West Palm Beach | Townhomes | LTV 62 | 32 Units | February 2008

- Located in the heart of West Palm Beach, near downtown CityPlace, Worth Ave, Palm Beach and the Breakers, 10 min to the beach

Boca Raton | Condo Conversion | LTV 60-70 | 48 Units | February 2008

- Located in the heart of Boca Raton, 80% of community is sold
- 48 units available, 20 vacant, 28 rented
- Strong rental market
- 2 bedroom at list price of $195k generates positive monthly cash flow
- Units will be significantly positive cash flow at the discounted prices
- Rents rose on average 11% in Palm Beach year over year
- New roofs and community upgrades added in the past year

Protocol: We are direct to Developer Sales. Additional Details to qualified buyers only.

West Palm Beach | Brand New Luxury Condos | LTV 54 + 3 | 145 Units | February 2008

- West Palm Beach with intracoastal views from some condos
- 145 units remain for sale, one, two and three bedroom condo units
- luxury amenities, rooftop pool, clubhouse, gym, doorman, valet parking, business office etc.
- Developer will consider offers in the $225 per sq ft price range; existing contracts and comparables are at $450 to 465 per sq ft
- At $225 psf,
Protocol: We are direct to Developer Sales. Additional Details to qualified buyers only. WPB-NC-JA (2/08)

Orlando Condo Conversion | LTV 57+3 | $22.5 Million | February 2008
- 200 Units approx. available, 43% off retail pricing
- $106k Avg Price per unit asking price, earnest money will be required
- Rents average $1000 per unit, $850 approx for 1 bedrooms, $1150 to $1250 for 2 bedrooms and rising
- Great location less than 5 minutes to Universal Studios and near a country club
- 400 million planned urban development is in construction with 35 restaurants, bars, retail and a movie theater, will make this one of Orlando's most exclusive neighborhoods
- Minutes to I-Drive, Universal, SeaWorld, Convention Center
- Units will be significantly positive cash flow at discount pricing
- Pools, tennis courts, spas, fitness center, racquetball courts, three grill station lakeside summer barbecue, wooden chairs along the lakefront, completely remodeled clubhouse
- Tons of parking in the complex, unassigned, roofs are 2 years old, 24 year life-composite shingle
- Siding fully inspected and 66 walls were recently replaced, both pools and spas were drained, inspected and maintenance performed
- Builder is forced to liquidate under acquisition cost. This does not include the money spent on upgrades
Protocol: We are direct to Developer Sales, will get you on phone with Developer immediately. Serious Buyers Only. OR-CC-MA

Kissimmee Florida (near Orlando) | Brand New Condos | LTV 65 | $35.5m | Posted: Feb 2008
226 Condos, a development in Kissimmee Florida . Of the 226 units, 7 are sold, 3 units are currently in use as models, the balance are vacant, brand new, never occupied.
 
Seller is a national home builder and they have offered the units for purchase at 35,500,000.  This price is 155,000 (+/-) per unit, they retail for between 210,000 and 250,000 or approximately 65% of current retail average. (Code: KI-NC-RY)
Protocol: We are one away to Developer Sales

Clearwater, FL | LTV 70 | 33 Units | Townhomes / Villas | $117k Avg Price | Jan 2008

The remaining inventory consists of 33 units (21 Townhomes and 12 Villas).  20 of the units have been fully renovated with granite, stainless appliances, tile, etc.  The non renovated units are being offered in “move in” condition with new paint, carpet, etc. 30% discount on current retail prices with recent sale comps to support market value.  Factoring the discount, the average price per unit is approximately $117,000 which equates to approximately $101 psf. CW-TH-AK (12/07)
Protocol: We are direct to Developer Sales

Tampa Bay, FL | LTV 75 | 230 Units | Condos | $21 million neg. | Jan 2008

$28 million value, 264 total units, 34 closed, 230 units available, 1 and 2 bedrooms
85% occupied and still renting, $2 million in renovations to the property (TB-CC-DR)

Protocol: We are one away to Developer