First, we want to stress that we are Principals - not brokers, although we do perform the due diligence and acquisition of an asset or group of assets with unique collateral that our investor desires to own and service himself.

• We buy Commercial loans or discounted REO property . . . usually not Residential assets; however, we are interested in Residential assets in Texas.
  
  
• The loans of primary interest to us are secured by first lien mortgages on commercial real estate properties; however, we would consider buying loans secured by chattel, equipment, business assets or unsecured business loans if they are for the right price.
  
  
• We are not interested in vacant land, but we will consider completed residential lots or incomplete development projects if it is substantially started.
  
  
• We have no geographic or collateral type restrictions, except we frown upon certain highly distressed regions such as Michigan, Utah and Nevada.
  
  
• Our target price range is 35% to 65% of Unpaid Principal Balance (“UPB”) depending on many factors, including collateral value and projected timing estimates, with an average of 45% to 60%.
  
  
• Our target take-down price is $5,000,000 to $25,000,000 per acquisition, but we do consider substantially larger or smaller acquisitions.
  
  
• The age of delinquency is unimportant, ranging from defaulting balloon payments due at Maturity, to several years unpaid. The interest rate and type is often unimportant to us, unless we are contemplating a performing loan.