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Mar 05 03 12:02p <br />Mar 04 03 04:55p <br />93,'04i _ 0113 99: 39 <br />28 -49! -3 -.50 <br />0 <br />D4VI5 Ff -W f4[QTG_^GC- <br />RZE 02/ 02 <br />March 3, 20W <br />DAVIS-PENN MORTGAGE CO. <br />Mr. Bill Helm <br />The, Helm Companies <br />'S25 Soup Shore Blvd., Suite 407 <br />l.e;)g11e City, Texas 77573 <br />Rc:: La Porte Apartments <br />HUD 221(d)4New Construction <br />Dear Bill, <br />We bave completed the prelinvnary analysis for the above -referenced development and have <br />tteu:nuined that it would be an excellent candidate for a loan under the HUD 221(d)4 Insurance <br />ptYaLrram. <br />Davis -Penn Mortgage Co. will be the Lender issuing GNMA Securities backed by the FHA/IJUD <br />Insmance. The 221(d)4 program is a 40-year terrrl/amortization, fully-assucrnable. construction to <br />pemaanent and non -recourse loan. The HUD Insurance Commitment will require that the Owner <br />make a monthly Payment to a reserve for replacement account which will be held by the Lender. <br />The average amount for a monthly deposit is $250 per unit per year. Strict :xtulual property <br />inspections along with, the reserve for replacement escrow ensure that the project will be properly <br />maRktained over the life of the loan. <br />If you should have any questions or should geed additional ittfonnation, please do not hesirate to <br />contact our office. Thank you. <br />C�,rdially, <br />Carl W. Ogden <br />Vice President <br />C%VO/jrd <br />i:rlelmWe <br />MSAI <br />A FULL SERYtCE MORTGAGE COMPANY <br />12621 FEAT}I WOOD-SUITZI"-NOusmm.iFXws:w3a . (M1)681.Zd6 • rAX.(261)QI.24is <br />