This loan is for the refinance of 18 acres that are located at a prime location for retail development at the corner of FM 2243 and Bagdad Road in Leander, TX.. The property was purchased over 18 months ago for $1,500,000 from a single retired woman who is not in the real estate business. The contract was signed within weeks before the announcement of  the new HEB development one intersection down from the subject property and the announcement of the funds for the X Park being approved. The borrower’s have strong credit and financials and have an impeccable payment history with the bank loans they are currently servicing. The exit strategy is to sell the property or refinance within in the next 9-12 months into a construction loan.

This $290,000 Cash-Out Loan on two residential lots is being requested solely to be used as the cross collateral loan for the Riverside Grove Townhomes loan. The loan is anticipated to be paid off in 60 days since the borrowers funds will become available during the summer of 2009 from his recent transfer of equities from Merrill Lynch to Wells Fargo.  The borrower acquired both lots cash and currently has no additional debt obligations on the collateral.  The combined appraised value came in at $595,0000 as of May 2009.

The subject property is made up of two residential lots. One of the lots is currently in the process of demolition and re-subdividing the collateral into 3 lots to construct and sell 3 custom homes (ranging from $700-$750k). The property is located in North Central Austin in a highly desirable neighborhood bordering the Brentwood and Allendale submarkets just east of MoPac Expressway and south of Northland Dr/Allandale Rd. The combined lots are 150’ by 200’ total or 0.68 Acres. The combined lots were acquired for $580,000 in late 2008 and the borrower has since invested an additional $25,000 in engineering, architecture, and demolition.

This $2,900,000 ($14,500 per unit) loan request is for the refinance of a 200 unit multifamily complex in Waco, TX.

This $985,000, 12 month 1st lien loan is for the Commercial property at I-35 & Eckhart in Shertz just north of San Antonio. 
The borrower will come in with about $485,000 (cash in), in a showing of a strong financial commitment to this project. 
The +/- 9 Acre tract is located directly on I-35.  It is prime commercial real estate and there are several parties interested in purchasing
parcels/ pad-sites from the 9 Acres including at Hotel Operator, Dentist, and a Restaurant.  The Borrower will sell off several parcels and pay our loan off with the proceeds.  The borrower, Monty Merrill  is a Real Estate Investor and owns several businesses of his own.  Merrill has good credit and good cash-flow.  His exit strategy on this loan is to sell the property for profit.

This $1,396,800 loan is for the construction of an eight unit residential condominium building. The developer plans to build eight residential condo units in the North Campus sub-market of Austin. The borrower owns the land free & clear and is looking for a loan to develop Phase II of this project. Phase I (consisting of 18 units) was completed in 2007 and sold out in 11 months. Phase II is similar in characteristics and is expected to yield a higher return for the developer since the land is now owned outright.

This $399,000 loan request is for the complete redevelopment of a 16 unit multifamily property in Galveston, TX. The borrower acquired this property as a lender REO for $95,000 in December 2008. At the time of the acquisition the borrower paid cash for the property. Because the units are currently vacant and can not be occupied the construction will begin immediately after funding and the developer feels that construction will be completed within 4 months. With the number of available rental units (especially Section 8 approved units) on the island the borrower believes he will be at full occupancy
shortly after the completion of the project (approx. 6 months) making his exit strategy to refinance attainable through a FNMA loan.

This $230,000 loan is for the cash out of a 2.249 acre commercial tract of land located in Texas City, Texas, on Palmer Highway, a main thoroughfare through the city. The borrower intends to use the cash for the cross collateral on an apartment complex loan in Austin, Texas. The loan has a 34% LTV based on the appraised value of $680,000. The borrower’s exit strategy is to sell the property to a buyer he is negotiating with currently.

This $3,160,000 loan request is for the acquisition and re-development of a 41 unit distressed multi-family property in Austin, TX. At the time of acquisition the borrower intends immediately vacate the tenants and begin renovations of the entire property. The borrower has negotiated a purchase contract for $1,850,000 and has budgeted $1,710,306 in construction costs.  The construction portion of this project is anticipated to take approx. 6 months. The finished product will be 41 townhome units sold off individually as condos. The borrower has agreed to convert the project to a multi-family rental community if he can not pre-sell 20% of the units (8 units) prior to the completion of the construction.

This $879,000 12 month 1st lien loan is on a .26 acre Single Family Residential lot.
The loan will be for demolition of an existing duplex and construction of a new 4,499
SF duplex condo (2,391 SF Unit A & 2,108 SF Unit B) in the Travis Heights
subdivision just south of downtown Austin, Texas. The duplex is located on Betty Jo
Drive just a few blocks off of Travis Heights Boulevard and Riverside Drive. The
property appraised for $1,271,000 by a Noble Capital directed appraiser, who is very
conservative. Our interim loan will be on the .26 acres and then the construction of
the two units.

This $280,000 loan is for a refinance loan on a 5,000 SF improved commercial property in downtown Houston, Texas.  The owner of  the property currently has a photography business in the location. The owner purchased the property in 2002 and built it out as office space in 2005.  The borrower will spend the funds received from closing on paying off debt and repairing credit. The exit strategy is to refinance the property into permanent financing within the next 12 months.

This 12 month 1st lien loan is for 7.8 acres zoned for a retail pad sites
located at the intersection of Hwy 71, 21 and 95 in Bastrop, Bastrop County,
Texas. The property was appraised for ‘As Developed’ amount of $4,060,000.00 by a
reputable appraiser.

This $169,000 loan is for the acquisition of a single family residence in Southeast Austin. The property is being acquired by our borrower for $99,000 through his Real Estate Networking Club. The property needs approx. $89,000 in rehab and repairs to be marketable at a level the borrower and his realtor deems necessary for a quick sale in the neighborhood. The borrower intends to complete the rehab within 90 days of funding his acquisition & construction loan.. The borrower anticipates selling this property within 60-90 days after the construction is complete. This anticipated time frame is based on the average time that similar properties have spent on the market over the last 6 months.

This is a $612,900 loan request for the rehab of an 8 unit detached condominium project in East Austin. The East Village Cottages project is a unique condominium development in an emerging East Austin neighborhood. The loan request is to payoff a first mortgage currently held by the seller and to finance the rehab of the 8 individual units as well as all the common area, roads, driveways, and landscaping. The borrower/developer plans to begin construction immediately after funding of the loan and have the units completed by late Spring 2009.

This $475,000 cash out loan is to be used towards the entitlements of the subject property (approx. $235,000) as well as a required equity injection by the borrower for another project near the University of Texas Campus (approx. $160,000). The entitlements are estimated to take approximately 9 months due to the complexity of the architectural design. Since the entitlements are expected to take longer
than the general time frame allotted for such work we are requesting a full 6 months of Interest Carry on this project. This will insure that the entitlements will be completed and still allows the borrower enough time to secure a construction loan to build his proposed 32 unit condominium building within our 12 month loan period.

This $713,000 12 month 1st lien loan is for 3.1 acres zoned for a retail pad site
located at the intersection of Hwy 71, 21 and 95 in Bastrop, Bastrop County, Texas.