Building competition key to success in today's finance market.

The financing market has changed over the past few years, with fewer lender options available for large scale projects and greater difficulty in securing favorable terms for the borrower.

While there is still plenty of capital available for top-quality projects, even the best developers will have difficulty securing financing for more marginal projects over the next few years.

Now more than ever, owners and developers need the services of a full-service real estate finance and brokerage firm to secure the most favorable pricing, proceeds and terms.

The Singer & Bassuk Organization (SBO) specializes in providing construction and permanent financing for real estate projects for our clients. In the case of construction loan financing, our objective is not only to secure financing (at high leverage levels, if desired), but to do so with a structure that is most advantageous to our client.

To achieve these objectives, we solicit a broad range of qualified lending institutions and then create strong competition among the institutions who are seeking the business. This necessitates discussions with many institutions, and in the case of condominium construction financing, we speak with approximately 20 institutions for each project.

While this requires extensive effort by us, it is the approach we use for all our clients, most of whom could go to several funding sources on their own and obtain a construction loan--but who decide to use our services because after paying our fee, we add substantial value by obtaining optimal terms, highly competitive pricing and structure, and insight into project dynamics.

While most SBO clients have their own extensive relationships with financial institutions, they are unable to approach the financing marketplace in a fashion similar to SBO because of the time it requires, the need for broad relationships in the different capital markets, and the negative effect it would have on the client's existing lending relationships if they were to subject these lending relationships to the keen competition created by SBO.

We have extensive experience in obtaining large-scale condominium financings for both ground-up and conversion projects. I personally have closed or have in process over $2.6 billion in residential multi-family financings, covering new construction and large conversions for both luxury condominium and rental projects.

I acted as the mortgage broker on these projects, and more importantly, as a financial and real estate advisor in each transaction.

This provides our clients with added value and services for a standard brokerage fee.

SBO arranges debt and equity financing and provides consulting services for major property owners headquartered primarily in the New York metropolitan area, on properties they own throughout the United States. Our goal is to develop long term relationships with our clients in which we function as their "finance department" and work on all of their projects, large and small. In development transactions, we become a trusted part of the development team, with our involvement often beginning as the project is being conceived.

The credibility we have developed over the years with lenders and the attention to project detail reflected in our financing packages makes the lender's job easier. This enables them to rapidly proceed, drives lending costs down and creates substantial economic value for our clients' projects.

RICHARD BASSUK

PRESIDENT

THE SINGER & BASSUK ORGANIZATION