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General Criteria/Document Transmittal

    The Loan Criteria:

      Loan Limit - $20 million to one borrower
      Geographical limitation - none, will consider
      all USA sites
      Term: - up to 3 years
      Rate - 7.0% to 8.0% fixed for 1 year (400 to 500 basis points
      over 1 Yr. Treasuries)
      Points: - 2 to 4 points
      Guaranty - Recourse, most cases
      Amortization - Interest only
      Release Price - to be determined by Transaction
      Loan to Cost Valuation - not to exceed 70%
      of the land acquisition, entitlement and
      infrastructure costs

    Document Transmittal Request:

Typical documents to be submitted to obtain a Letter  of Interest (i.e. a loan quote with amount, terms and conditions):

     1. An Executive Summary or outline of pertinent information            describing:

• the amount of the loan requested;
• the collateral (the location and size, any general or specific information on the area, site or compelling reason for the development);
• the borrower(s) or borrowing entity (name, address, phone & fax #, e-mail #);
• the purpose of the financing (e.g. acquisition, refinance, development of infrastructure, etc.).
• the development business plan including a description of the existing or proposed entitlements, the current zoning status, a proposed time line for the development.

     2. Borrower's Resumes

• include experiences in the area of land development.