$1,200,000 Second Mortgage Loan
88 Unit Townhouse Construction
Fish Factory Road
Southport, North Carolina

49% LTV based on anticipated sales prices
12 month term/interest only
PROVIDED WORKING CAPITAL

$822,250 Mezzanine Loan
18 Unit Condominium Construction
Steuben Street
Jersey City, New Jersey

71% LTV based on the appraised value
24 month term/interest only
PROVIDED WORKING CAPITAL

$750,000 Second Mortgage Loan
Construction Completion of 4 Homes
Long Beach Island, New Jersey

77% LTV based on the appraised value
12 month term/interest only
PROVIDED WORKING CAPITAL

$750,000 Second Mortgage Loan
Retail Redevelopment
Springfield Avenue
Berkeley Heights, New Jersey

90% LTV based on the estimated value
6 month term/interest only
ACQUISITION FINANCING