by dates tied to draws.

This section exists so a bank, CDC, agency or strategic partner can see that the Company has distinguished factory product from site improvement, IRC modular from HUD manufactured, manufacturer from contractor, and commercial company from charity. Counsel will confirm every statutory citation before closing. This is a business-plan framework, not a legal opinion.

Louisiana corporate law. The operating manufacturer is a commercial company. Optional benefit-corporation election is discussed below and is not automatic. Affiliation among related entities will be disclosed on SBA Form 1919. Mixing manufacturer, developer, contractor, nonprofit and mortgage functions on one set of books is how SBA, tax and lender files fail.

Louisiana civil-law / property framework. Louisiana’s civil-law heritage matters for property, ownership, immovables, construction rights, privileges, contracts, security and real-estate transactions. Civil Code Article 472 treats building materials as movables until incorporation into the construction. The Private Works Act creates statutory privileges for contractors, laborers, sellers of materials and others involved in improvements to immovables. Factory ICF panels, components and modules are movables until they are incorporated into the immovable. Contracts, insurance, UCC and Private Works Act practice must track that line. That is not philosophy. That is how a factory gets paid and how a site gets a clean title.

Louisiana Benefit Corporation statute. R.S. 12:1804 allows a business corporation to elect benefit corporation status through its articles. The corporate name must include “A Benefit Corporation” or the parenthetical equivalent. R.S. 12:1811 requires a purpose of creating a general public benefit and permits specific public benefits. Louisiana requires an independent benefit director responsible for an annual benefit report. Possible specific-benefit language includes affordable American housing, domestic manufacturing, Louisiana employment, workforce development, resilient housing, material-efficient construction, expansion of attainable homeownership, and domestic supply-chain development. The Company will not convert until a CPA and attorney review corporate, financing and governance implications. Benefit status creates real statutory obligations.

Louisiana factory-built housing law and Act 765 / SB 398. Louisiana currently distinguishes HUD manufactured housing from IRC modular housing. Act 765 (SB 398, 2026 Regular Session) restructures regulation of manufactured, modular and factory-built housing effective January 1, 2027: revised definitions; factory-built housing residential contractors/developers; licensing, warranties and installation; transfer of regulatory functions toward the Louisiana State Licensing Board for Contractors through an expanded Residential Contractors Subcommittee; and a dedicated fund account. The Company will decide, with Louisiana counsel and code officials, before engineering lock whether the product is (A) IRC modular housing, (B) HUD-code manufactured housing, or (C) a dual product line. For the ICF concept in this plan, IRC modular is the natural conceptual fit. It must still be confirmed. Manufacturing a component does not automatically authorize site construction. Act 765 specifically creates a regulatory framework for factory-built housing developers and residential contractors. Entity 3 exists for that reason.

Louisiana State Uniform Construction Code / IRC modular pathway. Destination-state IRC/IBC as adopted, state modular program labels, third-party inspection as required. HUD manufactured-housing pathway is not the base SKU. If a future SKU is deliberately entered under HUD Code (NAICS 321991), it will be a separate engineering, labeling, financing and sales packet.

How the house is financed after it leaves the gate. FHA 4000.1, Fannie Mae, Freddie Mac, USDA Rural Development, and VA can treat IRC modular on a permanent foundation as real property — not as HUD-code manufactured housing. Fair Housing applies to the dwelling. NFIP flood rules apply to the site. Those programs do not finance this factory; they constrain the product so a buyer’s lender can close. Compatibility is a design requirement. It is not a representation that any of those agencies has approved this plant or this loan.

Louisiana contractor licensing, construction contracts and the Private Works Act. Licensed construction is a separate operation. Contracts will distinguish factory sale of movables from site improvement of immovables, with appropriate privileges, notices and insurance. Product liability, warranty, QA, environmental/safety (OSHA, silica, concrete, rebar), and intellectual property (drawings, jigs, SKU typicals) have owners and budgets. Insurance binders belong in Appendix C.

