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					Contact: Leeza Hoyt Vanessa Showalter The Hoyt Organization 310-373-0103 Phone 310-378-9805 Fax FOR IMMEDIATE RELEASE

Mountain Funding Closes $19.6 Million Debt & Equity Package for Arizona Property
Site to House 230 Single Family Residences South Avondale, AZ. –May 23, 2005 - Mountain Funding LLC, a national real estate opportunistic lending and investment company has completed a $19.6 million financing package for Roosevelt Park, a development of 230 single family homes located in South Avondale, AZ. The financing includes a $9 million preferred equity loan and a $10.6 million senior acquisition and development (A & D) loan for the property. The developer is Randall Martin Home of Scottsdale, AZ. The parties were introduced by Innovative Capital Partners of Spokane. “We had been looking to establish a programmatic equity relationship with a single family developer in the Phoenix market, and Randall Martin fit the bill as a young but experienced group with a number of desirable projects in their pipeline,” said Peter Fioretti, CEO of Mountain Funding. “We had made land -morePublic Relations  Marketing 3711 Lomita Boulevard, Suite 150  Torrance, CA 90505  310 373 0103  310 378 9805 Fax

loans in the Phoenix market but we were desirous to invest equity for housing in this explosive market. Lot values at Roosevelt Park increased dramatically during our due diligence period, so when RMH’s senior bank lender notified them just one week before closing that it would not be able to close, we were more then willing to step up and provide the senior A&D financing to supplement our equity commitment.” The project, which is fully entitled and ready for development, is located in the West Valley area of metropolitan Phoenix. The homes will range in size from 2,000 SF to 3,600 SF, and are affordably priced for first time and move up purchasers. Home prices are projected to start at about $250,000. With excellent freeway access, Roosevelt Park is only minutes outside of downtown Phoenix and is in close proximity to a new hospital and shopping plaza, schools, and NHL and NFL stadiums. “We see our relationship with Randall Martin growing is multiple directions,” says Fioretti. “We expect to close 4-5 projects with them under our equity program, with each subsequent one being quicker and easier as due diligence and legal documentation becomes repetitive. In fact, we will be closing our second project with them next month in Chandler. Additionally, we are introducing them to land development borrowers of ours in the Phoenix market so that they might be the ultimate lot purchasers for those projects.” Headquartered in Charlotte, NC, Mountain Funding provides hard money and high- leverage senior/mezzanine debt and equity to value-added commercial projects, residential land acquisition and development, condominium -morePublic Relations  Marketing 3711 Lomita Boulevard, Suite 150  Torrance, CA 90505  310 373 0103  310 378 9805 Fax

conversions, and special situations requiring quick closings. Established in 1993, Mountain Funding has closed equity and debt transactions involving real estate projects valued in excess of $3 billion. For more information visit -end-

Public Relations  Marketing 3711 Lomita Boulevard, Suite 150  Torrance, CA 90505  310 373 0103  310 378 9805 Fax