Items Required for Approval

1)      Executive Summary (which includes number of units, proposed pricing of units, total costs, per plan costs, profits, proposed equity and proposed loan amount, any subordinated debt)

2)      Tract map and CURRENT entitlement status and timing

3)      Purchase contract

4)      Appraisal - if available

5)      Location map – Color, aerial photography is preferred

6)      Cost breakdown

7)      Biography or resume of key management

8)      Project cash flow

9)      Market study - if available (an internal or third party study)

10)   Sequence list (including lot number, plan number, base price, proposed premiums)

11)   List of all current projects (location, price range, size range, sales rate, JV partner, lender)

12)   Financial Statements for borrowing entity and guarantor(s) (attached)

(i)      Current financial statements, indicate book value or market value basis

(ii)    Statements must accurately report all assets and all liabilities (include contingencies)

(iii)   Statements must be signed and dated

(iv)  Signed business and personal tax returns for past two years

13)  Formation documents of the Borrowing Entity (LP1) and Tax I.D. number

History of property ownership if purchased from a related party