SBA affiliation, manufacturing financing, and 8(a). See Sections 14 and 22. 8(a) is potential only. Federal procurement compliance is relevant if and when the Company is in a contracting channel; it is not assumed.

Request. Up to $5,000,000 SBA 7(a) International Trade Loan — once a qualifying NAICS 31–33 manufacturer is named and formed. That company would intend to seek financing under SBA’s enhanced Made-in-America Loan Guarantee, which provides a 90% federal loan guarantee under the International Trade Loan program, subject to SBA eligibility and lender underwriting. A qualifying small manufacturer in NAICS sectors 31–33 can potentially access the enhanced 90% SBA guarantee through the ITL program, subject to program and lender eligibility. We will not write “SBA will guarantee 90% of our $5 million loan” as if SBA were funding 90% of the proposed manufacturer. Maximum SBA exposure on an ITL is $4.5 million. Working capital inside an ITL cannot exceed $2 million. This sources-and-uses keeps WC at $1.60 million.

Uses (detail in tables): ICF production equipment $0.50 million; concrete/reinforcement $0.40 million; material handling $0.20 million; automation/tooling $0.35 million; engineering/software $0.15 million; installation/commissioning $0.40 million; leased-plant improvements $1.40 million; initial raw materials $0.40 million; hiring/training $0.20 million; working capital $0.70 million; contingency $0.30 million. Total $5.00 million. Land and a purchased building, if any, belong on a 504 — not stuffed into this ITL. Final numbers come from quotes in Appendix B.

Why this project fits SBA’s manufacturing priorities. SBA identifies manufacturing as a priority for access to capital and permits 7(a) proceeds to start a business. Eligible uses include upgrading or replacing equipment, modernizing facilities, diversifying supply chains, building inventory, and expanding capacity. For FY2026, SBA waived certain fees for qualifying manufacturers under NAICS 31–33 on smaller 7(a) loans and on manufacturing 504 loans (October 1, 2025–September 30, 2026). A $5 million ITL does not receive the $950,000 7(a) fee waiver.

Parallel 504 and the July 4, 2026 stack. Since July 4, 2026, SBA Policy Notice 5000-879058 allows qualifying borrowers to combine 7(a) and 504 so that a 7(a) balance does not reduce 504 capacity — up to $5 million 7(a) plus up to $5 million 504 ($5.5 million SBA portion for small manufacturers). That is not one $10 million loan. Sequence: 7(a)/ITL for this working-capital and equipment file; 504 for land, building and long-life equipment. Do not double-finance the same asset.

WCP / homebuilder product. Paparazzi Marketing Group LLC is a marketing company (NAICS 541600). It is not a homebuilder and it does not break ground. WCP requires at least 12 full months of operations. This plan does not put WCP on Paparazzi or on a factory that does not yet exist. Initial financing is factory buildout (ITL / 504). If a licensed construction affiliate is later formed and actually performs residential projects, WCP is a later tool for that entity.

This section is a lockbox. The manufacturer has not been formed and will not have two years of manufacturer returns. The lender will underwrite (1) the owner’s personal returns and Form 413, (2) Paparazzi Marketing Group LLC’s business returns, statements and debt schedule as an affiliate, and (3) formation documents and an opening balance sheet if and when counsel forms a manufacturer. Tables show known Paparazzi 2024/2025 figures. A $5 million authorization without those numbers is not a complete file. Startup 7(a) files also typically require a meaningful equity injection; that number will be stated, not implied.

What must appear: revenue, gross profit, operating expense, EBITDA, owner add-backs (documented), existing debt service, and a reconciliation to the tax return. Cash vs accrual will be stated. If the historical shop was cash-basis, the CPA will present an accrual view the credit committee can read.

Paparazzi Marketing Group LLC’s historical margins, if they exist, inform owner capacity — they do not become the factory’s gross-margin story. The P-920 32% is a designed BOM for a plant that has not yet run. It will be replaced with prototype actuals. We will not tell the lender housing magically does 40%.

