Using the discounted cash flow (DCF) valuation method, what is the maximum loan that can be made on a property with the following annual net before-tax cash flow, assuming an 11.5% discount rate and underwriting criteria that specify a maximum loan/value ratio of 70%? Cash flows: $1 million in year 1, 1.1 million in years 2 through 4, 1.5 million in years 5 through 9, and $12 million in year 10 including reversion.