TERMS

Terms of Investment . . . . . . . . . . . . 60 months
Current interest rate . . . . . . . . . . . . . . . .12.0%*
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .N/A
Spread over the index . . . . . . . . . . . . . . . . N/A
Frequency of rate changes . . . . . . . . . . . .N/A
Interest rate ceiling. . . . . . . . . . . . . . . . . . . N/A
Interest rate floor . . . . . . . . . . . . . . . . . . . . N/A
Discount points to the lender . . . . . . . . . .N/A
Repayment schedule . . . 30 year amortization
Monthly payment . . . . . . . . . . . . . . .$2,139.12*
Frequency of payment change . . . . . . . . .N/A
Purchase price of the note . . . . . . . . .$210,000
Current balance on the note . . . . . . . $210,000
Maturity date . . . . . . . . . . . . . . . . . . 60 months
Balloon payment after 60 mos. appr. $209,109
Late charge amount . . . . . . . . . . . . . . . $247.16
Prepayment penalty . . . . . . . . . . . . . . . . .None
*Net of servicing costs

EQUITY ANALYSIS

Appraised Value as of August 13, 1996 . . . . .$430,000
Less Senior Liens
First trust deed of . . . . . . . . . . . . . . . . . . . . . . . . . . $
Beneficiary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
P&I payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$
Interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . %
Matures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Second trust deed of . . . . . . . . . . . . . . . . . . . .$25,000
Beneficiary . . . . . . . . . . . . . . . . . . . . . . . . . . . . Private
P&I payment . . . . . . . . . . . . . . . . . . . . . . . . . . .$300
Interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . .13.9%
Matures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36 mo.
Third trust deed of . . . . . . . . . . . . . . . . . . . . . .$60,000
Beneficiary . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Private
P&I payment . . . . . . . . . . . . . . . . . . . . . . . . . . .$743
Interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.25%
Matures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120 mo.
Protective equity . . . . . . . . . . . . . . . . . . . . . . . . .$220,000
Loan-to-value ratio . . . . . . . . . . . . . . . . . . . . . . . . 48.8%

PROPERTY

Project: GATORAMP BUILDING

Property address: 808 Bevins Street, Lakeport, CA 95433

Description: The subject property improvements
consist of a one-story 8-unit reinforced concrete
masonry industrial bldg.  The owner uses 3 units
to run his business, the other 5 are rental to other
businesses.

OPERATING STATEMENT

INCOME
Rental Income . . . . . . . . . . . . . . . . . . . .$57,600
Laundry and Other Net Income . . . . . . . .N/A
. . . . . . . . . . . . . . . . . . . Total Income: $57,600
Less 10% Vacancy Allowance . . . . . . . .5,760
. . . . . . . . . . .Effective Gross Income $51,840

EXPENSES
Gas and electric . . . . . . . . . . . . . . . . $1,500
Insurance . . . . . . . . . . . . . . . . . . . . . . 2,000
Mgmt. offsite . . . . . . . . . . . . . . . . . . . 1,555
Gardner . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repairs & maint. . . . . . . . . . . . . . . . . . .500
Salaries & Payroll . . . . . . . . . . . . . . . . . . . .
Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . .4,500
Payroll Taxes. . . . . . . . . . . . . . . . . . . . . . . .
Gardner . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Reserves for replacement . . . . . . . . . .500
Legal & Audit . . . . . . . . . . . . . . . . . . . 550
.
. . . . . . . . . . . . . . . . Total Expenses: $11,105
NET OPERATING INCOME . . . . .$40,375
Note: Based on appraiser's estimates.

BORROWERS

GATORAMP BUILDING