Owner AGI for 2023–2025 is discussed in Section 22 solely in connection with potential 8(a) economic-disadvantage tests. It is not a substitute for business tax returns. Paparazzi Marketing Group LLC banking history since 2011 belongs in Appendix A as affiliate evidence. A formed manufacturer would have opening statements, not a 15-year deposit history.

The detailed workbook is a separate deliverable (the financial model). This section states the logic. Revenue = (homes × mix-weighted wholesale) + only those affiliate or other contracts that actually exist. Do not plug a $1.6–2.3 million “existing fabrication” line into a company that has not been formed unless there is a PO. COGS is the housing BOM (ICF forms, rebar, concrete, floor/roof, windows, doors, MEP, fixtures, factory labor, freight). Site installation is not in the manufacturer’s COGS.

Year one is installation, prototype and first lots (24 homes in the base). Debt service is modeled at interest-only / partial P&I. Years two–five assume full P&I on $5 million at an illustrative 9.25%. Base year three is 72 homes on this line. The 5 / 10 / 20 homes-per-month path is a management target: 5/month after commissioning is this plant; 10/month stretches two shifts; 20/month is a later second line. The tables show the underwriting path. They are not a promise of 500 houses.

Mix. Year one is P-920. Later years add P-640 for takt and P-1180/P-1760 only when the two-module dance is proven. Weighted ASP in the model is about $96,000–$108,000 factory-gate. If mix shifts to P-640, revenue per home falls and unit count can rise. If mix shifts to P-1760, the opposite. Sensitivity lives in the workbook.

Insert-actuals rule. Paparazzi 2024/2025 receipts are in the lockbox. They are not Year 0 factory revenue. If the other/affiliate column in the model is not supported by a PO, set it to zero before a bank credits it. We will not leave a disconnected model in the file.

The lender does not need the company to be “profitable.” The lender needs recurring cash to service the proposed debt with coverage. Target 1.25x on the credit case. Illustrative full P&I: about $64,020 per month, $768,240 per year. 1.25x needs about $960,000 of cash available for debt service.

Base path: FY2027 1.13x on half P&I during install; FY2028 1.37x; FY2029 2.33x. Conservative year-three (48 homes): 1.41x in the current table, which still includes an other/affiliate placeholder — zero that column until contracted. Severe year-three (24 homes): 0.43x on full P&I — does not clear. That case is in the file on purpose. Mitigation: do not fully draw until POs exist; 12-month interest-only; equipment that can be sold; owner liquidity on Form 413. A plan that hides the 0.43x is a plan that fails in committee when someone runs a 25% utilization.

Covenants we expect: monthly statements; DSCR test after conversion to P&I; limitation on additional debt; key-person life as required; deposit relationship. We would rather write them down than discover them at closing.

Offtake risk. Mitigation: LOIs and POs before full draw; SKU freeze on P-920; panel product that can sell before volumetric modules. There is no existing factory book to hide behind. Execution risk. Mitigation: ICF partner/CMO under written agreement; proven form system; commissioning budget; plant manager before first article. Input-price risk. Mitigation: quote windows, deposits, dual source. Labor risk. Mitigation: loaded wage in the BOM, training budget. Regulatory risk. Mitigation: IRC modular pathway confirmed with counsel. Affiliate risk. Mitigation: separate entities, arm’s-length PO, no commingling of ITL proceeds into Paparazzi Marketing Group LLC site work. Key-person risk (CMO). Mitigation: agreement, replacement protocol, Plant Manager trained beside him. 8(a) risk. Mitigation: do not represent eligibility that has not been established. Credit risk of a $5 million note on a new manufacturer. Mitigation: 90% ITL structure for the lender if the Company qualifies; I/O period; disclosed downside DSCR; personal guaranty; prototype; equity injection stated in the file.

What would kill the file honestly: no offtake, construction NAICS on the manufacturer, a model that only shows 500 houses, a use of proceeds that buys land for spec homes, or a plan that calls a container yard an ICF factory. We are not submitting that file.

