CASE STUDIES

Stonegate Condominiums

Loan Amount: $23,950,000 $19,700,000 First Mortgage $4,250,000 Second Mortgage Closed: 2nd Quarter 2005 Location: Madison Avenue and El Camino Real San Mateo, California
	Client: Syme Properties, San Mateo, CA
	Property: 40 to be built condominiums and 5 to be built single family detached homes on a 1.2 acre site in San Mateo, CA
	Assignment: Arrange high leverage, non-participating construction financing
	Challenges: Loan to Costs exceeding 95% Limited Cash Equity Limited borrower experience in multi-family
	Results: 95% of costs financing First Mortgage Rate: Prime + 1 Lender Fee: 1.25% Term: Construction period + 6 months Recourse: Completion and Repayment Guarantees Second Mortgage Rate: 12% Lender Fee: 3% + 0.5% of gross sales Term: 36 months Recourse: Completion and Repayment Guarantees