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Mar 05 03 12:02p • P•5 <br />Mar 04 03 04:55p • P.5 <br />03 O ii 03 09:39 281-482-3 58 DAVIS Ff-* MCRTGA(Z— RZE 02/e2 <br />DAVIS-PENN MORTGAGE CO. <br />M<,rch 3, 2003 <br />Mr. Bill Helm <br />The, lielm Companies <br />252.5 South Shore Blvd., Suite 407 <br />League" City, Texas 77573 <br />Re: La forte Apartrucnts <br />HUD 221(d)4 New Ctmslruction <br />Dear Hill, <br />We have completed the preliminary analysis for the above -referenced development and have <br />that: iniuCd that it would be an excellent candidate for a loan under the HUI) 221(d)4 Insurance <br />Prvgram. <br />0&vis-Penn Mortgage Co. will be the Lender issuing GNMA Seourdies backed by the FHA/JJUD <br />.Insurance. The 221(d)4 program is a 40-year ternVamortization, fully -assumable; construction to <br />petumtent and non -recourse loan. The HUD Insurance Commitment will require that the Owner <br />MAC a monthly payment to a reserve for replacement account which will be held by the Leader. <br />The avenge amount for a monthly deposit is $250 per unit per year. Strict mutual property <br />inspections along with the reserve for replacement escrow ensure that the project will be property <br />tna(Atained over the life of the loan. <br />1.r you should have any questi(►ns or should need additional h6onnation, please do not hesitate to <br />contact out office. Thank you. <br />Cordially, <br />Cart W. Ogden <br />Vice President <br />CW01ird <br />Urlclosure <br />7MRqA1 <br />A FULL SERVICE MORTGAGE COMPANY <br />12621 FEATNEAWMD- Su1TE M - NOusmN.2Exw5 :7o)a . t22t) 4tt1.2a00 - r.Ax. (2S1)y 1.2ui <br />