Month 0–1: CPA locks 2025 codes. Complete 1919/413/transcripts. Select an ITL-literate PLP lender. Counsel memo on IRC modular versus HUD manufactured and on Act 765 licensing. Month 1–3: offtake and quotes current; SBA authorization. Month 3–6: facility work, equipment, first-article P-920 (panel then module); interest-only. Month 6–12: first commercial lots toward 24 homes; full P&I only when trailing coverage supports it. Prepare Act 765 licenses before January 1, 2027. Month 12–24: one-shift run rate (48). Month 24–36: base 72; second line only if earned.

Draws follow invoices. That is both SBA hygiene and the severe-case control. A timeline that dumps $5 million on day one is not this timeline.

ICF is not a slogan. It is a standardized structural envelope: reinforced concrete; continuous insulation; controlled factory assembly; repeatable openings; standardized MEP penetrations; engineered reinforcement; repeatable floor and roof interfaces. That is what a factory can jig. Stick-built wood in the weather cannot. The locked hero geometry is two-story on a ~1,250 SF plate so foundation and roof are roughly half a ranch, with the second floor and the roof built as cassettes. A concrete roof is a FORTRESS option, not the standard. The garage is not ICF.

The business case is a chain: buy materials in volume → standardize designs → reduce waste → reduce field labor → reduce weather exposure → increase production predictability → increase throughput → lower delivered housing cost → increase housing supply. That is the bridge between the manufacturing story and the attainable-housing story. It is also the operational answer to the White House instruction to lower the cost of housing and expand supply, and to the Executive Order’s diagnosis of construction cost and delay.

Gulf South performance is part of the unit economics, not a brochure. Wind, termite, fire, insurance and energy sit in the wall where they are engineered and documented. Flood and elevation sit with the site under NFIP. This plan does not paste climate labels on an ICF form.

Phase 1 is the affordable way to do this: lease the building; buy a proven form system; ready-mix; open panels before every unit is volumetric; used rebar equipment; SKU freeze; CMO-supervised commissioning. The expensive way is to invent a printer, a proprietary foam machine, a batch plant and a container conversion line in the same $5 million. This plan takes the first path.

This is not an affordable-housing nonprofit. It is a proposed manufacturer whose output includes attainable housing. Habitat for Humanity International is the structural lesson: a 501(c)(3) federated network whose local U.S. affiliates are separate legal entities with their own boards. Habitat International does not own every local hammer. The proposed manufacturer should not try to be manufacturer + charity + developer + contractor + mortgage company.

Commercial manufacturing → separate licensed construction/set where needed → separate nonprofit or community-housing partner → independent mortgage lenders (FHA, GSE, USDA, VA, conventional) → government housing programs (HOME, LIHTC, AMI targeting) on the buyer’s side. That split is how SBA, tax, Fair Housing, and a credit committee can read the file. The UN is not in this stack. The UN is not funding this plant.

The current SBA 8(a) program provides federal contracting assistance, competitive set-asides, sole-source opportunities, joint-venture opportunities and business-development assistance. Manufacturing 8(a) sole-source / competitive thresholds under FAR 19.805-1 can reach $8.5 million, versus $5.5 million for other acquisitions. Those are contracting thresholds, not a sales forecast.

Current qualification elements include: small business; never previously participated; at least 51% owned and controlled by qualifying U.S. citizens; socially and economically disadvantaged ownership; personal net worth ≤ $850,000 (with regulatory exclusions); three-year average AGI ≤ $400,000; assets ≤ $6.5 million; good character; potential for success.

From the tax returns provided, owner AGI was $34,476 (2023), $289,833 (2024) and $755,795 (2025). The three-year average is approximately $360,035, which is below $400,000. That is one element. 2025 AGI itself is above $400,000; another year at that level would likely push the average over the presumption threshold. Personal net worth, personal assets, social disadvantage, ownership/control, character and potential-for-success have not been established in this file. SBA is actively scrutinizing 8(a) eligibility in 2026. This plan therefore does not represent the Company as 8(a)-eligible. If eligibility is later established, federal procurement becomes a channel. Until then it is a footnote with numbers, not a revenue line.