Budget Worksheet

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							                                                                                     LAND -- RESIDENTIAL
                                                                                  Investment Submission Summary


Producer Name:

Producer Phone Number:

Sponsor Name (corporate or individual, not LLC):

Key Phone Number:

Property Name:

Property Location:                  Address
                                    City, State, Zip
                                    Market/Submarket

I. TRANSACTION CONTROL

            completed by MIKOR
                      Primeau Funding
1. Overviewcompleted by Primeau Funding


            •   Do you know the sponsor?
            •   What is the sponsor's net worth (estimated)?
            •   Have you closed a transaction with the sponsor?
            •   Known competitors on this deal?




2.   Property Status: The “Real Deal” Test
           • Is the property currently owned by the sponsor?
           • Is the property under contract?
           • If yes, what are the key dates?



3.   Equity: Who is the source of equity?
            • Sponsor equity investment or co-investment (check all that apply)




4.   Sponsor Hot Points Ranking (1 high, 3 low, rank in order of priority, cannot all be 1's)




II. SALIENT FACTS
1.   Description of Current Land Status:


2.   Property Entitlements:
      • Currently Approved Zoning
      • Desired Approval

3.   Remaining Entitlements Needed:

4.   Property Description:            Number of Acres
                                      Number of Buildable SF
                                      Number of Units/Lots

5.   Loan Information:                Dollar Amount of Loan (requested by borrower)
                                      Term of Loan (months)
                                      Pricing Expectation (Interest Rate)

6.   Purpose of Loan:


7.   The Story: What is the opportunistic situation? How will value be increased or created?

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III. PROJECT ECONOMICS
1. Property Brief
  Development Type Residential Total Units              0       Total SF                  0           Total Acre.

2.   Capital Structure & Sources and Uses at Close

                 Description                                                                                           Uses of Capital
                                              Amount
              Sources of Capital                                             $ per Unit                      $per SF
            Borrower's Equity




            Total                                $0                               $0                          $0.00

                  Description                                                                                          Uses of Capital
                                              Amount
                 Uses of Capital                                             $ per Unit                      $per SF
              Land Acquisition




              Total Project Cost                   $0                       $0                        $0.00

3.   Total Project Costs

Pre-Construction Costs

                                                   Costs                                              Loan
                            Total          $ per Unit $ Per SF $ Per Acre        Total        $ per Unit
Land Acquisition Cost        $0                                                   $0
Entitlement Costs                                                                 $0
On-Site Development                                                               $0
Off-Site Development                                                              $0
Soft Costs                                                                        $0
Financing Costs
  Interest Carry             $0                                                   $0
  Fees                                                                            $0
Others                                                                            $0
Total Development Costs          $0                                               $0

     Total A&D Costs             $0                                               $0


                                                   Costs                                              Loan
Construction Costs          Total          $ per Unit $ Per SF $ Per Acre        Total        $ per Unit
Construction Costs                                                                $0
Soft Cost                                                                         $0
Fees/Interest Expenses                                                            $0
Other Costs                                                                       $0

Total Costs                           $0                                                 $0



Valuation (Estimated or Appraised)                                               Total        $ per Unit
Market Value--Raw Land
Market Value--Developped Land
Market Value--Completed Property

Profit Analysis
                                                                                    $ Per Unit
Total Perspective Revenue                                                            #DIV/0!
Total Cost                                                                           #DIV/0!
Gross Profit on Land                                                                 #DIV/0!
Gross Profit Margin
Residual Land Analysis                                                                           $ Per Unit

Value of Completed Property                                                                       #DIV/0!
Less: selling costs        5.0%                                                                   #DIV/0!
      Construction Costs                                                                          #DIV/0!
      Development Cost                                                                            #DIV/0!
      Developper Profit   20.0%                                                                   #DIV/0!
Residual Value of Raw Land                                                                        #DIV/0!

4.   Exit Strategy:


5.   Primary Risks:

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6.   Primary Mitigants:

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7.   Other Comments:

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ESIDENTIAL
mission Summary


                                 Primeau Funding

                  Phone: 480.832.1616 or Toll-Free: 800.473.3100




                                                             Yes/No




                      Hard Money Date (mm/dd/year)
                         Closing Date (mm/dd/year)


                                              Sponsor
                                 Institutional Partner
                                           Syndicated
                                                Other

                                               Pricing
                                             Proceeds
                               Certainty of Execution
Total Acre.             0




                 Uses of Capital
       $per SF                     $ per Acre   Loan to Cost
                                                               #DIV/0!
                                                               #DIV/0!
                                                               #DIV/0!
                                                               #DIV/0!
                                                               #DIV/0!
                                                               #DIV/0!
                                                               #DIV/0!
        $0.00                         $0          #DIV/0!

                 Uses of Capital
       $per SF                     $ per Acre   % of Total
$0.00                      $0                       0.0%




Loan                                                Equity
   $ Per SF $ Per Acre          Total        $ per Unit $ Per SF $ Per Acre
                                 $0




                                 $0

                                 $0


Loan                                                Equity
   $ Per SF $ Per Acre          Total        $ per Unit $ Per SF $ Per Acre




                                        $0



    $ Per SF $ Per Acre




                 Total Amount
                       $0
                       $0
                       $0
                   #DIV/0!
Total Project Cost

       $0
       $0
       $0
       $0
       $0
       $0

						
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