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Hard Money Loans - Commercial Real Estate Program

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Hard Money Loans - Commercial Real Estate Program Powered By Docstoc
					                                                                                Clinton E. Lovell, Principal
                                                                                  15519 Dawnbrook Drive
                                                                                    Houston, Texas 77068
                                                                                             281.537.1200
                                                                                      (eFax) 206.424.4725
                                                                           clint@rainmakermarketing.com

October 31, 2007
MEMORANDUM
Memo to: File
RE:: Commerciiall Reall Esttatte Devellopmentt Projjectt Hard Money Program
RE Commerc a Rea Es a e Deve opmen Pro ec Hard Money Program
Diiscllosure Requiirementts
D sc osure Requ remen s
The higher yielding commercial real estate lending and investment program is a
case-by-case program that is subject to change without notice. Each transaction
is evaluated in a vacuum. Accordingly, term sheets may include the offering of
securities that are the responsibility of the issuer (you) is to provide all required
disclosures. Specific investment proposals may be made on the basis of a real
property syndication, equity, preferred equity, mezzanine loans, bridge loans
and/or construction loans.
    Program Processiing Guiidelliines
    Program Process ng Gu de nes

The program allows for the underwriting of business proposals. The level of due
diligence disclosure for underwriting is much more extensive, but you can have a
business proposal reviewed and receive a term sheet within three (3) days. If
Rainmaker Marketing Corporation prepares the business proposal
(recommended, but not required) the fee for this service is $5,000.
    Underwriittiing Terms
    Underwr ng Terms

Acceptance of term sheet requires a $10,000 fee be escrowed.
Underwriting is on a 72-hour turnaround basis once each and every required
underwriting exhibit is provided (electronic format).
Upon acceptance of firm lending commitment, an additional $10,000 is charged
for the commitment fee. As with the acceptance fee, these funds may be
escrowed.
Escrow agent to be selected and paid by applicant.
    Fundiing Cyclle
    Fund ng Cyc e

Business Proposal Review: 3 business days
Underwriting Review: 3 business days
Close Escrow Inside Date: 5 business days


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FILE MEMORANDUM
October 31, 2007
Page 2 of 3
RE:: Commerciiall Reall Esttatte Devellopmentt Projjectt Hard Money Program
RE Commerc a Rea Es a e Deve opmen Pro ec Hard Money Program
Diiscllosure Requiirementts
D sc osure Requ remen s

    Underwriittiing Checklliistt
    Underwr ng Check s

The following list of due diligence disclosures are required. Processing will not
commence until the complete list of all 26 items is ready for electronic transmittal.
1. A background / credit check will be required for the Borrower along with each
   guarantor. The managing member of the LLC along with the guarantors will
   be asked to execute an authorization allowing this background / credit check.
2. Provide a copy of the executed agreement of sale.
3. Provide a copy of the second mortgage/subordinated debt.
4. Provide a copy of all the leases and proposed assignments of the leases. An
   estoppel and subordination agreement for each lease will be required.
5. Provide the operating agreement for the LLC.
6. Provide a resume for the Managing Member of the LLC.
7. Provide a Personal Financial Statement (PFS) for each of the Guarantors.
8. Provide documentation of the Borrowers cash / equity into the transaction.
9. Provide a copy of the property management agreement.
10. Provide the name, address, and phone number of the borrower’s attorney.
11. Disclose if the Borrowers and/or Guarantors are involved in any current or
    pending legal action or lawsuit which may effect their financial position or the
    development / marketability of the project.
12. When will the loan monies be needed?
13. What is the repayment plan?
14. A certified MAI appraisal will be required stating the as-is market value.
15. What was the most recent sales price on the property?
16. Provide copies of any local / county approvals for the property.
17. Provide a copy of the current zoning.
18. Provide copies of the deed or deeds for the property.
19. An Alta Survey will be required.
20. A flood zone certification will be required.
21. A phase I environmental survey will be required.

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FILE MEMORANDUM
October 31, 2007
Page 3 of 3
RE:: Commerciiall Reall Esttatte Devellopmentt Projjectt Hard Money Program
RE Commerc a Rea Es a e Deve opmen Pro ec Hard Money Program
Diiscllosure Requiirementts
D sc osure Requ remen s

22. Does the property require state or local highway occupancy permits?
23. Does the property require outside agency approval for earth disturbance and
    storm water mitigation?
24. A wetlands delineation report will be required.
25. Provide an endangered species / endangered plants / archeological release if
    required by local / county / federal authorities.
26. What is the status of public utilities? Are they available and will they have
    enough capacity to accommodate the proposed development?
For     additional information    please    contact                            Clint       Lovell      at
clint@rainmakermarketing.com or 281.537.1200.
END OF FILE MEMORANDUM




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